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  • Today's business and finance round up 23rd June 2022

Today's business and finance round up 23rd June 2022

Brexit made UK less competitive and open, new study claims

June 23, 2022

23rd June 2022

Bite-sized business news from the UK and beyond

Good morning Glastonbury kicked off yesterday for the first time in three years. The iconic music festival will see more than 200,000 people descend on Worthy Farm over five days with acts including Sir Paul McCartney, Billie Eilish and Kendrick Lamar. In the past 25 years the average age of performers has steadily risen from 26 in 1997 to 45 in 2022.

Today's stories

  • Brexit made UK less competitive and open, new study claims

  • Kellogg plans three way split

ECONOMYBrexit made UK less competitive and open, new study claims

Other stories to keep you in the loop

  • Chancellor Rishi Sunak defends likely pensions rise

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  • Bank of England official compares crypto crash to dotcom bubble

  • Staycation boom sees JD Group offer to repay £24m furlough support

  • Asda says some shoppers setting £30 limit at tills

  • New Tesla factories losing billions of dollars, Musk says

  • Farmers warn of 'definite' turkey shortage this Christmas

  • Final bill reveals delayed Tokyo 2020 Olympics cost double original estimate

  • European fintech giant Raisin hires Goldman for fresh funding push

CONSUMERKellogg plans three way split

What happened?This week Kellogg announced that it’s splitting into three independent companies that will focus on cereal, snacks and plant-based foods respectively. The food giant hopes the move will help each of these distinct areas grow and become the best Kellogg trio since Snap, Crackle and Pop.How did we get here?Kellogg may be best known for its range of cereal including Corn Flakes, Coco Pops and Frosties but the real money maker and high growth area for the group is snacks.Kellogg had net sales of $14.2bn in 2021, and 80% of that came from the snack division which manufactures a suite of brands including Pringles and Nutri-Grain. 17% came from cereal sales which have slowed down as people opt for eating breakfast outside of the home. Kellogg’s plant-based foods business brought in the remaining 3% of sales.Three is better than oneBy splitting the group into three each company will have dedicated resources which will allow them to innovate more and grow faster, without competing against each other internally. Kellogg’s break up follows in the footsteps of other huge multinational companies. Last year consumer goods giant Johnson & Johnson and manufacturer General Electric also announced break up plans in a bid to sharpen their focus and thereby growth.

Stat of the day

UK inflation ticked up 0.1% to 9.1% in May, another 40 year-high

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