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Chancellor Rachel Reeves' recent budget has sparked significant criticism and market reactions, with rising gilt yields and concerns over Labour's fiscal policies. The budget's tax increases and spending reforms have raised fears of economic stagnation, impacting the housing market and investor confidence as job losses loom in various sectors.
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UK households will see a 1% increase in energy bills starting January 2025, raising the average annual cost to £1,736. This follows a 10% rise in October and comes amid ongoing geopolitical tensions affecting energy prices. The energy regulator Ofgem will confirm the new price cap on November 22.
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Major retail chains are navigating a challenging landscape as some locations close while others expand. Lidl plans to open 10 new stores in the UK, while Sainsbury's is converting Homebase sites into supermarkets. Meanwhile, Starbucks is set to open a new location near the North Korean border, highlighting unique market strategies.
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Sainsbury's has announced it will match Aldi prices on essential items in its convenience stores, becoming the first UK supermarket to do so. This initiative aims to address price disparities that have been highlighted during the cost-of-living crisis.
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The UK's unemployment rate increased to 4.3% in September, up from 4% in August, as wage growth slowed. This shift follows recent budget measures by Chancellor Rachel Reeves, including a rise in the national minimum wage and employer national insurance contributions, raising concerns about the labour market's stability.
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Recent blind taste tests reveal that affordable sparkling wines from UK supermarkets outperform traditional brands. Tesco's Finest Premier Cru Brut Champagne topped the list, highlighting the growing trend of quality budget options for festive celebrations. Other supermarkets like Aldi and Waitrose also received commendations for their sparkling selections.