The problematic transition to electrification amid continuing pandemic- related supply chain disruption has seen deliveries at Mini, the carmaker that produces the majority of its vehicles at the Cowley plant in Oxford, drop by more than a fifth. The news came as its parent company, the German giant BMW, warned of a deteriorating outlook for […]
Poundland, the discount retailer, is cutting the price of 1,000 products and opening 25 more stores as inflation hits household finances. The store plans include new outlets on high streets, retail parks and the latest in the pilot of the Poundland “local neighbourhood stores”. Up to 15 additional new shops and relocations are in the […]
More than one in ten adults have stopped contributing to their company pension or are planning to stop because their incomes have been squeezed by the cost of living crisis. About 5 per cent of adults have ended contributions into their pension pots to save money as inflation hits a 40- year high of 9.4 […]
The UK economy rebounded in May after shrinking in April and March, official figures show. The economy grew by 0.5% during the month, the Office for National Statistics (ONS) said, higher than the flat growth most economists expected. Every area of the economy expanded including construction, travel and manufacturing. However, businesses reported that higher running […]
House prices are continuing to rise despite the growing cost of living crisis. The Nationwide said prices climbed 11% in the last 12 months, although the rise over the last month was just 0.1%. “The housing market has retained a surprising degree of momentum,” said Robert Gardner, Nationwide’s chief economist. But he said that there […]
Toyota has threatened to stop manufacturing in the UK if the government goes ahead with its plans to ban the sale of hybrid cars from 2030. The marquee told government officials the ban would constrain “manufacturing, retail and other business activities” as well as “future investment.” “If the government adopts an SZEC [significant zero emission […]
The UK government’s Insolvency Service today said it recorded a higher number of insolvencies over the past three months than at any other point in more than a decade, after the numbers of companies declaring voluntary bankruptcies hit their highest levels since records began. The past three months saw a total of 5,629 English and […]
BP has reported massive profits for the three months to June after oil and gas prices soared. The energy giant saw underlying profits hit $8.45bn (£6.9bn) – more than triple the amount it made at the same time last year. The figure is the second highest in the firm’s history and takes its half-year profits […]
Liz Truss has said she wants to save taxpayers’ money by scrapping diversity roles and ending national pay deals. The Tory leadership candidate wants to link civil servants’ pay to living standards where they work, meaning similar jobs could have different salaries depending on location Ms Truss says that the scheme could be rolled out […]
British Airways has suspended ticket sales on short-haul flights from Heathrow until 8 August after the London airport’s decision to cap capacity and tackle widespread disruption and cancellations. The airline said the sales suspension on domestic and European destinations was designed to allow existing customers to rebook flights when needed. Airlines and airports across Britain […]