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, the Ukraine conflict, labour shortages, policy developments and adapting to a new relationship with the EU.
Reviving economic growth
At the Labour Party Conference, Sir Keir Starmer and Shadow Chancellor Rachel Reeves outlined their focus on prioritising investment across the everyday economy to revive growth.
The Labour Party’s first mission in government will be to “secure the highest sustained growth in the G7.”
IGD Viewpoint: It is likely to be a significant challenge to boost economic growth in the short-term. The International Monetary Fund has predicted that the UK will experience the slowest growth of any G7 country in 2024.
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The ONS has reported that GDP rose by 0.2% in August 2023, following a fall of 0.6% in July. GDP rose modestly by 0.3% in the three months to August 2023, with growth in all sectors of the economy.
IGD Viewpoint: The latest data from the ONS confirms that the UK economy recovered from the impacts of COVID-19 better than previously believed, however, the future path for growth remains uncertain. Economic activity has been relatively flat in the previous three months but does suggest that the UK may avoid slipping into recession in the latter half of 2023.
HFSS advertising restrictions
The Shadow Secretary of State for Health and Social Care, Wes Streeting, has committed that a Labour government would implement a ban on “junk food advertisements targeted at children”.
The government has previously delayed the implementation of advertising restrictions on HFSS products to October 2025, the same time as restrictions on multibuy promotions of HFSS products come into force.
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The UK Food Security Report published by DEFRA every three years, examines past, current, and predicted trends relevant to food security.
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Our round-up of the latest economic and political news, focused on FMCGs