Business Update – 29 June 2022

Business Update – 29 June 2022


Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

‘Hat-trick of hurt’ affecting small businesses

Small and medium-sized firms are facing a triple threat of rising fuel costs, higher wages and the surging price of imported goods and raw materials.

Staff shortages contribute to air cargo delays

The IATA says that the cargo handling industry lost thousands of workers during the pandemic. Consequently, there is now a “severe shortage” of skilled ground handlers to move goods.

UK telecoms industry comes together to help customers

Moving to a cheaper deal without paying a penalty will soon be possible, thanks to the UK’s biggest mobile and broadband companies agreeing to a plan to help customers struggling to pay bills amid the cost of living crisis.

Russia in default over missed payment

Russia is now in debt default, as a key payment deadline passed on Sunday. The country has the money to make the $100m payment, but sanctions made it impossible to get the sum to international creditors.

UK faces risk to imported food quality

A British watchdog warns that the UK is facing “significant risks” to the quality of food being imported and consumed. Brexit, the impact of the Covid-19 pandemic, and the Ukraine war are putting pressure on standards.

UK joins ban on Russian gold imports

The UK, US, Canada and Japan are banning imports of Russian gold. The joint effort comes as G7 leaders meet in Germany, and is meant to hinder Moscow’s ability to fund the war in Ukraine.

Almost half of UK adults buying less food

The Office for National Statistics has released new figures showing that 44% of adults surveyed last month said they were buying less food due to the cost of living crisis.

Consumers with smart meters could be paid to use less electricity

National Grid has initiated a pilot scheme to reduce the risk of blackouts this winter by paying consumers to use less electricity at peak times.

Save, budget, and borrow – tips to combat the cost of living

The Guardian has created a list of tips and tricks to help you stay ahead of the curve as the cost of living increases. It can be found here.

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