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  • Daily business and finance update 22nd March 2023

Daily business and finance update 22nd March 2023

Just Eat U-turns

Good morning. The average UK homeowners stays in their property for just under 21 years before moving but Nancy Gifford from Somerset may just have broken the record. This week the 104-year old put the house she has lived in for 102 years on the market. It will also prove to be quite a return on investment with the £169,950 asking price dwarfing the £200 her parents paid for it.

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Just Eat U-turns

Europe’s largest takeaway app announced it would axe 1,900 jobs in the UK as it abandons its strategy to employ its delivery riders and drivers. Just Eat said the decision was driven by a drop in demand for its services, last year orders fell 10% in the UK and Ireland as consumers returned to in-person dining following pandemic lockdowns. The company will now shift towards a gig-economy model which means it won’t have to guarantee minimum pay or provide sick and holiday pay.

Credit Suisse fallout continues

The dramatic weekend takeover of Switzerland’s second largest bank by rival UBS has left 50,000 staff including 5,500 in London waiting uneasily to find out what it could mean for their jobs. Together the two banks employ 120,000 people globally with expectations that UBS could reduce this by as much as a third by removing overlapping roles. Recruiters worldwide have reported fielding calls from anxious Credit Suisse staff all week. UBS and Credit Suisse have yet to comment on job cut plans but insiders say that employees in the investment banking division could be the worst affected.

Government borrowing record

The difference between government spending and tax income hit £16.7bn last month, much higher than the £11.7bn expected by economists. It was largely driven by the government’s support schemes to help households and businesses with soaring energy bills. It was the highest borrowing in any February since records began in 1993. It follows January’s surprise public finance surplus which was a result of high self-assessed income tax receipts. With only one month to go until the end of the financial year, the public sector has borrowed £132.2bn so far, £15.5bn more than in the same period last year and the third-highest figure at this stage since records began.

Back down to earth

Sir Richard Branson’s Virgin Orbit could be on the brink of bankruptcy. Last week the satellite-launching startup paused operations and reportedly furloughed most of its staff. CNBC reported that the firm was scrambling to raise cash. If Virgin Orbit fails to secure a funding lifeline or a buyer, it could file for bankruptcy as soon as this week. It comes after the failed launch of a historic mission on UK soil in January. Since then the company’s share price has plunged nearly 75% and it lost $140m from January to September of last year.


Points deduction: Tesco is slashing the value of its Clubcard rewards scheme later this year as it revamps its loyalty scheme.

AI launch: Google opened up limited access to Bard, its ChatGPT rival, a major step in the company’s attempt to reclaim what many see as lost ground in a new race to deploy artificial intelligence.

On track: Derby has been announced as the winning location for the Great British Railways headquarters.

Pay rise: Currys is handing its store staff another pay rise, bringing hourly rates just above new minimum wage laws coming into effect next month.

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Number Of The Day


The UK government's investment in a cutting-edge supercomputer as part of an artificial intelligence strategy that includes ensuring the country can build its own “BritGPT”.

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