LONDON’S BUSINESS NEWSPAPER
NEW ORLEANS TO ANGEL PAUL MESCAL’S STREETCAR A STEAMY SUCCESS P20 THURSDAY 19 JANUARY 2023
ISSUE 3,919
TAPPING OUT WHAT A WRESTLING TURF WAR CAN TELL US ABOUT DUAL-CLASS SHARES P16
CITYAM.COM
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LET THEM EAT CAKE! CITY JOINS CRITICISM OF FOOD REGULATOR’S CALL TO BAN SWEET TREATS FROM THE WORKPLACE
JAMES DAVIES AND STAFF MANAGEMENT gurus, CEOs and Square Mile workers all slammed a nanny state call by the nation’s top food regulator to ban cake from the office. Professor Susan Jebb said bringing in a tasty treat to share with colleagues didn’t create a “supportive environment” for people to cut down on food – and extraordinarily compared it to passive smoking in an interview with The Times. Leadership expert Ann Francke, the chief exec of the Chartered Management
Institute, said “sharing office snacks is a great way to come together as a team”. “Subjecting team snacks to some sort of food regulator certainly won’t solve any of the core challenges facing UK businesses,” she continued. One high-flying City legal boss told City A.M. that comparing the supply of a Victoria sponge to lighting up a Marlboro Gold was “utter tosh”. Euan Blair, City A.M.’s entrepreneur of the year in 2022 and boss of apprenticeship firm Multiverse, said “there are hundreds and thousands of
ways to show your appreciation to a hardworking team, but we shouldn’t batter companies that indulge in the odd sweet treat.” City workers in Leadenhall Market were in agreement yesterday. Steph, who works in insurance, said it was “absolute nonsense”. And Luciana, who works in the shipping industry, described the comments as “political correctness gone mad”. “It’s one of the few joys in life – like having a few pints at lunchtime,” she told City A.M. yesterday.
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WIN TODAY WE HAVE TEAMED UP WITH LONDON'S AWARD-WINNING BAKERY CUTTER & SQUIDGE TO DELIVER NOT ONE, NOT TWO BUT THREE CAKES TO DESERVING OFFICES IN THE SQUARE MILE THIS AFTERNOON. JUST TWEET @CITYAM WHY YOU OR YOUR COLLEAGUES DESERVE A SWEET TREAT – AND CUTTER & SQUIDGE WILL DELIVER TO OUR WINNERS BY MID-AFTERNOON... HOW’S THAT FOR A ‘SUPPORTIVE ENVIRONMENT’?
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What goes up must come down: Analysts suggest rate cuts could come in 2024 JACK BARNETT THE BANK of England could begin to cut interest rates as soon as early next year if inflation continues to tumble in 2023, top City analysts have predicted. The rate of price increases is forecast to more than halve, which
would bring inflation to below five per cent by the end of 2023, according to forecasts from the Bank and budget watchdog the Office for Budget Responsibility. Any such drop would release the upward pressure on rates. Figures from the Office for National Statistics (ONS) showed
that inflation in December fell for the second month in a row to 10.5 per cent in December from 10.7 per cent. Analysts said core inflation is on track to slide quickly in 2023, opening the door for governor Andrew Bailey and the rest of the Monetary Policy Committee (MPC)
to drop borrowing costs. “With imported goods prices set to fall back, labour market slack likely to build, energy inflation having peaked and profit margins under pressure, we think core CPI inflation will be within touching distance of two per cent by the end of this year,” Samuel Tombs, chief
UK economist at Pantheon Macroeconomics, said. “If so, the MPC’s fears about ingrained high inflation should fade as 2023 progresses, bringing rate cuts into play in early 2024,” he added. £ CONTINUED ON PAGE 2
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