Economics bulletin 05 May

Date : 05 May 2023

Your overview of economic and policy news with a focus on the food and consumer goods industry. Featuring the latest developments and guidance on the rising cost of living, disruptions to supply chains, the Ukraine crisis, labour shortages, policy developments and adapting to a new relationship with the EU.

Interest rates to peak?

High inflation is proving to be persistent, in part due to stronger than expected contributions from food. Next week, the Bank of England is expected to raise interest rates again, to 4.5%.

As illustrated in our latest Viewpoint report: Time to plan for a weak recovery? inflation is expected to fall sharply over the rest of the year. This may be the final interest rate rise the Bank of England implements.

Short of time? Download our one-page Executive Summary or catch-up on chapter 1 of our webinar to understand the UK economic outlook.

Shopper confidence rise

IGD’s Shopper Confidence index rose by two points in April (-16). Financial confidence in the year ahead saw a significant rise month-on-month (+5pts) and is now 15 points higher than it was in April 2022 (-39).

ShopperVista subscribers can read the full Shopper Confidence Index report here.

Energy and Trade Intensive Industries Update

Businesses in energy and trade intensive industries are now able to apply for additional energy support here. Eligible businesses have 90 days from 26th April to apply.

For more details and to see which industry sectors are eligible please see here.

Venison assurance scheme

DEFRA have launched a new national quality assurance standard for wild venison that will ensure a set of standards are met throughout the supply chain. The scheme is applicable to applicants in England, Wales and Northern Ireland and follows the Scottish Quality Wild Venison scheme.

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