Gordon Ramsay’s restaurant empire has reported almost £12m in losses and cut almost 300 staff because of closures and restrictions during the Covid-19 pandemic as the businessman warned of the potential impact of soaring inflation and rising bills on restaurant dining habits.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Thousands cancel Netflix or Prime Video as UK cost of living soars
Almost 800,000 UK households cancelled their subscriptions to Netflix or Amazon Prime Video between April and June, as the cost of living crisis forces streaming fans to cut back on the number of services they pay for to just a few favourites.
Bank of England raises base interest rate to 1.75%
The Bank of England has raised the base interest rate by half a percentage point to 1.75 per cent, the biggest rise since 1995, in an attempt to combat runaway inflation.
EU delays tighter entry rules until November 2023
Travel to Europe was given a boost yesterday as the European Union quietly delayed its plans to tighten entry rules.
Rural crime wave forces farmers to paint their flocks
Farmers are painting the horns of their sheep to thwart thieves as a report finds that rural crime has risen by 40 per cent in a year.
Supply chains remain a major problem for Mini
The problematic transition to electrification amid continuing pandemic- related supply chain disruption has seen deliveries at Mini, the carmaker that produces the majority of its vehicles at the Cowley plant in Oxford, drop by more than a fifth.
Poundland to cut prices and open 25 new stores
Poundland, the discount retailer, is cutting the price of 1,000 products and opening 25 more stores as inflation hits household finances.
Cost of living squeeze hits pension contributions
More than one in ten adults have stopped contributing to their company pension or are planning to stop because their incomes have been squeezed by the cost of living crisis.
Post covid footfall gains are wiped out as shoppers stay at home
Footfall across retail destinations in Britain fell last month to 14.2 per cent below the 2019 level, wiping out all the gains made since April.
Prepare for 15% inflation next year, Britain warned
Inflation could reach 15 per cent early next year, a leading think tank warned yesterday, as soaring gas prices exacerbate the UK’s cost of living crisis.
Ads for two UK funeral firms banned over ‘misleading’ eco-friendly claims
Adverts for two funeral providers have been banned after they misleadingly implied that their MDF coffins were more eco-friendly than other options.
Company insolvencies at highest rate for a decade
The number of British companies filing for insolvency hit its highest level in a decade last quarter as businesses struggled after Covid support was lost.
Long-term stays boost for Airbnb
Airbnb last night forecast third-quarter revenue above estimates and announced a $2 billion share buyback, its first since going public, as pandemic-weary travellers make the most of the summer.
Inflation and tax rises will leave 5.3m with no savings, says think tank
Inflation and a growing tax burden will lead to 5.3 million people having no savings by 2024, equal to one in five of all households, a leading economic think tank has said.
UK economy grows but fears remain over rising prices
The UK economy rebounded in May after shrinking in April and March, official figures show.