Sirius Bulletin - 1st August 2022

Sirius Bulletin - 1st August 2022

(Yorkshire Day)

 

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

 

Hospitality
Average dish price increases by 2.3%
The average cost of a main dish on pub and bar menus has risen by 2.3%, according to data from Lumina Intelligence. The price of side dishes and starters has remained stable.
Read more about the increase at: https://www.morningadvertiser.co.uk/Article/2022/07/22/average-pub-dish-price-in-june-2022


Food
Inquiry into UK food security
A cross-party committee of MPs has launched an inquiry into the UK’s food security as supply chains continue to experience disruption. The committee will look at what steps the Government can take to support food production and security.
Read more about the inquiry at: www.farminguk.com/news/mps-launch-inquiry-into-uk-food-security-as-disruption-continues_60803.html


Net zero
Legal battle over UK’s strategy
The Government has lost a legal battle over its blueprint for cutting carbon dioxide emissions. The Government’s Net Zero Strategy was judged to be unlawful, following a judicial review brought by Client Earth, Friends of the Earth and the Good Law Project.
Read more about the verdict at: www.newscientist.com/article/2329337-legal-battle-over-uks-net-zero-strategy-poses-challenge-for-next-pm/


Brexit
UK to pay more
Interest rates in Europe could increase the UK’s Brexit divorce bill by f5 billion. The new estimate
comes as the European Central Bank increased its interest rates for the first time in 11 years.
Read more at: www.theguardian.com/politics/2022/jul/21/brexit-european-interest-rates-rise-may-push-up-divorce-bill-by-5bn?

 

Property
New register of foreign owners
The Economic Crime (Transparency and Enforcement) Act 2022 has created a new public register of overseas entities. This will allow crime enforcement agencies to seize any unexplained wealth of those suspected of laundering money in the UK.
Read more about the act at: www.lexology.com/library/detail.aspx?g=50abd18a-8311-489a-9c90-aef219907869


Circular economy
Majority of adults unaware of circular economy
Around 87% of adults in the UK haven’t heard of the circular economy or don’t know what it means. The circular economy is the practice of sharing, reusing, repairing, refurbishing or recycling existing products.
Read more at: www.forbes.com/sites/janniehailstone/2022/07/22/nine-out-of-10-adults-dont-know-what-the-circular-economy-is-survey-finds/?


Farming
50% advance on BPS starts in England
Farmers in England will start receiving a 50% advance on their Basic Payment Scheme (BPS) cash. With many farm businesses struggling with cash flow amid soaring inflation, the Rural Payments Agency has pledged to issue the majority of payments by the end of July 2022.
Read more about the payments at: www.fwi.co.uk/business/payments-schemes/bps/50-advance-bps-starts-in-england-to-help-struggling-farms


Restaurants
Increase in insolvencies
The number of restaurants falling into insolvency has increased by more than 60% in the past year amid worker shortages and the cost of living crisis. Around 1,400 restaurants in the UK closed in the 12
months to May 2022, up 64% year-on-year.
Read more about the closures at: www.theguardian.com/business/2022/jul/25/uk-restaurant-insolvencies-closures-rise-data?


Tech
Cloud computing use is growing
Around 92% of European firms have adopted cloud computing. The top concerns over using public cloud were data protection, disaster recovery and application security and protection.
Read more at: www.zdnet.com/article/cloud-computing-use-is-growing-but-so-is-regulation/?


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