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UK social media ban ‘likely to cause £1.3bn drop’ in digital advertising spend

TV streamers and family shows set to benefit as brands cease marketing to teenagers on sites such as YouTubeAnalysis: impact of social media ban in UK hinges on how firm it isBrands are expected to cut more than £1bn of digital advertising spending due to the UK’s ban on social media for under-16s, with streaming services tipped to benefit as advertisers try to reach large audiences of teenagers.The ban, due to come into force early next year, will leave UK advertisers scrambling to reassess marketing plans as millions of under-16s effectively disappear as a demographic that can be marketed to on platforms including Facebook, Instagram, Snapchat and YouTube. Continue reading...

The Guardian 20 hours ago

UK inflation stays at 2.8% as slowing food prices offset rising transport costs

May’s figure confounds forecasts of an increase to 3% as Bank of England prepares to set interest ratesAnalysis: benign data signals a softer hit than fearedUK inflation unexpectedly remained at 2.8% in May, as rising energy costs caused by the Iran conflict were offset by slower increases in food prices.The unchanged reading on the consumer price index measure of inflation (CPI) confounded economists’ expectations of a 3% increase as the conflict restricted global energy flows – and raised hopes that the impact of the war on prices might be more muted than feared. Continue reading...

The Guardian 22 hours ago

‘Tax break tart’: hospitality tipped to exploit summer VAT cut on children’s meals

As bosses ridicule the chancellor’s scheme, one venue is offering a £25 ‘kids’ menu of snails and anchovy butter toastRestaurants and pubs are expected to devise “enterprising” schemes to exploit a tax break on meals for under-18s, after one venue launched a menu for “kids” featuring wild burgundy snail salad and anchovy butter toast.Rachel Reeves last month announced a temporary cut in VAT on children’s meals from 20% to 5% between 25 June and 1 September, part of a “Great British summer savings scheme” to support struggling venues and ease pressure on families. Continue reading...

The Guardian 22 hours ago

Capital gains tax: more people have to pay, so here’s what you need to know

The rules have changed and more taxpayers are being pulled into the net, not only the wealthyLess generous rules have turned capital gains tax into a “cash machine” for the government, with income from the levy soaring by almost 80% to £24bn in the last tax year – equivalent to well over £800 a household.A series of changes to the way the charge works means more people are being pulled into the capital gains tax (CGT) net, and not only the wealthy. And, given the scale of the change, this week experts were reminding consumers of legitimate ways to reduce a CGT bill. Continue reading...

The Guardian 22 hours ago

Fashion tycoon Bernard Arnault accused of stranglehold over French business press

Arnault’s addition of leading weekly to stable of publications raises concerns about media ownership in FranceHe is known as the “wolf in cashmere” – the owner of the world’s biggest luxury group whose brands including Louis Vuitton, Dior and Tiffany have made him one of the world’s richest people.But Bernard Arnault, a close friend of Donald Trump, is under fire from journalists’ unions in France for buying up almost all the country’s business and economic press. Continue reading...

The Guardian 23 hours ago

John Lewis injects £20m into Glasgow city centre store in wider branch reboot

Upgrade to Buchanan Galleries part of £50m spend this year and £800m by 2029 to revive appeal of department storesJohn Lewis is to spend £20m on a revamp of its Glasgow store in the city centre’s Buchanan Galleries in a vote of confidence in the shopping mall not long ago scheduled for demolition.It is the largest cash injection within a wider plan to spend £50m this financial year on refreshing its shops, with department stores in Reading, Cambridge, Leicester and Liverpool all earmarked for an upgrade. Continue reading...

The Guardian 23 hours ago

Is it bad that Elon Musk has a trillion dollars? Yes, and here’s why | Ingrid Robeyns

Just as the ‘poverty line’ determines what’s required for basic living, we need a ‘wealth line’ to show when extreme wealth becomes harmfulIt was bound to happen eventually: Elon Musk has become the planet’s first trillionaire. Until recently, economists who spoke about “trillions” were describing the GDP of the largest economies or the accumulated value of bequests on their way to the heirs of today’s billionaires. The term is not often used in daily conversation, let alone to describe the wealth of an individual.But now we have entered a new phase of the oligarchic era. Previously, when we described the wealth of the world’s richest billionaires, it was understood as a few hundred billions. Three years ago, the value of Musk’s total assets was estimated to be about $250bn. The pace at which it has increased is mind-boggling – and so is what it represents. Continue reading...

The Guardian 1 day ago

The tide is turning on Thames Water: special administration looks best | Nils Pratley

It is still not totally clear what the government wants but the political mood seems to be shifting towards a decisionThames Water nationalisation moves closer as government objects to rescue dealAt last, Emma Reynolds, the environment secretary, has opined on the future of Thames Water. So what’s it to be? A takeover by the company’s creditors? Special administration, which would allow anyone to pitch up with an offer while the state temporarily funds the company? Or even a quick flush to full nationalisation?Well, two years after Thames’s shareholders walked away, and 18 months after the creditors opened talks with regulator Ofwat on the terms on a potential recapitalisation, one still can’t say definitively what the government wants. But we do have a better idea: the political mood seems to be shifting firmly towards administration. Continue reading...

The Guardian 1 day ago

Retail giants join UK government drive to boost ‘plug-in’ balcony solar panels

Asda, Amazon and B&Q among retailers in talks to sell devices that feed into household sockets and can cut electricity bills by 30%Spanish homes save €10 a month via renewables expansionBosses of some of Britain’s biggest retailers are discussing plans with the government to start selling plug-in solar panels as part of a drive to encourage more UK homes to generate their own electricity.Executives from brands including Currys, B&Q and Amazon met Martin McCluskey, the minister for energy consumers, on Tuesday to discuss guidelines for selling “balcony solar panels” to the British public. Continue reading...

The Guardian 1 day ago

Kingsmill owner cleared to create UK’s biggest bread brand with Hovis takeover

ABF’s bakeries arm would be likely to exit the market entirely if the deal did not proceed, CMA findsA £75m deal for the owner of Kingsmill to buy Hovis to create the UK’s biggest bread brand has been cleared by the competition watchdog.The Competition and Markets Authority (CMA) ruled that Associated British Foods’ proposed takeover of Hovis did not raise competition concerns because if the deal did not go ahead “the most likely outcome” would be ABF’s bakeries arm leaving the UK market entirely. Continue reading...

The Guardian 1 day ago

Five-star service from mobility equipment firm saved our holiday

Wuva staff’s kindness and empathy means we are able to plan more trips awayMy husband has motor neurone disease (MND). For us to continue going away, we decided to buy a refurbished mobile hoist, which helps to get out of a bed, from the online mobility equipment company, Wuva.It arrived quickly, but had been damaged in transit and didn’t work. I contacted Wuva out of hours via WhatsApp, and within five minutes I received an extensive apology and advised an engineer would call me shortly. Continue reading...

The Guardian 1 day ago

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