Off to Lunch is going daily!
An exciting announcement
Today I want to share an exciting announcement with you about the expansion of Off to Lunch - this newsletter is going daily. From now on Off to Lunch will be published every Monday, Tuesday, Wednesday, Thursday and Friday - bringing you the business, finance and economic news that really matters across the UK.
It was always my plan that Off to Lunch would eventually become a daily newsletter. But it has become more and more obvious since we launched last April that there is a big demand for this newsletter and that people and businesses want to make sense of what is going on in the world in a concise format. I have lost count of the number of subscribers who have asked when or if the newsletter would go daily. Well, that moment is now.
Off to Lunch aims to share news, ideas and expertise more effectively, but also to entertain you.
When I launched Off to Lunch in April 2022, the war in Ukraine had been going on for two months, Elon Musk had just launched a hostile takeover bid for Twitter, inflation was at 7 per cent and Boris Johnson was prime minister. A lot has happened since then. At times it has been difficult not to be downbeat. The first Off to Lunch was headlined “Sorry to be gloomy” and warned of a difficult time ahead for the UK economy. But there is also much to be excited about, including the promising businesses emerging across the UK. Despite what you may have heard, the UK is home to some of the most talented people and most exciting businesses in the world. That is why investors continue to target the UK and why venture capital firms like Andreessen Horowitz are opening new offices here. Off to Lunch will help you make sense of the positive and negative news - both sides of the story. That has never been so important.
Lastly, I just want to say thank you to you - the subscribers of Off to Lunch. This newsletter would not be possible without your support. Off to Lunch has grown rapidly since it launched. Thank you for subscribing but also for spreading the word and sharing Off to Lunch with colleagues, friends and family.
If you haven’t already you can sign-up to become a paid member below. This will give you access to our Sunday press review and bonus content but also provide the financial support that this newsletter needs to continue. The daily newsletter will remain free for now but you will need to be paying member to get access to all our content. You can sign-up to be a monthly or annual subscriber, or pledge extra support by becoming a founding member…
You can also help Off to Lunch grow by spreading the word and sharing what we do with others. You can now get rewards for recommending Off to Lunch to new subscribers. These rewards include a discount on your paid membership. All you need to do is share Off to Lunch by clicking the button below and then sharing the link on that page…
Best
Graham
Other stories that matter…
1. Financial markets are relatively steady following the dramatic events in Russia over the weekend, where Yevgeny Prigozhin launched a mutiny (more on that in the Sunday press review here). The FTSE 100 was down 0.4 per cent in morning trading, with BAE Systems down 3 per cent and bottom of the leaderboard. The index is down by 2.5 per cent over the last month and is close to hitting its lowest levels of 2023 so far, as this graph shows…
The latest news from Russia is that Prigozhin, the leader of the Wagner mercenary group, may still face charges, despite the Kremlin saying on Saturday that he could leave for Belarus as part of a deal. The Telegraph is reporting that Prigozhin called off his march to Moscow after Russian intelligence services threatened his family. Story here
2. Cineworld is to enter administration in July and de-list from the stock market as the cinema chain tries to cut its debt mountain. The company has 128 cinemas in the UK and Ireland and owns the Cineworld, Regal, Cinema City, Planet and Picturehouse brands. These cinemas will remain open while Cimeworld goes through this process. Cineworld has amassed debts and lease liabilities of $8.8 billion after expanding around the world through a series of deals. The company said in a stock market statement that once administrators are appointed the plan is that Cineworld’s assets will be transferred to a new entity called Crown UK Holdco Limited, which is owned by the cinema group’s lenders. Announcement here
3. The average interest rate on a two-year mortgage has risen again to 6.23 per cent according to the latest data from Moneyfacts. As interest rates continue to rise, Helen Thomas at the Financial Times has written an interesting column about how the UK should look to overhaul its mortgage market, which is peculiar compared to the rest of Europe and the US. She suggests that reforms could include increasing the length of deals and introducing more guarantees. Piece here
4. HSBC is leaving its headquarters at Canary Wharf to move to a new office near St Paul’s Cathedral which is half the size. HSBC has been in its skyscraper at Canary Wharf since 2002. This story reflects HSBC’s drive to cut office costs around the world, the impact of flexible working and why Canary Wharf needs to shift away from its reliance on financial services. The Times first reported the news here
5. Despite the doom and gloom about the UK economy some places are buzzing with activity. Take Birmingham, which has just hosted the first Ashes test. Cricket fans who visited Birmingham from across the UK and Australia were taken aback by the amount of construction work in the city. BirminghamLive has rounded up the projects here
6. The new owners of The Ridings Shopping Centre in Wakefield are trying a new approach to get families to visit - they are adding a massive indoor play area for children. Yorkshire Post story here
7. The UK made “important, bold and correct” decisions in its response to Covid-19 but also made lots of mistakes and wasn’t prepared. Both of these things can be true according to a fascinating analysis by Marginal Revolution, which is run by economist Tyler Cowen. Piece here
8. The US statistician and pollster Nate Silver has written about how he plays poker, which offers some interesting insight into how to make decisions under pressure and some general tips on how to play. Piece here
And finally…
It’s not something to watch if you want a light, relaxing evening, but Best Interests on BBC is an emotional, harrowing yet nuanced take on a family’s battle with the NHS to keep their daughter alive after she is diagnosed with muscular dystrophy. The four-part drama is based in Cheltenham and stars Sharon Horgan and Michael Sheen. You can find it on iPlayer here
Thanks for reading. If you enjoy Off to Lunch then please share it with others and spread the word. If this newsletter was shared with you then please sign-up below to become a member, get Off to Lunch sent directly to your inbox, and contribute to the work of Off to Lunch
congrats on the move to daily, fantastic to see the growth :)