Millions of households will need more cash from the government to prevent them falling into hardship as energy bills soar to more than £3,200 a year this winter, MPs have warned. A £21 billion support package pledged by ministers in May will be “eclipsed by the scale and longevity of the price increases” that are […]
Aldi has raised pay for shop workers for the second time in a year in the latest sign of the intense competition for workers in the UK. From September, the grocery discounter is to put up hourly pay by 40p to a minimum of £10.50 outside the M25 and to £11.95 in London, an increase […]
Growth in UK factories’ order books and output has slowed to its weakest in 18 months as cost pressures, supply bottlenecks and softer demand hit British industry. The latest update on manufacturing from the CBI found business optimism fell for a third quarter running amid signs that the strong expansion of the past year has […]
The UK’s Insolvency Service has begun using new powers, given to it last December, to crack down on company directors that dissolve their firms to avoid making repayments on government backed loans. The Insolvency Service used its “tough new powers” to ban three individuals from acting as company directors, for dissolving their companies to avoid […]
A hard-line immigration policy risks tightening the labour market further and choking off economic growth in the capital, a top London business body has warned Tory leadership contenders. In an open letter to Rishi Sunak and Liz Truss urging them to consider the “special needs” of London, the London Chamber of Commerce said the capital […]
As the cost of living crisis continues, over 30m Brits have been forced to seek an additional source of income due to the pinch on their finances. Shockingly, this is a staggering 65 increase in just four months, since February this year, according to new research. Younger people are most keen to secure new income […]
The number of restaurants falling into insolvency has increased by more than 60% in the past year amid worker shortages and the cost of living crisis, which has forced customers to cut back on spending. New data from the accountancy firm UHY Hacker Young showed that 1,406 restaurants in the UK closed their doors in […]
The number of jobs being advertised offering bonuses has more than doubled since the start of last year, as employers seek to fill staff shortages without committing to inflation-proof pay rises. Mounting concerns that the UK is headed into an economic downturn have led companies to contain costs while trying to attract talent amid record […]
Britain’s next prime minister must accelerate the pursuit of trade deals to prevent a further sharp rise in costs as global supply chains are overhauled, according to the country’s leading business group. Tony Danker, director-general of the CBI, warned that the West’s shift away from countries including Russia and China risked becoming “incredibly expensive” for […]
The cost of servicing government debt has hit its highest point in 25 years because of rising inflation. The cost of interest payments on government debt was £19.4 billion, more than double that of June 2021, official figures show — the highest since records began in 1997. Government bonds are indexed to the retail prices […]