Your commercial news round-up: UK economy, unemployment rates, EasyGroup legal battle, Premier League revised financial regulations

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Dive into this week’s commercial news round-up for an update on the state of the UK economy and unemployment rates. We also take a look at the latest in the legal battle between EasyGroup and an indie band, and provide an update to the Premier League’s financial rules system for the 2024/25 season.

• The UK economy experienced no growth in April, with the wet weather reportedly influencing consumer spending, according to the Office for National Statistics (ONS). This comes after the UK economy grew at its fastest rate in two years from January to March, pulling the country out of recession. While spending on services grew in April, there were falls in production and the construction industry. As external factors like the weather can influence economic activity, economists have warned against putting too much emphasis on these monthly shifts.
   
• The UK’s unemployment rate has risen by 4.4% in the three months to April – its highest level for two and a half years – figures from the ONS have revealed. The ONS explained: “This month's figures continue to show signs that the labour market may be cooling, with the number of vacancies still falling and unemployment rising, though earnings growth remains relatively strong.” ONS figures also highlighted that 22.3% of working-age adults (around nine million) in the UK aren’t considered to be actively looking for work, while the number of job vacancies also fell by 9,000 to 904,000. The inactivity rate among adults is now at its highest since 2015, with concerns about the impact that worker shortages will have on the UK economy being raised. The figures have seen backlash directed towards the Conservative Party ahead of the general election on 4 July, with a Green Party spokesperson arguing that the rising unemployment, combined with “decaying” public services “is a fitting but tragic testament to a government that’s out of touch and out of time”.
   
• Following a dispute and the threat of legal action from EasyJet owners EasyGroup, five-piece indie band has changed its name from Easy Life to Hard Life. EasyGroup argued that allowing the band to use the ‘Easy’ brand name without royalty payments would’ve been “unfair”. The dispute, which started last year, saw EasyGroup sue the band after accusing it of using branding and a name that was too similar to the group’s. One accusation related to the band’s promotion of its Life’s a Beach tour, which involved a poster featuring an orange and white plane, similar to EasyJet’s branding. EasyGroup, which said other companies pay to use its brand name, explained that it “cannot allow others to simply use it free, gratis and for nothing”. The band described the legal battle as “absolutely nuts” and said they felt “angry and powerless”, explaining that they couldn’t afford to take the dispute to court. “We didn’t get into music to fight huge corporations in legal battles,” the band admitted, while adding that they’re each looking forward to being “out and about again”, and focusing on “the music”.
   
• Premier League clubs have agreed to trial a new financial rules system for the 2024/25 season, after a number of clubs faced difficulties under the current profitability and sustainability rules (PSR). The new rules – the squad cost rules and top to bottom anchoring rules (TBA) – are due to operate alongside the PSR on a “non-binding basis”. Under the new system, teams will be permitted to spend no more than 85% of their total revenues on squads. According to the Premier League, the TBA has been “designed to be a pre-emptive measure to protect the competitive balance of the Premier League”. The decision to trial the new financial rules was agreed at the Premier League’s annual general meeting on 6 June. It was also agreed that video assistant referees, or VAR, will continue to be used next season.

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