Netflix stock price plummets as subscriber growth stalls

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We expected the Plan B measures to reduce retail sales during the crucial Christmas period, but the numbers are even worse than expected.

ONS statistics show sales fell 3.7% in December from the previous month. Economists had expected a drop of just 0.6pc.

Many Britons are believed to have shopped for Christmas early last year fearing supply chain disruption and empty shelves. Tighter restrictions last month have only exacerbated this.

To make matters worse, there are also bleak outlooks for the main street. Soaring inflation, rising interest rates and impending tax hikes are expected to trigger a cost of living crisis, leaving consumers with less money to spend.

5 things to start your day

1) Britishvolt wins £1.8bn to build UK gigafactory Electric battery start secures £100million of taxpayers’ money and £1.7billion from developer to fund Northumberland facility

2) Jim Ratcliffe and Centrica support new hydrogen plant on the Humber Site owner Saltend says it will be able to reduce emissions by around 1 million tonnes per year

3) Top investor questions Unilever boss’s future after Glaxo bid fails Terry Smith calls aborted £50billion proposal a ‘near-death experience’ in new attack

4) Peloton shares a slide on the production break report Demand for its connected fitness equipment has suffered a ‘significant reduction’ amid growing competition and price sensitivity, report says

5) Michael Gove threatens developers with planning veto unless they set up £4billion siding fund Upgrading secretary says homebuilders must fund compensation scheme for apartment owners hit by siding crisis

What happened overnight

Markets fell in Asian trading on Friday after another wave of losses on Wall Street as traders refocused on the Federal Reserve’s plans to raise interest rates.

Concern over the bank’s determination to tackle soaring inflation by removing its ultra-loose monetary policy is a severe blow to the recovery of the global economy markets that have operated virtually uninterrupted for almost two years, leaving most in the red at the start of 2022.

In Tokyo, the Nikkei lost 1.4%, while Hong Kong’s Hang Seng index fell 0.2% the day after rising more than 3%. Shanghai was down 0.4pc, and Sydney, Seoul, Singapore, Wellington, Taipei, Manila and Jakarta were also down.

coming today

  • Business : Close brothers, ninety-one (commercial update)
  • Economy: GfK Consumer Trust (UK); consumer confidence (EU); retail sales (UK)

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