Jaguar Land Rover’s owner, Tata Motors, has reportedly asked the UK government for more than £500m in state subsidies to build a battery factory in Somerset, in a move seen as crucial to the future of the British car industry. Tata, the Indian conglomerate that owns Jaguar Land Rover (JLR), has asked for the money […]
The Bank of England governor, Andrew Bailey, has signalled interest rates may have peaked after 10 successive increases in the official cost of borrowing since December 2021. Speaking in London, Bailey said Threadneedle Street would assess the impact of tighter policy on the economy before sanctioning any fresh moves. However, the governor also warned that […]
The rising cost of borrowing has boosted earnings at Co-operative Bank, which recorded a fourfold rise in profits last year. The bank, which is no longer part of the Co-operative Group, said that pre-tax profits surged in 2022 to £132.6 million, up from £31.1 million in 2021. It is the second consecutive year the bank […]
Chain stores are closing at their slowest rate for eight years, new research shows. A total of 11,530 outlets shut across Great Britain in 2022. That’s an average of 32 closures a day. But it’s a big improvement compared with the previous three years, according to data compiled for the accountancy firm PwC. Banks saw […]
Sainsbury’s is planning to close two Argos distribution centres, putting up to 1,400 jobs at risk, and will ditch the catalogue shop’s Milton Keynes head office and three remaining Habitat showrooms to cut costs. The retailer said it expected to close the warehouses in Basildon, Essex and Heywood, Greater Manchester, by 2026 leaving three non-food […]
Grocery prices inflation reached a high of 17.1 per cent last month, with the fastest rises recorded in essentials such as milk, eggs and margarine. The increase in food costs in the four weeks to February 19 would add a potential £811 to annual shopping bills, according to the data gathered by Kantar, the market […]
A host of “innovation hubs” are set to be launched in cities across the UK today as part of a Treasury-backed plans to boost the growth of fintech beyond London. The hubs have been announced as part of the launch of the new Centre for Finance, Innovation and Technology (CFIT), a key recommendation of the […]
Good Business Pays today announced the appointment of Philip King as Non-Executive Director. Founded in 2021, Good Business Pays campaigns to encourage large businesses to adopt fast payment processes. It is now supported by financial behemoths that include Mastercard, Barclays and Previse, as well as the Federation of Small Business, CBI, Institute of Directors, Make […]
British businesses are poised to mothball investment due to uncertainty over whether the country is on course to tip into a recession and a looming tax grab, a new survey out today indicates. Fears of a slowdown in spending caused by families’ finances being squeezed by the cost of living crisis has knocked optimism among […]
The UK’s largest retailers are urging the government to scrap its waste strategy policy, or risk forcing prices up for consumers who are already facing a cost of living crisis. A draft letter obtained by Sky News, which it is understood will be sent to government officials next week, outlines industry concerns about the costs […]