Business Update – 23 August 2023

Business Update – 23 August 2023

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Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

UK economy up 0.2% as drinks and hospitality grow

The UK economy has grown by 0.2%, slightly outstripping expectations, as the drinks and hospitality sector benefited from good weather.

WeWork: What went wrong for the much-hyped firm?

WeWork was once hailed as the future of the office. But now there is “substantial doubt” about its future. What went wrong?

Waitrose to offer police free coffee and discounted food to deter shoplifting

Waitrose and John Lewis are to offer police officers free hot drinks and discounted food to on-duty police in a bid to tackle shoplifting. John Lewis says community support officers will also be able to take advantage of initiative which has been named ‘thanks a Latte’.

New calls for Hunt to freeze business rates

Chancellor Jeremy Hunt has been urged to freeze business rates again, amid warnings that a multi-billion hike in bills could dent investment and leave many small firms “on the brink”.

Energy bills predicted to drop in October

Annual energy bills for a typical household are expected to fall slightly to £1,926 from October, according to a new forecast.

Business “Investment Boom” underway says Berenberg

A business investment boom might be underway in the UK as businesses utilise their considerable cash balances amidst an improved political landscape and despite rising interest rates.

Trader who predicted 2008 financial crisis bets $1.6bn on stock market crash by end of 2023

An investor who was featured in the film The Big Short after he correctly bet on the housing market collapse in 2008 has now predicted that a Wall Street crash will take place by the end of this year.

How the UK can become a science and tech superpower

The rhetoric is set, but the ambition – what does it actually mean to be a science and technology superpower – will require addressing several multi-layered and long-standing challenges facing the UK’s society and economy.

Legal & General publishes latest wave of the Rebuilding Britain Index

The 9th Wave of Legal & General’s Rebuilding Britain Index (RBI) has shown a mixed picture of progress across its metrics, as well as between regions and income groups.

How can UK businesses navigate the current data landscape?

As businesses eagerly anticipate the UK Government’s long-awaited Data Protection and Digital Information Bill, business leaders will need to revisit the way they approach international data transfers and ensure they can comply with new regulations and the evolving data landscape.

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