• Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
Close Search
00
GBAF LogoGBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends
GBAF Logo
  • Top Stories
  • Interviews
  • Business
  • Finance
  • Banking
  • Technology
  • Investing
  • Trading
  • Videos
  • Awards
  • Magazines
  • Headlines
  • Trends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Wealth
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    ;
    Editorial & Advertiser disclosure

    Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.

    Top Stories

    Posted By Wanda Rich

    Posted on June 6, 2022

    Featured image for article about Top Stories

    By James Davey

    LONDON (Reuters) -Britons spent heavily on celebrations to commemorate Queen Elizabeth’s Platinum Jubilee over the four-day weekend, providing a much needed boost to the country’s beleaguered hospitality and retail sectors.

    Data from Barclaycard Payments said spending at restaurants rose 41.5% over the June 2-5 period versus the same period last year as people temporarily cast aside their cost of living worries.

    Spending was up 74.2% at pubs, bars and night clubs, while spending on entertainment was up 67.3% and spending on public transport was up 38.8%, it said. Barclays Payments processes nearly one pound ($1.25) in every three pounds spent on credit and debit cards in the United Kingdom.

    “Despite wider concerns around the cost of living, the hospitality sector especially will be pleased by this welcome boost having missed out on two years of unrestricted trading,” its CEO Rob Cameron said.

    Data from the British Retail Consortium (BRC) and Sensormatic Solutions showed footfall over the long weekend rose 6.9% versus the average for May.

    Footfall for the full week to Sunday June 5 was up 17.1% versus the average for May. The increase peaked at 45.6% on Thursday, before footfall dipped on Saturday and Sunday.

    “We hope that the momentum can continue despite the ongoing economic turbulence,” BRC CEO Helen Dickinson said.

    Last week a joint survey by four trade bodies predicted the UK hospitality industry would enjoy a 2 billion pound ($2.5 billion) boost over the Jubilee weekend.

    UKHospitality, the British Institute of Innkeeping, the British Beer and Pub Association and Hospitality Ulster said the figure was almost 400 million pounds more than pubs, bars, restaurants and other venues could expect to earn during a normal Thursday to Sunday in May.

    Britain’s supermarkets also anticipated a spike in trade.

    But the boost to the economy from Jubilee spending is expected to be short-lived. Data from the BRC for May spending, due to be published on Tuesday, is expected to be sobering.

    Surging prices are causing the biggest hit to UK household incomes since at least the 1950s and consumer confidence is at near record lows. Inflation hit a 40-year peak of 9% in April and is projected to rise further.

    To cushion the blow, the government last month announced a 15 billion pound package of support for households struggling to meet soaring energy bills.

    $1 = 0.7963 pounds)

    (Reporting by James Davey, Editing by Louise Heavens and Emelia Sithole-Matarise)

    Recommended for you

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    • Thumbnail for recommended article

    Why waste money on news and opinions when you can access them for free?

    Take advantage of our newsletter subscription and stay informed on the go!

    Subscribe