Business Whats Going on

NHBF Latest Update | UK inflation hits double figures

August 24, 2022

The UK inflation rate has hit double digits – 10.1% – the Office for National Statistics says.

It’s a higher rate than analysts were predicting – the last time price rises were in double digits was in February 1982. Rising food and drink prices made the biggest contribution to the change in the inflation rate between June and July.

For more advice on managing the cashflow of your salon or barbershop see our popular blog.

Small business grant report

New data has shown that small businesses in England received £21.3 billion in COVID-19 local authority business support grants. Micro, small, and medium sized firms across different business sectors benefited from the funds available under the scheme, which was created to support businesses during and to recover from the impact of the global pandemic.

The grant scheme was created by the UK government and administered by local authorities, with all regions in England found to have allocated most of their total available funds to businesses in need. More details can be found here.