Profit warnings from UK-listed firms at highest level in two years as Iran war drives up costs
Source: The Guardian ·
Consultancy says companies quoted on London stock market issued 65 in three months to end of SeptemberThe number of profit warnings from UK-listed companies has risen to the highest level in two years, as the war in the Middle East triggers a surge in costs for businesses before the budget.With less than a fortnight before John Healey’s tax and spending statement to the Commons, the consultants…
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The number of profit warnings from UK-listed companies has risen to the highest level in two years, as the war in the Middle East triggers a surge in costs for businesses before the budget. With less than a fortnight before John Healey’s tax and spending statement to the Commons, the consultants EY-Parthenon said companies quoted on the London stock market had issued 65 warnings in the three months to the end of September. As the war in the Middle East rattles the global economy, business leaders are pressing the chancellor for a package of emergency support to soften the impact from soaring fuel costs and energy bills. Healey has pledged to use his 28 October budget to give households and businesses “breathing space”. However, he has also warned that the government has limited resources to intervene as the conflict pushes the cost of borrowing to the highest level in decades, adding to the pressure on the public finances. It emerged on Sunday that Healey is preparing to announce…