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PMN Business
Author of the article:
Bloomberg News
Charles Capel and Leonard Kehn Scherper
Publication date:
May 18, 2022 • 13 minutes ago • 2 minutes read • Join the conversation
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(Bloomberg) — Here’s the top business news from London this morning.
Inflation data: UK consumer inflation rose to a 40-year high of 9% through April, the highest level since Margaret Thatcher took office.
The increase is more than double the rate of base wage growth, putting consumer purchasing power under pressure at the fastest rate ever
Burberry Group Plc: The luxury fashion house confirmed its outlook for 2022, subject to the impact of Covid-19 and the pace of consumer spending recovery in mainland China, one of the largest markets.
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UK trench coat maker said it is “actively managing” inflation headwinds
Marston’s Plc: The pub chain said it is boosting costs by cutting costs and raising prices, noting that the industry is “historically resilient” to tough times for consumers.
Rival pub chain Mitchells & Butlers Plc said rising costs pose a “significant challenge” to the industry, particularly around utilities, wages and food
N Brown Group Plc: The retailer says high inflation has affected consumer confidence, leading to lower volumes and revenue growth than previously expected.
Beazley Plc: The insurance company covers a space rover that takes pictures on the moon and returns it to Earth, in what it says is the first insurance policy of its kind.
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Outside the city
Business Secretary Kwasi Kwarteng has written to fuel retailers urging them to give drivers a “fair deal” and fully pass on the government’s tax cuts in full.
Later today, trade secretary Anne-Marie Trevelyan will speak at Bloomberg’s London headquarters. Her speech will point out that renewable energy is key to boosting the UK economy and curbing demand for Russian oil and gas.
In case you missed it
According to a YouGov survey commissioned by Bloomberg News, more than 85% of UK finance workers no longer consider the office their main workplace.
And the remarkable power of the British consumer is finally starting to explode, writes Andrea Felsted of Bloomberg Opinion.
Looking forward
Budget airline EasyJet Plc will report that tomorrow, following the announcement by Ryanair Holdings Plc earlier this week.
©2022 Bloomberg LP
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This post UK inflation at highest level since Thatcher: The London Rush
was original published at “https://financialpost.com/pmn/business-pmn/uk-inflation-at-highest-level-since-thatcher-the-london-rush”
