Business Update – 26 July 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

UK inflation and interest rates high – how do other economies compare?

Inflation is still higher in the UK than in many other rich nations so interest rates may yet stay higher for longer. So how is the UK faring in other parts of our economic wellbeing?

Bank’s licence could be ‘revoked’ in UK for banning customers over their political views

Banks could lose their licences if they close customer’s accounts over their political views, it has been reported.

Charity and community organisations helping vulnerable people set to benefit from £76 million government support

Charities and community organisations carrying out vital work to help vulnerable people are invited to apply for a major government support package. The fund will support frontline charities and community organisations struggling to meet increased demand for their critical services, such as the provision of food, emergency provisions, shelter, safe spaces, warmth and financial or housing advice.

Tube strikes cancelled after ‘intense’ talks lead to breakthrough

Strikes by London Underground staff that were due to take place next week have been called off, the RMT and Aslef union has announced.

Major wind farm project in Wales acquired

The Upper Ogmore Wind Farm in Bridgend has been bought by Japanese global trading and investment company Marubeni.

Travel firms told they ‘must not fail’ Britons stranded after Rhodes wildfires

Travel companies are scrambling to repatriate thousands of tourists from a Greek island ravaged by wildfires, as British holidaymakers spent a second night in temporary accommodation.

HMRC pledges £5.5 million in partnership funding to support customers who need extra help

HM Revenue and Customs (HMRC) is awarding £5.5 million to voluntary and community organisations to support customers who may need extra help with their tax affairs.

5 Ways ChatGPT can improve, not replace, your writing

ChatGPT is a reliable writing assistant, provided you use it in the right way. If you have to put words in order as part of your job, here’s how ChatGPT might be able to take your writing to the next level.

PM told to ‘rethink’ green targets as ministers vow to shield public from costs

Rishi Sunak’s administration is reportedly considering ditching climate tackling measures that would increase costs for consumers.

AI-Powered facial recognition systems used in UK stores raise privacy concerns

A growing number of British stores are utilizing facial recognition technology powered by artificial intelligence (AI) to identify repeat shoplifters, leading to concerns from human rights groups about the spread of “airport-style security” on the high street.

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