Wages & spending, disposable incomes, VARE, PIER, tariffs & other:

A DAY IN THE LIFE:

Considering a second career, preferably a lucrative one with little work involved, I’ve been looking around for ideas.

And, mindful of the news that a van driver in the US has been awarded $50m for spilling hot tea in his lap when driving away from a Starbucks, I thought I might give the injury compensation game a spin.

Preferably an incident where the compensation had lots of zeros and the injury didn’t comprise scalded testicles but, if needs be, its still something I’d be willing to consider.

However, all other things equal, I’d prefer mental trauma or anguish because, well, it is what you say it is and one man’s anguish could easily be another man’s, well, meh, whatever.

So, it’s a bit less ‘they didn’t tell me not to rub bleach into my eyes’ and a bit more ‘Hull City, they didn’t make it clear that they could actually lose matches’. On such a regular basis. Or maybe ‘you didn’t tell me I’d look so pitiful in those Speedos’, that sort of thing.

Well, it’s a work in progress.

On to the news:

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PUBS & RESTAURANTS:

Higher minimum wage & NIC changes – winners & losers:

Harder to enter the workforce: The Institute for Fiscal Studies argues that ‘upcoming increases in the minimum wage and employer NICs could make it harder for young people entering the labour force.’ It is certainly true that entry level jobs – an particularly those for part-timers earning over £5k per annum and younger workers aged between 18-20 and earning minimum wage – will cost employers markedly more from this week…

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Wages above minimum wage could concertina. Jobs website Indeed reports that wage increases among low-paid workers are at their lowest level in three years. Wage inflation has eased a little in general but this has been more noticeable towards the bottom of the pay-scale. Indeed says that pay growth for low-wage positions fell to 6.2 per cent in February from 6.8 per cent in January. Indeed adds ‘for some time now, low-paid sectors have been seeing significantly stronger pay growth than the rest of the market.’ This may slow.

Could boost demand: Business secretary Jonathan Reynolds has said that the rise in NLW will mean that low-paid workers could help drive growth across the UK. Could being perhaps the operative word.

Disposable incomes:

Retail Economics has calculated that the tax increases introduced by the Chancellor that impact this week, will be passed on to shoppers in part and will cost the latter some £1.7bn in their first full year. RE expects retailers to absorb around the same amount in a hit to their margins with a further £2.1bn or so to be saved by the retailers by cutting costs…

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Other news:

The British Institute of Innkeeping (BII) and the Licensed Trade Charity (LTC) have joined forces to help more businesses in the hospitality sector thrive, by supporting the wellbeing of the people who run them. Steve Alton, CEO of the BII, comments ‘we have a shared mission to look after the brilliant people in our industry; the hardworking teams who provide safe spaces for everyone to connect, at the heart of every community across the UK.’

Globally, the online alcohol market is reported set to grow to some $36 billion in terms of revenue by 2028, up 20% in value over the next five years.

The FT reports that ‘theatres in London had a record-matching run for attendance last year, with early signs that an influx of tourists boycotting the US will add to the crowds flocking to the West End for hit shows.’ It says ‘nearly 5mn more people attended a West End show than a Broadway production in 2024, according to the Society of London Theatre (Solt), which represents more than 200 theatre producers, owners and managers….’

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COMPANY NEWS:

Brighton Pier shares dropped in value by 60% yesterday on news that the company is seeking to delist its shares from AIM.

Various Eateries PLC has announced that a vehicle owned and controlled by Hugh Osmond (Non-Executive Director of the Company) has taken its shareholding up to 23.10% of the total issued share capital and voting rights in the Company. It adds that ‘the resultant aggregate interest of Hugh Osmond and members of his Concert Party in the ordinary shares in the capital of the Company for the purpose of the City Code, is 111,739,152 ordinary shares, representing 63.8% of the Enlarged Share Capital.’

In the US, Domino’s Pizza Inc has announced that it is to launch a third-party delivery partnership with DoorDash next month. The partnership comes around 18 months after Domino’s launched with Uber Eats at the end of 2023….

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Okell’s brewery on the Isle of Man is celebrating its 175th anniversary this year and says this is ‘already a catalyst for a great future’. Recently appointed Executive Chairman, Mark Crowther says the ‘175th anniversary really is proving a catalyst for both Okell’s brewery and our associated chain of pubs in the Island and across the north of England….’

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Drinks Business reports that Carlsberg has made a multi-million pound investment into its Italian lager brand Poretti to reinforce the beer’s image. Sam Johnson, head of marketing for Poretti, tells DB ‘Poretti has enjoyed fantastic growth over the past four years. In the latest quarter, the brand is the second fastest growing lager in the on-trade. Now, we want to turbo-charge that growth and cement our place as a leading world beer brand.’

City AM reports that private members’ club Soho House ‘has accused FTSE 100 retail giant Next of copyright and design right infringements over selling furniture that “closely resembled” that of Soho Home’. Soho House sells furniture and homeware through its retailer Soho Home.

HOLIDAYS & LEISURE TRAVEL:

The UK’s Electronic Travel Authorisation (ETA) for visitors has now gone live meaning that travellers to the UK from 30 European countries are now required to obtain an ETA prior to their visit. The cost is set to increase from £10 to £16 next week.

The Welsh government has announced that children and young people staying in hostels, campsites or outdoor centres in Wales will be exempt from paying a proposed tourism tax. The announcement represents something of a U-turn. The BBC reports that Finance Secretary Mark Drakeford had previously said that exempting children from the visitor levy would see a “significant fall” in revenue….

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Heathrow shutdown. MPs have heard that Heathrow was warned of the risks of a power failure only days before the airport was shut down by a fire last month. Heathrow CEO Thomas Woldbye nonetheless maintains that the airport switched its power supply “as fast as we possibly could” after the fire.

A proposal and plans for the redevelopment of Custom House on Lower Thames Street, City of London, into a hotel have been submitted by Custom House City Limited.

OTHER LEISURE:

Roblox has announced it is to introduce measures that will allow parents to block their children from specific games and experiences on the platform.

Shares in a number of US tech companies including Apple, Amazon and Tesla fell yesterday as the implications of tariffs being imposed on goods they need to trade continued to sink in. Trump advisor Elon Musk has already asked for an exemption for SpaceX as he says it cannot source some of its parts from anywhere other than China,

Nintendo’s long-awaited Switch 2 console will go on sale on June 5 in the US at a higher price than had initially been expected due to tariffs.

Tesla sales worldwide have fallen sharply to their lowest level in three years due to a backlash against boss Elon Musk and competition from much cheaper Chinese rivals. Tesla delivered around 337,000 electric vehicles in Q1 this year, down 13% on a year ago. The group’s shares, which hit a high of around $480 after Donald Trump’s election victory, are currently changing hands at £280.

FINANCE & MARKETS:

President Trump yesterday announced his proposed tariffs, which include a 20% levy against goods from the EU and 10% against the UK (the base level for tariffs against countries that have not been hit with a higher tariff). He says his country’s deficit is a ‘national emergency’ and that he was ‘finally putting America first’. This will hit drink and other exports. UK motor cars will face a 25 per cent tariff. Most of the duties will impact from 5 April with some coming in a few days later on 9 April…

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Sterling up at $1.3058 and €1.1977. Oil lower at $73.14. UK 10 year gilt yield up 2 basis points at 4.67%. World markets down yesterday and into today and London set to open down around 141 points at 6.30am. The scale of the expected drop was diminishing slightly, however, and by 7am, the markets were expecting down 126.

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