Business News Round Up (09/04/2024)
UK retail sales growth picks up as price pressures ease
Growth in UK retail sales picked up in March after falling to a two-year low in February, according to industry data that points to signs of recovery for the sector on the back of easing price pressures. The value of retail sales increased at an annual rate of 3.5% last month, up from 1.1% in February, the British Retail Consortium said. March’s reading was above the 12-month average of 2.9%. Some economists said the figures from the trade body added to recent data showing an easing in cost of living pressures and pointed to an impending rebound in retail sales, as declining inflation boosts consumer demand. UK shop price inflation fell to its lowest levels in two years last month, according to separate data from the BRC. In February, official consumer price inflation fell more than forecast to 3.4%, the lowest rate since 2021.
https://www.ft.com/content/8cd00550-9d46-4b0c-9ca0-48df5696a71b
Top UK tech firms surpass national gender pay gap average
15 out of 20 of the best funded tech companies in the UK surpass the average national gender pay gap, finds new report.According to the most recent gender pay gap filings mandated by the government, tech companies such as Revolut, Checkout.com, and Starling, among others, exhibit disparities in pay between male and female employees that exceed the national average. The national gender pay gap currently stands at 9.1p less for every £1 earned by male counterparts in companies with over 250 employees. However, when looking at the UK’s tech landscape, the gap widens substantially. While there have been efforts to address this issue since the inception of pay gap reporting in 2018, recent figures paint a concerning picture of stagnation in its progress. Of the companies required to file gender pay gap data for consecutive years, half displayed a worsening pay gap this year.
https://www.digit.fyi/top-uk-tech-firms-surpass-national-gender-pay-gap-average/
2022 Commonwealth Games contributed £1.2bn to UK economy – report
The Commonwealth Games in Birmingham two years ago contributed £1.2 billion to the UK economy, with nearly half of that in the West Midlands alone, according to a newly published report. The 2022 Games also contributed £79.5 million in social value, including community benefits and increases in wellbeing and earnings of volunteers and those trained as part of the event. In addition, the research suggests the equivalent of 22,380 full-time years of employment were created. Around 6,600 athletes and officials from across 72 Commonwealth nations and territories came to Birmingham and the wider West Midlands in July and August 2022 for the sporting spectacle. Birmingham welcomed a six per cent rise in visitor numbers during the games compared with pre-pandemic levels and enjoyed global TV views of 834.9 million, over 215 million digital views and 141 million interactions on social media.
https://www.business-live.co.uk/enterprise/2022-commonwealth-games-contributed-12bn-28959826
Scottish North Sea revenues reach 25 year high
The latest analysis from finance experts, RIFT, has revealed that Scottish revenues from North Sea oil and gas surged to its highest levels in the last 25 years, with the Energy Profits Levy (EPL) driving this boost to the Scottish economy. In the recent Spring Budget, Jeremy Hunt announced that the Energy Profits Levy would be extended until March 2029, a decision that many have claimed could cause the demise of North Sea oil and gas, as energy producers struggle to turn a profit. Originally set at 25%, the Energy Profits Levy was increased to 35% in January of last year, having originally been implemented to tax the huge profits being made following the invasion of Ukraine. It will remain in place until March 2029 or until such time that oil and gas prices return to ‘normal’ levels for a sustained period of time.