Sirius Bulletin - 28th February 2022
This bulletin provides a summary of topical news, announcements and policy developments affecting business across the UK.
Price inflation surges
Year-on-year inflation in the foodservice sector reached 3.5% in December 2021. Further price rises are predicted over the next three to six months.
Read more about the increase at: https://cgastrategy.com/food-and-drink-price-inflation-surges-with-more-rises-to-come/
Sharpest price growth since 1976
UK manufacturing output growth increased in the three months to February 2022. However the number of manufacturers expecting price rises in the next three months was at its highest since December 1976.
Read more about the growth at: www.cbi.org.uk/media-centre/articles/sharpest-manufacturing-price-growth-since-1976-monthly-industrial trends-survey/
Increase in finance
New business in the consumer car finance market increased by 9% in 2021 but remained 14% lower than in 2019. New car finance increased by 6% in 2021 and used car finance increased by 10%.
Read more about the increase at: www.alphabet.com/en-gb/auto-digest/consumer-car-finance-new-business-volumes-2-december-and-9-2021
Increased demand for EVs
Demand for electric vehicles (EVs) surpassed diesel for the first time in 2021. Sales enquiries for EVs grew by 106% in 2021, while demand for diesel fell by 7%.
Read more about the demand at: www.aIphabet.com/en-gb/ auto-digest/consumer-dema nd-electric-vehicles-grows-106-2021
No growth since 2014
The UK’s low-carbon and renewable energy economy has failed to grow since 2014. Employment in the low-carbon and renewable energy economy fell by 28,000 in 2020 to around 207,800. The steepest declines were in factories producing energy-efficient products, onshore wind, and solar energy.
Read more about the fall at: www.ons.gov.uk/economy/environmentalaccounts/bulletins/finalestimates/2020
Rate of store closures slowing
Over 10,000 chain store branches closed in 2021 with only 7,160 shops opening. However the number of closures per day has remained stable at 47 in 2021, compared to 48 in 2020.
Read more about the closure rate at: www.pwc.eo.uk/press-room/press-releases/store-openings-and-closures.html
Challenges impacting on the sector
Food producers are facing the toughest challenges in a generation according to the National Farmers Union. Labour shortages caused by Brexit and Covid-19, an ongoing pig cull and the transition away from EU subsidies are all impacting on the sector.
Read more about the challenges at: www.theguardian.com/environment/2022/feb/22/farmers-toughest-times-generation-england-wales-?
Bus and coach
Registrations fall to lowest recorded level
The new bus and coach market declined by 16.8% in 2021, with registrations falling to just 3,467 vehicles. Ongoing Covid-19 restrictions resulted in a 17% decline in the number of people using buses and coaches.
Read more about the fall at: www.smmt.eo.uk/2022/02/uk-bus-and-coach-registrations-fall-to-lowest-recorded-level-as-pandemic-dents ridership/
Home improvement app
TrustMark and the Health and Safety Executive are developing a ‘one-stop shop’ home improvement app to help consumers understand the process, requirements and considerations around having home improvement work carried out in their property.
Read more about the app at: www.constructionleadershipcouncil.co.uk/news/trustmark-and-hse-to-develop-one-stop-shop-home improvement-app/
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