Weekly Digest – 12 July 2023

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Hospitality sector ‘anxious’ over summer staffing

The UK’s hospitality sector is still short-staffed and businesses fear they will struggle to cope over the busy summer holiday season.

Bank of England warned 7 per cent interest rates would send shock wave through housing market

The Bank of England has been warned that pushing interest rates to 7 per cent could send shock waves through Britain’s housing market and average prices tumbling. But a leading economist said Britain is “not facing a 2007-2008 scenario”, and that there is “no sign of any crash”.

UK and US to rally efforts to help developing nations tackle climate change

Top financiers and philanthropists have come together in Windsor for a Climate Finance Mobilisation Forum to recognise and encourage efforts that increase support for emerging and developing economies to accelerate a net zero, resilient transition..

Business activity in Northern Ireland grows again as inflationary pressures ease

Businesses in Northern Ireland grew again last month, weathering pressures from rising interest rates and jitters around the wider economy, according to the latest PMI report from Ulster Bank.

Amazon warehouse workers strike for three days, clashing with Prime Day sales

Amazon workers at a Coventry warehouse will walk out for three days next week, six months after staging the first Amazon strike in the UK. The dispute is over pay.

UK firms most upbeat in 10 months despite economic headwinds, survey shows

British companies were the most upbeat about their trading prospects in 10 months in June and their hiring plans increased again but rising interest rates could prompt consumers to rein in spending, according to a survey published on Sunday.

BT on high alert for German takeover

BT is on high alert for a takeover spearheaded by its major shareholder Deutsche Telekom, in what would be a crucial test of Britain’s approach to European investment post-Brexit.

Why live-in lodgers are making a comeback

The cost of living crisis has changed all of our habits, from where we shop to how often we go out. And now those of us with a spare room who previously have baulked at the idea of living with a stranger might well be considering our options.

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