Jeremy Hunt has talked up Britain’s prospects of becoming the “world’s next Silicon Valley” in a summit with creative industries leaders. The Chancellor has said the Prime Minister’s ambition for the UK to become a “science and technology superpower” is key to the country’s future. Speaking at a Treasury Connect event in a series of […]
Diesel drivers are being “ripped-off” at the pumps to the tune of around 16p per litre, according to a motoring group. The RAC, along with others, has long argued that British motorists and businesses are paying over the odds for the fuel – the engine behind the UK economy – fanning the flames of inflation […]
A Freedom of Information request has revealed that over 145,000 Bounce Back Loans loans worth £3.8bn are in default as businesses continue to battle economic headwinds. The findings come as latest estimates show that of £47 billion paid out in Bounceback Loans, £17 billion is already expected to be lost, £4.9 billion of that – […]
Prezzo, the high street restaurant chain, is bracing for a court showdown with landlords over the closure of a third of its sites. It is understood that Prezzo will write to the owners of its 143-strong estate on Tuesday to notify them of the legal process through which it intends to shut unprofitable stores. City […]
Lloyds first quarter profits rose 46 per cent as the bank became the latest UK lender to see its bottom line boosted by a hike in interest rates. The lender’s pre-tax profits came in at £2.3bn compared to £1.5bn the same quarter last year. Charlie Nunn, chief executive of Lloyds Banking Group said: “The group […]
HMRC is prosecuting far fewer people for tax dodging than before the pandemic, an influential committee of MPs has warned. Over the two pandemic years, the tax authority completed around 1,000 fewer prosecutions for tax-related offences than before the pandemic, a report by the influential Public Accounts Committee found. In 2020–21 and 2021–22, it concluded […]
Luxury car maker Aston Martin Lagonda saw a 27 per cent year-on-year jump in revenues in the first quarter of 2023 as wealthy consumers chose to ride out recession fears in all-leather interiors. The firm reported an operating loss of £50.9m which it put down to amortisation and depreciation costs increasing, but maintained guidance for […]
Oil and gas giant BP has reported another set of strong results as energy prices remain high. Profits hit $5bn (£4bn) in the first three months of the year, although this was down from $6.2bn last year with oil prices having fallen from the peak seen after Russia’s invasion of Ukraine. Bumper profits from energy […]
Food prices increased by a record annual rate of 15.7% last month as pressure continues to mount on household finances. Fresh food prices saw a record jump of 17.8% year-on-year for April, while the price of ambient products, such as tinned goods and other store-cupboard items, went up 12.9%. The latest figures come as the […]
Small businesses across Britain are warning that the cost of living squeeze is holding back economic growth, after two in five company bosses reported a drop in sales at the start of the year. The Federation of Small Businesses said that although business confidence was rising among bosses before the summer, soaring costs and weakness […]