Price Cap
A price cap is a regulatory measure that limits the amount a hotel can charge for certain services, such as room rates, especially during peak periods or in regions with high demand. Our coverage includes the impact of price caps on the UK hotel sector, how they influence pricing strategies, guest expectations, and hotel profitability. We also report on government interventions, industry responses, and market conditions that may affect the implementation of price caps.
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Oct- 2022 -10 OctoberPeople
Growing number of over 50s returning to hospitality
Growing numbers of workers over 50 are taking on jobs in the UK’s pubs, restaurants and hotels in order to boost their retirement income as the sector’s labour shortage and rising cost of living prompts a shift in its workforce. This is according to the Caterer.com Hospitality Hiring Insider, which…
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Sep- 2022 -8 SeptemberEconomy
Energy bills to be capped at £2,500 a year from October
Prime minister Liz Truss has announced today that energy bills for typical households will be capped at £2,500 annually for their gas and electricity bills from the start of this coming October. The news comes as her first major policy announcement, and according to Sky News, the new price guarantee…
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Aug- 2022 -26 AugustEconomy
Energy price cap to rise by 80% to £3,549 from October
Ofgem has confirmed that the energy price cap will increase by 80% to a record £3,549 a year for dual fuel for an average household from 1 October 2022. The rise will affect those on standard variable tariffs, with the record annual bill only being based on typical usage. At…
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Jun- 2022 -16 JuneEconomy
BoE raises interest rates to 1.25%
The Bank of England’s (BoE) Monetary Policy Committee has voted to raise interest from 1% to 1.25% – marking its fifth rise in a row as it bids to offset the impact of rising inflation. The Monetary Policy Committee voted by a majority of 6-3 to increase the rate to…
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May- 2022 -18 MayEconomy
Inflation hits 40-year high
UK inflation has hit its highest level in 40 years during the month of April, driven by the rising cost of energy bills. The figure, according to the latest figures from the Office of National Statistics (ONS), was up from 7% in March. The ONS said that around 75% of…
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Feb- 2022 -3 FebruaryEconomy
BoE raises interest rates to 0.5%
The Bank of England (BoE) has raised interest rates for the second time in three months to 0.5%, up from 0.25% previously. The BoE Monetary Policy Committee (MPC) confirmed it voted by a majority of 5-4 to increase Bank Rate by 0.25 percentage points, to 0.5%. Interestingly, it revealed those…
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3 FebruaryEconomy
Energy price cap to rise 54% from April
Hospitality bosses are braced for a spending squeeze after it was revealed the energy price cap is set to increase by 54% from 1 April amid a “record” increase in global gas prices, in a move that is set to affect approximately 22 million customers. Energy regulator Ofgem announced that…
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