Former Chancellor Nadhim Zahawi has been appointed by the billionaire Barclay family to chair The very Group. The Stratford-on-Avon MP, who recently announced his intention to step down at the upcoming General Election, has already been serving as the non-executive chairman at the Merseyside-headquartered conglomerate, which encompasses retail giants Very and Littlewoods. Zahawi steps into […]
The latest data from the National House Building Council (NHBC) paints a bleak picture for the UK’s housing construction industry, with a staggering 20% plunge in the number of new homes built in the first quarter of 2024. According to NHBC figures, only 26,240 new homes were completed during this period, marking a worrying 13% […]
MPs are proposing a ticket levy on concerts held at UK arenas and stadiums to support struggling grassroots music venues. This levy would raise funds for smaller venues facing financial challenges and the risk of closure. The cross-party culture, media, and sport committee recommends an initial voluntary levy on arena and stadium concert tickets to […]
British Airways has created 1,700 jobs as it gears up for a summer boom allowing its parent company IAG to match last year’s operating profit bonanza of €3.5 billion. The recruitment drive at BA includes cabin crew and technology professionals to enhance the airline’s digital services. This move follows a 7% increase in capacity as […]
The Bank of England now anticipates that inflation will decline more rapidly than previously forecasted, dropping below the central bank’s 2 per cent target for a sustained period. This projection implies a need for interest rates to decrease at a faster pace than what financial markets have currently priced in. According to the latest forecasts […]
Cazoo, the used-car business founded by Alex Chesterman, is facing the possibility of administration as it struggles to secure emergency funding to address its significant losses. The company has filed for protection from its creditors, seeking ten days of safeguarding from creditor claims while exploring options to avoid insolvency, including administration or winding up the […]
The UK economy has rebounded from a short-lived recession, posting a growth of 0.6% in the first quarter of 2024, marking its fastest pace of expansion in two years. This growth surpassed economists’ expectations of 0.4% and reversed the 0.3% contraction observed in the final quarter of 2023. This positive growth trajectory, the quickest since […]
The Bank of England has opted to keep interest rates unchanged at 5.25%, marking the sixth consecutive meeting at this 16-year high level. However, there are signals from the central bank indicating a potential shift towards a rate cut, possibly as early as June. Andrew Bailey, the Governor of the Bank of England, hinted at […]
The Bank of England is anticipated to keep interest rates steady at 5.25%, marking the sixth consecutive hold on Thursday. This decision will come against the backdrop of persistently high inflation, which currently stands at 3.2%, exceeding the Bank’s 2% target. Alongside the interest rate announcement, the Bank will unveil its latest economic forecast, shedding […]
Car manufacturers are sounding the alarm over slowing demand for electric vehicles (EVs) among private buyers in the UK, prompting urgent calls for government intervention to reignite interest in battery-powered cars. Despite an overall increase in UK vehicle registrations by 1% year-on-year to 134,000 in April, driven by fleet sales, private buyer sales witnessed a […]