VAT cut pressure, taxation, demographics, Jet2, social media & other:

A DAY IN THE LIFE:

There are apparently around 250,000 adult foxes in the UK and most of them are in my garden.

But they’ll have to move a little further afield shortly because, having finished off our ducks and chickens some time ago and there being a finite number of wood pigeons daft enough to saunter in front of one of them while its hiding in the bushes, there isn’t enough in our dustbin to keep them going.

But let’s not get too worked up about that as the World Cup is now well and truly underway.

We’re looking forward to England’s first match on Wednesday and congrats to Scotland.

Haiti may not be the most challenging of opponents, but that’s on paper. in fact tell that to the England team that lost to Iceland because, in the real world, you have to beat whatever team is put against you on the day.

Brazil and Morocco could be a bit of a challenge.

But that’s for another time so, for the moment, let’s hope that England is concentrating on Croatia and we’ll move on to the news:

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PUBS & RESTAURANTS:

Hospitality VAT cut:

A petition, supported by chef & pub operator Tom Kerridge, that calls for VAT on hospitality services to be cut to 10% now has more than 200,000 signatures. UKH, the BBPA and the BII are all backing the campaign, reports the MA…

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More on VAT: The MCA reports that ‘Andy Burnham, the Mayor of Greater Manchester, is currently leading the race to be Makerfield’s next MP, a trajectory that would almost certainly take him all the way to Downing Street and install him as Britain’s next Prime Minister.’ It adds that this may benefit the industry as ‘the ‘King of the North’ has already promised to shower hospitality with shiny trinkets should he take Labour’s crown.’

Demographics:

Triple lock faces further criticism, grey pound potentially vulnerable. City AM reports that ‘Lord Walker, the influential Iceland boss who was made a Labour peer, has called for the triple lock pension to be scrapped as the mechanism was ‘profoundly unfair……’

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Taxation & business startups:

Some 65 business leaders have written to The Telegraph arguing that changes to National Insurance, capital gains tax and business reliefs amount to a ‘death by a thousand cuts’ for founders. The Telegraph reports that ‘they warned that Britain risked becoming an ‘incubator economy’ that creates successful businesses only to lose them to countries with lower taxes and less red tape, effectively ‘training entrepreneurs for export….’

Other news:

JDW chair Sir Tim Martin has told The Telegraph that the industry-wide bounce-back after Covid has slow and difficult. He says although ‘we were doing better than almost any other pub company…it’s a slow climb without a rope. It’s the north face of the Eiger.’

COMPANY NEWS:

The Millennium Dough Company Limited, which supplied pizza dough to other operators and which had been trading for over 30 years, has entered administration after creditor liabilities rose sharply in its latest reported accounts…

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HOLIDAYS & LEISURE TRAVEL:

Jet2.com has become the first major UK airline and tour operator to put its Winter 2027/28 programme on sale, reports TTG.

City AM reports Alton Aviation’s Ronan Murphy as saying that Heathrow’s bid for a third runway will ‘significantly’ push up the cost of flying from the UK’s biggest airport. He says ‘ultimately we’re the ones that are paying for infrastructure growth.’

Reuters reports that high hotel prices at major World Cup destinations are dampening demand which, it reports, has been weaker than expected. It quotes the Hotel Association of New York as saying of the World Cup that it is ‘overall a disappointment. There’s no other word.’

Eurotunnel has said that it will launch a legal challenge against the UK government’s tripling of its business rates.

OTHER LEISURE:

The government is to introduce a ban on under-16s from accessing social media apps such as TikTok, Instagram and X in restrictions said to be an ‘Australia Plus’ solution. The Guardian reports that this is a ‘major policy shift far tougher than previously briefed’. It adds that ‘online products that are not covered by the ban – such as gaming apps – will face new restrictions such as having the option to chat to strangers removed.’

Moody’s reports that Greece-based betting and gaming operator Intralot S.A. proposed purchase of Evoke is ‘credit positive for Evoke because it effectively lowers refinancing risk through the end of this decade.’ It says ‘as part of the transaction, £889 million equivalent of fresh commitments from new lenders will fully refinance Evoke’s 2028 debt maturities.’

The US Department of Justice has concluded that the proposed Paramount Skydance acquisition of Warner Bros Discovery will not harm competition.

Betting and Gaming Council CEO Grainne Hurst has warned that black market gambling operators are using social media, search engines, messaging services and digital ad platforms to reach British consumers, reports City AM.

FINANCE & MARKETS:

A Bank of England survey undertaken with Ipsos has found that inflation expectations have risen to another recent hight with households believing that inflation will rise to 3.9% over the next five years. The Bank of England’s MPC will report on UK interest rates on Thursday.

Oil has moved sharply lower on news that a framework deal has been announced between the US and Iran that would see an end to hostilities between the two countries in the Gulf.

Sterling mixed at $1.3448 and €1.1586. Oil around $5 lower on peace deal news at $83.55. UK 10 year gilt yield down by 6 basis points. World markets better on Friday & likely to move up today with London set to open around 91 points higher as at 6.30am.

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