More than 40,000 staff involved in widespread action after union leaders rejected ‘paltry’ 4% pay rise
The railways will again grind to a halt on Wednesday as workers strike over pay, job security and working conditions.
The latest talks to avert the action failed last week, a month since three days of industrial action in June. The strikes involve more than 40,000 workers at Network Rail, 14 train companies, and members of the Rail, Maritime and Transport union (RMT).
Continue reading...The group blamed rising inflation for job losses as it vows to protect shoppers from higher prices
The Co-op Group is cutting 400 jobs at its head office in Manchester as the retailer said it faced tough trading conditions amid rising inflation.
The job cuts come after the Co-op, which employs more than 63,000 people including 4,000 at its head offices, warned in April of continuing problems with food supplies and inflation after its annual profits more than halved amid supply chain disruption and higher staff wages.
Continue reading...Slow-driving convoy caused long delays to those heading to Devon and Cornwall on the first day of the school holidays
Protesters campaigning against high fuel prices have disrupted holiday getaways to the south-west of England by driving in convoy slowly up and down a motorway before blockading a petrol station.
The convoy drove at 30mph on three lanes of the M5 north and south in Somerset and the Bristol area on Friday morning as tens of thousands of people headed to Devon and Cornwall to begin summer breaks.
Continue reading...Analysis: experts are lining up to warn that her policies will increase inflation and leave the UK with higher debt
Liz Truss claims her economic agenda of tax cuts and public spending will revitalise the UK economy, but it is not just her rival prime ministerial candidate Rishi Sunak arguing that the measures will be self-defeating.
Economists have lined up to warn that her £30bn package – including the reversal of this year’s national insurance rise, the suspension of green levies on power bills, and the cancellation of a sharp rise in corporation tax in 2023 – will increase inflation and leave the government with higher debt bills.
Continue reading...Zurich UK says fraudulent property claims from 1 January to 31 May 25% higher than in same period in 2021
A growing number of financially squeezed households are “turning to crime” by submitting bogus insurance claims, with data revealing a sharp rise in cases over the past year.
Zurich UK, one of Britain’s biggest insurers, said the cost of living crisis was fuelling the increase in insurance fraud, where people exaggerate or make up claims for items such as jewellery and electrical goods.
Continue reading...Annual rate in June up from May’s 9.1% figure and exceeds analysts’ expectations
Rising petrol and diesel prices for motorists and dearer food pushed Britain’s annual inflation rate to a fresh 40-year high of 9.4% last month.
Figures from the Office for National Statistics showed the government’s preferred measure of the cost of living – the consumer prices index – was up from May’s 9.1% figure.
Continue reading...Austerity-era policies meant poverty among larger families in poverty rose at significantly faster rate, says thinktank
Benefit cuts imposed by the Conservatives since 2010 pushed up child poverty before the coronavirus pandemic, according to a report warning that poorer families are also among the most exposed to the cost of living crisis.
The Institute for Fiscal Studies said relative child poverty rose to the highest level since 2007 immediately before Covid-19 hit, as the incomes of poorer families with children fell further behind due to austerity.
Continue reading...Boost in demand in June on back of jubilee celebrations fails to prevent third successive fall
Britain’s retailers are suffering the sharpest drop in spending since the depths of the coronavirus pandemic as hard-pressed consumers tighten their belts as a result of soaring inflation.
The monthly health check from the British Retail Consortium (BRC) reported a third successive drop in activity as the cost of living crisis continued to bite.
Continue reading...Analysis: Rishi Sunak’s successor treading tightrope between spending to keep PM in power and dealing with economic crisis
Should he remain in the job for longer than some political commentators expect, Nadhim Zahawi faces a balancing act as chancellor. He must walk the line between doing what it takes to prevent the political implosion of Boris Johnson’s government, and dealing with the worst succession of economic shocks to hit Britain since at least the 1970s.
As the fourth Conservative chancellor in as many years, parachuted in after Rishi Sunak resigned with a stinging critique of Johnson’s devil-may-care attitude towards tax and spending, Zahawi is expected to face heavy pressure from the prime minister to cut taxes to revive the economy.
Continue reading...The children’s commissioner for England urged MPs to take urgent steps to tackle child poverty
The children’s commissioner for England has called on the government to develop urgent plans to tackle child poverty, amid the cost of living crisis that is hitting the most vulnerable in society hardest.
Rachel de Souza said children were increasingly worried about the soaring price of basic essentials and the impact on their lives, telling MPs on the Commons education committee that urgent steps were required to tackle poverty ahead of a difficult autumn for families.
Continue reading...UK’s second-biggest supermarket says it will invest £500m to keep prices low as Marks & Spencer echoes outlook for coming months
The inflationary pressure on households will “only intensify” through the rest of this year, the boss of Sainsbury’s has warned as he said the supermarket would invest £500m in attempting to keep prices low.
The dour sentiment was echoed by the chair of Marks & Spencer, Archie Norman, who told shareholders at the retailer’s annual general meeting on Tuesday that there was a “coming winter in consumer demand”.
Continue reading...Rising prices have created greater demand for sanctuary and made it more difficult for people to leave
Refuges providing sanctuary to victims of domestic violence are facing severe strains as a result of the cost of living crisis, a charity has warned.
Rising prices are creating a greater demand for refuge spaces, as increased financial pressure acts as a trigger for abusive partners, while making it more costly for those already in refuge to leave, according to Hestia, a charity providing support to those fleeing domestic abuse in London and south-east England.
Continue reading...Weakening economy, cost-of-living squeeze and rising interest rates are cooling market, index shows
Annual house price gains across the UK have slowed for a third month as the weakening economy, cost of living squeeze and rising interest rates started to have an impact on the property market.
The average UK house price hit a new record high of £271,613, but there are “tentative signs of a slowdown,” Nationwide building society said.
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