12/05/2022

Business Update – 11 May 2022

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

McColl’s collapses

Convenience store chain McColl’s was placed into administration after talks with creditors collapsed on Friday. Shares on the stock have been suspended as 1,100 shops and 16,000 jobs are at risk.

Bank of England raises interest rates to 1%

Government faces calls to increase emergency financial support for households as the central bank tries to navigate the dual risks of inflation and recession facing the British economy.

High-income households experienced highest inflation rates in 2021

The Household Costs Indices determined that high-income households experienced higher inflation rates in 2021 than low-income households, with transport costs and changes to taxes paid on property taxes accounting for the biggest increases.

UK government tries to rein in Big Tech

Large tech companies such as Google and Facebook must abide by new competition rules set out by the new Digital Markets Unit (DMU). The new rules are meant to boost competition among tech firms and give users more control over their data.

Sinn Fein calls for united Ireland debate

After winning an historic 29% majority of first-preference votes in the Northern Ireland Assembly election, Sinn Fein calls for an “honest debate” around the party’s goal of unifying the territory with the Republic of Ireland.

Guidance on financial sanctions in the UK updated

HM Treasury and the Office of Financial Sanctions Implementation have updated guidance on who is subject to financial sanctions in the UK. Updated documents can be found here.

Boehly secures deal to buy Chelsea

A consortium led by US billionaire and Los Angeles Dodgers co-owner Todd Boehly has agreed to buy Chelsea FC from Roman Abramovich for £4.25bn, the highest price ever paid for a sports club.

Capco and Shaftesbury consider £3.5bn merger

All-share deal between the two companies who own large areas of London’s West End are in advanced talks to merge companies. World-famous tourist destinations including Covent Garden, Carnaby Street, and Chinatown would come under common ownership.

New legislation aims to revitalise high streets

The Prime Minister has brought in landmark reforms meant to rejuvenate high streets and restore pride in local areas. Local leaders will be provided with the powers they need to revitalise town centres, creating new jobs and infrastructure opportunities.

Great British Rail Sale ends on a high

First-ever industry-wide sale was launched to help ease family finances at a time when the cost of living is at an all-time high. Ticket prices were slashed by over 50%, saving passengers over £7 million. The total distance of journeys sold would reach from the earth to the sun and beyond.

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