The EU executive plans to raise about €140bn (£121bn) by imposing windfall taxes on energy companies’ “abnormally high profits” and redirecting proceeds to households and businesses struggling with soaring bills. Announcing long-awaited emergency measures to tackle the rising price of electricity, the EU official in charge of the green transition, Frans Timmermans, said the plans […]
The John Lewis Partnership slumped to a first half loss of £99m largely driven by soaring inflation which prompted customers to spend less in its stores. Inflation also hit costs, as the department store group warned of a “highly uncertain” outlook in the run-up to the key Christmas sales period due to the cost of […]
Google lost an appeal in one of Europe’s leading courts yesterday against a record multibillion-euro fine for abusing its dominance of the Android mobile phone ecosystem, paving the way for further claims. Although the penalty was cut to €4.1 billion from €4.3 billion, after the court ruled against one of the original infringements, it remains […]
Businesses will learn next week about how the government will help them to navigate the energy crisis. A spokesman for Prime Minister Liz Truss said on Wednesday that the scheme will help businesses with October bills and will be backdated if the implementation is delayed. He said: “We will confirm further details of the business […]
European countries can withstand Russia’s gas cuts this winter as supply headaches may have been “successfully solved”, according to analysis by a leading US bank. Goldman Sachs said the price of gas was likely to more than halve this winter as efforts by EU countries’ to avoid big shortages this winter prove effective. Goldman said […]
Center Parcs has backtracked over a decision to ask guests to leave its sites on the day of the Queen’s funeral. The holiday firm said it had made the decision “as a mark of respect” and to allow employees to “be part of this historic moment”. But the move prompted complaints from angry holidaymakers online. […]
Inflation in the UK eased slightly in August, falling to an annual rate of 9.9% from 10.1% in July, easing the pressure on households somewhat – but remained close to the highest rate in 40 years. Inflation eased because of a fall in petrol and diesel prices while food and clothing became more expensive. Prices […]
Talks between Joules and Next over a £15 million equity investment in the struggling clothing and homeware retailer have ended, sending its shares down to fresh lows. The setback comes a fortnight after Joules insisted talks were proceeding positively despite reports that negotiations were faltering. Joules said yesterday it “continues to assess its ongoing financing […]
Just over 3,000 solar installations are being carried out every week, according to trade association Solar Energy UK, up from 1,000 a week in July 2020. One provider said this month it had seen enquiries about solar panels rise tenfold. “More solar panels are being put on British roofs than ever before,” said Chris Hewett, […]
The UK’s unemployment rate has decreased slightly over the past three months, hitting 3.6 per cent. The rate for May to July 2022 has dipped 0.2 percentage points lower than the previous three-month period, according to the Office for National Statistics’ freshly published data. Unemployment was also 0.4 percentage points below pre-coronavirus pandemic levels. This […]