Business Update – 1 November 2023
Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.
BoE likely to keep high rates on hold even as signs of slowdown mount
The Bank of England looks set to keep interest rates on hold but also stress that it is far from relaxing its fight against Britain’s high inflation rate, despite growing worries about a recession.
UK businesses stuck in reverse in October, surveys show
Britain’s businesses reported another decline in activity this month and cost pressures cooled further, surveys showed on Tuesday, underlining the risk of recession as the Bank of England prepares for its interest rate decision.
UK’s night time economy crisis deepens as thousands of businesses are closing each year
The UK’s night time economy crisis deepens, with recent figures from CGA NeilsonIQ released by the NTIA highlighting the rapid erosion of independent businesses, painting a grim picture of the challenges faced by businesses across the sector in the last 12 months.
SumUp report reveals what online consumers want from e-commerce brands
As the key festive shopping period approaches, many online businesses are gearing up for what should be the busiest time of the year. But with inflation and living costs posing a challenge for many UK e-retailers, knowing how to capture the attention and trust of online shoppers is tougher than ever. A new OnePoll survey, commissioned by the leading fintech company, SumUp, shares current online consumer behaviours and how e-commerce sites can survive and succeed.
Construction sector exposed as business confidence declines
Construction company confidence has taken a deep plunge as higher interest rates and weakening sales growth has lowered optimism in the sector. Company concerns over bank charges were also at record high according to ICAEW’s Business Confidence Monitor (BCM) Q3.
Scottish economy showing signs of apathy as many businesses choose to hold back investment
Growth in the economy has been faltering and pretty muted over 2023, with a high interest rate environment and wider economic uncertainty leading to investment being delayed or cancelled, according to the Fraser of Allander Institute.
UK economy continues to ‘skirt with recession’ due to Bank of England’s interest rate hikes
The UK economy is teetering on the edge of a recession under the weight of higher borrowing costs, a closely watched survey suggests. S&P Global’s ‘flash’ Purchasing Managers’ Index (PMI) for the UK economy in October came in at 48.6 – below the 50 reading which indicates flat growth.
Letter to police on AI enabled facial recognition searches
The Policing Minister writes to police chiefs to set out the importance of harnessing innovative technologies to support police in preventing and solving crimes
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