Today's business and finance round up 25th April 2022
Consumer confidence and retail sales take a hit
25th April 2022
Bite-sized business news from the UK and beyond
Good morning Over the next week a million half price rail tickets will be available as part of the ‘Great British Rail Sale’ to encourage people to travel by train after Covid led to a big drop in passenger numbers.Although one million tickets sounds like a lot it’s only a tiny proportion of the 160m rail journeys that usually take place over the offer period.
Today's stories
Consumer confidence and retail sales take a hit
Supermarkets limit cooking oil purchases
ECONOMYConsumer confidence and retail sales take a hit
What’s going on?
Why is this important?
Amid a perfect storm of higher taxes, sky high energy prices and 30-year high inflation, consumers are feeling gloomy and tightening their belts.The UK consumer confidence index measures how people feel about their personal finances and the wider economic outlook. This month the consumer confidence index dropped by seven points to -38 - its lowest level since 2008 and far off the -15 where it was a year ago.Official data released last week showed that this pessimistic outlook is already feeding through to lower retail sales. Overall retail spending fell by 1.4% in March compared to the 0.5% drop the month before. However they remain 2.2% above pre-pandemic levels. Spending on groceries food fell for the fifth straight month with a steep drop in sales at butchers and bakers.Consumer shopping habits are also returning to pre-Covid norms. Online spending fell to 26% as a proportion of total sales – the lowest since February 2020, with shoppers returning to in person retail post lockdown. Online shopping peaked at 37% in February 2021 when the high street was closed.
Zooming out
Other stories to keep you in the loop
Rishi Sunak to host major City figures at £10,000-a-table Tory fundraiser
Morrisons cuts prices of 500 items as inflation soars
Twitter board meets with Elon Musk to discuss takeover plan
Center Parcs owner mulls £4bn sale or IPO of business
Reebok-owner races into auction of Ted Baker
Revolut overhauls Ukraine refugee scheme after customers ‘exploit’ referral fees
‘Tsunami’ of insolvencies hits England and Wales as pandemic support withdrawn
Failed energy supplier Bulb pays millions in bonuses
UK’s largest laundry service snaps up rival
Mike Ashley’s Frasers Group to hand nearly £21m to future son-in-law
FOODSupermarkets limit cooking oil purchases
Stat of the day
Over 90% of the world’s plastic is never recycled
Interesting links from around the web
30 years of Nando’s, Wagamama and a British food revolution
The definitive answer to the question - how often should I wash my jeans?
50 ways to make money during a cost of living crisis
