Shoppers have been paying more for branded food items because suppliers of branded goods have been profiteering, the Competition and Markets Authority (CMA) has found. Consumer group Which? Has called the results of the CMA’s investigation “shocking” after the watchdog concluded there was clearly some profiteering going on during the cost of living crisis. The […]
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The UK has a 50-50 chance of being in recession with interest rates still high when the general election is called next year, the Bank of England has said. Governor Andrew Bailey announced the Bank’s key base rate will be unchanged at 5.25% for the second consecutive month but added: “It’s much too early to […]
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Wages have increased by a record amount firing the fears of borrowers while giving pensioners hope of another big boost to their income. Total pay – including bonuses such as the one-off payment to NHS staff – soared 8.2% In the three months to June, far higher than the 7.3% predicted by analysts and a […]
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A million households will be paying an extra £6,000 per year in mortgage costs by the end of 2026, the Bank of England has warned. Rising interest rates, hiked to tackle inflation, is increasing the pressure on mortgage holders and businesses. But in its report, the BoE said that while borrowers may struggle with rsising […]
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Rishi Sunak has signalled he is willing to overrule independent review bodies recommendations for public sector pay rises, provoking fury from trade unions who say millions will be left even worse off. The prime minister said he will block public sector pay rises if they are considered unaffordable because they could set off a “wage-price […]
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Ministers, MPs and retail bosses have warned Rishi Sunak that his plans for voluntary food price caps will lead to shortages on shelves and “not make a jot difference” to prices. Government ministers are also part of a growing backlash against the proposal to ask supermarkets and retailers to agree maximum prices for basic items […]
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The Bank of England has raised the UK interest rate for the 12th consecutive time, hiking the base rate from 4.25% to 4.5% – the highest level in 15 years. The decision by the BoE’s Monetary Policy Committee (MPC) to raise the interest rate will increase mortgage costs for homeowners. Increasing the cost of borrowing […]
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The World Cup gave the UK economy an unexpected boost that increased GDP by 0.1% between October and November. Economists polled by Reuters had forecast a 0.2% contraction for the period but the rise “is likely to increase pressure on the Bank of England to raise interest rates,” reports the Financial Times. Cost of living […]
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UK inflation unexpectedly dipped last month to 9.9% after petrol prices finally reflected the recent drop in oil prices. The slight relief has been tempered by the 13 month consecutive rise in food prices coming on top of warnings the upward trend in underlying inflationary pressures will likely see another interest rate rise by the […]
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The UK’s 56th prime minister will finally be announced on Monday and installed by the Queen (in Scotland) on Tuesday after an unnecessarily long, drawn out leadership campaign. As an exercise in navel-gazing during a summer of social, political and economic crises, it is unrivalled. Liz Truss is the blue-hot favourite to replace Boris Johnson […]
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