Financial news

• UK growth forecast to be slowest in G7, Labour analysis shows

  21-08-2023 23:30
  
  Keir Starmer says sluggish economy has driven up prices and is holding back students and apprenticesUK growth will be the slowest in the G7 in 2024, Labour analysis of the latest economic forecasts shows, as Keir Starmer said that the economic climate would prevent him from going to university today.The opposition said the economy was “stuck in a low-growth trap” that had led to higher taxes, higher prices in the shops, and the British people worse off. Continue reading...
  
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• UK bill for housing asylum seekers ‘to hit £5bn a year by end of next parliament’

  21-08-2023 23:30
  
  Thinktank says new Illegal Migration Act likely to deepen crisis by leaving thousands more people in limboBritain’s bill for housing asylum seekers will climb to more than £5bn a year by the end of the next parliament as the government’s approach to illegal migration leaves thousands more waiting indefinitely for their case to be handled, according to a report.Adding to the growing pressure on Rishi Sunak to halt small boat crossings of the Channel, the left-leaning Institute f
  
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• Show business to no business: how are the strikes hitting Hollywood?

  21-08-2023 22:46
  
  Weeks into the actors and writers strike and the impact is being felt with movies underperforming and shows getting cancelledIt’s been 111 days since Hollywood writers put down their pens and 38 days since actors joined them, both guilds striking in the hopes of building a fairer industry for today and the many days ahead. While there have been recent signs of potential progress (especially for writers with the WGA set for another vital meeting this week), the situation remains without any
  
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• Brics group looks to expand at summit despite divisions among key members

  21-08-2023 20:01
  
  Experts say India concerned about expansion and any overt anti-west turn as leaders fly into South AfricaLeaders from developing countries representing almost half the world’s population including China and Russia are to meet in South Africa for a key summit aimed at reinforcing their alliance as a counterweight to the west.The Brics grouping summit in Johannesburg, which starts on Tuesday, will be hosted by the South African president, Cyril Ramaphosa, and brings together the prime minist
  
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• The Guardian view on 'unretirement': older workers could help with labour shortages | Editorial

  21-08-2023 19:30
  
  Ministers need to better target policies to encourage economically inactive 50- to 64-year-olds back to workThe disappearance of 565,000 mostly older people from the UK’s labour force was one of the problematic effects of Covid. For most people, work is one of the things that gives their lives shape and meaning – as well as providing them with an income. For such a large number of older people not to need to work also points to rising generational inequality. In other countries, empl
  
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• The Guardian view on the Chinese economy: it looks bad. What we can’t see may be worse | Editorial

  21-08-2023 19:25
  
  Political tightening and an anti-espionage law make it harder for outsiders to gauge the situation. How accurately can insiders do so?A spate of recent statistics shows that the Chinese economy is faring poorly. The country was supposed to rebound after ditching its draconian “zero Covid” policies, but, after an initial revival, things have gone awry. Earlier this month it slipped into deflation. Key indicators, including industrial production, investment and retail sales, came in we
  
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• Small retailers and fans step in as Nike refuses to make replica Mary Earps shirt

  21-08-2023 19:17
  
  England No 1 crowned goalkeeper of the tournament after 1-0 defeat in final watched by 14.8m people in UKDozens of small-scale T-shirt manufacturers and football fans are stepping into a Nike own goal-shaped hole after the company again refused to produce a replica England goalkeeper shirt after England’s best finish at a Women’s World Cup.Nike refused to change tack following England’s 1-0 defeat to Spain on Sunday, even as Mary Earps saved a penalty and was crowned goalkeeper
  
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• Scam websites lure in Wilko customers with offers such as £4.99 sofa

  21-08-2023 19:04
  
  Shoppers warned to be careful with sales as collapsed budget chain only selling goods in its storesShoppers have been warned to avoid a spate of fake websites attempting to scam bargain hunters by pretending to offer heavily discounted goods from the collapsed budget chain Wilko.Wilko is no longer selling goods online and has stopped all home deliveries or click and collect services after calling in administrators from PricewaterhouseCoopers on 10 August as it ran short of cash. Goods are only a
  
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• Gwyneth Paltrow’s Goop calls it ‘legendary’. But would you pay £22 for a loaf of bread?

  21-08-2023 18:25
  
  There are 16 ingredients in the Happy Tummy Loaf, including chia seeds and ‘generatively farmed’ egg. But even if it can give you ‘perfect poos’, it’s not exactly a bargainName: The Happy Tummy LoafAge: Nine. The Happy Tummy Loaf was created in 2014. Continue reading...
  
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• Ofgem orders Ovo to improve customer service after ‘serious concerns’ raised

  21-08-2023 18:04
  
  Energy regulator tells third largest UK supplier to take action after being alerted to handling of complaintsOfgem has ordered Ovo Energy to improve its customer service after it received “serious concerns” over the gas and electricity supplier’s handling of complaints.The energy regulator for Britain said it had told the UK’s third largest gas and electricity supplier to take action after it was alerted to the fact that problems remained unresolved and households faced l
  
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• 'Thrilling' 5% savings account pays highest easy access interest rate since 2009

  21-08-2023 17:52 via express.co.uk
  
  A savings expert says it's been a great couple of weeks for those wanting an easy access account as rates hit the highest levels in almost 15 years.
  
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• Nagorno-Karabakh conflict: supermarket shelves empty as food shortages hit – video

  21-08-2023 17:41
  
  A resident of Nagorno-Karabakh filmed empty supermarket shelves as reports show it has become harder to access food, medicines and other essential supplies as an Azerbaijani blockade of the breakaway region drags into its ninth month.Karabakh is internationally recognised as part of Azerbaijan but its population of 120,000 is overwhelmingly ethnic Armenian and the enclave's one remaining land link to Armenia, the Lachin corridor policed by Russian peacekeepers, was first disrupted in December. I
  
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• The government’s ‘Treasury brain’ has got the UK in an economic mess. How can we cure it? | Fran Boait

  21-08-2023 17:38
  
  Despite all the evidence that privatisation has been a disaster and investment is needed, the department remains in thrall to discredited financial orthodoxyBarely a week goes by without more cracks appearing in our heavily privatised utilities and public services. From the near collapse of Thames Water and raw sewage discharges, to a deeper and more intense cost of living crisis due to the extreme marketisation of our electricity grid. Yet despite the increasing evidence of the failure of priva
  
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• Why does Australia have 2.8bn bottles of excess wine? – podcast

  21-08-2023 17:00
  
  When China imposed tariffs on Australian wine, it effectively closed the door on Australia’s biggest wine market.Two years on, wine consumption has dropped internationally and an extended La Niña has led to bumper crops in some regions, leaving Australia with an extra 2.8bn bottles worth of wine.Guardian Australia’s rural and regional editor Gabrielle Chan speaks to Jane Lee about how the wine glut is affecting winemakers, grape growers and consumersRead more: Continue reading
  
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• UK petrol prices rise above 150p a litre for first time since January

  21-08-2023 16:00
  
  Supermarkets have faced claims they are overcharging customers for fuelThe average cost of petrol at UK forecourts has risen to break 150p a litre for the first time since the start of the year, despite close scrutiny of fuel prices during the cost of living crisis.The latest increase in pump prices means petrol is now 150.51p a litre, the highest level since early January, and diesel has risen to 152.41p a litre, the AA said. Continue reading...
  
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• Chinese economic slowdown is a result of debt supercycle | Kenneth Rogoff

  21-08-2023 15:10
  
  Some blame falling global demand, but borrowing by government and property sector has held back growthChina cuts key interest rate amid economic slowdownThe 2008 financial crisis in the US kicked off a debt supercycle, which spread to Europe in 2010 and has recently engulfed many of the world’s low-income and lower-middle-income countries. Could the debt woes of Country Garden, the behemoth Chinese real estate developer now facing billions of dollars in losses, augur the cycle’s next
  
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• UK housebuilders’ shares fall amid fastest drop in asking prices in five years

  21-08-2023 11:43
  
  Crest Nicholson forecasts lower profits after number of first-time buyers plungesBritain’s housebuilders were the top stock market fallers on Monday after one of the sector’s biggest companies issued a profit warning and data revealed the fastest drop in asking prices in five years.Housebuilder Crest Nicholson said it expected to make a profit of about £50m this financial year, compared with about £74m expected in June, as the number of house purchases had fallen in recen
  
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• Growth of airlines’ add-on fees sparks calls for price reforms

  21-08-2023 10:00
  
  Study finds almost 90% of carriers charge for at least one item, leading to questions about whether firms should be forced to be more transparentThe “dramatic” rise in charging for flight add-ons has resulted in almost nine out of 10 airlines charging for at least one additional fee on top of the headline price for a flight, according to a report.Ryanair has emerged as the carrier that levies the most for extras such as seat selection, baggage check-in and insurance, as it becomes in
  
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• Left without emails by Virgin Media? After our report, you tell us ‘Me too’

  21-08-2023 08:00
  
  More Consumer Champions readers share their frustrating experiences of the email glitchLast weekend’s Guardian Money article about Virgin Media customers being left without access to vital emails for several weeks prompted a sizeable response from other readers saying “me, too”.The sense of frustration was writ large across the letters sent in to us. Continue reading...
  
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• As a UK property seller living abroad am I liable for ‘sneaky stealth taxes’ such as CGT?

  21-08-2023 08:00
  
  I lived abroad for 20 years but will return this tax year to sell my sole UK homeQ If you sell your main home which you have let while yourself renting another place or places to live are you exempt from [capital gains tax] CGT? All the pieces I’ve read, including the HMRC websites assume you must otherwise own or share a partner’s owned property.Surely no CGT is due on the sole home property if you are yourself renting? Continue reading...
  
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