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It added: ‘The rise in living costs and interest rates will put increased pressure on UK household finances in coming months.’Īnya Taylor-Joy allegedly marries her boyfriend Malcolm McRae in secret with a courthouse wedding in the US Following Russia’s illegal invasion of Ukraine, global inflationary pressures have intensified sharply.’Įnergy prices have shot up as Western countries have shunned Russian oil and gas exports.Īnd food prices are also spiralling higher, as Russia and Ukraine are major exporters of essentials such as wheat and sunflower seeds used in cooking oil.īut the Bank thinks the worst is yet to come. In its latest Financial Stability Report, the Bank said: ‘The economic outlook for the UK and globally has deteriorated materially.
#Dead or alive 6 sales update#
The Bank of England also gave a gloomy update earlier this month, saying households were facing a serious squeeze on their finances – and warned of a wave of company collapses. And I think the tough judgment the Bank may have to make is we may actually – and this is why they’re independent – they may have to, as it were, force a recession in order to get inflation out of the economy.’ Mr Johnson told Times Radio: ‘It looks like we’re already in a period of negative growth. He added that the Bank of England may have no choice but to ‘force a recession’ to bring down inflation. The news comes as economists have warned of a recession, including Paul Johnson, director of the Institute for Fiscal Studies, who said last month that drastic action may be required as the economy appears to be contracting. The Bank said the pressures of rising costs and higher interest rates ‘are likely to lead to some business failures’ 'However, the weak sales growth for online retailers and the negative results for the homewares sector are key indicators that consumers are tightening their purse strings on discretionary spend and in particular on big ticket items.' 'The fashion sector has undoubtedly been boosted by consumers refreshing their wardrobes for summer holidays. With consumer confidence at historically low levels, real wages falling to a 20-year low and interest rates set to rise further, there are few signs of encouragement for retailers.
Sophie Michael, head of retail and wholesale at BDO, said: 'These results confirm that the outlook for retailers is of concern. The current CPI rate - which measures inflation - is at 9.1 per cent and is forecast to rise to as high as 11 per cent later this year. Lifestyle sales through online channels also fell for the eighth consecutive month, while consumers are thought to look elsewhere to spend their money. However, the fashion sector recorded total sales growth of 15.2% – the 16th consecutive month of positive BDO figures.