Economy

Energy price cap to rise by 80% to £3,549 from October

Ofgem has confirmed that the energy price cap will increase by 80% to a record £3,549 a year for dual fuel for an average household from 1 October 2022.  The rise will affect those on standard variable tariffs, with the record annual bill only being based on typical usage. At…

Read More »

BoE hikes rates to 1.75%, warns UK to enter recession until 2024

The Bank of England (BoE) has raised interest rates from 1.25% to 1.75%, marking the biggest rise in rates since 1995. In its latest announcement, the BOE also projected that the UK would fall into a recession in the fourth quarter of the year, which is expected to last for…

Read More »

UK consumer confidence sinks to new record low in June

UK consumer confidence has fallen to the lowest level since records began during the month of June, according to the latest figures from GfK. GfK’s long-running Consumer Confidence Index decreased one point to -41, a new record with four measures down in comparison to the May 20 announcement, with one…

Read More »

BoE raises interest rates to 1.25%

The Bank of England’s (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation.  The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…

Read More »

Inflation hits 40-year high

UK inflation has hit its highest level in 40 years during the month of April, driven by the rising cost of energy bills. The figure, according to the latest figures from the Office of National Statistics (ONS), was up from 7% in March. The ONS said that around 75% of…

Read More »

BoE raises interest rates to highest level since 2009

The bank of England (BoE) has raised interest rates to its highest level since 2009 – marking the fourth time it has taken action since December.  The new rate of 1%, up from 0.75%, is the BoE’s latest attempt to curb the rampant rise in inflation – also at its…

Read More »

UK GDP slows to 0.1% in February

Gross domestic product (GDP) slowed in the UK as the economy only saw 0.1% growth in February, down from a growth rate of 0.8% in January. According to the Office for National Statistics (ONS), services grew by 0.2% and was the main contributor to February’s growth in GDP, although this…

Read More »

High street footfall continues to lag behind pre-pandemic levels

Footfall levels remain 23% below pre-pandemic levels in February 2022 as rising costs are reportedly set to “batter” retailers from 1 April, according to RSM. The latest data from Datscha, analysed by RSM, shows the overall decline in footfall is the worst in London with numbers on Oxford Street down…

Read More »

Inflation hits 30-year high at 6.2% in February

The Consumer Prices Index (CPI) rose by 6.2% in the 12 months to February 2022, up from 5.5% in January, according to the Office for National Statistics (ONS). It revealed this is the highest CPI 12-month inflation rate in the national statistic series which began in January 1997, and the…

Read More »

Spring Statement: Chancellor raises NI threshold to £12,570

The chancellor has outlined a series of measures to help combat the rising cost of living in his latest spring statement, including increasing the national insurance threshold by £3,000.  Speaking in parliament today (23 March), Rishi Sunak began his speech by warning it is yet unclear what the impact of…

Read More »