Money blog: 600 new skyscrapers 'on way' for London, report finds (2024)

Gordon Ramsay's restaurants tripled losses to £3.4m last year, as the chef warned businesses in the industry were facing a "challenging" climate.

The chef's group spent millions opening five new restaurants in 2023, including a Lucky Cat in Manchester, a Bread Street Kitchen in Battersea Power Station and a Street Pizza in Edinburgh.

Sales at his wide-ranging establishments rose, however, by 21% to £95.6m in the year to August, according to The Telegraph.

"It's been a really hard-fought year, but at the same time an exciting year, and in tough times it amazes me how strong and vibrant our industry is," Ramsay told the news outlet.

"It's challenging out there and businesses are battling to stay afloat, rising costs, rent and food costs, multiple strikes. It's a battle"

He was optimistic, however, saying there hasn't been "so much passion and vibrancy" in the industry since he opened his first restaurant in 1998.

"We've still got something wonderful to celebrate, and I truly believe the industry has never been so exciting."

Once the UK's favourite alcoholic beverage, beer's popularity seems to be fading among the younger drinking generation...

In fact, only 30% of people aged 18 to 24 ever drink it, according to a study commissioned by the Society of Independent Brewers.

Instead, younger drinkers say they prefer drinking spirits, wine and cider.

Pub visits appear to be suffering as well, with almost a quarter of the 2,000 people surveyed saying they have never visited their local.

SIBA's 2024 Craft Beer Report paints a more positive picture for small and independent brewers, however, with more than 55% of beer consumers saying they now drink "local craft beer".

It also found average beer production volumes among independent breweries has risen by 14% since last year - a return to pre-pandemic levels for the first time in 4 years.

"Demand for local, independently brewed beer in the UK is strong, with independent brewers reporting production volumes up by 14%, meaning they have returned to 2019 volumes again," Andy Slee, SIBA's chief executive, said.

But, he said, it's time for "cautious optimism" only, with the industry still plagued with a number of issues.

"The short-term issue for small independent breweries isn't demand; it's profitability, rising costs and financial pressures such as lingering COVID debt," he said.

"Far too many breweries are simply trying to survive rather than thrive, so while there are many positives signs highlighted in the report, for now it's cautious optimism."

Earlier this year, our Money reporter Emily Mee explored whether the UK's big night out culture was dying out.

Nightlife experts warned we're losing one club every two days at the moment - and if we stay on this trajectory, we will have none left by 2030.

You can read more about her findings here...

A total of 583 skyscrapers are "queuing up in the pipeline" to be built across central London, a development thinktank has said.

That is more than double the 270 built in the past decade.

In the eastern borough of Tower Hamlets alone, 71 tall buildings were completed in that time that time, the report by New London Architecture found.

A further 24 were in the City of London and 27 in Canary Wharf and Isle of Dogs.

The report said the rapid change has been fuelled by a "burgeoning demand" for office and residential space, overseas investment and a supporting planning environment.

"Tall buildings have changed the face of London substantially over the last 20 years and will continue to do so - the pipeline that NLA has tracked means there is at least 10 years' supply that has already been defined," Peter Murray, the organisation's co-founder, said.

"London's population continues to grow, passing the 10 million mark at the end of this decade.

"We'll still need tall buildings; and NLA will continue to keep a close watch on what's going on."

Restaurants might only be able to open three or four days a week due to staffing problems, Michel Roux Jr has warned.

Speaking to The Telegraph as he gears up to open his new restaurant Chez Rouz, the Michelin starred chef admitted the industry needs to change to accommodate flexible working hours.

"Just because I worked 80 hours a week or more doesn't mean the next generation should," he said.

"Quite the contrary. That is something that we have to address in our industry."

But, he warned that the move will come at a cost...

"It will mean ultimately that going out is going to be more expensive, and that maybe your favourite restaurant is no longer open seven days a week - it's only open three or four days a week," he said.

The industry is known for its long, unsociable working hours, and Roux Jr explained that the real issue hit after the pandemic, with people no longer wanting to work weekends.

"People don't want to work unsociable hours and would rather work delivering parcels as and when they want to. It's as simple as that," he added.

Earlier this year, Roux Jr said goodbye to his famous restaurant Le Gavroche in London.

It had been opened by his father Albert Roux and uncle Michel Roux in 1967.

Now, he said it's "brave" to open a new restaurant, with the market "very, very tough".

"I really feel for anyone that is brave enough to open up a restaurant now. It's incredibly difficult," he added.

Chez Rouz at The Langham in Marylebone, central London, is due to open on 22 May.

By James Sillars, business news reporter

A pause for breath on the FTSE 100 after a 3% gain over the course of past week that took the index to a fresh record closing high.

The rally of recent weeks - significant for London's standing and pension pots alike - has been broad based and reflects several factors.

A major driver has been sterling's weakness versus the US dollar.

The US currency has been strong as the Federal Reserve, its central bank, has hinted it will be some time yet before it begins to cut interest rates.

Language out of the Bank of England last week sparked a flurry of bets that UK rates could be cut as early as next month.

A weaker pound boosts dollar-earning constituents on the FTSE 100 because they get more for their money when dollars are converted to pounds.

Also at play is the view that UK stocks represent good value, as they are cheaper compared to many of their international peers.

A few moments ago, the FTSE 100 was trading 6 points lower at 8,423.

A major talking point is the possibility of the Chinese fast fashion firm Shein listing in London.

According to Reuters, the company has shifted its focus to the UK after receiving a lukewarm reception in the United States.

The news agency, citing two sources, reported that Shein was stepping up its preparations for an initial public offering in London that would be expected to be one of the biggest carried out globally this year.

By Emily Mee, Money team

No one likes the date in their calendar when their MOT rolls around.

But to make things a little less stressful, consumer expert Scott Dixon - known as The Complaints Resolver - has given us some tips on what to look out for to help your vehicle pass with flying colours.

Some of the most common failures are faulty steering, brakes, suspension, worn or damaged tyres, cracked windscreens and faulty lights.

Mr Dixon recommends you get your car serviced a couple of weeks before your MOT, in case there are any complex or costly issues.

This will give you time to get them fixed and get your car through first time without any advisories.

Aside from taking your car for a service, there are also some easy checks you can run yourself...

Suspension

Listen for unusual clunks while you're driving - this could be a sign of a damaged suspension.

You could also check by pushing the car down on each corner. It should return to normal without bouncing a few times.

Another option is to look with a torch under the wheel arch, as this should reveal any obvious defects.

Lightbulbs

Blown bulbs are a common MOT failure, but they're cheap to fix.

Walk around your car and check all the bulbs are working - this includes the headlights, sidelights, brake lights, indicators and the number plate bulb.

Mr Dixon says it's "not an easy job" to change the lightbulbs yourself on most modern cars, as the MOT will also check the positioning of the light. Therefore he recommends getting this done professionally.

Brakes

Squealing or grinding noises may be a sign your brake pads need replacing.

You should also check whether your car stops in a straight line, or whether it pulls in different directions.

Don't forget about the handbrake, too. Test it out on a slope and see if it securely holds the car. If it doesn't, you should get it adjusted.

Wipers

It's easy to check if your wipers work okay, but you should also make sure to inspect the blades for tears and rips.

They should be able to clean the windows with no smears.

Mr Dixon says you don't need to pay Halfords to change your wiper blade as you can "do it yourself in seconds". All you need to do is look for a YouTube tutorial.

He also recommends buying the Bosch wiper blades, as he says these are good quality and will also be a sign you've looked after your car well when you come to sell it.

Tyres

One thing to look out for is tread depth. You can do this by looking for the "wear bar" that sits between the tread.

If it's close to 1.6mm and is low, you should get the tyre replaced so it's not flagged as an advisory.

Also check for perished tyre walls, which can happen when a vehicle is standing for any length of time.

Uneven tyre wear is another potential issue, and if there are signs of this you should get the tyre replaced and tracking and suspension checked.

Seat belts

These must be in good condition and working order, with no tears or knots.

Registration plates

Your number plates should be clean and visible with a working light bulb at the rear. You may need to give them a wipe and replace the bulb if necessary.

Bodywork

This should be in good condition, without damage such as loose bumpers or sharp edges.

Mr Dixon advises against using automatic car washes during your car's lifetime, saying they "wreck your car".

"It's not just your paintwork but they can also damage the wiper blades and the bodywork," he says.

Check for warning lights

You'll need to take your vehicle to a trusted garage or mechanic for this.

Exhaust emissions

Some diesel vehicles can fail their MOTs based on emissions. To avoid this, you can buy a fuel treatment pack and take your car for a good run to clear the fuel lines and tank.

Driving for at least 30 to 50 minutes at a sustained speed on a motorway or A-road should help to clear the filter.

Windscreen

You should make sure the driver's view of the road isn't obstructed, so check for stone chips at eye level and remove any obstructions such as air fresheners and mobile phone cradles.

What else should you think about?

Make sure your car is clean beforehand, as a tester can refuse to do your MOT if the vehicle is filthy and full of rubbish.

Giving your car a clean can also give you a chance to inspect it, Mr Dixon says.

Another thing to do is to check last year's MOT for any advisories that might crop up this time.

These potential issues will still be there - so it's best not to ignore them.

You can check your vehicle's MOT history usinghttps://car-check.co.uk.

Every Monday we get an expert to answer your money problems or consumer disputes. Find out how to submit yours at the bottom of this post. Today's question is...

I have worked at a bank for 24 years - the facilities are outsourced. This new company is bringing in a system where the staff have to click in and out and are then paid by the minute? Is this allowed?

Amber

Ian Jones, director and principal solicitor at Spencer Shaw Solicitors, has picked this one up...

Your rights depend on your contract and what it says about payment. Does it specify an annual salary, or payment by time? Does it allow for changes to how payment is calculated?

If the contract does not allow for this type of payment, your employer may be trying to vary the contract of employment unlawfully.

If you're directly employed by the bank, and your pay arrangements are changing because of a new monitoring system, this would be an internal contract variation. If you work in the facilities department and the new contractor is taking over as your employer, the Transfer of Undertakings (Protection of Employment) Regulations (TUPE) 2006 may apply.

In this case, your current terms, conditions and previous service will transfer to the new employer.

TUPE may make the issue sound more complicated but, in practice, either way the changes will be valid only if the employee agrees to them.

If you have not agreed to the change, then this could be a breach of contract. This could give rise to a successful claim in the civil courts or the employment tribunal.

If the breach is serious (for example, you're paid less than agreed in the original contract) and you resign in response, this could amount to constructive dismissal for which a claim can be made in the employment tribunal.

It would be sensible to get the contract reviewed by a solicitor for advice. But act swiftly - if you continue working for the employer, you are effectively waiving the breach and accepting the change to your contract.

To make it possible to pay by the minute, employees may be monitored while at work. When collecting and processing data and using it to make a decision, the employer must comply with data protection laws. If not, the employee could be entitled to compensation, depending on the breach, or the employer could be at risk of a sanction by the regulator the Information Commissioner's Office.

This featureis not intended as financial advice - the aim is to give an overview of the things you should think about.Submit your dilemma or consumer dispute via:

• The form above - make sure you leave a phone number or email address
• Email news@skynews.com with the subject line "Money blog"
• WhatsApp ushere.

Please make sure you leave your contact details as we cannot follow up consumer disputes without them.

We're back for another week of consumer news, personal finance tipsand all the latest on the economy.

This is how the week in the Money blog is shaping up...

Today: Every week we ask industry experts to answer your Money Problems. Today, a reader's employer is bringing in a new clock-in system to pay workers by the minute - but is this allowed?

Tuesday: This week'sBasically...explains everything you need to know about the PIP.

Wednesday: We speak to one of London's top chefs for his Cheap Eats at home and in the capital.

Thursday: Savings Championfounder Anna Bowes will be back with her weekly insight into the savings market.

Friday: We'll have everything you need to know about the mortgage market this week with the guys from Moneyfacts.

Running every weekday, Money features a morning markets round-up from theSky News business teamand regular updates and analysis from our business, City and economic correspondents, editors and presenters -Ed Conway,Mark Kleinman,Ian King,Paul KelsoandAdele Robinson.

You'll also be able to streamBusiness Live with Ian King onweekdays at 11.30am and 4.30pm.

Bookmarknews.sky.com/moneyand check back from 8am, and through the day, each weekday.

The Money team is Emily Mee, Bhvishya Patel, Jess Sharp, Katie Williams, Brad Young and Ollie Cooper, with sub-editing by Isobel Souster. The blog is edited by Jimmy Rice.

By Jess Sharp, Money team

Money saving trends are constantly popping up on social media - but one in particular has been gaining huge amounts of attention.

Created accidentally by a comedian, loud budgeting is breaking down the taboo of speaking about money.

The idea is based on being firmer/more vocal about your financial boundaries in social situations and setting out what you are happy to spend your money on, instead of "Keeping up with the Joneses".

On TikTok alone, videos published under the hashtag #loudbudgeting have garnered more than 30 million views - and that figure is continuing to climb.

We spoke to Lukas Battle - the 26-year-old who unintentionally created the trend as part of a comedy sketch.

Based in New York, he came up with the term in a skit about the "quiet luxury" hype, which had spread online in 2023 inspired by shows like Succession.

The term was used for humble bragging about your wealth with expensive items that were subtle in their design - for example, Gwyneth Paltrow's £3,900 moss green wool coat from The Row, which she wore during her ski resort trial...

"I was never a big fan of the quiet luxury trend, so I just kind of switched the words and wrote 'loud budgeting is in'. I'm tired of spending money and I don't want to pretend to be rich," Lukas said.

"That's how it started and then the TikTok comments were just obsessed with that original idea."

This was the first time he mentioned it...

Lukas explained that it wasn't about "being poor" but about not being afraid of sharing your financial limits and "what's profitable for you personally".

"It's not 'skip a coffee a day and you'll become a millionaire'."

While talking money has been seen as rude or taboo, he said it's something his generation is more comfortable doing.

"I've seen more debate around the topic and I think people are really intrigued and attracted by the idea," he said.

"It's just focusing your spending and time on things you enjoy and cutting out the things you might feel pressured to spend your money on."

He has incorporated loud budgeting into his own life, telling his friends "it's free to go outside" and opting for cheaper dinner alternatives.

"Having the terminology and knowing it's a trend helps people understand it and there's no awkward conversation around it," he said.

The trend has been a big hit with so-called American "finfluencers", or "financial influencers", but people in the UK have started practising it as well.

Mia Westrap has taken up loud budgeting by embarking on a no-buy year and sharing her finances with her 11.3k TikTok followers.

Earning roughly £2,100 a month, she spends around £1,200 on essentials, like rent, petrol and car insurance, but limits what else she can purchase.

Clothes, fizzy drinks, beauty treatments, makeup, dinners out and train tickets are just some things on her "red list".

The 26-year-old PHD student first came across the idea back in 2017, but decided to take up the challenge this year after realising she was living "pay check to pay check".

She said her "biggest fear" in the beginning was that her friends wouldn't understand what she was doing, but she found loud budgeting helped.

"I'm still trying my best to just go along with what everyone wants to do but I just won't spend money while we do it and my friends don't mind that, we don't make a big deal out of it," she said.

So far, she has been able to save £1,700, and she said talking openly about her money has been "really helpful".

"There's no way I could have got this far if I wasn't baring my soul to the internet about the money I have spent. It has been a really motivating factor."

Financial expert John Webb said loud budgeting has the ability to help many "feel empowered" and create a "more realistic" relationship with money.

"This is helping to normalise having open and honest conversations about finances," the consumer affair manager at Experien said.

"It can also reduce the anxiety some might have by keeping their financial worries to themselves."

However, he warned it's important to be cautious and to take the reality of life into consideration.

"It could cause troubles within friendship groups if they're not on the same page as you or have different financial goals," he said.

"This challenge isn't meant to stop you from having fun, but it is designed to help people become more conscious and intentional when it comes to money, and reduce the stigma around talking about it."