{ Add news
March 2010April 2010May 2010June 2010July 2010
August 2010
September 2010October 2010
November 2010
December 2010
January 2011
February 2011March 2011April 2011May 2011June 2011July 2011August 2011September 2011October 2011November 2011December 2011January 2012February 2012March 2012April 2012May 2012June 2012July 2012August 2012September 2012October 2012November 2012December 2012January 2013February 2013March 2013April 2013May 2013June 2013July 2013August 2013September 2013October 2013November 2013December 2013January 2014February 2014March 2014April 2014May 2014June 2014July 2014August 2014September 2014October 2014November 2014December 2014January 2015February 2015March 2015April 2015May 2015June 2015July 2015August 2015September 2015October 2015November 2015December 2015January 2016February 2016March 2016April 2016May 2016June 2016July 2016August 2016September 2016October 2016November 2016December 2016January 2017February 2017March 2017April 2017May 2017June 2017July 2017August 2017September 2017October 2017November 2017December 2017January 2018February 2018March 2018April 2018May 2018June 2018July 2018August 2018September 2018October 2018November 2018December 2018January 2019February 2019March 2019April 2019May 2019June 2019July 2019August 2019September 2019October 2019November 2019December 2019January 2020February 2020March 2020April 2020May 2020June 2020July 2020August 2020September 2020October 2020November 2020December 2020January 2021February 2021March 2021April 2021May 2021June 2021July 2021August 2021September 2021October 2021November 2021December 2021January 2022February 2022March 2022April 2022May 2022June 2022July 2022August 2022September 2022October 2022November 2022December 2022January 2023February 2023March 2023April 2023May 2023June 2023
News Every Day |

Bank of England slammed by businesses over rate rise as small firms struggle to survive

THE Bank of England’s rate rise means “the worst of both worlds” for many British firms, an industry group has warned.

Businesses are facing having to grapple with higher borrowing costs while coping with higher prices as well.

BoE Governor Andrew Bailey defended the 12th rate hike in a row[/caption]
Emma McClarkin said higher rates and inflation was a ‘toxic mix’ for the industry

The Bank yesterday raised interest rates by 0.25 per cent to 4.5 per cent, returning rates to levels that were last seen in 2008.

Governor Andrew Bailey defended the 12th rate hike in a row, saying: “These things have serious impacts, we’re very sensitive to this.

“If we don’t tackle inflation, it will be worse for people.”

Many small firms — which employ 60 per cent of the country’s workforce — have been struggling with survival in the face of soaring energy, materials, transport and wage costs which has eroded their profits.

But while the BoE has admitted its strategy of raising rates has so far had little impact in bringing down inflation, higher interest rates have added huge extra debt costs for firms.

The BoE warned yesterday inflation would last longer than it originally forecast and admitted it had made the biggest mistake in its forecasting history, as the UK economy was now set to grow rather than face a two-year-long recession.

Business chiefs have warned that the flip-flopping forecasts add to the challenges of investment decisions and the threat of a record-long recession made them more cautious as a result.

David Bharier, of the British Chambers of Commerce, said inflation had been “devastating” for small firms.

He added: “But interest rate rises can also have serious negative effects too, particularly for firms looking to borrow to manage their cashflow problems.

“The combination of high interest rates and high inflation would mean the worst of both worlds for many small firms.”

Just under half of hospitality firms highlighted higher interest rates as a concern, the BCC reported.

Emma McClarkin, CEO of the British Beer and Pub Association, said it was a “toxic mix” for the industry.

She said it “is making it incredibly difficult for pubs to survive”.

Joanne Farrell, landlady of The Windsor Castle in Stockport, Gtr Manchester, said: “When things go up, people cut back on how many pints they buy or they stay in, which will make it even harder for pubs.”

Jay-Z’s £39m loan to Tidal

RAPPER Jay-Z personally loaned the Tidal music streaming service £39million before it was bailed out by his friend, Twitter founder Jack Dorsey, it has emerged.

Jay-Z launched Tidal in 2015 as an “artist-owned” streaming service.

Madonna, Deadmau5, Kanye West and Jay-Z at Tidal’s 2015 launch
Twitter founder Jack Dorsey[/caption]

He was joined by Madonna, Deadmau5 and Kanye West, who pledged to launch new material on the rival to Spotify.

But the so-called “future of music” failed to take off.

Court documents show Dorsey agreed to buy Tidal through his Block tech venture after meeting Jay-Z, real name Shawn Carter, at a retreat in the Hamptons, New York.

The documents also show that at the time of Block’s £244million takeover, Tidal was “failing financially, losing its major contracts, and facing an ongoing criminal investigation”.

A US judge dismissed a lawsuit against Block by its shareholders but said the company had made “a terrible business decision”.

Man . . . I feel like a woman

MAN GROUP, the world’s biggest listed hedge fund, is to be run by a woman for the first time in its 240-year history.

The London fund has picked Robyn Grew, 54, as its new CEO to take over from Luke Ellis, who retires in September.

Robyn Grew will take over from Luke Ellis as Man Group’s CEO[/caption]

It hired Anne Wade as chairman in February, meaning the two biggest jobs at the firm will be taken by women.

Grew, who first joined Man in 2009, said that the appointment was an “honour”.

ITV 10% ad cash fall

ITV has posted a 10 per cent drop in advertising revenues but said its new streaming service was performing strongly.

ITVX, with hit show Love Island, hosted by Maya Jama, led to a 49 per cent streaming rise in the first three months of 2023.

ITV’s Love Island host Maya Jama

ITV warned summer ad revenues would slide further, but boss Dame Carolyn McCall said the rest of the industry faced worse dips.

Roll is fired up

THE boss of Rolls-Royce yesterday said his strategy to turn the company around was “moving at pace”.

Tufan Erginbilgic was taken to task by shareholders at the engineering firm’s annual meeting for calling Rolls-Royce a “burning platform” when he first arrived.

Mr Erginbilgic said he had been highlighting the firm had been “underperforming” after the impact of Covid.

The CEO said the company could become “much more competitive” and confirmed it would make underlying profits of up to £1billion.

Voda’s grown

VODAFONE’S biggest investor has a seat on the board just days after saying it wanted influence over the company.

UAE-based telecom firm e& bought a 10 per cent stake a year ago and has gradually increased it.

Now chief exec Hatem Dowidar is moving to Vodafone’s boardroom.

If its stake builds above 20 per cent it can add an extra member, although it has ruled out a full takeover.

Vodafone recently promoted Margherita Della Valle to chief exec as it negotiates a merger with UK mobile firm Three.


"Работаем, брат!". Дагестан присоединился к Всероссийской акции Росгвардии "Россия- страна героев! "

Actors That Released Their Career Best And Worst Movie In The Same Year

The Future Of Mini PCs Thanks To AirJet: Zotac Zbox PI430AJ

This SSD Is Cooled With Solid-State Cooling

Animated Disney Movie Moments That Have Aged Terribly


Read also

: Tesla stock climbs toward longest win streak in 4 months

UN Security Council To Hold Meeting on Afghanistan

Student loans: Borrower advocates press for Biden veto on ‘shameful’ student debt bill

News, articles, comments, with a minute-by-minute update, now on Today24.pro

News Every Day

This SSD Is Cooled With Solid-State Cooling

Today24.pro — latest news 24/7. You can add your news instantly now — here

News Every Day

Actors That Released Their Career Best And Worst Movie In The Same Year

Sports today

Новости тенниса
Ролан Гаррос

Российская теннисистка Грачева заявила, что планирует выступать за сборную Франции

Спорт в России и мире

РФС: самым убыточным клубом в РПЛ в 2022 году стал московский «Спартак»

All sports news today

Sports in Russia today


Кофе и лайкра: The Welder Catherine запускает коллаборацию с производителем спортивной одежды veter.cc

Новости России

Game News

Сформирована сборная Ивановской области по фигурному катанию.




Губернаторы России
Бато Багдаев

Министерство культуры Бурятии, руководитель ведомства Соелма Дагаева: "Представитель БРХК на форуме по Антитеррору в Красноярске

5 историй из детства звезд российского шоу-бизнеса

Директор реставрационного центра Сергеев: обследование "Троицы" займет от месяца и более

График движения поездов на Горьковском направлении изменится в июне

Международная конференция «Москва – Третий Рим» завершилась в Псковской области

Баста x Ramil' - Удали

Концертный тур Дианы Арбениной полностью развалился

Концертный директор Арбениной опроверг слухи об отмене выступлений в трех городах

Министерство культуры Бурятии, руководитель ведомства Соелма Дагаева: "Представитель БРХК на форуме по Антитеррору в Красноярске

«Медведев совершил невероятное на «Мастерсе» в Риме» — Морозова

Сенсация от Аванесян, мощь Павлюченковой и успех Карацева: семь из восьми россиян вышли во второй круг «Ролан Гаррос»

Теннисист Рублев назвал заслуженным поражение в матче с Сонего на "Ролан Гаррос"

"Троицу" Рублёва доставят в храм Христа Спасителя 4 июня

Лучшие социальные и ESG-проекты России создают в ГПМ Радио

Тёплая встреча Алиева с Зеленским или враг моего союзника — мой друг: дипломатия по-бакински. Видео

В российском Forbes Woman вышел материал о женщинах в блокадном Нагорном Карабахе (Арцахе)

Креатив и творчество - как основные векторы развития отечественного образования

Какие регионы РФ ввели запрет на продажу алкоголя 1 июня 2023 года

"Спартак" направил в РФС дополнительные материалы по выражениям Роши в адрес Соболева

ФАС оштрафовала Сбербанк на 600 тыс. руб. за рекламу кредита

Почта России запустила прямую авиадоставку в Шанхай

Департамент городского имущества выпустил распорядительные акты об установлении публичного сервитута на земельном участке

Чехия готовит новый удар: От России потребуют оплатить аренду земли в Праге

Креатив и творчество - как основные векторы развития отечественного образования

Список русских сериалов, которые выйдут в июне 2023 года

Путин в России и мире

Персональные новости Russian.city
Сергей Рахманинов

«Сюита ре-минор» Рахманинова впервые прозвучала в исполнении Образцово-показательного оркестра Росгвардии

News Every Day

The Future Of Mini PCs Thanks To AirJet: Zotac Zbox PI430AJ

Friends of Today24

Музыкальные новости

Персональные новости