Downturns tend to hurt. And this one is proving no different. This week it emerged the high-street posted its biggest fall in 17 years in June. Vodafone had £9bn wiped off its shareprice after predicting poor full-year revenues; Yahoo’s profits dropped 19% and EasyJet announced it was cutting flights. Is there no way out? We’re not sure. Neither is the Bank of England. Its monetary policy committee was split three ways on interest rates for the first time since 1992, in a classic case of the blind leading the blind.
What happened to good news? Well there was some. Asda, Morrisons and Sainsbury’s have all promised to make petrol cheaper. And downturns are always good for someone. At the moment it’s Google – voted the best UK consumer brand ahead of last year’s winner Microsoft. Domino’s pizza posted profits up 33%. And Halfords also grabbed a slice of the prosperity pie – consumers’ tightening pockets have pushed them towards car maintenance and peddle power.
The music industry seems to be strengthening too. Fergal Sharkey appeared in the news announcing a radical new punishment for file-sharers – nasty letters. And from Mickey Mouse measures to cartoon courts: Barbie maker Mattel won its copyright battle against Bratz...
Postman Pat led a resurgence in British exports, with the news he is heading to China. Meanwhile it was revealed that Britain’s films took more than £1.6bn at the box office last year – a jump of more than 50%. And finally that old British classic, the football pools, has returned, boosted by a £6m ad campaign. That’s tomorrow afternoon sorted then – a cup of tea in front of the vidiprinter.