Hospitality’s embrace of Galentine’s shows welcome goodwill towards financially punished singles, writes Susannah Streeter in today’s Notebook. Plus more thoughts on ISAs, the rise of gaming and why Britain may actually become an investment haven
Hospitality hones in on singles
My Whatsapp was flooded with messages last week from female friends wishing me a Happy Galentine’s Day. What started a decade ago as a skit on the US sitcom Parks and Recreation has since caught on like a rash here in the UK.
I’m always up for a girls’ night out, and certainly the struggling hospitality scene will have welcomed this extra excuse for celebration with open arms. They certainly wasted no time to advertise bottomless brunches, happy hour cocktails and even Chaat specials on Indian restaurant menus – all targeted at the gals.
It’s refreshing to see the good deals not reserved for couples, but it doesn’t happen enough. The painful cost of being single has been highlighted in the Hargreaves Lansdown Savings and Resilience Barometer. Singletons spend 22 per cent more on essential housing per person than their couple counterparts – despite living in cheaper accommodation. Despite making less per person than their coupled-up counterparts, they also end up spending far more on the essentials. Often, they have to give up on a lot of the fun in life to make ends meet, so it’s little wonder the wave of Galentine’s goodwill has caught the imagination.
Groundhog Day for tax-free cash
Groundhog Day passed by in the early February chill, but you could be forgiven for thinking that we are still stuck in a loop, especially where speculation over cash ISAs is concerned. The rumours are reminiscent of pre-Budget days when the focus was unrelentingly on the possibility of tax-free pension cash being abolished or reduced. The changes never came to pass. This time around there is no indication the cash ISA is on its way out, and rumour-mongering isn’t helpful for people trying to save and boost their financial resilience.
The speculation erupted after reports that some City firms had met with the Chancellor and called for some of the cash ISA allowance to be redirected to investment ISAs, arguing it will boost growth. But it’s important to remember this cash isn’t sitting idly around.
The money in cash ISAs is put to work by banks and building societies and used to fund mortgages. Having a functioning mortgage market is also key to a growing economy. It’s also important people are encouraged to build up a pot of rainy-day savings to help with any emergency. In addition, reducing the tax incentives from cash ISAs won’t simply persuade more people to invest – it could simply expose more careful savers to tax.
People can move money from a cash ISA into an investment ISA today. A major part of the issue is that not enough people have the confidence to invest. There’s a review underway into how better to guide people to good financial decisions and outcomes without having to pay for advice. This will mean businesses can offer more targeted support and guide people to move long term savings into investment.
This would be a huge step forward and will be more effective than tinkering around with ISAs, a family of products which should be seen as reliable and constant, to ensure people saving and investing have peace of mind.
UK shines as a safe investment haven
As the world holds its breath in anticipation of where the latest round of US tariffs will land, and President Trump continues with a round of unpredictable policymaking, the UK has become a more alluring investment prospect. With geopolitical instability and conflict also dominating headlines, UK investors are seeking refuge in what is most familiar to them – domestic UK equities.
According to the latest Hargreaves Lansdown Investor Confidence Index, there was a fall in confidence in every geographical sector except the UK where it rose by six per cent. The latest snapshot of growth indicating the economy eked out expansion at the end of the year is also likely to buoy sentiment a little more. That doesn’t mean to say the UK will be immune from trade turmoil. With Trump’s claims that VAT is a tariff and the digital services tax on tech giants also in scope, envoys will have their work cut out to claim that the UK should be viewed as a special case. Nevertheless, the defensive qualities of the FTSE 100 are shining through, and optimism is on the up.
Game over for dating apps?
Bridget Jones’ latest escapades are hitting cinemas, and this time her blundering search for love veers into both real and virtual worlds. But it looks increasingly like the sell-by date is being slapped on dating apps, with young people increasingly turning off them. According to Ofcom, the UK’s top ten sites saw user numbers fall around 16 per cent between 2023 and 2024. For anyone who has heard about the trials and tribulations of navigating the murky world of private messages on sites, this is far from surprising.
Gaming is rapidly taking over as platforms of choice when it comes to finding a partner, with bonding over shared interests so much easier in this space. Games will be the focus for the next explosion of dating-focused entrepreneurs, who will be using AI tools to finesse their matchmaking capabilities. So, maybe the next Bridget film will involve her creating her own avatar to roam the virtual dating game scene, which is sure to provide ample opportunity for our hapless heroine to stumble into more embarrassing encounters.
Quote of the week
“You can only grow if you are willing to feel awkward and uncomfortable when you try something new.”
Bridget Jones: Mad About The Boy
Shein’s listing in the spotlight
Shein’s planned London listing was already mired in controversy and now it’s hit by fresh tariff turmoil, becoming ensnared in clampdowns on e-commerce giants. Trump’s tariff order to reverse shipping loopholes has shone the spotlight on other countries exemptions for small, imported packages. It seems it has prompted the European Commission to act as its now urging EU lawmakers to phase out exemption on customs duties for parcels under €150. These exemptions have helped give the fast fashion giant more muscle. It is highly reliant on keeping prices low and this has been helped by the firm not having to pay import duties on millions of low-value packages. Now that the US administration has closed this loophole, known as “de minimis” in the United States, it looks like other countries will follow suit.
This looks set to be a big bump in the road for Shein’s controversial planned listing on the London Stock Exchange. If Shein can’t compete so easily on price in major markets like the US and the EU, it’ll be a much harder sell, particularly given it also faces claims of environmental recklessness and poor working conditions in its supply chains. This is likely to knock potential investor sentiment and make it that bit harder to achieve a mega blockbuster valuation. It’s also set to reignite calls for a similar move to be made in the UK to offer protection to hard-hit domestic retailers.