MARKET NEWS

Potential Minimum Wage Increases on the cards for 2026

The UK minimum hourly wage would need to rise by 4% to £12.71 next April to ensure it does not fall below the government’s target of two-thirds of median earnings, according to a report from the Low Pay Commission (LPC).

This would amount to a rise of 50p per hour for adults aged over 21-years-old, up from the current £12.21 an hour rate. But the advisory body said minimum pay may need to rise to as much as £12.86 an hour to hit the government target, depending on changing economic conditions.

The LPC is an independent body that provides final recommendations to the government each October on how minimum wage rates should be changed. However, ministers ultimately decide the wage rates ahead of the following April.

More than 80,000 hospitality jobs lost since announcement of National Insurance rise

The number of people working in UK hospitality has dropped by more than 100,000 in the past year as the sector bears the brunt of increases to employers’ National Insurance Contributions (NICs).

UKHospitality said there had been a major fall in the availability of entry-level roles and summer jobs typically taken up by young people. The number of payrolled employees in hospitality dropped 108,000 in the year to July 2025, the largest decrease of any sector of the economy, according to analysis from the Office for

National Statistics (ONS).

Some 84,000 of these roles have been lost since changes to employer NICs were announced in Rachel Reeves’ inaugural budget last autumn. Job vacancies in the sector also dropped 7,000 in the three months to July as operators cut back on hiring after the tax changes came into force in April.

COMMODITIES REPORT

Beef Prices:

Beef prices continue to be high, with some suppliers reporting 150% increase on

prices from last year. Summer tends to be a period of high demand for steak cuts

and trim for burger production in particular.

Shortages are worldwide and UK farmers

are finding they can make more money by exporting, putting further pressure on UK

demand.

In season now:



• Blackberries
• Strawberries
• Victoria Plums
• Baby Spinach
• Beetroot
• Corn on the cob
• Carrots
• Peas
• Cavolo Nero
• Turkish Figs
  

Octopus:

Octopus are breeding in unprecedented numbers in British waters due to warmer sea temperatures. So many of the creatures are now being landed that tens of tonnes are reportedly being traded daily at Brixham Fish Market. However, the rise in

numbers is becoming a problem for crab and lobster, their favourite source of food,

and may lead to a decline in numbers.

Exotic Fish:

We are now in the midst of monsoon season which seriously affects fishing across India and Sri Lanka in particular. This will affect some exotic fish such as swordfish and tuna, with lower catches driving higher prices.

Poultry Prices:

Prices on poultry have continued to rise across the UK and Europe. Producers, particularly in Poland, are still recovering from widespread avian flu. This has coincided with record temperatures throughout Europe and the barbecue season, which will keep pressure on availability and price. There have now been outbreaks of Newcastle disease which has caused huge losses in birds in Poland.

Seasonal Recipe Suggestion

Make the most of the UK beetroot and carrot season with this delicious salad.

Honeyed Beetroot & Carrot Salad

Serves 6

Ingredients:

450g Carrots, cut into batons

450g Beetroot, peeled and cut into thin wedges

2 tbsp Olive Oil

150g Quinoa or Bulgar Wheat

2 tbsp Honey

2 Lemons, zested and juiced

1 Orange, zested and juiced

1 tsp Ground Cumin

1 tsp Ground Coriander

75g Hazelnuts, roughly chopped

2 tbsp Extra Virgin Olive Oil

Small bunch of Mint, picked and chopped

Small bunch of Parsley, picked and chopped

Small bunch of Dill, picked and chopped

200g Feta, crumbled