IGD - Economics bulletin 29 October
29 October 2021Your overview of political and economic news with a focus on the food and consumer goods industry, featuring the latest developments and guidance on COVID-19...
Your overview of political and economic news with a focus on the food and consumer goods industry, featuring the latest developments and guidance on COVID-19, labour shortages and adapting to a new relationship with the EU.
The autumn 2021 budget
The Chancellor delivered the autumn 2021 budget on Wednesday predicting that this would pave the way for an "economy of higher wages, higher skills, and rising productivity."
While the economy (in terms of GDP) is set to recover faster than previously predicted, inflation is forecast to rise from 3.1% to an average of 4% in 2022.
See here for a summary of some of the key measures impacting business.
In its review of the budget, The Institute of Fiscal Studies raised concerns that real living standards may be impacted for many due to rising inflation and taxes.
See here the responses to the budget from the British Retail Consortium and the Food and Drink Federation.
A harsh winter ahead?
Download a free copy of IGD’s newly published Viewpoint: A harsh winter ahead? report.
In this report we provide the IGD view of the current landscape, considering a range of economic indicators, viewing them through the lens of the food and consumer goods industry and highlighting possible implications. We connect you to original sources and to IGD’s wider research, to help you build a fuller picture of what is happening now and what might come next.
Planned stocking up increases
Recent research conducted by IGD revealed a rising trend in the number who say they will or might stock up on food and groceries (45% vs 40% 8-10 October vs 34% 1-3 October).
There has been little change in the number of adults who have recently felt the need to stock up or purchase more than they normally do (35% vs 34% two weeks ago).
There has been a slight decline in the number of adults interviewed who experienced shortages of some food and groceries in-store or online recently (63% vs 67% two weeks ago).
New Trade and Agriculture Commission
The government has announced that a new strengthened Trade and Agriculture Commission (TAC) has been launched.
The aim of TAC, which will be chaired by Lorand Bartels, Professor of International Law is to scrutinize new trade deals helping to ensure British agricultural standards are upheld. This follows the announcement of a new trade deal with New Zealand.
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Our round-up of the latest economic and political news, focused on FMCGs