Barclaycard March data, jobs, rates, Molson, LVMH, Everyman & other:

A DAY IN THE LIFE:

If there’s anyone out there still printing those Bull-poo Bingo cards, they must be having a field-day.

Because I’ve never known politicians say so often that they want to be crystal clear that they are laser focused on moving at pace to help hard-working families.

And if they presage the above by ‘look, let me be…’ then they gain another few seconds to gather their thoughts and wind down the clock on what will probably be a sound-bite infested 15 or 20 seconds to camera.

Which is just as well because many of them are doing very little and, those that are don’t want to talk about it.

Indeed, they can usually be relied upon to fall back on the old ‘I don’t want to get into the detail here’ to prevent further scrutiny and who can blame them. Scrutiny is the enemy of incompetence and nobody wants to go there, do they?

Anyway, enough of that. Congratulations to Hull City for not losing last night. The draw takes the teams not-losing run to one game. Small acorns and all that stuff. On to the news:

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PUBS & RESTAURANTS:

Barclaycard spending data for March:

Barclaycard has produced spending data for March saying that ‘consumer card spending grew just 0.5% year on year in March’. This is ‘lower than February’s 1.0% growth and less than the latest CPIH inflation rate of 3.7%.’ It adds that ‘the sunny weather boosted non-essential categories such as garden centres and food and drink specialist stores….’

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Business rates:

UKH has reported that ‘the Government’s commitment to reform the business rates system and provide a permanently lower level of business rates for the sector has become law, as the Non-Domestic Rating (Multipliers and Private Schools) Act received Royal Assent.’ It says that it is ‘asking for the maximum discount to be applied to hospitality properties with a rateable value of less than £500,000. It is also calling for hospitality properties with a rateable value over £500,000 to be exempt from the surcharge, in line with the Government’s intention to level the playing field for the sector….’

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Mark Zuckerberg has been defending Meta in the antitrust case brought against his company by the FTC in the US. The FTC intends to break up the company by forcing a disposal of Instagram or WhatsApp.

Jobs market:

The state of the jobs market influences consumer confidence and hence spending. Accountant Deloitte reports that UK businesses are likely to cut back on recruitment and reduce investment in the face of uncertainty caused by President Trump’s flip-flopping on tariffs…

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Employment – ONS Stats:

Payroll down, vacancies down, real wages still in growth. The ONS has reported that payrolled employee numbers in the UK fell by 21,000 (0.1%) over the quarter to end-Feb but rose by 50,000 (0.2%) over the year, when looking at December 2024 to February 2025. It says that ‘the UK unemployment rate for people aged 16 years and over was estimated at 4.4% in December 2024 to February 2025. This is above estimates of a year ago, but largely unchanged in the latest quarter….’

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Cider:

Heineken UK’s latest Cider Report has stated that cider is a ‘major force’ in pubs, with UK sales of around £2 billion per annum. The value of sales is reported to be up by 5%, whilst volumes are slightly down. Prices have risen and there is some evidence of trading up to more premium products…

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WFH:

Estate agent Knight Frank has reported that demand for office space in London is up sharply in 2025 vs last year. The agent says that ‘investors are slowly buying into the demand and prime rental growth story in new office buildings, which continue to attract blue-chip tenants on strong lease terms…’

Food & drink retail.

Commenting on the off-trade, the BRC reports that ‘shopper confidence fell from 4 to -2 in March after a brief boost in February….’

Other news:

Opening hours: The Telegraph reports that ‘landlords say they have begun calling last orders earlier in the evening to offset extra costs heaped on them by Rachel Reeves in her October budget.’

Business confidence. The ICAEW reports that this could be a “harrowing” year for UK businesses, as a result of President Trump’s tariff regime and a £25 billion tax rise on employers. The ICAEW’s business confidence monitor fell from 0.2 to minus 3 in Q1 this year.

Luxury goods: The Daily Mail reports that luxury goods retailers are urging the Government to scrap VAT on tourists’ purchases – or risk rich Americans flocking to the Continent to escape tariffs on high-end goods.

Trump Tariffs. The FT reports Carlsberg’s CEO Jacob Aarup-Andersen as saying the impact of US tariffs on already weak consumer spending means there will be “no winners”, even though the Danish brewer is “insulated” from the direct fallout of the levies.

COMPANY NEWS:

Molson Coors Beverage Company has announced that ‘after 28 years in the beer industry, including over six years as President and CEO of Molson Coors Beverage Company, Gavin Hattersley has informed the Company and the Board of Directors that he intends to retire from the Company and as a member of the Board, in each case, by December 31, 2025….

LVMH has reported Q1 sales showing that revenues were down 5 per cent year-on-year to €10.1bn in the first three months of the year. The market had been looking for a fall of only around 1%…

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HOLIDAYS & LEISURE TRAVEL:

The Foreign Office has cautioned that Lanzarote has been hit by heavy rain, which has flooded roads and left some hotels without power.

London Heathrow has reported that passenger numbers fell by 7.5 per cent year-on-year in March, largely as a result of the power outage, which forced the airport to suspend flights for 10 hours on 21 March.

OTHER LEISURE:

Everyman Media Group has reported full year numbers to 2 January 2025 saying that admissions were up 15% at 4.3m and group revenue was £107.2m (2023: £90.9m), up 17.9%. The company reports adjusted EBITDA of £16.2m (2023: £16.2m), flat year on year. The group reports an operating loss of £3.4m (FY24: loss £52k) and a loss before tax of £10.2m (FY24: loss £5.5m). The basic loss per share is 9.4p against a loss last year of 3.0p. There is, unsurprisingly, no dividend…

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Sony has reported that it is to raise the price of its PlayStation 5 game console in a number of markets including Europe and the UK. It says ‘a backdrop of a challenging economic environment, including high inflation and fluctuating exchange rates’ is behind the decision. Prices will go up by around 11% in Europe and by around 10% in the UK.

Computer games company TinyBuild has reported full year numbers to end December saying that revenues fell by 22% to $34.7m. The group reports a loss before tax of $30.3m (FY”£: loss $63.5m). The company says that revenue declined 22% to $34.7m (2023: $44.7m), ‘due to lower flow through from titles launched in 2023, the disappointing performance of 2024 launches (e.g. Broken Roads and Level Zero: Extraction), some game delays and a generally weak market….’

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Former Tory MP Craig Williams is one of 15 people who have been now charged with crimes involving gambling offences after placing bets on the time of the 2024 general election. At least ten of those criminally charged had roles within the Tory party.

Donald Trump’s tariff summersaults continue as he says Chinese smartphones and other electronics will not be exempt from tariffs. He says they are simply moving into a different levy “bucket”.

The antitrust case against Meta started in Washington yesterday. The US competition and consumer watchdog alleges that Meta, which bought Instagram in 2012 and WhatsApp in 2014, did so to eliminate competition and create an effective monopoly. An FTC victory could force Meta to dispose of both companies.

FINANCE & MARKETS:

For ONS jobs data, see Pubs & Restaurants above.

Rightmove reports that the average asking price of homes coming onto the market in the UK hit a new record in April, at just over £377,000

CEO of Goldman Sachs, David Solomon, has warned that the chances of a US recession have risen as a result of President Trump’s tariffs. He says the threat of a trade war poses “material risks” for US and global growth.

Sterling up at $1.3209 and €1.1636. Oil higher at $65.15. UK 10 year gilt yield down 6 basis points at 4.66%. World markets better yesterday and London set to open around 12 points higher as at 6.30am.

RETAIL WITH NICK BUBB:

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