CategoryBusiness

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UK hospitality sector declines at fastest pace since lockdown

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Tourism and recreation experienced the fastest fall in output of any UK business sector last month, the latest data shows. Output in the sector, which includes pubs, hotels and restaurants, declined at the fastest pace since February 2021, when the UK was last in lockdown, with a tracker score of 36.3 in September, according to the Lloyds Bank UK Recovery Tracker. Any reading below 50 indicates...

‘Money is draining through my fingers’: UK tenants on soaring rents

Elle Young*, 29, who works in arts funding, lives in an illegal sublet in London to make her rent more affordable. She is one of five people living in a three-bedroom property. There is mould and damp in all of the rooms and the window panes are rotting. In the kitchen, the rot has caused the glass pane to fall out, meaning the cold air seeps in. Young is not named on the contract, so she is...

‘No more circus’: UK business leaders call for economic stability after Truss exit

Business leaders have responded with anger and dismay to the UK’s political crisis, saying that Liz Truss’s replacement must act rapidly to stabilise the crisis-hit economy. The prime minister announced her resignation on Thursday afternoon, after only 45 days in the job, leaving businesses uncertain of the government’s plan for policy issues such as the taxes they will pay and the extent of...

The mini-budget that broke Britain – and Liz Truss

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Britain has been through the wringer since last month’s mini-budget. Not only was Kwasi Kwarteng’s not-so-mini plan the trigger for a domestic financial crisis and higher mortgage costs for millions, it lit the blue touchpaper for his political downfall and that of his close friend, Liz Truss. It was all supposed to be so different. Truss had spent the summer promising to cancel the rise in...

Liz Truss calls off media visit after promising to keep pensions triple lock

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Liz Truss has called off a planned visit and media clip amid continued chaos, shortly after she pledged to maintain the so-called triple lock guarantee on pension increases. Downing Street and the Treasury had for days refused to commit to the triple lock, under which the state pension would rise by whichever is the greatest of inflation, average earnings or 2.5%, amid a review of spending by...

Amazon to launch UK insurance comparison site

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Amazon is to enter the UK insurance market in an attempt to challenge the big four price comparison sites and succeed where its rival Google failed. Amazon Insurance Store will enable customers to search for home insurance products from only three providers initially. “This initial launch is just the beginning,” said Jonathan Feifs, Amazon’s general manager of European payment products...

‘The fashion gods have been good to us’: Steven Bethell, founder of Beyond Retro

‘There’s nothing wrong with a man-brooch,” says Steven Bethell, the co-founder of the vintage clothing empire Beyond Retro, pointing to the 19th-century accessory fixed to his breast pocket. It’s in the shape of a beetle with golden legs poking out from its gem-encrusted body, a big trend in Victorian Britain. “I feel incomplete if I’m not wearing a brooch,” he says when we meet at a coffee shop...

Great British Railways plan to oversee rail network delayed

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A plan to create a public sector body to oversee Britain’s ailing rail network has been delayed. Great British Railways (GBR), which would take over from the infrastructure management company Network Rail and be responsible for handing out rail contracts, will not go ahead in 2024 owing to the scrapping of the transport bill. The transport secretary, Anne-Marie Trevelyan, told the Commons that...

UK’s ancient woodlands at risk from investment zones, say charities

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The government’s investment zones could put the UK’s ancient woodlands under threat, the head of the Woodland Trust has warned. An ancient woodland is one that has existed continuously since at least 1600. They are a precious part of the UK’s history, store large amounts of carbon and are important habitats for animals. The government has proposed investment zones, where planning and...

UK inflation rises to 10.1% on back of soaring food prices

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Inflation in the UK has risen above 10% for the second time this year as households come under pressure from the sharpest annual rise in food prices for more than 40 years amid the cost of living crisis. The Office for National Statistics (ONS) said the consumer prices index rose to 10.1% in September, returning to double digits after a slight dip to 9.9% in August. The figure was last higher in...

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