Coronavirus, Monzo, UK immigration: your commercial news round-up

Our recent commercial awareness case study video uses the PESTLE technique (Political Economical Social Technological Legal Environmental) to analyse the implications of the recent Flybe government bailout. Try using that same system to look at the below news stories in order to fully understand how different sectors can be impacted:

• With cases of the coronavirus rising every day, Australian airline Qantas has warned that the financial impact of the virus could climb up to $99 million. Qantas has been forced to suspend flights as the Australian government has imposed restrictions on travellers from mainland China, and consumer demand for air travel around Asia has been severely affected by the outbreak. For more on the economic impacts of the coronavirus, read this recent blog post.
   
• The government has revealed its post-Brexit immigration plans which centre around reducing visas for what it describes as “low-skilled workers”. Home Secretary Priti Patel said that the government wants to “encourage people with the right talent” and “reduce the levels of people coming to the UK with low skills”. The “hostile” plans have been criticised by other political parties who worry that the policies will particularly impact the adult social care industry, where the majority of employees are low-paid care workers, with one-sixth from outside the UK. The government will look to implement a point-based system at the end of the Brexit transition period next year.
   
• The favourite banking app of millennials, Monzo, has unveiled plans to relaunch paid-for accounts after last year’s rollout didn’t go as planned. To target the bank’s 5.5 million users, the fintech start-up will hire another 500 staff. Chief executive Tom Blomfield said: “Our real focus is monetisation. We’re looking to drive revenue and do it in a way that’s transparent and fair.” Monzo will also be expanding into the US this year.
   
• There was good news for the British economy this week as average weekly wages in the UK reached pre-financial crisis levels. With weekly pay climbing up to £512 at the end of 2019 and employment on the rise as well, the outlook is a positive one for British workers. January was also a good month for retail as the amount of goods sold in the UK rose by 0.9%, a stronger performance than expected.
   
• HSBC will cut 35,000 jobs in a major restructure over the next three years. The bank has posted diminishing profits over the past few years and will shed £77 billion in assets as well as reduce its investment branch in order to cut costs.

Be sure to check the News every Thursday for this weekly commercial news round-up. Follow @LawCareersNetUK on Twitter and like us on Facebook for instant business news updates.