Business Update – 18 January 2023

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

Surprising economic growth in November has economists feeling optimistic

The UK economy unexpectedly grew by 0.1% in November, despite households being squeezed by rising prices. It is still unclear whether soaring costs will push the UK into recession.

What’s next for the UK space industry?

The UK was supposed to enter the new global space race last week, but the rocket failed to complete its mission. Find out what’s next for the UK space industry and Spaceport Cornwall here.

Who’s going on strike this month

The new year is here, and a new wave of industrial action comes with it. Transport workers, NHS staff, and civil servants seek better pay and working conditions. Tens of thousands of workers are staging walkouts this month.

FTSE 100 rises as energy prices ease

The UK’s FTSE 100 share index hit its highest level in 4 years on Friday, as European markets were lifted by hopes that energy prices are going back down.

Energy chief calls for energy company transparency

Kate Nicholls, the boss of UK Hospitality, is urging energy watchdog Ofgem to “name and shame” energy companies that have acted “in bad faith” towards business customers. Her letter comes ahead of a drastic cut in support for energy bills for British businesses.

Tesla slashes prices in an attempt to drive up demand

The company faces a challenging global economic outlook and increased competition from other carmakers. As a result, price cuts range from 10% to 13% in the UK, but run as high as 20% on some US models.

Collapsed crypto company FTX recovers some assets

Collapsed cryptocurrency exchange FTX has located more than £4.1bn worth of assets, but the extent of losses to customers is still unknown, a US bankruptcy court heard on Wednesday.

What slowing inflation in the US means for us

The US was the first major economy where inflation took off, as a wave of pandemic relief money from the government set off a boom in activity and spending. The price increases soon spread overseas. As inflation appears to slow down in the US, will the rest of the world follow?

US expected to reach ‘debt ceiling’ this week

Treasury secretary Janet Yellen notified Congress that the US is projected to reach its debt limit very soon and will resort to “extraordinary measures” to avoid default. She urged lawmakers to act quickly to raise the debt ceiling to “protect the full faith and credit of the United States.”

Accountant ordered to pay up for ‘time theft’

A woman in Canada was fired from her job as a home-based company accountant after she was caught claiming unworked hours by tracking software installed on her work computer.

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