Food price inflation expected to slow: After last year’s high inflation in food prices, many will be relieved to hear that the rate at which the price of food increases will be slowing down over the next 6 months, according to the Sainsbury’s boss. The previous high inflation had been caused by the fall in the value of the pound post Brexit.
5p plastic bag expansion: Previously, if you wanted a plastic bag, you would only have to pay the 5p charge if the retailer had over 250 employees. This, however, is set to change as the government reveals itís 25-year environment plan. Now almost all retailers will be required to charge for bags.
Byron Burger restaurant closures: Following financial troubles, Byron Burgers, the gourmet burger chain, has hired KPMG to oversee their financial restructuring. Part of this restructure involves the closure of up to 20 restaurants. Fear not though, the Norwich restaurant is safe and sound.
New Look shops to close: With the soaring cost of rent and stagnating sales figures, New Look is considering shutting down around 10 percent of its stores, about 60 in total. Negotiations with landlords to reduce rent in the stores that New Look are keeping are also taking place. New Lookís bond value has plummeted in the last year, dropping by 56 percent. This is another sign of the struggle that many high-street retailers have been facing recently.
Pound hits new high since Brexit: We all remember the dramatic fall in the value of the pound the day after the Brexit vote. Since then, however the pound has been making a slow but steady recovery, and has reached a new record high since the referendum. Nearly reaching $1.37, the surge came following announcements from Spanish and Dutch finance ministers supporting a close relationship with the UK post-Brexit.