Sirius Bulletin - 10th May 2022
This bulletin provides a summary of topical news, announcements and policy developments affecting business across the UK.
Recruitment
Record difficulties adding to firms’ woes
The latest figures from the British Chambers of Commerce show that the pressure on firms struggling to recruit staff remains at record high levels. The hospitality sector was facing the most challenging recruitment issues, with 85% reporting difficulties. Retail and wholesale firms were the least likely to report difficulties at 69%.
Read more about the figures at: www.britishchambers.org.uk/news/2022/04/record-recruitment-difficulties-adding-to-firms-woes-quarterly recruitment-outlook
Logistics
Closures rise by 75%
New figures from the Office for National Statistics show a significant rise in logistics company closures. In total, 15,005 freight transport businesses failed in the first quarter of 2022 compared to 8,590 in the same period last year.
Read more about the rise at: https://londonlovesbusiness.com/thousands-of-logistics-and-courier-companies-reach-the-end-of-the-road-as closures-rise-by-75/
Aquaculture
Next steps to improve regulation
The latest measures to reform Scotland’s aquaculture regulatory system have been announced. They include changing the marine licence validity period for finfish and shellfish farms from six to 25 years and the creation of a consenting task group to streamline the aquaculture consenting system.
Read more about the changes at: www.gov.scot/news/next-steps-to-improve-regulation-of-aquaculture
Millions of young people take advice from influencers
New research has revealed that 62% of 18- to 29-year-olds follow financial influencers, with 74% trusting their advice. As a result, nine in ten young followers have been encouraged to change their financial behaviour.
Read more about the research at: www.p2pfinancenews.eo.uk/2022/04/28/millions-of-young-people-take-financial-advice-from-influencers
Authenticity guarantee for pre-loved handbags
eBay UK has launched an authenticity guarantee for pre-loved luxury handbags. This follows the successful launch of its authenticity guarantee service for sneakers and watches in 2021, which led to a multi-million-pound uplift in sales.
Read more about the guarantee at: www.drapersonline.com/news/ebay-uk-to-launch-authenticity-guarantee-for-pre-loved-handbags
Klarna to start reporting UK customer debts
From June 2022 the buy-now-pay-later company Klarna will start reporting UK customer debts to credit agencies for the first time, in a move that could affect shoppers’ credit ratings from 2023. The move comes as buy-now-pay-later firms face pressure from MPs and campaigners who say they should prevent customers from taking on more debt than they can afford.
Read more about the change at: www.theguardian.com/business/2022/may/04/klarna-to-start-reporting-uk-customer-debts-to-credit-agencies
Second-hand retail
Majority of consumers using online marketplaces
A survey by Which? has found that nearly two thirds of respondents were actively using second-hand marketplaces such as eBay and Gumtree to buy and sell their stuff. Vinted was voted the best marketplace and Preloved the worst.
Read more about the survey at: www.which.eo.uk/news/article/where-to-buy-and-sell-second-hand-online-aeGoH2H7cUyQ
Car sales
Factors consumers consider when buying vehicles
Fuel consumption is now the number one priority for UK car buyers, with 57% declaring it as one of the most important factors when considering their next vehicle. Other factors include reliability (55%) and road tax (25%).
Read more about the research at: www.alphabet.com/en-gb/auto-digest/fuel-consumption-now-number-one-factor-uk-car-buyers-consider overtaking-reliability
Fintech
EU regulators say Apple broke competition law
The European Commission has charged Apple with breaking EU competition law in the way it has restricted access to contactless payments. The commission alleges that Apple is limiting developers from accessing the iPhone’s NFC (near-field communication) chip in order to build rival ‘mobile wallets’.
Read more about the allegation at: www.altfi.com/article/9186 eu-regulators-say-apple-broke-competition-law-by-blocking-fintechs-from-building mobile-wallets
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