UK grocery inflation hits highest level since March 2024, says Kantar
LONDON: British grocery price inflation rose to 4.7% for the four weeks to June 15, its highest level since March last year, dealing another blow for low-income households, data from market researcher Kantar showed on Tuesday.
The figure compared to grocery inflation of 4.1% in last month's report.
(Reporting by James Davey; editing by Sarah Young)
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Zawya
an hour ago
- Zawya
UK factories suffer bigger drop in orders during June, CBI says
British manufacturers this month reported the sharpest contraction in orders since January and expectations for selling prices cooled, the Confederation of British Industry said on Tuesday. The CBI's monthly balance for manufacturing new orders fell in June to -33 from -30 in May. The CBI's gauge of output for the past three months improved but remained rooted in contraction territory. "The UK's manufacturing sector is under significant pressure, contending with high energy costs, rising labour costs, pervasive skills shortages, and a volatile global economic environment," said Ben Jones, lead economist at the CBI. The survey's gauge of export orders rose to its highest level since August last year, meaning the worsening picture for orders overall reflected worsening domestic demand. Expectations for rising prices among manufacturers fell to their lowest level in net terms since February, the CBI said. (Reporting by Andy Bruce Editing by William Schomberg)
The National
an hour ago
- The National
UAE ranked world's most popular wealth haven as UK millionaire exodus continues
The UAE is expected to attract a record 9,800 relocating millionaires this year, drawn by regulatory reforms and a tax-free lifestyle, according to a new report. Strong demand from the UK, India, Russia, South-east Asia and Africa, facilitated by golden visas, has reinforced the Emirates' position as the world's most sought-after wealth haven, the Wealth Migration Report 2025 by migration adviser Henley & Partners and wealth intelligence firm New World Wealth found. The US came second on the list, with 7,500 new wealthy migrants expected to make the country home by the end of the year. Saudi Arabia is the biggest riser on this year's list and is projected to welcome 2,400 new millionaires. The country is benefiting from a surge of returning nationals and international investors settling in Riyadh and Jeddah, the study found. In contrast, the UK is set to lose 16,500 millionaires this year. This is the largest net outflow of high-net-worth individuals (HNWIs) by any country in the past 10 years, driven by sweeping tax reforms, the report said. China is anticipated to lose 7,800 millionaires after topping the millionaire-loser leader board every year over the past decade. Globally, a record 142,000 millionaires are projected to relocate internationally this year. UK losses 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn't just about changes to the tax regime,' Juerg Steffen, chief executive of Henley & Partners, said. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere. The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant.' Dubai and Abu Dhabi lead the top five preferred global locations for high-net-worth people looking to relocate, driven by personal tax incentives and a good quality of life, according to a report by global property consultancy Savills in April. The number of millionaires living in Dubai has doubled in the past decade, making it one of the world's fastest-growing wealth hubs, a report by New World Wealth for Henley & Partners in April found. In 2024, Dubai had an estimated 81,200 millionaires, 237 centimillionaires – whose wealth is in the hundreds of millions – and 20 billionaires, according to the report. That compares to 72,500 millionaires, 212 centimillionaires and 15 billionaires in 2023. Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter, the Henley & Partners report said. The British government's October 2024 budget introduced sharp increases in capital gains and inheritance taxes, while new rules targeting non-domiciled residents and family wealth structures came into effect in April, sparking what some are calling a 'Wexit' (wealth exit), it added. Affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco and Malta, as well as to lifestyle havens such as Italy, Greece, Portugal and Switzerland, it said. 'Many high-earning executives are settling in the expanding wealth hubs of Dubai, Florida, Milan, St Julian's, Lisbon, the Athenian Riviera, Zug and Lugano,' it added. Globally, Montenegro has topped global millionaire growth over the past decade with a 124 per cent increase in resident millionaires, the latest report found. It was followed by Malta with 87 per cent growth and Latvia with 70 per cent millionaire growth between 2014 and 2024, it added.
The National
2 hours ago
- The National
UAE set to attract 9,800 new millionaires this year as world's most popular wealth haven
The UAE is expected to attract a record 9,800 relocating millionaires this year, drawn by regulatory reforms and a tax-free lifestyle, according to a new report. Strong demand from the UK, India, Russia, South-east Asia and Africa, facilitated by golden visas, has reinforced the Emirates' position as the world's most sought-after wealth haven, the Wealth Migration Report 2025 by migration adviser Henley & Partners and wealth intelligence firm New World Wealth found. The US came second on the list, with 7,500 new wealthy migrants expected to make the country home by the end of the year. Saudi Arabia is the biggest riser on this year's list and is projected to welcome 2,400 new millionaires. The country is benefiting from a surge of returning nationals and international investors settling in Riyadh and Jeddah, the study found. In contrast, the UK is set to lose 16,500 millionaires this year. This is the largest net outflow of high-net-worth individuals (HNWIs) by any country in the past 10 years, driven by sweeping tax reforms, the report said. China is anticipated to lose 7,800 millionaires after topping the millionaire-loser leader board every year over the past decade. Globally, a record 142,000 millionaires are projected to relocate internationally this year. UK losses 'For the first time in a decade of tracking, a European country leads the world in millionaire outflows. This isn't just about changes to the tax regime,' Juerg Steffen, chief executive of Henley & Partners, said. 'It reflects a deepening perception among the wealthy that greater opportunity, freedom and stability lie elsewhere. The long-term implications for Europe and the UK's economic competitiveness and investment appeal are significant.' Dubai and Abu Dhabi lead the top five preferred global locations for high-net-worth people looking to relocate, driven by personal tax incentives and a good quality of life, according to a report by global property consultancy Savills in April. The number of millionaires living in Dubai has doubled in the past decade, making it one of the world's fastest-growing wealth hubs, a report by New World Wealth for Henley & Partners in April found. In 2024, Dubai had an estimated 81,200 millionaires, 237 centimillionaires – whose wealth is in the hundreds of millions – and 20 billionaires, according to the report. That compares to 72,500 millionaires, 212 centimillionaires and 15 billionaires in 2023. Since the 2016 Brexit vote, the UK has shifted from being a net magnet for millionaires to a net exporter, the Henley & Partners report said. The British government's October 2024 budget introduced sharp increases in capital gains and inheritance taxes, while new rules targeting non-domiciled residents and family wealth structures came into effect in April, sparking what some are calling a 'Wexit' (wealth exit), it added. Affluent individuals are relocating to tax-friendly jurisdictions such as the UAE, Monaco and Malta, as well as to lifestyle havens such as Italy, Greece, Portugal and Switzerland, it said. 'Many high-earning executives are settling in the expanding wealth hubs of Dubai, Florida, Milan, St Julian's, Lisbon, the Athenian Riviera, Zug and Lugano,' it added. Globally, Montenegro has topped global millionaire growth over the past decade with a 124 per cent increase in resident millionaires, the latest report found. It was followed by Malta with 87 per cent growth and Latvia with 70 per cent millionaire growth between 2014 and 2024, it added.
