Britons face biggest fall in living standard since 1950s in shocking reveal

The reveal comes from the Office for Budget Responsibility’s (OBR) report released on Britain’s Economic and fiscal outlook.

According to the OBR inflation is expected to rise to a 40 year high this year, reducing household disposable income per person by 2.2 percent.

This equals the biggest fall in living standards in a single financial year since 1956.

Inflation was already revealed to be at a 30 year high this morning having reached 6.2 percent in February, over three times the Bank of England’s target.

The warning comes as Chancellor Rishi Sunak delivered his Spring Statement in the House of Commons today, with attention fixed on any measures to help address the growing cost of living crisis.

During his statement the Chancellor admitted inflation was expected to reach 7.4 percent this year according to the OBR with a slowdown in growth also expected in the years ahead.

More to follow…

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Allego Rally Continues

Allego N.V. (ALLG) shares are surging on Wednesday morning trade, continuing bullish after debuting on New York Stock Exchange on March 17. There were no corporate announcements on the day to influence the stock drive.

The pan-European electric vehicle charging network shares are trading at $21.41, up 158.57 percent from the previous close of $8.28 on a volume of 5,476,628. For the 52-week period, the shares have traded in a range of $7.43-$13.40 on average volume of 2,268,967.

Herald morning quiz: March 24

Test your brains with the Herald’s morning quiz. Be sure to check back on nzherald.co.nz for the afternoon quiz.

To challenge yourself with more quizzes, CLICK HERE.

Cue Health Stock Slips 18%

Shares of Cue Health Inc. (HLTH) are slipping over 18% on Wednesday morning. HLTH is currently trading at $6.97, down $1.59 or 18.54%, on the Nasdaq.

The other day, Cue Health and Albertsons Companies announced a partnership deal.

Cue Health and Albertsons Companies announced a first-of-its-kind partnership that offers customers access to Cue’s highly accurate, convenient, and fast molecular COVID-19 tests at participating Albertsons Cos. pharmacies across the country.

EU Approves Amazon’s $8.45 Bln MGM Deal

Officials at the European Union have okayed unreservedly Amazon Inc.’s (AMZN) $8.45 billion bid to acquire movie and TV studio MGM. The European Commission’s anti-trust regulators ruled that there was limited overlap between the companies and that the merger would not reduce competition in the field of theatrical film and audio-visual content markets.

In a statement, the European Commission said, “The Commission found that MGM’s upstream activities as a producer and licensor of AV content are limited compared to other market players’ activities. MGM’s content cannot be considered as must-have; and a wide variety of alternative content exists.”

The Commission said that MGM’s movies make up for a limited share of box office revenue in the European Economic Area and that “overall MGM is not among the top production studios, despite it having produced several franchises like James Bond. The deal still requires the green light from the Federal Trade Commission before it can be closed. Recent reports suggested the FTC was planning to challenge the merger with an anti-trust lawsuit. However, this move requires a majority vote by commissioners. At present, the FTC has two Democrat and two Republican commissioners.

According to reports, while they have reached upon a bipartisan consensus on some issues, a vote on an Amazon-MGM suit could be cutting across along party lines. The deadline for a decision on the proposed MGM buyout is fast approaching, say sometime in the middle of March. If the FTC doesn’t cause any legal challenges, Amazon can go ahead with the merger.

Reckitt Recalls Over 3 Mln Bottles Of Airborne Gummies

Reckitt has recalled over three million bottles of airborne gummies due to risk of injury.

According to the company, the products were recalled because when the bottles are opened for the first time, pressure build up in the bottle can cause the cap and underlying seal to pop off with force, posing an injury hazard.

The recall involves only 63 and 75 count bottles of Airborne Gummies. They were sold in blueberry pomegranate, orange and assorted fruit flavors. The UPC numbers and lot codes of the recalled products can be found at CPSC website.

The company said it has received 70 reports of the cap or seal popping off the bottles, including 18 reports of minor injuries and one report of an eye injury that needed medical attention.

Reckitt has asked customers with an unopened bottle to not to open the product and contact Reckitt to return the unopened bottle to receive a full refund.

The recalled products were sold at Target, Walgreens, CVS, Kroger, Sam’s Club, BJ’s Wholesale Club, Costco, Walmart and other stores nationwide and online at Amazon.com and schiffvitamins.com from May 2020 through February 2022 for between $18 and $33.

Danny Glover on Acting, Activism and His Honorary Oscar

The actor and producer is receiving the Jean Hersholt Humanitarian Award at the Oscars. Here, he discusses a history in movies and in social justice.

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By Nicolas Rapold