New Year, Same Economy: The London Rush

Welcome to 2023: a fresh start, a clean slate, a chance to start anew? Perhaps not. Unfortunately none of the problems haunting last year have magically disappeared over the holiday period. Strikes will still cause disruptionĀ for thousands, a recession still looms, and inflation is still in the double digits.

(Bloomberg) — Welcome to 2023: a fresh start, a clean slate, a chance to start anew? Perhaps not. Unfortunately none of the problems haunting last year have magically disappeared over the holiday period. Strikes will still cause disruptionĀ for thousands, a recession still looms, and inflation is still in the double digits.

Hereā€™s the key business news from London this morning:

In the City

Cineworld Group Plc: TheĀ bankrupt cinema chain said it wasnā€™t involved in talks with Odeon-owner AMC Entertainment HoldingsĀ Inc on the sale of any of its cinema assets, in response to some media reports.

  • The company said it willĀ start marketing itself to potential deal partners as a group, in co-ordination with its plan to exit Chapter 11 bankruptcy

Wizz Air Holdings Plc: The low cost airline carried almost 60% more passengers in December than it did in 2021, when air travel was disrupted by a coronavirus outbreak.

  • The company said 84.5% of its seats in December were filled, a significant improvement on the year before

Hotel Chocolat Group Plc: TheĀ premium chocolate maker has signed aĀ strategic partnership agreement with Tokyo-based Eat CreatorĀ Corporation, giving it new capital to expand in the country.

In Westminster

Rail workers will walk off the job much of this week, paralysing transport and adding to the troubles piling up for Rishi Sunakā€™s government.Ā Nurses and ambulance drivers plan to strike later in the month as officials warn theĀ NHS is struggling to cope with flu and Covid outbreaks.Ā You can seeĀ a list of the planned train strike datesĀ here.Ā 

Meanwhile, the government announced a Ā£75 million nuclear fuel fund toĀ helpĀ develop alternatives to Russian fuel supply and ā€œstrengthen UK energy security,ā€ Energy and Climate Minister Graham Stuart said in a statement.Ā Up to Ā£13 million of the fund has already been awarded in Preston, which has ā€œstrategic importanceā€ to fabricating fuel for the current UK advanced gas cooled reactor fleet, according to the release.

In Case You Missed ItĀ 

Big banks will show fintech whoā€™sĀ boss in 2023, says Bloomberg Opinionā€™sĀ Paul J. Davies.Ā 

And this isĀ how UK house prices could fall by 30%. Listen to theĀ latest episode of theĀ InĀ theĀ CityĀ podcast here:Ā 

Looking AheadĀ 

UKĀ mortgage approvals will be closelyĀ watched tomorrow for further signs that a correction inĀ houseĀ prices might be underway.Ā Bloomberg economistsĀ expect approvals to have dropped to 56,000 in November, down 5% from Octoberā€™s figure ā€”Ā which was already the lowest in more than two years.Ā 

On Thursday, high street staple Next Plc,Ā discounterĀ B&MĀ EuropeanĀ Value Retail S.A.Ā and sandwichĀ chainĀ GreggsĀ PlcĀ will all reportĀ results andĀ likely giveĀ first insights intoĀ how Britainā€™sĀ retailersĀ faredĀ during theĀ crucial Christmas period.Ā 

For a news fix when the day is done, sign up toĀ The Readout with Allegra Stratton, to make sense of the dayā€™s events.

More stories like this are available on bloomberg.com

Ā©2023 Bloomberg L.P.