Accessibility Links

Your 60 Second Update

Posted by: Ian Piper


Black Friday Weekend is your last chance to grab a bargain just in time for Christmas! Deals this year are likely to hit £2 billion. The fall in the value of the pound is forecast to push up prices of imported goods in 2017. Sales for Black Friday last year reached £1.9 billion, and now as retailers such as Amazon stretch out deals over several days, up to 10 days! The total however for the next few days including ‘cyber Monday’ is forecast to reach more than £4 billion! According to online retailing association IMRGF well over half of this year’s spend will be done online. The fall in the value of the pound after the EU referendum in June is slowly starting to be fed through into retail prices. Paul Martin, KPMG’s UK Head of Retail, said that for retailers it has been questionable whether Black Friday benefits them in the long run. With the current environment of rising costs and squeezed margins – perhaps questions this even more so. (Source: BBC)

Increasingly rapid melting of the ice caps risks triggering 19 tipping points that could have catastrophic consequences around the globe. Scientists have said that Arctic warming could be felt as far away as the Indian Ocean according to the Arctic resilience report. Temperatures in the Arctic are currently 20C above expectations for the time of year and sea ice is at its lowest extent ever recorded for the time of year. The warning signs are getting louder said Marcus Carson of the Stockholm Environment Institute. Climate tipping points occur when a natural system, such as the polar ice cap undergoes sudden or overwhelming change that has a profound effect on surrounding eco systems - which are often irreversible. (Source: The Guardian)

EU leaders state they are not bluffing over Brexit terms. Malta’s PM has said that the UK will be left without access to the single market when it leaves. Theresa May says the UK will begin the legal process in March 2017. But Joseph Muscat (Malta’s PM), has said that talks on the details of a new relationship could be delayed. Political debates have focused on the possibility of a ‘soft’ Brexit with the UK retaining some form of membership in the single market, in exchange for conceding some control over immigration. A ‘hard’ Brexit would mean to leave the single market but having full control over migration. Malta’s PM acknowledged that talks could get complicated and it won’t be a situation when one side gains and the other side lose. Muscat also stated that ‘We are going to lose something but there will not be a situation where the UK has a better deal than it has today.’ ( Source: BBC)

Add new comment