Saturday, June 25, 2022
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Grocery inflation surges to 13-year high

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Good morning.

Bosses have warned continued strikes will cause “incredible” damage to the UK in both the short and the long term.

Businesses are braced for disruption as the biggest walkout on Britain’s railways kicks off today.

The Centre for Economics and Business Research have warned that the three strikes taking place today, on Thursday and on Saturday will have a fallout worth at least £91m to the UK economy.

There’s also expected to be disruption on the days in-between, while industry leaders have warned of further economic damage as workers opt to stay at home.

5 things to start your day 

1) German firms pay the price for Russian energy reliance as distress soars  Berlin’s companies are at greatest risk of default compared with European counterparts 

2) Online sales tax would cost families £175 extra a year, Sunak told  The proposed levy would be passed straight on to shoppers, according to think tanks 

3) Ocado hit with ratings downgrade as it raises £575m for international push  Grocer taps market despite signs of inflation slowing the online retail revolution 

4) Winter blackout fears spark dash for coal across Europe  Netherlands, UK and Germany scramble to stock up on dirtiest fossil fuel

5) How the labour squeeze is changing the food we eat  A lack of seasonal workers is putting pressure on farmers and altering what is on offer in supermarkets

What happened overnight 

Hong Kong stocks opened slightly higher on Tuesday morning, with the Hang Seng Index rising 0.5pc.

The Shanghai Composite Index dropped 0.05pc, while the Shenzhen Composite Index on China’s second exchange was flat.

Tokyo shares similarly opened higher. The benchmark Nikkei 225 index inched up 1pc.

Coming up today

  • Corporate: DS Smith, Monks Investment Trust, Telecom Plus (full-year results); Safestore (interims)
  • Economics: Existing home sales (US)

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