05/05/2022

Business Update – 4 May 2022

 

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

Experts fear economic downturn

The cost of living crisis combined with decreasing consumer confidence could increase the risk of an economic downturn, a study by the Institute of Directors suggests. 

 

Price of chicken increasing

Increasing chicken feed costs are causing the price of chicken to rise faster than any other protein. Experts say chicken could become as expensive as beef to purchase, having a drastic impact on lower income families. 

 

BP profits soar, leading to calls for a windfall tax

BP reported profits of £4.9 billion ($6.2 billion), well above expectations, leading some to call for the company to pay a windfall tax. The windfall tax is used to tax firms that benefit from something they weren’t responsible for. 

 

Inflation hits 30-year-high

Inflation hit a 30-year-high of 7 percent in March, but British Prime Minister Boris Johnson said the government has to be prudent in its approach or risk driving up inflation even further

 

Energy suppliers face crackdown

Household energy suppliers face a crackdown after reports emerged that some companies were increasing direct debit payments beyond what was required. In some cases, companies were doubling their direct debits to improve their cash flow. 

 

Qantas announces world’s longest direct commercial flight

Qantas announced plans to fly non-stop from Sydney to London, a 20-hour flight, with service expected to start in late 2025. The flight is made possible by Airbus A350-1000 planes, which can fly more than 10,000 miles without refuelling. 

 

Cost of living continues to increase

Citizens report the cost of living continues to increase, with around 91% of adults reporting a cost of living increase in 13 to 24 April 2022. When the cost of living question was first included in the survey in November 2021, 62% of adults reported a cost of living increase. 

 

Post Office staff walk out

Hundreds of Post Office staff walked off the job in a one-day industrial action over a pay freeze. Further strikes are planned for upcoming months. 

 

Housing affordability gap affects women

A report by Boomin found a gender house price affordability gap of 3.7 years between women and men, indicating it takes women an average of 3.7 years more to get on the property ladder than it takes men. 

 

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