Bank of England
Coverage examines how monetary policy decisions, inflation forecasts, and economic commentary from the UK’s central bank affect the foodservice and hospitality sector, including implications for interest rates, consumer confidence, borrowing costs, and business investment. Reporting is tailored to help operators, finance leads, and decision-makers understand the macroeconomic environment shaping trading conditions and long-term planning.
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Sep- 2024 -19 SeptemberNews
BoE holds interest rates at 5%
The Bank of England (BoE) has decided to hold interest rates at 5% this month, having lowered them for the first time in four years in August. The bank voted by a majority of 8-1 to keep the rate the same in a bid to help “sustain growth and employment”.…
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18 SeptemberNews
Today’s news in brief – 18/09/24
Comptoir Group has seen its loss after tax widen to £1.7m in H1, despite reporting a revenue rise of 7.4% to £15.9m. Adjusted EBITDA loss before highlighted items also widened to £0.6m from £0.3m a year earlier. The group has attributed its mounting losses to its sustained restaurant opening programme. …
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18 SeptemberRestaurants
Restaurants and hotels help keep inflation steady at 2.2% in August
The rate of inflation remained steady at 2.2% in August, unchanged since July, yet is still above the Bank of England’s target of 2%.It follows downward contributions from hotels and restaurants, with costs in the segment falling to 4.4% in the month, down from 4.9% in the year to July,…
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Aug- 2024 -29 AugustBusiness
IoH partners with BoE to help businesses combat counterfeit notes
The Institute of Hospitality (IoH) has become a strategic partner of the Bank of England’s Banknote Checking Scheme, a free scheme for companies to protect their business from counterfeit banknotes and stay up-to-date on the latest banknote news. Whilst counterfeiting has substantially reduced since 2019, businesses that accept counterfeits can…
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1 AugustNews
BoE cuts interest rates for first time in 4 years
The Bank of England (BoE) has cut interest rates for the first time in four years, with the rate falling to 5%. The bank voted by a majority of 5–4 to reduce the rate by 0.25 percentage points to 5%, marking the first fall in inflation since March 2020, where…
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Jul- 2024 -11 JulyPubs and Bars
JD Wetherspoon offloads 26 pubs as it posts healthy LFL sales
JD Wetherspoon has revealed it has sold or surrendered a total of 26 pubs so far this year and has seen its like-for-like sales in the year-to-date increase by 7.7%. According to the group, which currently has a trading estate of 801 pubs, most of the disposals were smaller and…
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Jun- 2024 -20 JuneNews
BoE holds interest rates for 7th consecutive month
Interest rates have remained unchanged at 5.25% for the seventh consecutive month, the Bank of England has announced. The bank’s MPC voted by a majority of 7–2 to maintain the rate, despite inflation hitting its target and falling to 2% in May. UK inflation hit its target for the first…
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May- 2024 -31 MayOpinion
Are we really out of the woods?
For most of us in hospitality: the last nine to 12 months have been very challenging indeed. One well known operator said to me recently that these were the worst trading conditions he had encountered in 40 years. My hospitality career nowhere near stretches that long, but I agree with…
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Mar- 2024 -6 MarchNews
Chancellor cuts NI by a further 2p as part of Spring Budget
Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…
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Oct- 2023 -10 OctoberBusiness
Pubs see increased spending in Sept as restaurants struggle
Spending in pubs increased 6.1% in September, compared with a 2.8% increase last month driven by the Rugby World Cup, according data from Barclays. Despite this, growth in spending slowed for spending in restaurants which was down 10.8% compared to a decrease of 5.8% last month Furthermore spending on takeaways…
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