Business

Getty Images Households will remain worse off than they were before the pandemic until 2023, the UK’s independent forecaster has warned. Charlie Bean, an Office for Budget Responsibility (OBR) committee member, told MPs that incomes would not return to 2019 levels for another two years. He said the main reason was “a very low rate

What would you do if your mother walked into traffic while you were at work? This was the question posed to Zoe Wong from Bristol in a formal job interview. She’s the primary carer for her mum, Stella, who has Alzheimer’s and is in remission from cancer. “I was quite stunned,” Ms Wong says. “It

Getty Images Measures introduced since Boris Johnson came to power, including Wednesday’s Budget, will cost households £3,000 more tax a year, according to the Resolution Foundation. The think tank found policies announced by Chancellor Rishi Sunak had boosted incomes by 2.8% for the poorest fifth of households. However, households on middle incomes would take a

Getty Images Workers and occupations hardest hit by the pandemic saw the biggest rebound in pay in 2021, official figures show. Employees aged under 21 and those in low-paid work saw the sharpest dip and recovery, according to the Office for National Statistics (ONS). A revival in pay rates for men has meant the gender

Tesco’s website and app have crashed after what the retail giant said were attempts “to interfere with our systems”. The possible hack at Britain’s biggest supermarket began on Saturday with shoppers unable to order goods and track deliveries. Tesco initially said there was “an issue”, but in a Sunday update said there had been deliberate

Getty Images The Bank of England’s new chief economist has warned that UK inflation is likely to hit or surpass 5% by early next year. Huw Pill told the Financial Times that the Bank would have a “live” decision to make at its next interest rate-setting meeting on 4 November. It follows recent comments from

Getty Images Price rises dipped slightly in September as the economy continued to reopen, according to official figures. The increase in the cost of living, as measured by the Consumer Prices Index, fell to 3.1% in the year to September, down from 3.2% in August. Higher prices for transport were the biggest contributor to price

Getty Images Online retail giant Amazon is to offer one-off payments of up to £3,000 in order to attract staff in UK regions where there is high demand for labour. The online retailer is hiring for 20,000 positions across its UK network during the festive season. Fears over worker shortages have already prompted other firms

The number of businesses that failed in England and Wales last month was the largest since the Covid pandemic began. Company insolvencies in September totalled 1,446, increasing from 1,349 in August and 56% higher than the same month last year, data from the Insolvency Service shows. September saw many firms contend with rising energy and

Getty Images The UK’s largest poultry seller has warned that the price of chicken is set to rise because of supply chain problems. The chief executive of 2 Sisters Food Group, Ronald Kers, said that “in reality food is too cheap”. Mr Kers told the BBC that the price of chicken, the UK’s most popular

Getty Images The number of job vacancies in the UK has hit a record high, according to the latest official figures. Vacancies hit 1.1 million between July and September, the Office for National Statistics said, the highest level since records began in 2001. The largest increase in vacancies was in the retail sector and in

Getty Images People will have to get used to higher food prices, the boss of Kraft Heinz has told the BBC. Miguel Patricio said the international food giant, which makes tomato sauce and baked beans, was putting up prices in several countries. Unlike in previous years, he said, inflation was “across the board”. The rising

Getty Images Households will again see “significant rises” in energy prices next spring, regulator Ofgem has warned. Its chief executive, Jonathan Brearley, said the price cap, which limits how much energy providers can charge per unit, would go up again because of the “unprecedented” rise in gas prices. The cap is revised twice a year

Getty Images Next chief executive Lord Wolfson has said labour shortages could be solved by companies hiring overseas workers and paying a “visa tax”. Staff were not available in the places needed and seasonal workers were difficult to recruit, he told the BBC’s Today programme. Next has warned warehouse and logistics staffing is under pressure.

Reuters The military has begun helping to deliver fuel to petrol station forecourts to help relieve shortages. About 200 servicemen and women from the Army and RAF are being drafted in to deliver fuel from depots to forecourts. They will focus on London and the South East, where the worst shortages remain. The Petrol Retailers

Home buyers have benefitted from lower or no stamp duty, a tax paid on property purchases, in some parts of the UK, for more than a year. The tax holidays on stamp duty or its equivalent taxes, were introduced by ministers to stimulate the housing market as the country emerged from the first national Covid