14th June 2022
Bite-sized business news from the UK and beyond
Good morning Should employers be doing more to help workers cope with the cost of living crisis? Lloyds Bank certainly feels that way. Yesterday the UK’s biggest high street bank announced it will give out £1,000 bonuses to its staff in a bid to help them pay their bills amid 40-year high inflation. Lloyds says that 99.5% of its 65,000 employees will be eligible for the extra cash.
Recession fears grow as UK economy shrinks
UK and EU tussle over Brexit trade deal
ECONOMYRecession fears grow as UK economy shrinks
Services, which makes up around two-thirds of the economy, fell by 0.3% driven by the reduction in NHS Test and Trace activity.
Manufacturing fell by 1.0%, as businesses continue to report the impact of price increases and supply chain shortages.
Construction also fell by 0.4% following strong growth in March when the industry was busy repairing the damage from the storms the month before.
Other stories to keep you in the loop
Markets tumble amid economic concerns
UK tech startups raise £12.4bn amid public market slowdown
Bitcoin plummets to lowest level since December 2020
Oxford Street: Tax investigation into US-themed sweet shops
Thameslink and London bus group Go-Ahead faces two takeover bids
Russia made £79bn in first 100 days of Ukraine war by selling oil and gas to the world
Elon Musk to hold first meeting with Twitter staff this week
US stores report tampon shortage as women struggle to find product
BREXITUK and EU tussle over Brexit trade deal
Stat of the day
Google will pay $118m to settle a lawsuit that includes over 15k women who accuse the tech giant of paying them less than their male counterparts
Interesting links from around the web
How to make the most of the rest of 2022
Bill Gates’ top picks for summer reading
How to work out if you’re living beyond your means