Results for: Economic Downturn

Despite an economic downturn in the UK, Prime Minister Rishi Sunak and his wife Akshata Murty’s fortune has surged by 12.9 billion pounds, making them the second wealthiest individuals on the Sunday Times Rich List with a combined net worth of 68.89 billion pounds. This rise is primarily attributed to Murty’s stake in Infosys, an Indian IT giant co-founded by her father. However, King Charles III has also seen his wealth grow to 610 million pounds. In contrast, the overall landscape for British billionaires has witnessed a decline, with the country dropping from 177 to 165 billionaires in the past year. The total combined wealth of the UK’s 350 wealthiest individuals and families stands at 795.36 billion pounds, with Gopi Hinduja and his family retaining the top spot with a net worth of 37.2 billion pounds.

James Constantinou, owner of a Surrey-based pawn shop and star of the Channel 4 show ‘Posh Pawn,’ reports an increase in pawning due to the cost of living crisis. High-value items, such as a £70,000 Jaguar E-type and a £10,000 solid gold Rolex, are being sold by desperate individuals, including a restaurant owner struggling with energy bills and staff wages.

Boston-based venture capital firm Volition Capital is bucking the trend of investor retreat by raising a $675 million fund and expanding its operations. While other firms have lost top executives and scaled back investments, Volition’s managing partners believe that strong businesses thrive in challenging markets. Despite a downturn in venture capital, Volition has hired chief operating officer Pete Lamson to bolster its support for startups in areas such as HR, finance, and sales.