Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

Tuesday newspaper round-up: Hospitality, energy costs, recession, broadband

(Sharecast News) - Thousands of pubs face closure without urgent government support to soften the blow from soaring energy bills, the beer industry has said, putting jobs at risk in a sector still battling to recover from the Covid pandemic. The bosses of companies owning almost half of the UK's 47,000 pubs said tenants were already giving notice because they could not cope with energy bills, which are due to rise more than fivefold in some cases. - Guardian Soaring profits by Australian-based fossil-fuel exporters have renewed calls for the Albanese government to impose a tax on windfall earnings that have little to do with the companies' performance. Independent senator David Pocock, the former Labor foreign minister Bob Carr and energy analyst Tim Buckley are among those pressing the government to match nations like the UK and Indonesia in clawing back some of the super-sized profits.- Guardian

Brussels is drawing up emergency plans to reduce the cost of energy, amid warnings from the boss of Shell that the gas crisis is set to last for several years. Ursula von der Leyen, president of the European Commission, said the bloc needed an "emergency instrument" to cope with the crisis and would try to break the link between gas and electricity prices which amplifies the impact of gas shortages. - Telegraph

Energy suppliers are demanding millions of pounds upfront from major high street firms as hefty deposits for gas and electricity bills risk triggering a business cash crunch. A number of energy providers, including SSE and EDF, are asking some firms for huge deposits to cover months of bills amid fears that the crisis will cause swathes of small businesses to collapse. - Telegraph

Britain will plunge into recession before the end of this year and the economy will keep contracting throughout 2023, Goldman Sachs has warned. The sharp downgrade on its previous predictions came alongside news that the number of high street stores closing continues to increase and that manufacturing insolvencies are soaring. - The Times

Thousands of foreign workers could be fast-tracked into the UK to help telecoms companies with the rollout of gigabit broadband because a shortage of skilled labour is holding back installation. In a letter to businesses involved, Priti Patel, the home secretary, wrote: "The Home Office is on standby to help you and your sub-contractors understand the immigration system and receive an expedited service." - The Times

Share this article

Related Sharecast Articles

Sunday newspaper round-up: Middle East, Aston Martin, Defence
(Sharecast News) - Britons must accept that their country was now involved in the Middle East conflict, Tobias Ellwood said. The former defence minister warned that "nobody was in full control" of the growing conflict as more and more countries were sucked in. Ellwood also said that Tehran's strike had taken the conflict into a "new dangerous territory". - Sunday Telegraph
Friday newspaper round-up: Everton, AstraZeneca, Amazon
(Sharecast News) - Everton has paid about £30m in interest charges to an opaque lender associated with a tax exile, corporate records suggest. The charges appear to have reached about £438,000 a week, according to the troubled Premier League club's most recent set of accounts, a figure more than three times the reported wages of the Everton and England goalkeeper Jordan Pickford. - Guardian
Thursday newspaper round-up: Border controls, McKinsey, KPMG
(Sharecast News) - New post-Brexit UK border controls coming into force later this month will cost British businesses £2bn and fuel higher inflation, according to a report warning that UK-EU trade will be damaged as a result. With less than a month before the introduction of new checks on animal and plant products from 30 April, the insurer Allianz Trade said the controls agreed under Boris Johnson's Brexit deal could add 10% to import costs over the first year. - Guardian
Wednesday newspaper round-up: Shoplifting, EnQuest, Klarna
(Sharecast News) - The government is investing more than £55m in expanding facial recognition systems - including vans that will scan crowded high streets - as part of a renewed crackdown on shoplifting. The scheme was announced alongside plans for tougher punishments for serial or abusive shoplifters in England and Wales, including being forced to wear a tag to ensure they do not revisit the scene of their crime, under a new standalone criminal offence of assaulting a retail worker. - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.