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 ...

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Rental affordability hits new low Rental affordability in the UK has hit a new low as tenants are having to spend 28.8% of their gross income on rent. Furthermore, rent as a proportion of wages has risen by 2.2% over the last year which is the worst it has been in the last seven years. The Office for National Statistics defines rent as being “unaffordable” if it reaches 30% of gross ...

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UK wage growth expected to keep inflation high Catherine Mann, a member of the BoE’s monetary policy committee has stated there are concerns about inflation despite reaching targets of 2%. Wage growth has been high in the last year with wage growth in the public sector being at 6.4% between February and April this year. Wage growth has eased slightly since then but remains around double the amount compared to the ...

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Within the BSCC network there exists exstensive knowledge and expertise. We are always eager to share relevant knowledge, news and useful information. This week we are happy to share updates from Goodwille, and our Patron member Diplomat Collection. Diplomat Collection A new sister hotel to Hotel Diplomat and Villa Dagmar will be opened on 29 August. Villa Dahlia, the third hotel within the family-owned Diplomat Collection is located by Tegnérlunden park in ...

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Bank of England cuts interest rates The Monetary Policy Committee voted this week to slash interest rates providing a boost to the new Labour government to provide economic growth. The BoE reduced interest rates to 5% from 5.25% which is the lowest it has been since 2020. Andrew Bailey, BoE governor stated that the reason for the cut was due to inflation slowing down but also said that it is important ...

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Bank of England holds interest rates The Bank of England have decided to hold interest rates at 5.25% for the seventh time in what was a tight decision due to recent inflation figures. Data just before the announcement showed that inflation had fell to below 2% which reached the BoE’s target for the first time in three years. However, the issue with this data is that services inflation remained high at ...

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Reform party makes tax cuts promise The Reform party, led by Nigel Farage, is now ahead of the Conservatives in the polls and lead the opposition to Labour who are currently favoured.  YouGov poll showed the Reform party had jumped to 19% whilst the Conservatives are at 18% and Labour at 37%. The Reform Party announced this week that it had “radical” plans to significantly push forward the minimum threshold for ...

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Concerns for the US over rising costs in the UK BAB chief executive, Duncan Edwards has stated this week that “there’s concern about a potential rise in the cost of doing business in the UK”. The Conservative and Labour party have been fighting for the upper hand in the last few weeks as the general in July looms. Some US companies are concerned about rising operational costs under a Labour government ...

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Sunak announces new migration policy Rishi Sunak announced that he would bring in an annual cap on migration if he wins in the upcoming election. The cap would be based on work visas or those joining family in the UK, this would be through an annual vote in parliament which would seek to reduce the cap each year. Data shows that net migration last year stayed higher than historical averages, despite ...

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The BSCC is thrilled to announce the establishment of the Young Advisory Committee, a committee composed of Young Patrons' Programme Alumni. The committee aims to bring a young perspective to the BSCC Advisory Board and enhance the YPP by extending the experience and prolonging its networking possibilities. Rebecca Farkhooy, Senior Associate at Eversheds Sutherland, has been elected the very first Chair of the Young Advisory Committee. To learn more about the YPP ...

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