High street lenders are in part being attracted by an apparent generational shift, among Millennials and Gen Z consumers, away from credit cards towards BNPL. Failure to adapt to changing consumer habits could lead them to reduce their future sources of income. Chris Taylor, Head of Consumer Lending at Virgin Money, says: “We are looking … Read more
The planned rail reforms fall into four broad sections: pension reform, downsizing, striking new wage deals and plans to close hundreds of station ticket offices. A government source said: “There is a very strong feeling…that we need to create a sustainable rail system for the future. We need to create a railroad that works for … Read more
KPMG’s senior accountants falsified documents in an attempt to mislead regulators about botched audits at collapsed contractor Carillion. A court has found that six members of the firm’s staff created ‘fabricated’ meeting minutes to cover up procedural failings by Carillion, which became Britain’s biggest business failure in decades when it was went bankrupt in 2018. … Read more
Boeing’s bid to win the space race has turned into infighting as it fails to keep up with rival Elon Musk. The US manufacturer is battling a key supplier for faulty fuel valves in its Starliner spacecraft, a vehicle designed to ferry astronauts to the International Space Station which it hopes will jump-start its space … Read more
Image: Nintendo Since Nintendo announced its financial results yesterday – where it revealed the Switch has sold over 107 million units worldwide and predicted that profits will plummet again in the next fiscal year – there’s been been a lot of talk about a successor to Switch, hasn’t there? In a Q&A from a Japanese … Read more
Britain faces a recession this year unless families deplete savings and increase borrowing to boost spending and maintain economic growth, top economists have warned. Soaring inflation and growing uncertainty mean the EY Item Club has cut its forecast for business spending and household consumption this year. The forecast group now expects a rebound in business … Read more
Between the start of the Easter holidays and Good Friday, 640 flights at Heathrow had been cancelled. Gatwick was in second place with 221, with Luton a distant third with 60 flights cut. There have been 51 cancellations in Manchester. Manchester, on the other hand, says it has kept flights running so customers don’t have … Read more
Hello and welcome to our continuing coverage of business, the global economy, financial markets and the latest travel issues plaguing the UK. Travelers are being warned to expect delays and disruption on roads, rail, sea and air this Easter weekend as people try to get away for a break. Staff shortages and illnesses continue to … Read more
Economists expect the cost of living crisis to get worse before it gets better, not least because the household energy price cap rose more than 50% in April. Jack Leslie of the Resolution Foundation said: ‘Inflation last month reached levels not seen since the early 1990s, but it is still well below the price pressures … Read more
10:02 TSB 10:02 UK property prices also continued to soar. The average house price increased by 10.9% in the year to February 2022, compared to 10.2% in January 2022. Prices rose 0.8% in the month, following a monthly rise of 1.1% in January, despite the prospect of higher interest rates to calm inflation, pushing up … Read more