9. Weekly Newsletter
Food industry warns against new Post Brexit policy
The British government plans for all meat and dairy products sold in the UK to be labelled as “not for EU” consumption. Food and Drink Federation stated the policy would cost hundreds of millions of pounds as food costs would spike, making investing in domestic food manufacturing less appealing.
These labels will be put in place as part of post-Brexit negotiations to ensure that food products sold in Northern Ireland have been checked and don’t cross into part of the EU’s single market via Ireland. The Food and Drink Federation has said that making it widespread across the UK will affect medium-sized businesses that can’t afford to run the dual production lines.
Newspapers
Over the last seven days, the UK’s front page news cycle has covered many topics. Birth rates drop to a record low in England and Wales, UK monthly budget hits highest level on record and BoE may consider cutting rates before hitting the 2% inflation target. Some of the newspaper headlines from this week were:
- Financial Times-‘Denmark and Sweden press Brussels to act against UK in fishing dispute’
- Financial Times-‘Sunak under pressure to ease draconian new rules on rough sleeping’
- Financial Times-‘Sunak touts ‘green shoots’ of economic recovery ahead of Budget’
- Financial Times-‘UK start-up raises $14mn to develop AI-boosted adaptable vaccines’
- The Guardian-‘Chancellor gave Fujitsu executive advice on gaining contracts’
- The Times-Apple faces UK investor revolt over rogue AI threat’
Rolls Royce Profits rise
Luxury British automobile company Rolls Royce has been in the midst of a reboot after falling into crisis during Covid. Rolls Royce profits have practically doubled in the last year, skyrocketing shares by 7%. Underlying profit rose from £938 million to £1.6 billion, revenue up to almost £16 billion and a record free cash flow of £1.3 billion. Rolls Royce’s success has come through the car-, aviation- and defence sectors, all experiencing a rebound. Forecasts for 2024 are also optimistic, with underlying profit expected to hit £2 billion this year.
