Business Update – 19 July 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Economics 101: The Cost of Living Crisis Explained
The Guardian interviewed ten experts and created this explainer on the cost of living crisis – how we got here, and where we’re going. It can be found here.
Amazon presence set to grow in the UK
Amazon announced it will create more than 4,000 new permanent jobs in the UK this year, bringing its permanent workforce to 75,000. New fulfilment centres will open in Wakefield and Knowsley.
China’s economy shrinks sharply amid coronavirus lockdowns
GDP fell by 2.6% in June compared to the previous quarter. Major cities across China were put into full or partial lockdowns during this period as the country continues to pursue its “zero-Covid” policy.
The euro slips below the dollar
The euro has fallen below the dollar for the first time in nearly 20 years as the war in Ukraine pushes the currency down.
Union calls for heat limit law
A workers union is calling for a heat limit law as temperatures across much of England reach a red warning for extreme heat. There are currently no laws restricting work for temperatures that are too hot or too cold.
Payroll glitch at Next caused employees to be underpaid for months
Employees were reportedly underpaid by up to £200 a month since implementing a new payroll software system in February. Next has apologised to its employees and implemented a team specifically for spotting payroll errors.
Energy could become cheaper when demand is low
The Department for Business, Energy and Industrial Strategy launched a consultation that proposes to incentivize users to draw energy from the grid at cheaper rates when demand is low or if the weather is particularly sunny and windy.
Interest rates likely to raise above 2%
Bank of England policymaker Michael Saunders said interest rates could reach 2% or higher in the next year in order to tackle inflation.
Petrol prices should fall in the coming days
Motoring group AA says that the cost of filling up your car should be £10 cheaper within a fortnight. With petrol and diesel prices finally beginning to come down, the price at the pump is expected to follow.
Deliveroo cuts annual sales forecast as demand slumps
With many Britons finding ways to cut costs due to the cost of living crisis, the takeaway delivery group has cut its annual sales forecast to reflect the drop in demand.
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