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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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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Sep- 2023 -21 SeptemberNews
Bank of England keeps interest rates unchanged at 5.25%
Following 14 straight rate rises, the Bank of England (BoE) has kept interest rates unchanged at 5.25%. At its latest meeting, the Monetary Policy Committee (MPC) voted by a slim majority of 5–4 to maintain the current rate, though four members preferred to increase the rate to 5.5%. The MPC…
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Aug- 2023 -3 AugustNews
BoE raises interest rates to 5.25%
The Bank of England (BoE) has raised interest rates for the 14th consecutive time to 5.25% in a bid to combat inflation. The bank’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target. At its meeting ending on 2 August 2023, the MPC voted by a…
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Jun- 2023 -22 JuneBusiness
BoE raises interest rate to 15-year high
The Bank of England (BoE) has raised interest rates for the 13th consecutive time to 5%, the highest level in 15 years, after it was revealed that inflation remained at 8.7% in May. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by…
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22 JunePubs and Bars
High inflation impacting night time economy says NTIA
The Night Time Industries Association has said that high inflation is still impacting the night time economy and consumer spending. The trade association believes that despite the warm weather and three bank holidays last month operating costs and consumers tightening their belts have affected the sector. This comes after it…
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May- 2023 -11 MayNews
BoE raises interest rate for 12th time to 4.5%
The Bank of England (BoE) has raised interest rates for the 12th consecutive time to 4.5%, up from 4.25%. The BoE’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the rate by 0.25% in a bid to meet the 2% inflation target. The committee said it…
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Mar- 2023 -27 MarchPubs and Bars
JD Wetherspoons returns to profit but warns of inflation impact
Pub chain JD Wetherspoons has returned to profit in H1, with profit before tax reaching £4.6m for the 26 weeks ended 29 January after a £26.1m loss the prior year. Nonetheless, this was still below the £50.3m profit reported for the same period in 2019. However, the group’s like-for-like sales…
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