Business Update – 8 February 2023

Business Update – 8 February 2023

Small, Business

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

What impact has Brexit had on the UK economy?

It has been three years since the UK left the European Union, resulting in changes to how UK businesses conduct business. According to reports, many UK businesses are still figuring out the new system, while the UK hasn’t rebounded from the pandemic trade collapse as quickly as other EU countries have.

Jeremy Hunt says significant tax cuts in Budget unlikely

Jeremy Hunt has warned that it is unlikely there will be any significant tax cuts in the Budget, noting that the UK is going through a difficult patch. The rate of inflation has slowed, but is still at 10.5%, an almost 40-year high.

UK food inflation is out of control

Food inflation is at its highest level on record, rising to 13.8 percent in January 2023. Fresh food inflation increased to 15.7 percent, while ambient food–which includes canned foods–increased to 11.3 percent.

UK only G7 country expected to fall into recession in 2023

The International Monetary Fund predicts the UK will be the only G7 country to fall into a recession in 2023. Other G7 members are expected to have economic growth, even if only slight growth.

House prices fall for fifth month in a row

House prices continued to drop, with the average property last month down by an additional 0.6% over December. Economists warn that the affordability of mortgages would continue to be challenging due to higher interest rates, with many people struggling to save a deposit thanks to the high cost of living.

Newsflation: UK national newspaper cover prices up 14% in a year

A survey by Press Gazette found national newspaper cover prices increased by 14% in the past year, putting newsflation at a higher rate than the national average. Despite the increased prices, only one newspaper is more expensive than the average pint of draught lager.

UK business groups warn of ‘cliff edge’ as energy help ends

Hospitality companies could see their power and gas bills skyrocket once the government scales back its energy relief in April 2023.

Public support is on the rise but the road to re-joining the EU would not be smooth

New opinion polls suggest a majority of the British public believe it was a mistake to leave the EU, and support rejoining. However, rejoining the EU might not be as easy as people believe.

UK’s Rishi Sunak to announce Cabinet reshuffle

British Prime Minister Rishi Sunak will announce a Cabinet reshuffle and may make major changes to government departments. Nadhim Zahawi stepped down as Conservative Party chairman after admitting to paying a tax penalty to HMRC, but changes are expected to go even further.

Teachers handing out toothpaste as rising UK costs hit pupils’ dental health

Four out of five teachers in the UK say they have given dental supplies such as toothbrushes and toothpaste to students, noting that the cost of living crisis is affecting children’s dental health. More than 80% of teachers say some children in their school have no access to toothpaste.

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