As UK enters deflation, Asda boss Andy Clarke calls 2015 supermarkets’ “most challenging year yet” May 19, 2015 On the day the UK was pushed into deflation for the first time since 1962 by a dive in food prices, Asda chief executive Andy Clarke has called 2015 the "most challenging year" of the recovery for supermarkets. Read more: Analysts say deflation will not be here to stay In the supermarket's first quarter results statement [...]
HMRC wins challenge over Next’s “artificial” tax avoidance scheme May 19, 2015 HMRC has won its challenge against high street retailer Next over an "artificial" tax avoidance structure. The First-Tier Tribunal (FTT) has ruled in favour of the government, which brought the case against Next Brand, part of the wider group. The FTT found the scheme, known as a rate-booster, allowed the business to artificially [...]
UK house prices: Scotland’s growth at its highest since 2007 as prices accelerate May 19, 2015 The UK’s house price growth rose to 9.6 per cent for the year to March, with Scotland the east of England and London driving the rise. The figures The 9.6 per cent rise in the UK for the year to March was 1.2 percentage points higher than the 7.4 per cent recorded in February. The [...]
Quindell share price dips slightly after it issues more shares May 19, 2015 Shares in the embattled insurance outsourcer Quindell were trading down 0.2 per cent at 127p today after it said it had issued over four million new ordinary share. This was after Quindell said it had issued 4,012,694 new ordinary shares, being remainder of deferred equity consideration payable to sellers in respect of acquisition of iter8. [...]
What is the difference between good and bad deflation? May 19, 2015 Official data released today has shown that the UK slipped into deflation for the first time in over 50 years. Normally the word deflation has economists running for the hills, but this time around the mantra has been that this is very much a case of "good deflation". But just what is good deflation, and [...]
Inflation turns negative for the first time in over 50 years – but it should only be a blip May 19, 2015 Britain fell into deflation for the first time since the 1960s after data released today showed the consumer price index (CPI) had dipped into negative territory. The Office for National Statistics said prices fell 0.1 per cent in the year to April on a fall in air and sea fares due to the timing of [...]
Wonga revamp adds money-back guarantee, ditches puppets – and aims new products at “hard working people” May 19, 2015 Wonga’s re-brand is here: the payday lender is to roll out new television adverts aimed at its new middle-class target base. It is also offering a money-back guarantee as part of an image revamp aimed at repairing the reputation damage it suffered during a tumultuous 2014. It will keep the Wonga name, despite speculation about [...]
The Brexit effect begins: Deutsche Bank forms working group to consider impact of UK leaving the EU May 19, 2015 Deutsche Bank is considering pulling chunks of its operations from the UK in the event of a Brexit, ahead of the EU referendum committed to by the Conservatives during the General Election. The German lender has reportedly put together a working group comprising execs from its risk, strategy, UK management and research teams, to [...]
Icap’s revenue slumps seven per cent to £1.27bn despite increasingly choppy markets May 19, 2015 The figures: The trading platform Icap said revenue was down seven per cent to £1.27bn in the year ending 31 March. Additionally pre-tax profit fell 21 per cent to £95m, down from £121m posted a year earlier. Why it's interesting: While the London-based firm didn't manage to achieve full-year growth it was helped by increased market volatility due to the [...]
Vodafone share price falls despite return to growth in the fourth quarter of 2014 May 19, 2015 The figures Britain's biggest telecoms group said that group revenue rose 10 per cent on a reported basis to £42.2bn for the year ending 31 March. While group organic revenue was down 0.8 per cent, Vodafone said it returned to growth in the fourth quarter, rising 0.1 per cent "reflecting a steady recovery in Europe and [...]