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Interest rate hiked and Bank of England warns inflation squeeze will get worse as Ukraine war drives up energy prices
The Bank of England has warned the inflation squeeze on households will intensify further this autumn after Russia’s invasion of Ukraine added to the pressure on energy prices.Surging inflation – now expected to hit 8% next month – prompted the bank to hike its interest rate by 0.25 percentage points to 0.75%, taking it to …
Business
Sky News
£2,553 out of pocket: How the war in Ukraine is worsening the UK’s cost of living crisis
Sanctions on Russia are already starting to worsen an acute cost of living crisis in the UK.Despite limited dependence on Russian imports, surging global prices are expected to erode living standards even further.The average UK household will experience a £2,553 drop in income this year, half of which is as a result of the invasion …
Business
Sky News
Broughton lines up Wall Street and sports titans to back fully funded Chelsea bid
Sir Martin Broughton, the heavyweight British businessman, has enlisted support from major Wall Street and sports industry figures to back a takeover bid for Chelsea Football Club that is now fully funded.Sky News has learnt that Sir Martin intends to submit a standalone offer for Chelsea before a deadline on Friday that will include funding …
Business
Sky News
More than 1,100 DWP staff at risk of losing jobs as government ‘modernises’
The closure of Department for Work and Pensions (DWP) offices is placing more than 1,100 jobs at risk and thousands more could face redundancy, the PCS union said.Confirming to parliament that a number of offices across the country will be closing, Work and Pensions minister David Rutley said on Thursday there will be around 12,000 …
Business
Sky News
P&O Ferries warns of ‘significant disruption’ to services after 800 staff are let go
P&O Ferries has made 800 of its staff redundant, effective immediately, and cancelled all its services for the next few days – warning of “significant disruption”.The move – to plug a £100m year-on-year black hole in the company’s finances – is believed to affect everyone from captains to cleaning staff and has been branded “a …
Business
Business Live
Dash for gas as stranded Lincolnshire wells to be reconnected to the grid with monthly £7m revenues eyed
Final consents have been secured by Angus Energy to return isolated gas wells on the Lincolnshire coast back to production. Bosses are eyeing up the high market price as an incentive to return to production as soon as possible, with the Russian invasion of Ukraine ramping up already elevated prices. Saltfleetby Gas Field was first …
Business
Business Live
West of England set to grow faster than any other UK region in 2022, PwC report finds
The South West economy is expected to grow faster than any other region of the UK in 2022 including London, according to a new report. The region’s recovery is being driven by the performance of its cities as they rebound from the effects of the pandemic. The Demos-PwC Good Growth for Cities Index estimates the …
Business
Business Live
CatSci to accelerate growth with major £4.5m funding deal
CatSci, a pharmaceutical innovation partner has secured a major £4.5m investment to accelerate the expansion of its workforce, laboratories, equipment and offerings. The Cardiff-headquartered firm will use the funding to purchase new equipment and extend its 13,000 sq ft laboratories. The funding deal was procured from alternative lender BOOST&Co, and advised on by corporate finance …
Business
Business Live
P&O Ferries suspends sailings ahead of ‘major announcement’
Sailings have been suspended by P&O Ferries ahead of a “major announcement”. A statement which appears to be from the ferry operator posted on Twitter by Hull Labour MP Karl Turner said it “will be making a major announcement today”. This will “secure the long-term viability of P&O Ferries”, it explained. READ MORE: Losses jump …
Business
Sky News
‘Humanitarian disasters’ if Russia and Ukraine wheat exports are stopped – OECD
Some countries could face humanitarian disasters if Russia and Ukraine stop wheat exports, according to an OECD report on the economic impact of the war.The assessment said a complete cessation would risk a “sharp increase in poverty and hunger”. Russia and Ukraine account for 30% of all global wheat exports and in many countries in …
Business
Business Live
Mass market tech boss joins Lightfoot as new Chief Finance Officer
Devon green tech company Lightfoot has appointed a new Chief Financial Officer Neil Warman. Lightfoot designs and supplies a ‘fitbit for cars and vans’ that cuts carbon emissions by rewarding better driving. It has been taken up by delivery fleets operated by big names including Tesco, Dixons Carphone and Asda and it plans to target …
Business
Euro News
Russia claims it has made first debt payment and avoided a default

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