Your round-up of business news: Brexit, BNPL, gas, McDonald’s, Lloyds Banking Group

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Following the quarter-final win over Spain last week, England cruised into the final of Euro 2022 with a 4-0 win over Sweden earlier this week. Manchester United striker Alessia Russo’s back heel who led England 3-0 dominated the news this week (and aren’t we delighted!). But what could this victory mean for women’s football on the pitch and commercially? Stepping away from the euro, read this week’s digest for insight into the latest legal action against the UK by the EU, price hikes for petrol and the McDonald’s 99p cheeseburger, and Moreover.

  • The The EU has launched new legal actions against the UK for allegedly failing to enforce customs and tax rules forming part of the 2019 exit deal. The UK government called the claims “disappointing”, adding that a “legal dispute is only in the interest of nobody and will not solve the problems facing the people and businesses of Northern Ireland”. The allegations follow a separate challenge to the Northern Ireland Protocol Bill, with the European Commission having now launched four additional legal actions against the UK over its implementation of the bill.

Earlier this year, the EU has taken legal action against the UK government over its intention to scrap parts of the post-Brexit deal for Northern Ireland because the UK said it had disrupted the trade. EU says removing parts of deal would break international law, with European Commission vice-president Maros Sefcovic saying there is ‘no legal or political justification for unilaterally changing an international deal “.

  • Gas prices in Europe jumped 2% as Russia continues to cut off supplies to Germany and other central European countries through the Nord Steam 1 gas pipeline. The pipeline is now operating at less than a fifth of its normal capacity, with critics blaming Russia to use gas as a political weapon. Gazprom attributed the latest reductions to the need to carry out maintenance work on a turbine. Before the conflict in Ukraine, Germany imported more than half of its gas from Russia, with most of it coming from Nord Stream 1. Meanwhile, Poland plans to be fully independent of Russian gas by the end of 2022, and the UK is unlikely to be. directly impacted by the cuts since it imports only 5% of its gas from Russia. That said, rising prices resulting from increased demand would affect the UK.
  • McDonald’s has raised the price of its cheeseburger to 99p for the first time in 14 years amid growing cost pressures. The cheeseburger will now cost £1.19, with the fast food chain confirming that its UK restaurants will add 10p and 20p to a number of its items, including breakfasts, large coffees and McNugget sharing boxes. Prices vary from restaurant to restaurant, as some are operated by franchisees, who may set their own prices based on McDonald’s recommendations.

“As our customers do more and more of their business online, visits to some branches have dropped by 85% over the past five years,” said Russel Galley, director of consumer relations at Lloyd Banking Group. The news comes just two months after the group announced plans to close 28 branches between August and November.

Check the news every Thursday for this weekly roundup of business news.

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