Weekly Digest – 26 April 2023 - Donnan Bookkeeping

Weekly Digest – 26 April 2023

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Burberry CEO calls Brexit VAT shopping rule changes a “spectacular own goal” for UK

Burberry CEO Gerry Murphy criticized the new VAT shopping rules post-Brexit, stating that they will make the UK the “least attractive shopping destination in Europe,” and called it a “spectacular own goal” for the country. The comments were made during a Business Connect conference in London

Cost of Living payments have started

Millions of people will have now received the first Cost of Living Payment, with some Tax Credit recipients set to receive the payment from May 2. The payment, which will be £301, is part of the £900 being distributed throughout the year, and those receiving it have been advised to check their bank accounts for a reference from HMRC COLS.

UK and Dutch governments plan North Sea electricity cable project to power 1.8 million homes with green energy

The project aims to provide green power to 1.8 million UK homes by connecting to offshore wind farms and transferring electricity between the two countries, helping to fulfil climate promises to reduce reliance on fossil fuels and improve energy security.

Credit Suisse reveals £55.2bn bank run triggering state-backed rescue

Credit Suisse has released the figures of the bank run that resulted in the bank’s state-backed rescue in March, stating that 61.2bn Swiss francs, equivalent to £55.2bn or $68.6bn, left the bank in the first quarter of 2022.

Government pledges £100 million to establish taskforce for AI development

The government has committed an initial £100 million to create a Foundation Model Taskforce aimed at developing AI that will make the country “globally competitive” while ensuring its safety and reliability.

UK supermarkets face pepper shortage due to cold weather in Europe

Supermarkets are experiencing a shortage of peppers due to a cold snap in Europe, resulting in some supermarkets limiting the number of peppers customers can purchase. The unseasonably cold weather has disrupted the harvest of fruit and vegetables, particularly peppers

UK-listed firms issue highest first-quarter profit warnings since the start of the pandemic

New figures show that UK-listed companies have issued 75 profit warnings in the first quarter of this year, telling investors to expect lower full-year earnings than initially thought. According to consultants EY-Parthenon, this marks the highest first-quarter total since the early pandemic in 2020, when 305 warnings were issued.

Demand for luxury brands is booming

LVMH is the first European company to achieve a $500bn market value, following a surge in demand for its high-end brands such as Louis Vuitton and Moët & Chandon champagne.

Disney to lay off several thousand workers across divisions in second and largest wave of job cuts

Disney is laying off several thousand employees across its divisions, including ESPN, Disney Parks, and its Experiences and Product division, as part of a plan to reduce its workforce by 7,000 employees and save $5.5 billion in costs.

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