UK’s public finances on ‘unsustainable’ long-term path; house prices surge despite squeeze – as it happened

Office for Budget Responsibility warns the world is becoming a riskier place, as UK faces cost of aging population and loss of fuel duty

Electricals goods retailer Curry's has warned that the cost of living squeeze is likely to hit sales, as it passes on rising costs onto customers.

Curry's reported this morning that the cost of goods is rising:

On most products we pay in local currency when the goods arrive in our markets, the price increases we are seeing at the moment will be felt by all of our competitors as well.

These costs are passed on to consumers, but we seek to proactively mitigate through providing similar, different specification products at alternative price points.

Currys is defying the gloomy headlines, jumping almost double digits despite lowering its profit forecast for this year and next year amid uncertainty around the outlook for UK consumer spending.

Investors were encouraged by Currys' full-year 2022 top and bottom line beats. Adjusted EBIT came in at 274 million versus expectations for 245 million while profit before tax hit 186 million, also ahead of consensus. Full-year group sales rose 24%, higher than expected thanks to the return to bricks and mortar shopping post pandemic.