Author: Scott Dylan

Harrods has unveiled its first Environmental, Social, and Governance report, marking a significant step in its sustainability efforts.The report highlights a 2.4% reduction in Harrods’ Scope 1 and 2 greenhouse gas emissions from the previous year.Solar panels now provide 41% of the annual power requirement for Harrods’ Thames Valley distribution centre.Harrods launched a beauty recycling scheme to bolster its environmental initiatives.The Community Pillar strategy has been introduced to support and empower global communities.Harrods, the luxury department store established in London’s Knightsbridge since 1849, has taken a substantial step in its commitment to sustainability by releasing its first Environmental, Social, and…

The British Chambers of Commerce (BCC) has revised its growth forecast for the UK economy upwards, signalling a cautious but positive outlook. The upgraded projections reflect a stronger-than-anticipated start to 2024, suggesting a modest recovery.The BCC now anticipates the economy to expand by 0.8% this year, up from an earlier estimate of 0.5%. For 2025, the growth forecast has been increased to 1% from a previous projection of 0.7%. These adjustments come as a welcome sign of resilience amid ongoing economic uncertainties.Despite the optimism, the BCC warns of potential challenges that could impact future growth. These include global economic uncertainties,…

Cadogan Estates CEO Hugh Seaborn has voiced concerns about the UK’s tourist tax, claiming it diverts affluent visitors away from the UK, impacting various sectors.The removal of tax-free shopping for international visitors is particularly affecting luxury brands on Sloane Street.Affluent tourists are choosing Paris, Milan, and Madrid over London, leading to a broader economic impact.Seaborn emphasises that the tourist tax affects not only retail but also hospitality and cultural attractions.Persistent advocacy exists for the reinstatement of the tax-free shopping scheme, highlighting the economic arguments in its favour.Cadogan Estates CEO Hugh Seaborn, overseeing 90 acres of prime land in Chelsea, including…

Virginie Viard, creative director at Chanel, is stepping down after three decades with the brand, highlighting a significant transition in its creative leadership.Viard began her tenure at Chanel in 1987 and has been a pivotal force in the brand’s development, notably working closely with her predecessor, Karl Lagerfeld.During her five-year leadership as creative director, Viard managed to balance innovation with Chanel’s traditional aesthetic, reinforcing the brand’s identity.Chanel has yet to announce a successor or the new structure for its creative team but promises updates on the future direction.Chanel expressed gratitude for Viard’s contributions, recognising her role in maintaining the brand’s…

In May, the UK new car market reached a milestone with its 22nd consecutive month of growth, recording 147,000 car registrations. According to the Society of Motor Manufacturers and Traders (SMMT), this reflects a 1.7% increase compared to the same month last year.The growth is primarily driven by the rise in sales of battery electric and hybrid vehicles, although the total figures are still 20% below pre-pandemic levels witnessed in May 2019. This momentum showcases a significant shift towards new energy technologies in the automotive industry.Overall Market PerformanceMay witnessed a 1.7% growth in car registrations, with 147,000 units recorded. This…

Jersey Oil and Gas, Serica Energy, and Neo Energy have postponed the £900 million Buchan project, initially slated for production in 2026, to late 2027, citing fiscal uncertainty tied to the upcoming general election on 4th July.The Buchan project, one of the largest undertakings in the North Sea, aims to produce approximately 35,000 barrels of oil equivalent per day at its peak. However, the unexpected timing of the general election has led to the deferral of the final investment decision to later this year. Consequently, first production is now delayed until late 2027.London-listed Jersey Oil and Gas, redeveloping the oilfield…

The Institute for Fiscal Studies (IFS) has reported alarming statistics on school absenteeism among disadvantaged pupils.37% of pupils on free school meals miss at least one day of school every fortnight, a rise from 23% pre-pandemic.Persistent absenteeism is amplifying the educational achievement gap between rich and poor students.Absenteeism rates have nearly doubled post-pandemic for both disadvantaged and wealthier students.Despite government efforts, the attainment gap remains largely unchanged over the past two decades.The Institute for Fiscal Studies (IFS) has identified a troubling trend: 37% of pupils on free school meals are now missing at least one day of school every fortnight,…

The European Court of Justice (ECJ) has ruled against McDonald’s in a landmark trademark dispute. This decision has significant implications for both multinational corporations and smaller businesses. Below are the key points of the ruling and its broader context.The ECJ ruled that McDonald’s could not use the Big Mac brand for chicken burgers.Supermac’s contended that McDonald’s had not genuinely used the Big Mac name.The decision marks the latest development in a long-standing dispute between the two chains.Supermac’s characterised the ruling as a victory against trademark bullying.The European Court of Justice (ECJ), the second-highest court in Europe, has ruled against McDonald’s,…

Goodhood has unveiled a larger retail space on Hanbury Street, East London.Originally founded in Hoxton, Goodhood has relocated to accommodate growing demand.The new store is designed with a modular approach for pop-ups and brand takeovers.Goodhood introduces a circular initiative called ‘Life After Death’ for deadstock.The launch party is scheduled to take place on 5 June, celebrating the new store.Goodhood, a renowned independent retailer, has opened its new store on Hanbury Street in East London. This move comes as Goodhood seeks to better accommodate its increasing customer base and explore innovative retail strategies.Originally established in 2007 by Jo Sindle and Kyle…

In a recent interview, former Bank of England governor Mark Carney dispelled rumours about his potential involvement in a future Labour government.Carney confirmed that his time in UK officialdom has concluded and laughed off speculation about political roles.Despite endorsing shadow chancellor Rachel Reeves, Carney is focusing on global initiatives rather than UK politics.Carney’s advocacy for a greater role of financial authorities in achieving net-zero objectives contrasts with Chancellor Hunt’s current stance.He underscored the necessity of private capital in leading the net-zero transition, highlighting the UK’s fiscal limitations.In response to queries about potential political roles or offers, Mark Carney, former governor…