Half of all Brits need extra money to get by so millions are scrambling to find additional sources of income July 24, 2022 As the cost of living crisis continues, over 30m Brits have been forced to seek an additional source of income due to the pinch on their finances. Shockingly, this is a staggering 65 increase in just four months, since February this year, according to new research shared with City PM this morning. Younger people are [...]
Jubilee weekend boom fails to lift June’s retail sector July 22, 2022 An uptick in sales of food during the Jubilee weekend was offset by slower sales across the rest of the retail sector to see June retail volumes drop 0.1 per cent compared to previous month. The Jubilee weekend saw food shops sell 3.1 per cent more food last month than they did in May, as [...]
Government and major businesses work together to help households with cost of living July 21, 2022 The government will collaborate with leading businesses to help UK households facing the cost of living crisis, it said today. The Cost of Living Business Tsar and ex-chief of Just Eat David Buttress agreed retail deals and discounts with major businesses in the UK like Asda, Sainsbury’s, Amazon, and Vodafone as part of the Help [...]
Martin Lewis warns government of ‘financial time bomb’ as cost of living crisis worsens July 20, 2022 Martin Lewis warned the government of a “financial time bomb” due to explode in September as the UK’s cost of living crisis intensifies. The founder of MoneySavingExpert.com issued an “open video letter” to the current Conservative Party leadership candidates and warned of even higher energy costs and civil unrest as the UK struggles with record [...]
Virgin Money to give out £1,000 bonuses to help staff deal with cost-of-living crunch July 19, 2022 Virgin Money today told staff it will be giving out £1,000 bonuses to all workers on salaries of less than £50,000 a year to help them deal with the UK’s cost-of-living crisis. In an internal memo seen by City PM, Virgin Money chief executive David Duffy told staff earning less than £50,000 that they will [...]
Supermarket shoppers face £454 extra to yearly grocery bill as inflation bites July 19, 2022 Shoppers are now facing a £454 increase to their annual supermarket bills, with grocery price inflation edging towards the highest level since 2008. According to the latest numbers from Kantar, grocery price inflation now sits at 9.9 per cent for the past four weeks. This marks the second highest level of inflation seen since 2008, [...]
Brits to receive first cost of living payments from government starting today July 14, 2022 Eight million Brits will begin receiving payments to help with the cost of living crisis on Thursday.. Direct payments will be automatically made into recipients’ bank, building society or credit union account, for low-income households on means-tested benefits. The first payment, referred to as the DWP Cost of Living payment, will consist of £326 and [...]
Lost decade of growth leaves Brits nearly £9k worse off than French and Germans July 13, 2022 Anaemic economic growth since the financial crisis has left the average UK household £8,800 worse off compared to families in Germany and France and other comparable countries, reveals a study published today. Widening income gaps between Britain’s poorest and richest, compounded by flatlining productivity growth since the financial crisis, has led to families missing out [...]
Retail sales tumble to a rate ‘not seen since depths of pandemic’ amid cost of living crisis July 12, 2022 Retail sales volumes are plunging by a rate not seen since the darkest days of Covid lockdowns, as industry voices have warned businesses will struggle amid historic inflation. Total sales dropped by one per cent in June, according to the British Retail Consortium (BRC) and KPMG retail sales monitor for the five weeks to 2 [...]
One in six UK households face ‘serious financial difficulties’ amidst worsening cost of living crisis July 11, 2022 One in six households in the UK, about 4.4m, face “serious financial difficulties” as the cost of living crisis worsens with inflation at 40 year highs. This is an increase of 1.6m households from October last year, with over half of all UK households considering their financial situation to be worse now than during the [...]
