GCI5 Things You Need To Know, Today, on Friday 26th May 2023
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5 Things You Need To Know, Today, on Friday 26th May 2023
1. Supermarkets have not been using high rates of inflation as a cover for making higher profits, the boss of the UK's second largest grocery chain has said.
had made less money, to keep prices down, Simon Roberts said. Critics have accused food retailers of "greedflation" - putting prices up to bolster profits.
Sainsbury's made £690m in pre-tax profit in the year to March, a fall from £730m the previous year.
2. Jeremy Hunt has told Sky News he is comfortable with Britain being plunged into recession if that's what it takes to bring down inflation.
The chancellor said that he would fully support the Bank of England raising interest rates higher, potentially towards 5.5%, as it battled higher-than-expected prices.
3. said that it had to cancel some flights at London's Heathrow Airport due to a technical issue, without disclosing the number of affected flights.
The airport had earlier said that the airline was working to resolve a technical issue with a number of its systems. The Independent newspaper said that at least 50 flights were affected due to an IT problem.
4. Brexit accounts for about a third of the increase in food bills for households since 2019, equivalent to about 250 pounds ($316), researchers from the London School of Economics and other universities said.
Britain has been battling inflation for over a year, partly driven by its highest rate of food price growth since 1977, with food prices up more than 19% over the last year.
5. Wall Street giant JP Morgan Chase is cutting jobs at failed US lender First Republic Bank, after buying the firm this month.
Around 1,000 roles, or 15%, of First Republic's workforce will be cut, Also this week, First Citizens, which bought the US unit of another troubled lender, announced job cuts.
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