1 Many families do not have the cash reserves to cope with the rapidly rising cost of living because income growth was so poor in the years running up to the pandemic, according to a report by the Resolution Foundation, a think tank. It said that tenants and those with young children are most “brutally exposed to the current cost of living crisis”.
2 A record number of firms intend to pass on the rising cost of energy and raw materials to customers, according to a survey that paints a gloomy picture of business confidence. Quarterly analysis of 5,700 companies by the British Chambers of Commerce said “red lights on our economic dashboard are starting to flash”.
3 One of Europe’s largest clusters for life science companies is to be created via a joint venture between UBS Asset Management and Reef Group to invest up to £900 million to develop land at a GSK research site in Hertfordshire.
4 Fresh concerns over the awarding of the next National Lottery licence have come to light that cast doubt over the process and the amount of money the winner has promised to raise for good causes.
5 The chief executive of Schroders has described as “mind-blowing” an offshore wind turbine he visited for the first time since the fund manager spent £358 million on 75 per cent of Greencoat Capital, an infrastructure investment boutique.
6 The Manufacturing Technology Centre, an organisation that develops and implements technology emerging from universities, is offering its 820 staff the option of a four-day week.
7 Tesla’s sales in the second quarter fell to their lowest level since last autumn as supply chain disruptions and pandemic restrictions in China hit production.
8 An insurance broker is facing a £10 million legal claim from childcare nurseries whose policies did not pay out for losses incurred during the pandemic. Fieldfisher, the law firm, said it was planning to sue Pound Gates over alleged professional negligence related to policies provided by Ecclesiastical, the insurer.
9 A severe recession in Europe is a “near certainty” if Russia turns off supplies of gas, the Centre for Economics and Business Research says.
10 Commercial landlords are putting gyms, decent changing facilities, plenty of bike storage and better catering options in newer office blocks to woo prospective tenants. Some are even adding massage salons and spaces for fitness classes. One developer described it as the “hotel-ification of offices”.