26/05/2022

Business Update – 25 May 2022

UK Weekly Digest – 25 May 2022

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

Some food item costs have risen 20%

Many people are experiencing “shelf shock” as grocery prices continue to soar. Cereal, mushrooms, and cheese are among the items that have risen the most.

Retail sales are up despite inflation

Surprisingly, retail rose by 1.4% in April, giving retailers an unexpected boost and indicating that consumers in Great Britain have carried on spending in some ways despite inflation.

Millionaires ask to be taxed more

A handful of wealthy attendees at Davos joined left-wing activists to call for fairer tax systems worldwide in order to tackle the cost of living crisis.

Pay gap between bosses and staff may widen again

Despite narrowing during the pandemic, the pay gap between bosses and staff is expected to widen again in 2022, according to the High Pay Centre think tank.

Getting grain out of Ukraine would help alleviate rising food costs

With millions of tons of grain stuck in Ukraine, First Deputy Prime Minister Yuliia Svyrydenko is calling for safe passage to get it out of the country and to the rest of the world.

Terra Firma tycoon eyes Butlin’s

Guy Hands is planning a £600m takeover of Butlin’s, after he said he felt sorry for families “staying in drab guest-houses with nothing much to do” during a trip to Barry Island.

Bank of England governor rejects the idea that he is responsible for inflation levels

Andrew Bailey, governor of the Bank of England, hit back at criticisms from his predecessor that decisions under his watch have led to the worst inflation in 40 years.

PM says to “just wait a little bit longer” for relief

Boris Johnson responded to growing calls for a one-off levy on oil and gas companies by stating that he is not “attracted” to new taxes. The Labour-led proposal is backed by some Tories.

Home values have risen more than the worth of a year’s salary

The latest market survey by Rightmove says that prices have risen by a record-breaking £55,000 since the start of the pandemic and are still rising.

Turn your old phone into gold

The Royal Mint plans to take the gold from the circuit boards of old electronics and turn them into commemorative coins.

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