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  • Today's business and finance round up 25th April 2022

Today's business and finance round up 25th April 2022

Consumer confidence and retail sales take a hit

April 25, 2022

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  • ‘Tsunami’ of insolvencies hits England and Wales as pandemic support withdrawn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

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