Sirius Bulletin - 28th March 2022
This bulletin provides a summary of topical news, announcements and policy developments affecting business across the UK.
Tourism
Outdoor UK attractions bouncing back
Visitor numbers at museums, galleries, zoos, castles and country houses increased by 25% in 2021, but are still down 57% on pre-pandemic levels. The Association of Leading Visitor Attractions has reported that its sites had a total of 67.8 million visits in 2021, up from 45.4 million the previous year, but still significantly down on 156.6 million in 2019.
Read more about the figures at: www.alva.org.uk/ details.cfm?p=403&codeid=854
Tesco partners with Homebase
Tesco has partnered with home and garden retailer Homebase to open a number of concessions in Tesco Extra stores as part of a three-store rollout.
Read more about the partnership at: www.grocerygazette.eo.uk/2022/03/17/tesco-homebase/?
Automotive
Increase in consumer finance
The value of new business in the consumer new car finance market increased year-on-year by 52% in January 2022. The percentage of private new car sales financed by members of the Finance & Leasing Association in the 12 months to January 2022 was 91.2%.
Read more about the increase at: www.alphabet.com/en-gb/auto-digest/consumer-car-finance-new-business-volumes-43-january-2022
Commercial vehicles
Values remain at record levels
The value of light commercial vehicles remained at near record levels in February 2022, with average values staying above £10,000. Year-on-year values for February 2022 were ahead by £1,015 (10.8%) compared to February 2021.
Read more about the increase at: www.commercialfleet.org/news/van-news/2022/03/14/lcv-values-remain-at-record-levels-but-market-dynamics are-changing-says-bca
Childcare
Nursery costs increase
Research by the National Day Nurseries Association has found that 95% of nurseries in England did not have enough funding to cover their basic costs after the impact of the pandemic. Around 85% of nurseries believe they will run at a loss or break even in 2022.
Read more about the research at: www.theguardian.com/money/2022/mar/22/uk-parents-fees-nursery-costs-england?
Music
Growth in recorded music revenues
The global recorded music market grew by 18.5% in 2021, driven by growth in paid subscription streaming. Paid subscription streaming revenues increased by 21.9% and there were 523 million user accounts worldwide at the end of 2021.
Read more about the growth at: www.ifpi.org/ifpi-globaI-music-report-gIobaI-recorded-m usic-revenues-grew-18-5-in-2021
Construction
Biggest labour shortages revealed
The construction industry needs 217,000 extra workers by 2025 to meet demand. Groundworkers, bricklayers, plant operatives and dryliners are the trades most in demand.
Read more about the shortages at: https://constructionmanagement.co.uk/the-four-biggest-labour-shortages-in-construction/
Pets
Reforms to microchipping regulations in England
New proposals to make it easier to reunite lost or stolen cats and dogs with their owners have been published by the Government. The proposals include improvements to the pet microchipping database system and a single point of access for microchip records so they can quickly be accessed to help identify the owners and keepers of pets.
Read more about the proposals at: www.gov.uk/government/news/reforms-to-pet-microchipping-regulations-in-england-set-out
Green technology
VAT cut for energy-saving products
In the Spring Statement 2022, the Chancellor announced that VAT on energy-saving products such as solar panels, heat pumps and roof insulation will be cut from 5% to zero for five years.
Read more about the announcement at: www.fmb.org.uk/resource/vat-cut-will-help-boost-green-homes.html
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