Sirius Bulletin - 13th June 2022

Sirius Bulletin - 13th June 2022

This bulletin provides a summary of topical news, announcements and policy developments affecting business across the UK.

 

Night time economy

Survey shows impact of inflation

Research carried out by the Night Time Industries Association has revealed that 53.2% of businesses within the night time economy have experienced a 30% increase in operating costs compared to pre­ pandemic levels. Around 48% of businesses are barely breaking even and 44% are unsure if their business will survive the next 12 months.
Read more about the research at: www.ntia.co.uk/ntia-survey-shows-devastating-impact-of-cost-inflation-on-night-time-economy-businesses


Cost of living

Vast majority of shoppers are now cutting back

Rising prices have resulted in four out offive shoppers being on a budget. Research by Shopmium has found that 66% of people have less disposable income, 48% are worried about their household budget, 36% have switched to a lower-cost retailer, 34% are ditching branded products and 43% are buying and eating less.
Read more about the research at: www.talkingretail.com/news/industry-news/vast-majority-of-shoppers-are-now-cutting-back-says-survey-01-06-
2022


Groceries

Convenience stores growing faster

Sales in convenience stores during April and May 2022 increased at a higher rate than in multiples as consumers returned to ‘little and often’ shopping habits. In the four weeks to 21 May, NielsenlQ data indicated that convenience stores outperformed supermarkets, with a 3.7% growth in sales.
Read more about the research at: www.conveniencestore.co.uk/your-business/little-and-often-shopping-habits-help-convenience-channel­ thrive/668041.article

Fraud

HMRC cracks down on till fraud

Three people have been arrested in a new crackdown on till fraud by HMRC. Till fraud occurs when businesses configure their electronic point-of-sale (EPOS) devices in a specific way that allows them to hide true sales and the resulting tax that is due.
Read more about the fraud at: www.iab.org.uk/hmrc-uses-new-powers-to-clamp-down-on-till-fraud

 

Employment

Four-day week trial begins

Around 70 companies have begun a trial of a four-day week. The trial will last for six months and is thought to be the biggest pilot of its kind.
Read more about the trial at: www.personneltoday.com/hr/four-day-week-trial

 

English wine

Revenues grew by 4.5% despite pandemic

The top producers of English wine have seen their turnover increase by 4.5%, from £24.3 million in 2019/20 to £25.4 million in 2020/21. This was despite sales to the hospitality sector being heavily impacted by Covid-19.
Read more about the increase at: www.uhy-uk.com/insights/english-wine-producers-grow-revenues-another-45-despite-pandemic-hitting­ hospitality


Driving instructors

Test prices more than double

Learner drivers are paying more than double the standard cost of a driving test in order to jump up the priority list. The Driver and Vehicle Standards Agency announced in May 2022 that anyone booking a test could be waiting until 2023. This has led to young drivers across the UK shopping around to find an operator who can offer them a test before the end of the year and online operators increasing their prices.
Read more about the backlog at: www.rac.eo.uk/drive/news/motoring-news/backlog-of-learner-drivers-sees-test-prices-skyrocket-across-the-uk

Imports and exports

UK food and drink trade tops pre-pandemic levels

Exports and imports of food and drink with non-EU countries have soared above pre-pandemic levels for the first time, according to research by the Food and Drink Federation. Food and drink imports are over 13% higher than in 2019, while exports to major markets including the USA, Australia, Canada, Japan and the UAE exceeded pre-pandemic levels.
Read more about the research at: www.fdf.org.uk/fdf/news-media/press-releases/2022-press-releases/uk-trade-tops-pre-pandemic-levels


Supermarkets

Shoppers threaten to boycott Tesco over biometric payments

Tesco could introduce biometric payment methods, including face and palm recognition, at the checkout by 2023. Many consumers are apprehensive about the technology and see it as one step closer to a cashless society.
Read more about the methods at: www.cha rgedretaiI.co.uk/2022/06/01/tesco-biometric-checkout


Imperial measurements

Units of measurement: markings and sales

The Government has launched a review to identify how more choice can be given to businesses and consumers over the units of measurement they use for trade, while ensuring that measurement information remains accurate.
Read more about the review at: www.gov.uk/government/consultations/choice-on-units-of-measurement-markings-and-sales

 

DISCLAIMER While all reasonable efforts have been made, the publisher makes no warranties that this information is accurate and up-to-date.