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Monday newspaper round-up: UK growth, Waitrose, HMRC, Crispin Odey

(Sharecast News) - Britain will be left with deep scars from the pandemic despite narrowly escaping a second recession within three years and growing signs of an economic pick up, according to new forecasts. A new report by the accountancy firm KPMG has found that the economy has enjoyed a better start to the year than it had thought, and is now expected to grow by 0.3% this year, compared with its previous prediction of an uplift of just 0.1%. - Guardian

Waitrose has cut the price of bread, beef mince, chicken and other kitchen staples as the supermarket battles to recover from an IT meltdown that caused widespread empty shelves. The grocer is slashing the cost of hundreds of items for the second time this year, after pledging to spend £100m on making its prices more affordable. - Telegraph

London homeowners will see their annual bill jump by up to £7,300 when they remortgage this year as 3.5 million borrowers face a rate shock. Nationally, homeowners will have to spend nearly an extra £9bn in interest over 2023 and 2024 as they are forced to refinance at rates that are double what they are used to, according to the Centre for Economics and Business Research. - Telegraph

HMRC's delayed programme to digitise the tax system is expected to cost five times its estimate in real terms, according to the spending watchdog. The National Audit Office (NAO) warned that "significant delivery risks" continued to loom over the "making tax digital" scheme, which was announced eight years ago. It has been delayed four times. - The Times

Just days after fresh allegations surfaced of sexual misconduct by Crispin Odey, one of Britain's most high-profile financiers, partners at the firm he founded moved quickly to oust him. Peter Martin, the chief executive of Odey Asset Management, and Michael Ede, chief financial and operating officer, signed a statement on Saturday from its executive committee announcing that Odey, 64, was leaving the firm that he founded 32 years ago. - The Times

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Thursday newspaper round-up: Car production, UK retailers, water bills, KPMG
(Sharecast News) - The architect of a ban on newspaper takeovers by foreign states has demanded that an Abu Dhabi fund be forced to sell The Telegraph by Easter. Baroness Stowell, the Conservative chairman of the Lords communications and digital committee, said the Government should impose an ultimatum on RedBird IMI. It should be backed by the threat of regulatory action, she said, to strip the fund of control of what has been dubbed "the newspaper auction from hell". - Telegraph
Thursday newspaper round-up: Car production, UK retailers, water bills, KPMG
(Sharecast News) - The architect of a ban on newspaper takeovers by foreign states has demanded that an Abu Dhabi fund be forced to sell The Telegraph by Easter. Baroness Stowell, the Conservative chairman of the Lords communications and digital committee, said the Government should impose an ultimatum on RedBird IMI. It should be backed by the threat of regulatory action, she said, to strip the fund of control of what has been dubbed "the newspaper auction from hell". - Telegraph
Wednesday newspaper round-up: Starbucks, JPMorgan, Santander
(Sharecast News) - Rachel Reeves is unveiling plans to create "Europe's Silicon Valley" between Oxford and Cambridge as she stakes the government's success on kickstarting economic growth and putting more pounds in people's pockets. The chancellor will announce a blueprint to improve infrastructure across the region that will add up to £78bn to the UK economy within a decade, according to industry experts, and put it at the forefront of science and technological advances. - Guardian
Tuesday newspaper round-up: Amazon, Nvidia, Harland & Wolff
(Sharecast News) - The UK has given more than £12.5bn from energy bills to fossil fuel power plants in the past decade through a government scheme to keep the lights on during winter, according to new analysis. The research found that, since 2015, the government has offered contracts worth £20bn through a "capacity market" to create a backup reserve of generators on standby, of which about 60% were fossil fuel power plants and a quarter were energy storage and power cable projects. - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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