Investment in financial tech firms in the UK grew sevenfold last year to $37.3bn (£27.5bn), according to KPMG, with London attracting more fintech funding than the rest of Europe, the Middle East and Africa (EMEA) put together. The investment total was boosted by 601 deals that were finalised in the UK in 2021, the financial services firm said, up from 470 the year before. – Guardian
The chairman of Britain’s biggest supermarket chain has warned that “the worst is yet to come” on food price inflation, as he predicted it will soon hit 5%. John Allan, who has chaired Tesco since 2015, told the BBC’s Sunday Morning programme that he was well aware people on very tight budgets were having to choose between food and heating. He said the idea that this was happening was very troubling. – Guardian
Rampant inflation will curb UK growth in the coming months after a bigger-than-expected bounceback last year, according to a new report. The EY ITEM Club has downgraded its predictions for growth in its Winter Forecast to 4.9pc for the year, compared with the 5.6pc it predicted in the autumn. It estimates the economy grew an upgraded 7.3pc last year. – Telegraph
Surging inflation risks adding £34bn to Britain’s debt interest bill this year in a jump that will pile pressure on the Treasury to tackle price rises. The Retail Price Index, an outmoded inflation gauge that is still used for determining repayments costs on a large chunk of Government debts, is expected to soar above 9pc in the coming months based on financial market indicators in a significant blow for Rishi Sunak, the Chancellor. – Telegraph
Mike Ableson spent years rising through the ranks at General Motors, one of America’s biggest carmakers, before he joined a British start-up plotting to revolutionise the automotive industry. His base will soon shift from Detroit, Michigan, the historical home of America’s car industry, to a city 600 miles south. The UK electric vehicle maker Arrival is hailing the dawn of a new era for transportation and delivery on both sides of the Atlantic. The US heart of its ambitious operation is about to start beating in Charlotte, North Carolina’s largest metropolis. – The Times
