Business Update – 7 September 2022

Business Update – 7 September 2022

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

Pound weakens against the US dollar

The pound slid 5% against the US dollar in August, the biggest drop since shortly after the Brexit vote in 2016. Analysts say the fall reflects the darkening outlook for the economy.

Disposable income to fall by £3,000 for a typical household

British households have been warned to brace for “the deepest living standards squeeze in a century,” as disposable income will shrink by 10% this year and next.

Snapchat to trim 20% of workforce

The social media app was worth an estimated £112bn a year ago, but is now valued at less than £17bn. Advertising generates most of Snapchat’s revenues, but high inflation and a nervousness around the state of the global economy has left many advertisers reluctant to spend.

House prices continue to hold steady

Though the housing market is showing signs of losing momentum, it has still grown by double digits for the tenth month in a row. Experts warn, however, that a sharp fall may lie ahead.

British retailer to feed employees to ease cost of living

John Lewis Partnership announced last week that it would be offering free food to its over 80,000 employees all winter as the cost of living crisis continues. The company owns supermarkets and department stores, and provides banking services.

Boris Johnson goes nuclear

Prime Minister Boris Johnson has pledged £700m for a new nuclear power plant on the Suffolk coast. The Sizewall C project is estimated to cost about £20bn overall.

Second cost of living payment coming soon

With energy costs expected to rise sharply soon, many are wondering when the next cost of living payment is due. See if you qualify and when you can expect relief here.

Food prices rose 9.8% last in August

The British Retail Consortium and NielsenIQ index have revealed new figures that show the price of food rose at its fastest rate since 2008 last month. They laid the blame on the Ukraine war and its effect on the price of animal feed, fertiliser, wheat, and vegetable oils.

UK growth expected to be weak for a couple of years

The British Chambers of Commerce says the UK will enter a recession this year, but anticipates a brighter outlook near the end of 2024.

Users spent US $4.8bn on OnlyFans last year

Questionable side hustles are more in-demand than ever if you consider the latest figures from OnlyFans. The highly profitable company paid out more than £433m to reclusive owner Leonid Radvinsky in last two years

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