Business Update – 1 June 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Significant increases to budget food items
UK shoppers are facing price increases of up to 50% over last year, including budget items such as pasta, rice, and bread.
One year later, UK firms still frustrated by Brexit implications
British exporters fear that the Northern Ireland protocol will make it even more difficult to get their products to market in the EU.
Small businesses fear long-term consequences of the cost of living crisis
A new survey shows that over half of small firms in the UK are concerned about how the cost of living crisis will affect consumer spending, putting their businesses at risk.
House prices hit a high, but show signs of slowing down
While the average cost of a home hit £250,200 in April, the market is showing signs of slowing, with both the number of sellers reducing their prices and the time taken to sell increasing.
Chelsea FC officially sold to American business tycoon
Chelsea FC confirmed its sale to Todd Boehly and Clearlake Capital for £4.25bn. The pace of the sale was accelerated in an attempt to create some certainty for the club after cutting ties with Roman Abramovich.
British Airways staff to consider strike
British Airways check-in staff at Heathrow Airport will be balloted for strike action next month. The dispute is over pay, as staff took a 10% pay cut during the pandemic which has yet to be restored, despite executives returning to their original compensation rates.
Electricity rationing may be necessary by next year
Modeling of a “reasonable” worst-case scenario shows that up to 6 million households could be subject to gas rationing this winter if Russia shuts off more supply to the EU.
7 apps to help save you money
Sky News partnered up with consumer expert Gemma Godfrey to bring you a roundup of 7 helpful budgeting and finance apps to help you feel more in control as the cost of living soars.
Head of World Bank warns of global recession
David Malpass said last week that the war in Ukraine and ongoing lockdowns in China make it difficult to imagine a scenario where the global economy avoids a recession.
Party supplies expected to translate into economic boost
Her Majesty’s 70-year reign is expected to give a nice boost to the economy, as Brits are forecast to spend millions of pounds on Platinum Jubilee merchandise.
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