As food inflation rises to 19.2%, its highest rate in 42 years, the European Central Bank has suggested it could be down to, in part, businesses profiteering from the cost of living crisis by increasing their prices for larger margins, a term known as “greedflation”. But what is the data behind the suggestion? On the
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House prices fell by 3.4% year-on-year in May, according to one of the UK’s biggest mortgage lenders. Data from Nationwide building society also showed a month-on-month decline of 0.1%, with the average cost of a UK home now said to be £260,736. The building society had said there were tentative signs of a recovery in the
Amazon and a subsidiary have agreed to pay millions to settle two separate privacy cases against its Alexa and Ring doorbell devices. Both cases were taken by US government consumer watchdog, the Federal Trade Commission (FTC), and Amazon denies violating the law. In a case against the Alexa voice assistant, Amazon agreed to pay $25m
CBI members are to begin voting today on the future of the business lobby group, following a series of scandals. The organisation was plunged into disarray after claims of serious sexual assault were made by CBI employees against colleagues. Today it will launch what it describes as an “ambitious ‘programme of change'”, with adjustments to
Rail passengers are set to suffer fresh travel disruption over the next few days due to more strikes in long-running disputes over pay, jobs and conditions. Train companies are warning that services will be “severely reduced” because of industrial action by drivers and other workers. Members of the drivers’ union Aslef will walk out on
Asda’s chairman has said supermarkets are owed a “debt of gratitude” as he dismissed talk of capping prices as “rather backward looking”. Stuart Rose’s comments come after reports that supermarkets will be encouraged to introduce voluntary price caps on essentials such as milk and bread to help customers cope with the cost of living. Lord
Only a third of UK hospitality businesses are optimistic about their future due to high energy prices and rising food costs, industry bosses have warned. Pub, bars and restaurants say their energy prices have surged an average of 81% over the past year, on top of rising food and wage bills. Wholesale gas prices, which
The Ineos billionaire Sir Jim Ratcliffe remains the leading candidate to buy Manchester United Football Club despite an inconclusive board meeting held late last week. Sky News understands that directors of the Premier League club’s holding company met on Thursday to discuss the progress of its £5bn-plus auction. Controlled by members of the Glazer family
Plans to encourage supermarkets to introduce voluntary price caps on food staples in a bid to help with the cost of living crisis are being drawn up by Downing Street, according to reports. The scheme would aim to get retailers charging the lowest possible amount for some basic products like milk and bread, the Sunday Telegraph reported. A
The executive who presided over a bitter “cruises and cufflinks” row at one of Britain’s biggest wealth managers is preparing to step down. Sky News has learnt that St James’s Place, the FTSE-100 group which oversees more than £150bn of client assets, has kicked off a search to replace Andrew Croft. City sources said on
Ian King hears from Chancellor Jeremy Hunt, who says the government will do whatever it takes to bring down inflation, even if that means a recession. He also speaks to Nick Harding, the chief executive of consumer lender Fluro as analysis by PwC shows total household debt in the UK has exceeded 2 trillion pounds
The government finds its hands somewhat tied at present on measures it can take to boost economic growth. The parlous state of public finances – the government borrowed £25bn alone in April – means that neither meaningful tax cuts nor increases in public spending that lift productivity are feasible just now. So it is no
Britain’s largest building society has made some mortgages more expensive as the Bank of England’s interest rate is now expected to rise higher than previously thought. Nationwide has said interest rates on new fixed-rate mortgages will rise 0.45 percentage points. It follows moves by lenders such as Halifax, Santander and Atom Bank who also upped
Retail sales have returned to growth after a month of contraction that was larger than first thought, according to a closely-watched measure of consumer confidence. Official figures showed retail sales volumes grew by 0.5% in April – more than the 0.3% expected by economists – after a fall in March that was worse than first
Britain is determined to compete in the global race for green investment, the chancellor has told Sky News, days before the expected announcement that Jaguar Land Rover owner Tata will build a major new battery factory in the country. Jeremy Hunt said that he was prepared to deploy subsidy money from the government’s £1bn war
The energy price cap on household bills has fallen to an annual average of £2,074 between July and September, removing some of the financial pain inflicted by the unprecedented surge in gas and electricity costs. Industry regulator Ofgem made the announcement against a backdrop of good news for the cost of living crisis – with
Microsoft will on Wednesday lodge a formal appeal against British regulators’ decision to block its $75bn takeover of Activision Blizzard, the Call of Duty maker. Sky News understands that the technology behemoth will file its complaint with the Competition Appeal Tribunal (CAT) within hours, sparking the next phase of its fight to secure one of
The rate of inflation is finally back in single digits for the first time since last summer, easing to 8.7% last month but food inflation remains near 20% and core price inflation is at a 30 year high. The Office for National Statistics (ONS) said the decline in the consumer prices index measure (CPI) was
The head of the Bank of England has said there are “very big lessons” to learn about how the central bank has dealt with the economic shocks that have resulted in persistent double digit inflation and a cost of living crisis. Governor Andrew Bailey’s comments represent a tone change from the Bank, away from defending
Britain is no longer expected to suffer a recession this year, nor will it have the weakest economic growth in the group of seven leading industrialised economies, the International Monetary Fund (IMF) said today. Unveiling a dramatic upgrade to its outlook for Britain, the Fund, which previously predicted Britain would face the worst 2023 of
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