Germany slipped into an official recession over the winter, triggered by family finances being crushed by sky high energy bills, official figures out today show. Revised estimates from the country’s statistics agency, Destatis, revealed gross domestic product (GDP) contracted 0.3 per cent in the first three months of this year. The organisation previously thought output […]
Net migration to the UK has hit a record high of 606,000, new figures released this morning reveal. The significant surge in legal migration for 2022 has hit the highest level on record, according to Office for National Statistics (ONS) data. It follows weeks of speculation over the numbers with prime minister Rishi Sunak seeking […]
Anne Boden is stepping down as chief executive of Starling Bank, nine years after founding the company. The Welsh businesswoman said it was the right time to step aside as it reported a record pre-tax profit of £195m, a six-fold increase on the previous year. She will step down on 30 June, but will stay […]
UK mortgage holders will see their monthly payments jump to up to 30% of their income from about 20% over the past few decades, the boss of Barclays has said. CS Venkatakrishnan, known as Venkat, said the sharp rise in interest rates will lead to a “huge income shock” by the end of next year. […]
Office workers in central London are spending on average 2.3 days a week in the workplace, according to a report that warns against a wholesale switch to working from home. The thinktank Centre for Cities carried out polling of office workers in the capital and found they were spending 59% of the time in their […]
Virgin Orbit, the satellite launch company founded by British billionaire Richard Branson, will permanently cease operations, just months after a major mission failure. The California-based firm, which had already filed for Chapter 11 bankruptcy protection in the United States in early April, has auctioned off its main assets, recovering just over $36m. That figure is […]
The International Monetary Fund has upgraded its outlook for the UK, forecasting growth this year instead of recession and no longer consigning the economy to the worst performing in the G7. The IMF thinks that the British economy will expand by 0.4 per cent this year, a revision from the 0.3 per cent contraction that […]
Ireland is set to become the first country in the world to put health warnings on alcohol products. Dublin’s health minister Stephen Donnelly signed new regulations on Monday, which will warn drinkers about the health risks of drinking alcohol, as well as the calorie count of the product. However, the labels will not be mandatory […]
Facebook is to be fined more than €746m (£648m) and ordered to suspend data transfers to the US as an Irish regulator prepares to punish the social media network for its handling of user information. The fine, first reported by Bloomberg and expected to be confirmed as soon as Monday, will set a record for […]
Dating cons known as “pig butchering”, fake missing person appeals and dodgy apps are among the most widely used and convincing scams in circulation this year, according to Britain’s leading consumer watchdog. Pig butchering – so-called by fraudsters because they “fatten up” the victim by forming a romantic connection before executing the investment part of […]