Business Update – 8 June 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Four-day work week trial underway

Thousands of UK workers from 70 different companies are trialing a 4-day work week starting this week. It’s the biggest pilot scheme in the world to explore changing work patterns, and will last 6 months.

Air travel disruptions continue, stranding thousands

Budget airlines such as EasyJet and WizzAir have canceled dozens of flights this week. Staff shortages are to blame, with many airlines laying off too many employees during the pandemic and now overselling flights.

Rental home shortage causing people to offer more money

A shortage of rental housing across the country has led prospective renters to put down large cash deposits or offer to pay more than what’s being asked. Some have sent along CVs for their children or photos of their well-behaved pets to try to sway potential landlords.

Shopping is stalled in Scotland

Foot traffic has declined in all retail spaces across the UK since the beginning of the pandemic, but Scotland is struggling to recover the most.

Jubilee a welcome boon for businesses

Early sales data suggests that many businesses enjoyed a boost from the four-day weekend celebrating the Queen’s Platinum Jubilee.

London Metal Exchange sued by US Hedge Fund over canceling trading

The lawsuit stems from March 8, when speculators worried that Nornickel, one of the world’s largest exporters of nickel, would not be able to get its product to market due to the war in Ukraine. As the cost of the commodity skyrocketed, the LME shut down trading.

Petrol prices break yet another record

The price of petrol hit a “frightening” new high this week, just days after its last record-smashing price. Supply chain bottlenecks and the war in Ukraine caused prices to rise over 177.9p a litre.

4 charts to explain what’s happening with inflation

The cost of living crisis has seen prices in the UK rise by 9% over the past year. Sky News Data and Forensics unit brings you four charts to help explain what this means.

Average price of a pint in London tops £8 for the first time

There are many factors that explain the rise, including inflation. However, the war in Ukraine is expected to cause further price rises for beer, as it was the world’s fourth largest producer of barley.

Fish and chip shops ask Norway for more fish

With ever-rising costs and a supply shortage, the National Federation Fish Friers has asked Norway to send more fish in order to keep prices down and shops open.

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