Royal Mail Group chiefs said its flagship postal service was haemorrhaging £1m a day today as revenues across the group slumped 5.1 per cent in the first quarter of the year as the pandemic postal boom subsides. Revenues at the flagship postal arm of the group plunged £92m to £1.88bn in the three months to […]
Hollywood is coming to Hertfordshire after planning officials gave the nod to the construction of a new $1 billion film studio in Broxbourne. Work on Sunset Waltham Cross Studios is to begin later this year towards a 2025 opening for what will be one of the UK’s biggest film and television production locations, housing 21 […]
UK inflation climbed to a new 40-year record in June, heaping further pressure on households struggling with a generational cost of living crisis. Consumer price inflation, as measured by the Office for National Statistics (ONS), hit 9.4 per cent in June compared with the same period last year. It was the highest yearly increase since […]
Thousands of Royal Mail workers have voted to strike in a dispute over pay in what could be the biggest industrial action of the summer. About 115,000 members of the Communication Workers Union (CWU) were balloted and voted 96.7% in favour of strikes, on a turnout of 77%. The result of the ballot was announced […]
Amazon’s core UK division was handed a tax credit of just over £1m last year by HM Revenue and Customs despite the online retailer’s profits soaring by almost 60% to £204m. The tax benefit was part of €1bn (£850m) in tax credits provided to Amazon by governments across Europe, up from €56m a year before, […]
Allegations that Google overcharged millions of British app users and broke competition law are set to go to a full trial in a near-£1 billion claim. The suit is being brought by a consumer affairs campaigner on behalf of 19.5 million UK users of Google’s Play Store, with a judge giving the green light only […]
The soaring cost of living has taken a bite out of Deliveroo’s revenues as people cut back on takeaways to pay their household bills. In an unscheduled second-quarter trading update today, the food delivery group sharply reduced its full-year revenue guidance. However, its decision to maintain its underlying earnings guidance lifted its shares, which, after […]
A Bank of England official has said that interest rates could reach 2 per cent or more in the next year as the central bank tries to tame inflation. Michael Saunders, who will leave the Bank’s rate-setting monetary policy committee after its meeting next month, said it was not “implausible or unlikely” that the central […]
The Treasury has confirmed it remains committed to creating a government-backed non-fungible token (NFT) in order to fuel an influx of crypto-based business to the UK. Rishi Sunak, alongside other ministers, has endorsed a UK NFT with the Royal Mint, a government-owned mint that produces coins for the UK, told to create a token by […]
UK banks are ramping up lending, marking the end of a loan drought after government Covid-19 support schemes were ditched. The total value of lending to UK businesses climbed £12bn to £533bn in the nine months to May, according to research based on Bank of England data published today by debt advisor ACP Altenburg Advisory. […]