Welcome to the Money blog, your trusted source for personal finance and consumer news and tips. In today’s edition, we discuss the recent four-week decline of the pound and a pressing money problem submitted by one of our readers. But first, a quick reminder to please leave your contact details when submitting your own money problems so we can properly address them.
The British pound has experienced a downward trend for the past four weeks, causing concern among investors and consumers alike. This decline has been attributed to a government scheme implemented at Heathrow airport, which charges non-visa connecting travelers a fee of £10 to pass through the airport. According to Heathrow, this electronic travel authorization (ETA) has had a devastating impact on their competitiveness as a hub, resulting in a significant drop of 90,000 passengers.
In other news, the chairman of Asda, one of the UK’s largest retail giants, has expressed his embarrassment over the company’s recent decline. Asda reported a 2.1% decrease in like-for-like sales in the first half of the year and has also lost market share since being acquired by the Issa brothers in 2021.
In an effort to adapt to the changing consumer landscape, Card Factory has announced a partnership with food delivery app Just Eat. This collaboration will allow customers to have greetings cards delivered to their doorstep, similar to a takeaway food order. Currently, this service is available in 19 stores across the UK, with plans for expansion in the future.
Last week’s riots and protests have had a significant impact on businesses, particularly in areas where these events were rumored to take place. According to UKHospitality, a hospitality association, footfall and sales have dropped by as much as 75% and 10%, respectively. This has had a devastating effect on city centers, with shops closing down and events being cancelled. Kate Nicholls, chief executive of UKHospitality, stated that these figures are alarming and highlight the significant impact that riots and the threat of further disorder can have on our high streets and communities.
In other news, a flooring company, The Floor Room, has gone into administration, resulting in the loss of approximately 200 jobs. This company, which trades out of John Lewis, has closed its concessions in 34 stores and appointed administrators PwC. Customers who have paid for unfulfilled orders or wish to return items will need to file a claim with the administrators to be added to the list of creditors. However, there is no guarantee of receiving a refund.
Thank you for reading the Money blog. We hope you found today’s articles informative and helpful. Don’t forget to submit your own money problems for us to address in future posts. Remember to leave your contact details so we can assist you better.
