Number of pubs in England and Wales falls below 39,000 for first time

More than 400 pubs in England and Wales shut their doors for good this year against a backdrop of rising costs and cautious spending among consumers.The number of pubs has fallen below 39,000 for the first time, as 412 were demolished or converted for other uses in the year to December, according to an analysis of government figures by the property data company Altus Group. Most of the closures happened in the first half of the year.The overall number of pubs in England and Wales, including those vacant and being offered to let, fell to 38,989 as closures accelerated. Some of them were converted to homes, offices and day nurseries

Most UK businesses expect to grow in new year, surveys find

A majority of UK businesses expect a positive start to 2025, according to two economic confidence surveys which show managers planning for growth after a challenging period for the economy.About 70% of UK businesses expect their turnover to increase over the next year, up from 62% in December 2023. Meanwhile, 73% are confident of greater profitability, according to research from Lloyds bank.Hann-Ju Ho, a senior economist at Lloyds, said: “It is exciting to see that businesses have ambitious plans for next year and are confident of growth. Overall, businesses have responded well to the changing external environment

Nearly 170,000 UK shop workers lost their jobs in 2024

Almost 170,000 retail workers lost their jobs during another challenging year for the UK high street, data suggests.The collapse of big chains such as Homebase and The Body Shop put thousands of jobs at risk and contributed to 169,395 retail jobs disappearing during 2024 – a 42% rise on 2023 levels.End-of-year figures compiled by the Centre for Retail Research registered the highest annual reading since more than 200,000 jobs were lost in 2020 in the aftermath of the Covid-19 pandemic, which forced retailers to shut their stores during lockdowns.The centre said 38 big retailers went into administration in 2024, with further household names including Lloyds Pharmacy, Carpetright and Ted Baker.Administration accounted for about a third of all 2024 retail job losses – 55,914 in total – with the remainder axed through cost-cutting programmes by large retailers or small independent stores shuttering unprofitable stores

Working from roam: more people logging on from UK airports and railway stations

After working from home, now comes working on the go. The post-pandemic surge in hybrid working has prompted increasing numbers of professionals to carry out some work while on the move, logging in from airports and railway stations across the UK, according to research.Footfall at transport hub-based workspaces has soared by 31% on average since 2022, according to figures from International Workplace Group (IWG), one of the world’s largest providers of serviced offices, whose brands include Regus.Its facility at Birmingham airport, in a building next to the terminal, is among the busiest perches for workers in transit, IWG found, with visits rising by nearly two-thirds (65%), according to the data, which is measured through wifi log-ins across all IWG centres.There was also growth in footfall at Southampton airport, which had a 39% increase, followed by Britain’s busiest railway station, London’s Liverpool Street (36%), and Paddington station (31%)

People have been saving more, thanks to pay growth and cooling inflation, but they will need to feel the benefits | Richard Partington

Not everything has gone smoothly for Keir Starmer. At the end of Labour’s first calendar year in power since Gordon Brown was in Downing Street a decade and a half ago, the prime minister is on the back foot after a run of disappointing economic updates.With a backlash over several unpopular tax and spending decisions, and as pressure mounts for a change in course early in the new year, the new government is in danger of losing control of its primary mission to revive Britain’s misfiring economy.Aiming to regain the initiative, the chancellor, Rachel Reeves is preparing to give a speech early in the new year. With a pivotal spending review looming by late spring, the chancellor is expected to say that Labour has stabilised the economy and can now shift to focusing on the delivery of its manifesto pledges

City regulators to start oversight of tech firms that provide ‘critical’ services to UK

City regulators will begin cracking down in the new year on tech firms providing “critical” services to UK banks amid concerns that cyber-attacks and outages at companies such as Google or Amazon could put the country’s financial stability at risk.From 1 January, the Bank of England and the Financial Conduct Authority will be handed powers to regulate companies that are becoming a crucial part of the day-to-day operations of the increasingly digital banking and payments sector.That includes companies that offer cloud storage, AI, and automated programmes that can help detect fraud.It is hoped that extra oversight, which would involve compulsory reporting of major incidents and coordinated planning for emergencies, will help to avert banking blackouts.The regulators are in the process of putting together a list of companies they think are crucial to regulate