Business leaders on Thursday warned that the resignation of Liz Truss spelt further uncertainty for UK companies already facing worsening economic conditions (The Financial Times £).
Inflation will hit 15% next year if the government scraps its energy price cap and leaves millions of families exposed to a surge in bills, economists have warned (Telegraph).
Raising interest rates to 5.25% next year would knock nearly 5%, or £114bn, off the economy, the deputy governor of the Bank of England has warned (The Times £).
Interest rates may not rise as much as feared, the deputy governor of the Bank of England said (The Mail). In a boost to millions of borrowers worried about higher repayments on their mortgages, Ben Broadbent dampened expectations that rates could peak above 5% next year.
The food safety watchdog has warned consumers against eating food past its use-by date or switching off their fridge and freezer to save money (The Guardian). The Food Standards Agency said people were taking risks because of financial pressures caused by rising energy bills and the cost of living crisis.
Millions of people in the UK are struggling to pay their bills, according to the City watchdog, which said a growing proportion of the population is having trouble making ends meet (The Guardian).
The Financial Conduct Authority estimated that 7.8 million people in the UK currently find bills a “heavy burden”, up from 5.3 million in 2020 (BBC News).
Consumer confidence remains near a record low as people grapple with the “new abnormal”, a closely watched survey has revealed (The Times £).
UK consumer confidence hovered around a 50-year low last month as Britons struggled against a backdrop of soaring inflation, political turmoil and high borrowing costs, according to new data (Financial Times £).
Official figures show a gloomy picture for the UK economy with government borrowing up and people shopping less than before the coronavirus pandemic (BBC News). Retail sales volumes fell more than expected by 1.4% last month, continuing their slide from August.
The announcement of a revamped strategy prompted investors in Naked Wines to break out the bubbly yesterday (The Times £). Shares in the online wine retailer leapt by nearly a third after Nick Devlin, its chief executive, acknowledged that “in pursuit of rapid growth we have made mistakes”.
The boss of Naked Wines has apologised to shareholders for trying to grow the online retailer too fast, promising to slash spending to get the retailer back on track (Daily Mail). After seeing a surge of customers during the pandemic, the online wine retailer spent big on advertising and building up its wine stock in anticipation of more sales growth, which never materialised.
The Mail also runs an interview with CEO Nick Devlin, with the Naked Wines boss telling the paper that households would keep buying wine despite the cost-of-living crisis.
A £900m class action claim against Amazon accuses the company of pushing customers towards “offers” that benefit the online retailer, but are not good deals for users (The Guardian).
The maker of Marlboro cigarettes has sweetened its offer for Swedish Match in a final effort to gain shareholders’ support for a $16bn takeover that is attracting opposition from investors (The Times £).
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