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  • Today's business and finance round up 7th September 2021

Today's business and finance round up 7th September 2021

šŸ˜ÆLabour shortage could last two years

September 07, 2021

7th September 2021

Good morning Who would you trust to give you advice on cryptocurrency? According to the City watchdog the FCA, it shouldnā€™t be Kim Kardashian, or any other social media influencer as they could be a front for scammers.

Today's stories

  • Labour shortage could last two years

  • UK food waste start up raises Ā£31m

ECONOMYLabour shortage could last two years

Whatā€™s going on?Yesterday the UKā€™s largest business body, the CBI, warned that the current labour shortage in the UK could last up to two years. The group also flagged that the problem could delay the post-Covid economic recovery.

Why is this important?

In recent months there have been well-publicised reports of the lack of lorry drivers which has caused supply chain issues for fast-food restaurants and retailers. But the CBI has warned that labour issues run much deeper into the economy and could derail the UKā€™s bounce back from the pandemic.The CBI represents over 190,000 businesses which together employ nearly 7 million people.The body accused the government of ā€œwaiting for shortages to solve themselvesā€. This comes after ministers refused to relax post-Brexit immigration rules for the governmentā€™s shortage occupation list which helps recruit overseas workers to fill particular skills gaps. The CBI wants this list to be updated to include lorry drivers, welders, butchers and bricklayers.The CBI says that businesses are already investing in training to plug the skills gap but it could take two years for shortages to be fully eliminated.During the pandemic many foreign workers left the UK which created acute shortages in the hospitality, logistics and building sectors. TakeawayThe government has been reluctant to change immigration rules and has instead called on employers to recruit more UK workers.The government also thinks the end of the furlough scheme this month will lead to more workers looking for jobs. However the CBI warned mismatches between the types of jobs that may no longer be needed and vacancies elsewhere in the economy would persist without government action.

TECHUK food waste start up raises Ā£31m

Olio, the British app that distributes unwanted food, has raised Ā£31m in its latest fundraising round. The investment will be used to fund expansion into Latin American, Northern European and Asian markets as well as to accelerate growth in the UK. The company is aiming to reach one billion users worldwide by 2030, from 5 million today.Founded six years ago the app works by connecting retailers, like Tesco and Pret a Manger, that have unused food nearing its expiry date with people who want it. The appā€™s Food Waste Heroes (an army of 30,000 volunteers) collect the unsold food from stores, store the items and list them on the app. Users then request the items they want, and arrange to collect them. Olioā€™s mission is to help tackle the global food waste problem worth $1.3 trillion. The impact of that is not just lost food but also enormous amounts of carbon.Since its launch, Olio says it has enabled over 25 million portions of food and three million non-food items to be saved from the bin.The app has tapped into the growing consumer consciousness over waste and protecting the environment. This has been boosted by the pandemic because people were suddenly forced to live and interact locally.Also retailers are becoming more aware of the need to minimise waste and be more sustainable. Olio offers them a simple and cost-effective way to do this.

Stat of the day

The average daily users on Peloton's app fell 42% from April through July

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