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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Nov- 2024 -8 NovemberNews-In-Brief
Today’s news in brief – 08/11/24
Krispy Kreme has seen Q3 losses widen to $16m (£12.9m), up from a loss of $2.1m (£1.7m) in the previous year, as the UK market underperformed over the period. It comes as net revenues fell by 6.8% to $379.9m (£305.9m), down from $407.4m (£328.2m). Despite this, organic sales rose by…
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8 NovemberTrade Associations
UKH welcomes ‘short-term’ fix of interest rates cut
UKHospitality has welcomed the Bank of England’s interest rates cut from 5% to 4.75%, saying it is “positive news in the short-term”, particularly those still struggling with pandemic debt repayments, and consumer confidence. However, the trade body said it believes the benefits of this cut is overshadowed by the looming…
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7 NovemberNews-In-Brief
Today’s news in brief – 07/11/24
Wetherspoon boss Tim Martin has warned of rising prices following the autumn budget, though the pub group intends to “make every attempt to stay as competitive as possible”. It comes as Wetherspoon has reported that LFL sales in Q1 were 5.9% higher than the same period last year, as bar…
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7 NovemberNews
Bank of England cuts interest rates to 4.75%
The Bank of England has cut interest rates for the second time this year, with rates now cut to 4.75%. The bank voted by a majority of 8–1 to reduce Bank Rate by 0.25 percentage points to 4.75%. One member preferred to maintain the previous rate of 5%. It had…
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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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