The CBI’s time has passed and it is no longer fit for purpose, according to former Barclays’ director Baroness Wheatcroft. The peer said it was “increasingly difficult” for the business lobby group to represents the likes of both Amazon and a small manufacturing firm. The CBI and its future are under the spotlight following claims […]
Two in five mothers feel prohibited from returning to work due to the high cost of childcare, even with Jeremy Hunt’s expanded childcare offering, a new survey of mothers has revealed. “Nursery and childminder costs can swallow a huge chunk of new parents’ earnings, and with the current cost of living crisis squeezing every household’s […]
The trade deficit widened in February as export volumes declined to more than 9 per cent below the 2019 pre-pandemic average. Exports fell to a greater extent than imports, pushing the deficit to £4.8 billion in February, up from £3.5 billion in January, according to figures published by the Office for National Statistics. The average […]
A greater proportion of the UK population than before the recent series of economic shocks may need to be unemployed in order to keep a lid on inflation, the Bank of England’s chief economist has claimed today. Huw Pill, who succeeded Andy Haldane as the Bank’s top wonk, was speaking at an event hosted by […]
UK regulators have imposed an £81,000 fine on a former TSB information officer over the bank’s IT meltdown in 2018 that left millions of customers locked out of their accounts. The Prudential Regulation Authority (PRA) said Carlos Abarca, who was TSB’s chief information officer at the time of the meltdown, “failed to take reasonable steps” […]
Lenders expect to ease the supply of new mortgages in the coming quarter, according to the Bank of England’s latest study of bank intentions. There was little evidence in the survey of a wider or deeper credit crunch, but the study came too late to give a full verdict on sentiment in the wake of […]
Eco-smart home technology manufacturer, myenergi, has secured a £30m funding package from HSBC UK to support the development and production of innovative smart home energy products. This significant investment will allow myenergi to continue to innovate and grow, underlining its position as a leader in the smart home technology industry. The funding will be used […]
More than a quarter of UK organisations say they are likely to make redundancies in 2023, according to new research. As the UK experiences evolving economic problems, organisations are having to tighten their belts, with half expecting to cut costs this year. These cuts are inevitably spilling into employee packages, with 29% of firms likely […]
The UK economy stagnated in February after civil service and teachers’ strikes hit output in the services sector, official figures show. Gross domestic product (GDP), the main measure of output, rose by a revised 0.4 per cent in January after a 0.5 per cent decline in December, according to Office for National Statistics figures. GDP […]
Second-home owners will be forced to seek planning permission to start renting out their properties as holiday lets, under plans to reduce housing pressure in tourist hotspots. Michael Gove, the housing secretary, will announce today that ministers intend to alter planning laws by the end of the year to give councils the power to ban […]