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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Mar- 2022 -17 MarchNews
BoE raises interest rates to 0.75%
The Bank of England has raised interest rates back to the pre-pandemic level of 0.75% as it tries to mitigate the effect of the rising costs of living and the impact that the conflict in Ukraine is having on the global economy. The Monetary Policy Committee (MPC) voted with a…
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Feb- 2022 -3 FebruaryBusiness
BoE raises interest rates to 0.5%
The Bank of England (BoE) has raised interest rates for the second time in three months to 0.5%, up from 0.25% previously. The BoE Monetary Policy Committee (MPC) confirmed it voted by a majority of 5-4 to increase Bank Rate by 0.25 percentage points, to 0.5%. Interestingly, it revealed those…
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Nov- 2021 -9 NovemberFeatures
Can catering SMEs weather the supply storm?
Using the words of Nando’s, restaurants have had “a bit of a mare” recently amid an increase in supply chain shortages. Earlier this year, the chain had to temporarily shut around 50 UK outlets, with its signature peri peri chicken stripped from the menu. As well as chicken being unattainable,…
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Feb- 2021 -12 FebruaryGovernment
UK suffers record 9.9% GDP slump
GDP declined by 9.9% in 2020, a figure which is more than double of what was recorded in 2009 after the UK’s financial crisis. According to the ONS, the fall was largely due to restrictions which were in place for most of the year, forcing the economy to operate at limiting trading levels. Figures…
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Nov- 2020 -5 NovemberCoronavirus
Chancellor extends furlough scheme to March
Chancellor Rishi Sunak has announced that the furlough scheme will be extended until the end of March, amid increased measures for business support as the UK enters a four-week lockdown. Payments are set to remain at 80% of employee’s wages. It comes as the chancellor said that it was “right…
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Aug- 2020 -21 AugustCoronavirus
Accommodation and food service sectors see 53% drop in insolvencies
The accommodation and food services sectors have seen a 53% drop in insolvencies from May to July 2020, compared to the same period in 2020. According to RSM, some 597 insolvencies were recorded by the Insolvency Services for May to July 2019 and 279 for the same period this year.…
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May- 2020 -22 MayComment
Seven ways for catering businesses to become Covid-compliant
The economic impact of COVID-19 on the hospitality industry is enormous, with thousands of operations shut down since 23 March and The Bank of England suggesting the UK would see its worst slump since 1706. With social and catering activity at an all-time low in the lockdown Derek Gardner, Environmental…
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20 MayPubs and Bars
BBPA welcomes expanded CBILS loan amount but calls for further SME support
The British Beer and Pub Association (BBPA) has welcomed the extension of the maximum loan size available through the Coronavirus Business Interruption Loan Scheme (CIBLS) from £50m to £200m. The expanded loans will be available from 26 May to large firms who do not qualify for the Bank of England’s…
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Apr- 2020 -24 AprilCoronavirus
Chancellor considering 100% guarantee on small business loans
Chancellor Rishi Sunak is reportedly considering offering a 100% guarantee on loans to small businesses of up to £25,000. According to the Financial Times, Sunak is set to up the guarantee, which currently sits at 80%, in a bid to make it easier for banks to supply the loans and…
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9 AprilCoronavirus
Greggs taps £150m from government
Greggs will receive £150m in funds from the Bank of England amid the ongoing coronavirus crisis, the bakery chain has confirmed. The group confirmed that it is now eligible to issue paper under the Covid Corporate Financing Facility (CCFF) scheme. Through the scheme, available credit will “meet the company’s liquidity…
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