Spending consumer

Published 21 February 2017 Share close Share page Copy link About sharing Disabled people will get a fresh chance to make their concerns heard as consumers, thanks to a government initiative to be announced on Tuesday. Eleven sector champions are being appointed to help make different areas of business more accountable to the disabled. They will cover business sectors including banking, tourism, retail and public transport. The initiative is being launched by the Department for Work and Pensions. "There are currently more than 11 million disabled people in the UK and the spending power of their households - 'the purple pound' - is almost £250bn," a spokesperson said. "But many businesses are missing out on this potential customer base by having everyday products and services which aren't available to disabled people - who, as a result, are regularly excluded from experiences and … [Read more...] about New voice for disabled consumers

From the fuel in fighter jets to the clothes on soldiers’ backs, inflation is pushing up the cost of Britain’s military. Boris Johnson urged allies on Tuesday night to “dig deep” on defence spending to ward off the threat of Vladimir Putin but his own military is facing two years of real terms spending cuts. Departments were allocated the next three years of funding by Chancellor Rishi Sunak at last year’s Spending Review. But soaring inflation since then has made budgets far less generous than initially thought and even point to spending cuts in real terms. The Prime Minister called on the West to boost budgets to at least 2pc of GDP - the NATO target - but the UK’s own military is facing cuts both in real terms and as a share of GDP in the coming years. NATO estimates that after inflation is taken into account British spending on the military will only be equal to 2.1pc of GDP this year, a fall compared to last year. Number 10 says spending will hit 2.3pc … [Read more...] about A defence spending cut – disguised by Boris Johnson’s fiscal sleight of hand

Inflation is delivering a serious blow to real incomes and living standards. But is everyone suffering in this process? Or are there some winners who are benefiting at the expense of the losers? Inflation, pure and simple, is a process through which all money values that are free to move rise in lockstep. An inflation of this sort can have practically no real effects, beneficial or harmful. But the trouble is that inflation of this sort exists only in the textbooks. In particular, not all prices are free to rise. The consequence is often a substantial shift in relative prices and incomes. And the battle to preserve positions often leads to wrangling and disputes that waste resources and reduce production, thereby making the economic situation worse. This is exactly what is happening now with the current wave of industrial disputes. Moreover, the current bout of inflation originates partly from the sharp increases in external costs, principally energy . These increases reduce … [Read more...] about Public sector pensioners will be the winners from this inflation disaster

Tui cancels quarter of flights from Manchester Airport FTSE 100 adds 0.1pc S&P 500 little changed, Nasdaq up 0.5pc Matthew Lynn: Businesses must go on strike over Sunak’s disgraceful tax raid Sign up here for our daily business briefing newsletter ​ M ortgage lending fell by more than a third in April, stoking fears of a slowdown in house prices. Total lending for house purchases slumped to £4.1bn, from £6.4bn in March, as the impact of higher interest rates kicked in. Data from the Bank of England showed mortgage approvals fell to around 66,000 over the month, compared with 70,700 in March. The number of loans granted was well beneath economists’ expectations, and below the average for the half-decade before the pandemic. 6:07PM Wrapping up T hat's all from us today, thank you for following! Before you go, have a look at the latest stories from our business reporters: Bank of England to take over collapsed … [Read more...] about Housing market slump feared as mortgage lending plunges by a third

T he American owners of Boots may revive plans for stock market float next year after scrapping the sale of Britain’s biggest chemist to a Wall Street buyout fund and Indian billionaire Mukesh Ambani. Walgreens, which merged with Boots in 2014 in a deal worth £9bn, said none of the offers for the “adequately reflects the high potential value of Boots and No7 Beauty Company”. The Illinois-headquartered company said bidders had struggled to arrange bank loans to buy Boots after financial markets “suffered unexpected and dramatic change”. Private equity fund Apollo and Mr Ambani had been in pole position to acquire Boots after Walgreens chairman Stefano Pessina put the business up for sale in January. But a £5bn approach — considerably lower than the £7bn Mr Pessina is said to have wanted — fell through. Ornella Barra, Boots operating chief, wrote to the company’s 56,000 staff saying she was “happy to confirm that it has been decided that Boots and No7 Beauty Company will … [Read more...] about Boots stock market float back on the table as £5bn sale collapses

Fossil fuel power plants are set to be temporarily freed from planned checks on their emissions in a scramble to prevent blackouts as Britain turns back to coal . Coal and gas stations providing back-up supply in 2023 will not have to get reports on their emissions signed off by an independent expert under changes being proposed by Whitehall officials. There is growing concern over energy security amid fears Russia will shut off gas supplies to Europe in retaliation for sanctions imposed in response to its war on Ukraine. The gradual retirement of the UK’s nuclear fleet in coming years as well as problems with France’s nuclear stations are adding to the pressure in energy markets. Coal-fired plants have already been asked to stay open this winter , while gas quality rules could also be relaxed to allow more from the North Sea into Britain’s pipes. Under rules from 2019, fossil fuel facilities bidding to take part in National Grid ESO’s market for back-up power supply … [Read more...] about Net zero red tape to be ditched as Britain returns to coal

The global market rout has wiped $13 trillion off world stocks in the worst start to any year on record as business and consumer confidence collapses amid surging inflation. The MSCI World Equity Index has shed more than 20pc so far this year in the steepest first-half decline since its creation, led by a plunge in loss-making tech companies as investors panic over the end of ultra-low interest rates. In the UK, the FTSE 100 fell 1.96pc on Thursday to close out its worst month since the early days of the Covid pandemic. All but ten stocks closed in the red, reducing the value of blue chip companies by £50bn, amid fears the country will suffer the steepest recession in Europe. It came after official figures revealed that British families have suffered the longest fall in disposable income ever, with a decline of 1.3pc in the year to March 2022. Paul Dales, chief UK economist at Capital Economics, said: “Although GDP and consumer spending won’t fall as far as real incomes, … [Read more...] about $13 trillion wiped off markets in worst six months on record

All that glisters is, of course, not gold ... and all that is gold doesn’t necessarily shine, especially “dirty gold”. We wear it, we trade it and – if you’re the sort of person who frequents the restaurants where gold leaf on food is the highest mark of ostentatious opulence – we even eat it. But most of us don’t worry too much about where the gold comes from. Gold mining is considered to be one of the most environmentally unfriendly forms of mineral extraction. The process creates massive amounts of toxic waste – 20 tonnes for every gold ring – and it ravages landscapes such as the Amazon. Plus it’s not the most ethical of industries. For gold miners in developing countries, the wages are low and the risks are high – especially for the estimated 600,000 children working in the industry worldwide. And gold-rich countries are often riven by war, the horrors in the Democratic Republic of Congo being a case in point. But if you’re looking at that ring in the jeweller’s … [Read more...] about Gold stars for fairness

Online electricals retailer AO World has seen shares plunge amid worries over its financial strength after it emerged a credit insurer cut cover for the firm’s suppliers. The group saw shares fall by more than 18% at one stage in morning trading on Monday following a Sunday Times report revealing AO was hit by a cut in credit cover by Atradius. AO confirmed a credit insurer had slashed its cover in May, “reflecting post-Covid sales levels”, but insisted trading remained in line with its expectations and assured over its financial strength. It said the cover was reduced “from the heightened levels that had been in place and required through the period of the pandemic”. “To date this rebased cover has had no effect on AO’s liquidity position which remains in-line with the board’s expectations for full-year 2022-23,” it said. Recommended Over £130m handed to housing providers named and shamed by regulator Credit insurance protects suppliers … [Read more...] about AO World shares dive on cash crunch fears

U.S. producer prices surged 10.8% in May from a year earlier, underscoring the ongoing threat to the economy from inflation that shows no sign of slowing. Tuesday's report from the Labor Department showed that the producer price index — which measures inflation before it reaches consumers — rose at slightly slower pace last month than in April, when it jumped 10.9% from a year earlier, and is down from an 11.5% yearly gain in March. On a monthly basis, producer prices climbed 0.8% in May from April, above the previous month, when they increased 0.4%. Energy prices, led by gas, rose 5% just in May from April. Another big driver of the price gains last month was a sharp 2.9% increase in the cost of truck freight hauling, a sign that supply chain problems still aren't fully resolved. Food costs were unchanged. The figures indicate that rising prices will continue to erode Americans' paychecks and wreak havoc on household budgets in the coming months. Inflation has … [Read more...] about US producer prices soar 10.8% in May as energy costs spike