News
35. Weekly Newsletter
UK cosmetic industry provides boost to UK economy
According to Oxford Economics, the beauty industry’s contribution to the UK economy saw an 11% rise, reaching £27 billion in 2023. The chief executive of the British Beauty Council attributed this growth to the industry rebounding from supply-chain disruptions caused by the pandemic and ongoing geopolitical conflicts. She also credited the “lipstick effect,” where consumers, during economic hardships, opt for entry-level luxury items to lift their spirits, thereby boosting sales in the beauty sector.
Makeup sales, in particular, performed better compared to previous years. During the pandemic, fewer people went into offices, leading to reduced spending on appearance-enhancing products. Although some have expressed concerns that a slowdown in the US market could have a negative domino effect, data suggests that falling inflation and the holiday season will allow the sector to continue thriving for now.
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Some of the British headlines from the past week are:
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Financial Times- ‘HMRC tax probes into large UK businesses at 5-year low’
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Financial Times- ‘UK businesses in the dark over Starmer’s workers’ rights deal’
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Financial Times- ‘British household energy price cap to rise 10% from October’
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The Times- ‘Burberry set to drop out of FTSE 100’
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Sunday Telegraph- ‘Labour voters would rather back Reform UK than Tories’
Keir Starmer looks to improve UK-China relations
Keir Starmer held a 45-minute phone call with Chinese President Xi Jinping this week, following a brief meeting between Starmer and China’s Vice President Han Zheng at the Paris Olympics. They discussed trade, the economy and potential collaboration on global security and climate change. Xi emphasized the importance of the two countries “working together to promote world peace,” while Starmer expressed a desire to establish a “grown-up” relationship despite recent disagreements. China also raised their concerns about the Aukus deal, in which the UK, US and Australia agreed to collaborate on nuclear-powered submarines, warning it could lead to a “path of error and danger”.
