28 June 2022
Latest NHBF update – 28 June 2022
This week's update covers:
- Hair Salons & GPs working together in your community to promote heart health
- Record inflation levels
- Regulator to look at card fees
- Under 100 days left for paper £20 and £50 notes
- Countdown to the Hair & Beauty industry Top 100 Influencers Index 2022 has begun
- Wales extends COVID-19 testing throughout July
- NHBF is campaigning for you
Hair Salons & GPs working together in your community to promote heart health
BELONG Study UK, part of a Kings College campaign, is looking for hairdressers, salon owners, managers or receptionists who are at least 18 years old and work in hair salons in South and West London. They are conducting online or face-to-face conversations during Summer 2022 to gather your opinions about how they can promote this initiative of hair salons & GPs working together in your community to promote heart health. You will be offered a £20 voucher for your participation. If you are interested, contact us at email@example.com or 07717 490283
Record inflation levels
It is important for salon owners to keep an eye on this because inflation is an important indicator of an economy’s health. Governments and central banks use the CPI and other indices to make economic decisions.
A key among these is whether to raise or lower interest rates. Higher interest rates make borrowing money for businesses more expensive and are designed to push down consumer spending – and, in turn, inflation. Lower interest rates work the other way and are designed to encourage consumer spending, to keep inflation in line with a country’s target.
Regulator to look at card fees
The Payment Systems Regulator has set out its plans to review card fees. The PSR will use one review to examine scheme and processing fees and another to analyse cross-border interchange fees. It is undertaking this work as its "card-acquiring market review found that the fees paid by acquirers had increased significantly from 2014 to 2018". The draft terms of reference for the reviews are open for consultation until 2 August.
Natalie Timan, Head of Strategy at PSR, said:
“Cards are the most popular way for consumers to make a payment. To accept card payments, merchants must pay certain fees which can ultimately impact the cost we all pay for goods and services. We want to understand whether card payments are working well and to make sure that merchants, and ultimately consumers, get a good deal.”
Under 100 days left for paper £20 and £50 notes
The Bank of England is reminding people and businesses that any paper £20 and £50 notes they hold will have their status as legal tender withdrawn on 30 September, under 100 days from now. The Bank estimates that over 300 million paper £20s and £160 million paper £50s are still in circulation, worth over £14 billion.
Speaking ahead of the date, the Bank of England’s Chief Cashier Sarah John said “Changing our banknotes from paper to polymer over recent years has been an important development, because it makes them more difficult to counterfeit, and means they are more durable. The majority of paper banknotes have now been taken out of circulation, but a significant number remain in the economy, so we’re asking you to check if you have any at home. For the next 100 days, these can still be used or deposited at your bank in the normal way.”
Countdown to the Hair & Beauty industry Top 100 Influencers Index 2022 has begun
Only 31 days left until entries close to this years’ 'Hair & Beauty industry - Top 100 Influencers Index’. This is your opportunity to recognise those in the industry who influence, educate and innovate the sector through their social media channels.
You can nominate your favourite influencers at www.nhbf.co.uk/top-100-influencers.
Wales extends COVID-19 testing throughout July
Wales’ Health Minister, Eluned Morgan, has confirmed that access to free Lateral Flow Device (LFD) tests will be extended in Wales until July 31st 2022.
Tests will be available to anyone that are showing symptoms of coronavirus (high temperature, a new, continuous cough, a loss or change to your sense of smell or taste), alongside free access for people visiting someone eligible for new COVID-19 treatments.
The announcement comes following a rise in cases, with The Office for National Statistics' recent survey reporting an increase in cases across the UK. An estimated 1 in 45 people in Wales currently have COVID-19.
NHBF is campaigning for you
Trade Association Forum Best Practice Exchange
The NHBF attended the Trade Association Forum Best Practice Exchange last week.
We had the opportunity to hear from Paul Scully, Small Business Minister responsible for the personal care sector, through a keynote speech.
He outlined the Government’s current support to the consumer through £37 billion worth of cost of living measures and to business through Help to Grow Digital and Help to Grow Management programmes for SMEs. The Government is looking toward clean economic growth and has in mind that 18% of emissions come from businesses; they are keen to seek further climate commitments from businesses.
Given the focus of the day was on sharing best practices, NHBF asked the Minister to share his view on how information could be best presented and packaged to help him make decisions. He replied that he valued the data that we provided and the fact that the personal care sector was able to come together through Covid and bring a range of views together. The NHBF also asked about how he lobbies on our behalf across Government, including HM Treasury and DfE, and he said that he did that through the intelligence we made available.