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How the Bank of England’s interest rate rise will impact your mortgage
The bank base rate has been raised again in a bid to tackle inflation, but it is adding significant costs to borrowers’ bills in the process. The Bank of England revealed a 0.75 percentage point hike to 3% for its core interest rate at midday as major central banks double down on the price pressures …
Business
Evening Standard
Corporate insolvencies hit highest level since 2009 amid mounting recession fears
The number of companies filing for insolvency in England and Wales has hit its highest level in over 12 years in the latest signal Britain could be headed towards a recession.Over five thousand companies filed for insolvency between April and June 2022, figures from The Insolvency Service show, an increase of over 80% on the …
Business
Evening Standard
Ferrari drives record revenue and profits as wealthy take to road
Luxury car maker Ferrari has driven record sales and profits for the second quarter of the year as the rich look for ways to parade their wealth.The car marque is just the latest premium supercar manufacturers to post record profits after Bentley and Lamborghini and has raised its full year forecast for the year on …
Business
Evening Standard
London restaurant recovery lagging behind other major cities says D&D
Central London restaurants are recovering from the pandemic downturn far more slowy than those based in major provincial cities, a leading dining group said today.D&D London, which owns a string of landmark venues in the capital such as Quaglino’s and Le Pont de la Tour, said its restaurants in Manchester and Leeds were trading well …
Business
Sky News
Energy price cap to remain above £3,500 through most of 2023, report warns
The energy price cap will remain above £3,500 a year throughout most of 2023, according to the latest dire forecast for household bills.The prediction, from energy consultancy Cornwall Insight, comes as families gear up for what is set to be the toughest winter for decades amid mounting costs on almost every front as inflation hits …
Business
Evening Standard
BP reports almost £7bn profit as energy prices soar
BP faced a backlash on Tuessday after the oil and gas giant reported near-£7 billion profits between April and June as it cashed in on soaring energy costs. During a year when consumer fuel prices reached record highs and households face “devastating” energy bill rises this winter, BP tripled its profits compared to 2021 — taking …
Business
Business Live
Landmark Hodge House office building in the centre of Cardiff boosted with latest letting
The landmark and listed Hodge House office building in the centre of Cardiff, which recently saw the completion of a £17m revamp by its landlord Legal & General, has secured a new tenant. Renewable energy developer Bute Energy has taken a 10-year lease on 4,289 sq ft on the building’s sixth floor under Legal and …
Business
Business Live
Shift in consumer behaviour is crucial to success of sustainable shopping, report finds
An overhaul of the way customers shop and use products is crucial to the success of the circular economy, a new report finds. Customers will need to think of themselves of custodians of items and retailers will have to re-think returns packaging and introduce new initiatives that encourage reuse and extending product life, including share …
Business
Evening Standard
Travis Perkins boss slams government housing policy as he calls for national retrofit strategy
The boss of building materials supplier Travis Perkins has slammed government housing policy as he calls for a national strategy to retrofit homes across Britain with better insulation.Travis Perkins CEO Nick Roberts told the Standard: “We’ve seen 20 housing ministers since 1997 – they make a few tweaks at the edges and then another person …
Business
Business Live
Property technology sector could be ‘game changer’ for the West Midlands
Property technology could be a “game changer” for the West Midland economy if the region’s public and private sectors work together to help it grow- that’s the message from a new PropTech report launched during the Commonwealth Games. Greater Birmingham and Solihull Local Enterprise Partnership (GBSLEP) today released a report into the future of PropTech …
Business
Sky News
Nuclear pioneer First Light Fusion ignites plan for £400m fundraising
An Oxford-based company behind a pioneering approach to generating clean fusion power is kicking off a £400m capital-raising that would be among the largest by a UK energy start-up.Sky News has learnt that First Light Fusion began approaching prospective investors about the funding injection in recent weeks. The company, which has been endorsed by Sir …
Business
Business Live
The Queen appoints new Lord-Lieutenant of Somerset
A new Lord-Lieutenant of Somerset has been appointed by the Queen. Mohammed Saddiq, executive director of operations at Wessex Water, will take over from Annie Maw when she retires on October 29. The businessman, whose parents came to England in the late 1960s from a small village in Pakistan, has had a 30-year career in …

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