Rolling coverage of the latest economic and financial news
- US consumer confidence hit by inflation worries
- Inflation expectations jump
- US retail sales flat in April after March surge
Earlier:
- SFO investigating GFG Alliance
- Full story: Investigation includes arrangements with Greensill
- Amazon to hire 10,000 more UK staff
- FTSE 100 rallies, but mining companies drag
- Introduction: Iron ore prices plunge in China amid clampdown.
- Full story: Bank of England head says drivers of inflation will not persist
After a week dominated by worries about inflation, US consumer confidence has taken a hit…. but the markets seem less concerned tonight.
US consumers are increasingly worried about rising prices, according to the University of Michigan’s monthly gauge. It fell unexpectedly this month, with inflation expectations rising to the highest level in a decade.
Related: Global shortage of computer chips could last two years, says IBM boss
Related: SFO launches inquiry into Gupta firms, including Greensill finance links
Related: Amanda Wakeley fashion label falls into administration
Related: Amazon creates 10,000 UK jobs on back of online shopping boom
Related: Consumer groups welcome move to ensure finance firms put customers first
In other news today, a campaign has been launched to encourage the UK’s largest companies to fast-track payments to small suppliers
Called the Good Business Pays campaign, it is encouraging major firms to give smaller organisations a helping hand out of the pandemic, by paying swiftly.
“Late payments have long been a scourge, causing financial hardship for smaller suppliers and contractors, and inhibiting their ability to grow. There have been some important steps along the way to improve this, including development of the role of Small Business Commissioner.
But more needs to be done to ensure small businesses and the self-employed are paid on time for work done and products provided, and that includes a cultural shift in bigger businesses towards faster payment practices. Good Business Pays is an excellent opportunity to create both pressure and a positive argument for change.”
Today we support the launch of the #GoodBusinessPays campaign, tackling the issue of late payments to small businesses as we look to build back stronger from the pandemic.
Find out more and sign up here https://t.co/hHBxhSOgqf#SMEs #smallbusinessowners @GBP_Movement pic.twitter.com/Nltl0zif9H
