EasyJet chief operating officer quits amid travel chaos

Good morning. 

It appears the cost-of-living disaster has a lot additional to run as a document variety of UK corporations are planning imminent worth will increase.

Nearly two-thirds of companies count on to lift costs over the following three months, in keeping with the British Chambers of Commerce. This rises to 80pc within the retail, development and manufacturing sectors.

The respondents cited considerations about increased vitality costs, wage payments, gas and uncooked materials prices, whereas the BCC warned the “pink lights have been beginning to flash” on its financial dashboard.

In the meantime, a report from the Decision Basis discovered the poorest British households had been left “brutally uncovered” to the cost-of-living crunch after nearly twenty years of earnings stagnation.

Adjusted for inflation, the disposable earnings of a typical family grew simply 0.7pc yearly within the 15 years earlier than the Covid pandemic, whereas the poorest fifth of the inhabitants have been no higher off in any respect.

5 issues to start out your day 

1) Boris Johnson urged to back bid for factory at heart of Britain’s food supply: Final-minute enchantment for Boris Johnson to clean path for takeover of fertiliser plant earlier than August shutdown

2) City banks defy Brussels to out-earn French rivals: British banks have made extra revenue than French rivals for the primary time since 2015, regardless of efforts by EU officers to shift more jobs out of London and onto the continent post-Brexit. 

3)  Tesla loses $440m as Elon Musk’s Bitcoin bet sours: carmaker’s $1.5bn funding sheds worth amid cryptocurrency plunge

4) RAF’s flagship drone squadron has no drones: The RAF’s flagship drone trials squadron owns no drones and has carried out no in-house trials with the uncrewed craft within the two years of its existence.

5) Roger Bootle:  Public sector pensioners will be the winners from this inflation disaster

What occurred in a single day 

Asian markets have been blended and oil fell as merchants fret over a doable recession brought on by central financial institution rate of interest hikes geared toward combating hovering inflation. 

Hong Kong dropped whereas Shanghai, Seoul, Taipei and Jakarta have been additionally down.

Nevertheless, Tokyo, Sydney, Singapore, Taipei and Wellington rose.

Arising as we speak

Company: No scheduled updates

Economics: Producer worth index (EU)