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Rhea Karo is a young British entrepreneur and the driving force behind Social Amour, a leading London-based social media marketing agency.
Founded just four years ago, Social Amour has quickly become a powerhouse in the industry, boasting an impressive client roster that includes Hollywood actress Salma Hayek and actor Luke Evans, along with his recently launched brand BDXY. The agency also serves a multitude of bars, restaurants, and galleries across London.
Operating from South West London with a small yet dynamic team, Rhea has built Social Amour into a comprehensive, in-house social media marketing service that covers everything from growth strategies and partnerships to video production and photography. The agency is on a trajectory to grow by an astounding 80% in the next financial year, reflecting its rising prominence and success.
What was the inspiration behind Social Amour?
Social Amour was born out of a combination of love and frustration—love for marketing and social media, and frustration over the fact that many businesses need a full marketing team to meet their objectives but often lack the budget. A typical marketing team includes a manager, coordinator, assistant, videographer, photographer, editor, and community manager. Many businesses, especially smaller ones, cannot afford to fulfill each of these roles. That’s where Social Amour comes in; we offer a one-stop solution.
Our services go beyond social media management or consultancy. We have built an in-house team with expertise across various social media disciplines, including photography, videography, and content creation. This allows us to manage all aspects of our clients’ social media needs under one roof, providing a comprehensive 360-degree journey for them.
I have never aspired to become a large agency; I prefer to remain boutique. This approach allows us to retain a personal touch and build authentic connections with our clients, becoming a genuine extension of their team.
Who do you admire?
There are many people I admire, but one standout is Emma Grede. Although she may not be as widely recognized as the Kardashians, she is the powerhouse behind some of their most successful ventures. Emma is the founding partner and chief product officer of Kim Kardashian’s shapewear brand Skims and the co-founder and CEO of Khloe Kardashian’s size-inclusive brand Good American.
Emma embodies the perfect blend of entrepreneurial savvy and strategic vision. She grew up in East London, moved to LA, and successfully pitched and collaborated with the Kardashian/Jenner clan. Her ability to drive business growth, innovate in the fashion industry, and maintain a strong commitment to social responsibility sets her apart as an inspiring role model for aspiring entrepreneurs. Emma’s behind-the-scenes influence and dedication to excellence make her an unsung hero in the business world.
Looking back, is there anything you would have done differently?
I generally don’t believe in regrets; I view every mistake as a valuable learning opportunity. However, if I had to pinpoint one area, it would be the hiring process. Your team is one of your most valuable assets, and hiring the right people who align with your vision and values is crucial for success.
I’ve learned the importance of not being complacent when hiring. Hiring the wrong person can be costly and time-consuming. It’s essential to hire and fire quickly but strategically to ensure you have the right people in place.
What defines your way of doing business?
Empathy, consideration, and adaptability are the cornerstones of my approach. We’re all human, and in a world not yet run by robots, empathy is essential for genuine connection. Consideration naturally follows, allowing us to understand and respect our clients’ needs and goals. Adaptability is crucial in our industry, where opinions on creative content and campaign strategies can vary widely.
My goal is to tailor our work to meet our clients’ needs, even if it means adjusting our personal preferences. This ensures the final product resonates with them and achieves their objectives.
What advice would you give to someone starting out?
Take action. Whether it’s posting that piece of content, registering your business, pitching to potential clients, or sending important emails—don’t hesitate. Waiting for everything to be perfect is futile because perfection is an elusive goal that rarely, if ever, arrives. Instead, embrace the journey of learning and development. Be proactive, learn from your experiences, and allow yourself to evolve along the way.
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Getting to Know You: Rhea Karo, CEO of Social Amour

The UK government’s ChipStart programme has enabled semiconductor start-ups to secure over £10 million in private investment and grants, with nearly £20 million in total commitments.
This initiative is fostering innovation in various fields, from AI efficiency to advanced healthcare technologies.
Eleven semiconductor start-ups have joined the second cohort of ChipStart, a programme launched in October 2023 with £1.3 million in funding to nurture new chip designers and attract substantial investment. The programme supports start-ups by providing access to commercial design capabilities, mentorship, and exposure to private capital, aiming to turn groundbreaking research into market-ready products.
Among the new participants is POM Health, which is developing a wearable patch for continuous hormone monitoring to enhance fertility treatments. HeronIC has also joined, bringing a software design tool that creates custom chips for AI applications, improving energy efficiency and performance.
Patrick Vallance, Minister for Science, stated, “Innovation in semiconductors can drive advancements across multiple sectors. The support from ChipStart is crucial in turning British research into commercial success, addressing global challenges and fostering economic growth.”
Following the first cohort’s success, which saw over £10 million in funding and nearly £20 million in commitments, ChipStart continues to propel early-stage semiconductor companies toward commercialisation and growth. This round includes nine firms from UK universities, further solidifying the UK’s position in the global semiconductor supply chain.
Sean Redmond, Managing Partner of Silicon Catalyst UK, highlighted the programme’s impact: “ChipStart UK is transforming academic innovations into market-ready technologies. The new cohort builds on the first group’s achievements, positioning them for global success.”
Participants from the initial cohort, such as Vaire Computing and Wave Photonics, have already secured significant funding. Vaire Computing raised $4.5 million to develop ultra-energy-efficient chips that could extend smartphone battery life to a month. Wave Photonics secured £4.5 million for its photonic chips, which use light instead of electricity, offering faster and more energy-efficient operations.
Rodolfo Rosini, CEO of Vaire Computing, praised the programme: “The networking opportunities and support provided by ChipStart have been instrumental in setting our company on a path to long-term success.”
James Lee, CEO of Wave Photonics, added, “ChipStart has given us access to expertise and tools that are essential for deploying our technology in diverse applications, from biosensing to quantum computing.”
With the continued support of ChipStart, the UK’s semiconductor industry is poised for significant growth, driving innovation and economic development.
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Government scheme boosts UK chip start-ups with £10 million funding injection

The Prince’s Trust, in collaboration with Solutions Research and supported by Cognizant, has released a new report highlighting a growing ‘digital skills crisis’ among UK youth.
According to the findings, over one-third (37 per cent) of young people are concerned they lack the digital skills necessary for securing a good job. Additionally, more than two in five (41 per cent) feel uncertain about which skills to develop for their future careers.
The report, titled Decoding The Digital Skills Gap, exposes how limited knowledge, exposure, and access to digital skills training are hindering young people from pursuing relevant careers. This lack of digital confidence is especially pronounced among those already disadvantaged, such as individuals not in employment, education, or training (NEET) and those with limited internet access.
Lindsey Wright, Head of Future Sectors at The Prince’s Trust, remarked: “This research paints a bleak picture of a growing digital skills crisis, suggesting young people are not being equipped with the right knowledge, confidence, or opportunities to pursue digitally enabled jobs or training. As the employment landscape rapidly changes around them, we risk locking young people out of our economy and from pursuing their aspirations, while also failing to benefit from all that a rapidly growing, technology-led economy provides.”
The comprehensive study, which involved a nationally representative survey of 2,001 young people aged 16-30 and 20 focus groups across the UK, reveals that 37 per cent of young people are not studying digital or tech subjects beyond Key Stage 3. NEET young people are more likely to miss out on relevant studies (43 per cent versus 34 per cent), with many reporting that these subjects were either not offered or not encouraged.
Encouragingly, almost four in five (79 per cent) young people expressed interest in training or retraining in both basic and advanced digital skills.
The government’s 2022 Digital Strategy highlighted that over 80 per cent of UK job advertisements require digital skills, estimating the current skills gap costs the UK economy up to £63 billion annually, potentially rising to £120 billion by 2030. Despite this, over two-fifths (42 per cent) of young people do not see digital skills as essential for their future, with NEET individuals more likely to hold this view (52 per cent versus 38 per cent).
The research also indicates a disconnect between young people and digital careers. When presented with potential future roles like Robotics Engineer, Cyber Security Analyst, and Computer Games Developer, only 11 per cent felt these careers were suitable for them, despite acknowledging their lucrative and creative potential.
Josie Harrison, Research Director at Solutions Research, emphasised: “We found strong evidence that young people need significant support to ensure barriers to engaging with digital skills training and careers are removed. There is a clear need to raise awareness of the need for digital skills by educating on how relevant they are to different jobs and industries. It is vital to keep in mind that young people think about jobs first and foremost, so initiatives need to put employment outcomes at their centre.”
Rohit Gupta, Managing Director UK&I at Cognizant, added: “With global economies and employment landscapes changing at an unprecedented pace in the age of AI, working with The Prince’s Trust enables us to support young people from underrepresented and diverse backgrounds by giving them important opportunities to access skilling and teaching them how to succeed in the workforce of the future.”
Over the past two years, The Prince’s Trust has successfully integrated digital skills modules into programmes like Achieve, benefiting thousands of young people across the UK. These efforts are crucial as three in four young participants of Prince’s Trust programmes transition into work, education, or training.
The Prince’s Trust calls for collaborative action from employers, educators, and the government to enhance digital skills training and career guidance. By doing so, the UK can unlock the potential of its youth and ensure they are well-equipped to thrive in a technology-driven economy.
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Prince’s Trust warns of ‘digital skills crisis’ as over third of young people lack confidence in securing tech jobs

The Bank of England has reduced interest rates for the first time in over four years, providing much-needed relief to millions of homeowners and families still grappling with the high cost of living.
In a closely contested decision announced at midday, the nine-member Monetary Policy Committee (MPC) voted 5-4 to lower the base rate by 0.25 percentage points from a 16-year high of 5.25 per cent. Governor Andrew Bailey supported the reduction, bringing the rate to 5 per cent.
This cut marks a significant step in easing the UK’s cost of living crisis. Interest rates had been on the rise since December 2021, increasing from a record low of 0.1 per cent to combat inflation, which intensified financial pressure on many families.
The MPC’s decision is expected to lead banks to lower mortgage rates shortly, though it will also result in less attractive savings deals.
Headline consumer price index inflation has stabilised at the Bank’s 2 per cent target for the past two months, the lowest level since July 2021. This stability fuelled speculation about a potential monetary policy easing for the first time since March 2020.
The five MPC members who supported the rate cut cited evidence of labour market rebalancing and easing wage growth, noting progress in reducing the risks of persistent inflation. Supply chain disruptions post-pandemic and Russia’s invasion of Ukraine had previously driven UK inflation to a four-decade high of 11.1 per cent.
Bailey stated, “Inflationary pressures have eased enough that we’ve been able to cut interest rates today.” However, he cautioned against expecting a rapid decline in borrowing costs, emphasizing the need for careful management to maintain low and stable inflation.
This cautious stance was echoed by the four MPC members who voted to keep rates unchanged. They argued that underlying domestic inflationary pressures remained entrenched, suggesting that long-term interest rates might need to stay restrictive.
The narrow 5-4 vote indicates a division within the committee on the resilience of inflation and the appropriate pace for lowering interest rates. Before the announcement, investors anticipated a reduction of around 0.50 to 0.75 percentage points this year.
The MPC is wary that price pressures could persist after the reduction in energy costs is no longer factored into inflation calculations. The Bank projects inflation will rise to 2.75 per cent in the second half of this year as energy price declines from the previous year are excluded from annual comparisons.
The committee has consistently pointed out that services inflation, a key measure of domestic price trends, remains high at 5.7 per cent, alongside elevated wage growth.
In its latest economic forecasts, the Bank of England significantly upgraded its UK GDP growth projection for this year to 1.25 per cent, up from a previous estimate of 0.5 per cent. This upward revision is expected to bolster the Labour government’s efforts to stimulate growth.
Leading up to the August meeting, the identification of MPC members likely to favour a rate cut was challenging due to the Bank of England’s communication pause during the general election campaign. MPC members typically express their views on inflation and monetary policy through public speeches.
In the end, Governor Bailey, newly appointed Deputy Governor Clare Lombardelli, and Sarah Breeden joined MPC members Dave Ramsden and Swati Dhingra in voting for the rate reduction. Jonathan Haskel, Catherine Mann, Megan Greene, and Huw Pill opposed the cut.
The Labour government is likely to highlight this rate reduction as evidence of economic normalisation under its leadership. Prime Minister Sir Keir Starmer has frequently blamed the Conservatives, particularly Liz Truss’s mini-budget, for previous interest rate hikes.
Earlier this week, Chancellor Rachel Reeves accused her predecessor, Jeremy Hunt, of concealing £21.9 billion in government overspending. Using a Treasury audit, she cancelled infrastructure projects and the winter fuel allowance for non-benefit-receiving pensioners. Reeves also indicated potential tax increases in her upcoming budget on October 30.
The MPC announced it would outline the pace of bond sales for the coming year at its next meeting in September.
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Bank of England cuts interest rates to 5% in first reduction since 2020

GB News Radio has achieved a remarkable milestone, surpassing Times Radio in audience numbers, according to the latest RAJAR ratings released today.
The station, which has been on air for just three years, has seen a 63 per cent increase in listeners over the past 12 months.
In the second quarter of this year, GB News Radio attracted 518,000 weekly listeners, compared to Times Radio’s 478,000, which experienced an 8.5 per cent decline. Total weekly listening hours for GB News Radio soared to 3.315 million, a 53 per cent year-on-year rise, solidifying its position as the UK’s fastest-growing radio station.
This surge in audience numbers places GB News Radio ahead of other news channels, including talkRADIO, LBC News UK, and Times Radio, all of which posted single-digit growth or lost listeners.
Core programming at GB News Radio continues to thrive. The Breakfast show, hosted by Eamonn Holmes, Isabel Webster, Stephen Dixon, Anne Diamond, and Ellie Costello, saw a 60 per cent increase in listeners year-on-year. Britain’s Newsroom, presented each weekday morning by Andrew Pierce and Beverley Turner, experienced an 89 per cent audience growth. Good Afternoon Britain, fronted by Tom Harwood and Emily Carver, enjoyed a 96 per cent rise, while the Martin Daubney show’s listenership grew by 99 per cent.
Commuters are increasingly tuning in to GB News Radio, with in-car listening up by 20 per cent quarter-on-quarter and 160 per cent year-on-year. The station has also seen a significant increase in female listeners, rising by 44 per cent over the last quarter, making up 45 per cent of the total audience.
The ABC1 demographic grew by 33 per cent in the last quarter, with AB audiences increasing by 52 per cent and up 76 per cent over the past year. Listeners aged 15-44 increased by 32 per cent in the last quarter, and 90 per cent of GB News listeners are the main shoppers in their households.
Digital platforms also contributed to GB News Radio’s success, with DAB radio listening up 72 per cent year-on-year, smart speaker audiences up by 106 per cent, and internet streaming up by 41 per cent.
GB News continues to innovate, with AI-powered sports news bulletins now delivered by the virtual voice of anchor Tatiana Sanchez. These bulletins are generated using AI summaries from the latest sports stories on the channel’s website and are broadcast hourly and half-hourly from 6:30 am to 11:30 pm daily.
Nicole O’Shea, GB News’ Commercial Director, commented, “These figures underline the strong continued growth of GB News Radio across the United Kingdom. To do this in the space of just three years is a great achievement, and we’re now reaching more listeners than ever all over the UK. Overtaking Times Radio is a milestone moment for GB News, but our aim is to build on this success and to reach out and connect with an even larger audience.”
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GB News Radio surpasses Times Radio with record-breaking ratings

Streamkap, a real-time data streaming provider, has secured $3.3 million in seed and pre-seed funding led by InReach Ventures, with participation from TEN13, Haatch Ventures and Begin Capital.
The company has also attracted angel investors with positions at notable companies such as Datadog, Anthropic, and Clickhouse.
Founded in June 2022 by serial data entrepreneurs Paul Dudley and Ricky Thomas, Streamkap is on a mission to make real-time data easy, accessible, and low-cost for businesses. By providing a low-maintenance streaming ETL platform built on top of Apache Kafka and Flink, Streamkap empowers companies to get their data from A to B faster with minimal setup.
In today’s fast-paced digital landscape, consumers demand immediate, seamless experiences. Whether it’s tracking a food delivery in real-time, receiving instant updates on financial transactions, or enjoying personalized shopping experiences, real-time data has become a cornerstone for meeting modern consumer expectations.
For instance, when ordering a ride or food delivery, users expect to see the real-time location of their driver. Delays or outdated information can lead to frustration and negative user experiences. Similarly, in e-commerce, real-time data allows companies to provide up-to-the-minute product recommendations, stock updates, and personalized promotions, significantly enhancing the shopping experience.
Additionally, the recent acquisition of Streamkap partner Rockset by OpenAI highlights the growing importance of real-time data in AI workloads. Real-time data is critical for AI applications, including retrieval augmented generation (RAG), which enhances large language models by integrating enterprise-specific data for accurate and relevant results.
Streamkap’s platform addresses these needs by enabling businesses to integrate low-latency data streams into their operations seamlessly. This capability is essential for applications across various industries, from finance and e-commerce to healthcare and entertainment, where real-time data can elevate customer experiences, as well as drive more informed decision-making and improved operational efficiency.
For example, Streamkap is working with discount designer goods e-commerce website, BrandAlley, to power real-time personalization, similar to the real-time personalization that powers TikTok’s “For You” page, leading to a significant uplift in engagement and sales.
Paul Dudley, Co-Founder of Streamkap, said: “Today, consumers increasingly expect and demand real-time experiences, and businesses need faster data to power these experiences and make critical decisions. We’re making real-time data easy by helping companies get low-latency data into modern data platforms with the simplicity of a traditional cloud-based ETL.”
Making real-time data easy for data teams
For data teams, Streamkap enables faster data without requiring a complete overhaul of their data infrastructure — all at a fraction of the cost of batch processing or higher-maintenance streaming solutions.
These factors were crucial in why customers like SpotOn, which provides point-of-sale solutions for restaurants and retail businesses, have chosen to partner with Streamkap. “Streamkap has been a game-changer for us in terms of delivering real-time data to our customers,” said Marcin Migda, Staff Data Engineer at SpotOn. “Their solution was 4x faster and 3x cheaper than our previous setup, and it slots right into our existing Snowflake data stack.”
Streamkap will use the new funding to expand its engineering and go-to-market teams, which have already doubled in size this year. On the product side, the company is investing in new capabilities for stream processing to enable transformations that further reduce latency.
Ricky Thomas, Co-Founder of Streamkap, commented: “We’ve seen tremendous demand from companies wanting to make their data real-time, whether they’re looking to speed up their existing data stack with Snowflake or other real-time technologies.”
“Streamkap is positioned at the intersection of major trends in data—the shift to real-time and the rise of the modern data stack,” said Roberto Bonanzinga Partner at InReach Ventures. “The team’s deep expertise in data infrastructure and track record scaling data businesses make them well-equipped to become a key player in this space.”
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Streamkap Raises $3.3M to Bring Real-Time Data at a Fraction of the Cost to Businesses

In this exclusive Q&A with Hannah Fitzsimons, the CEO of Cashflows, Business Matters magazine delves into what SMEs need to know about cashflow
Tell us about Cashflows
Cashflows was created in 2010 with the goal to make taking and accepting payments as simple as possible through its end-to-end in-house offering. Payments are critical to small to medium businesses, but it’s a complex area and businesses can get lost as payments become a more vital part of their operations. The payments experts have been offering merchant account services to customers across the European Economic Area (EEA) ever since.
Following FCA authorisation as an EMI, Cashflows was one of the first independent UK payments institutions to be accepted as a principal member of both Visa and Mastercard.
Funding is an essential cornerstone of any SME and Cashflows delivered over £2m in merchant cash advance in one nine-month period. Payments are what makes the global economy tick, and this is exactly what Cashflows is designed to handle. With a reach across the UK and Europe, that translates to billions of transactions across many thousands of businesses – helping them accept payments simply and securely, both in person and online.
What was the inspiration behind Cashflows Advance?
Cashflows Advance was inspired by the acute cash flow challenges faced by UK SMEs. It’s a rapid funding solution for existing Cashflows customers. It offers immediate access to funds based on a business’s transaction history, with repayments tied to future sales. In essence, it’s a hassle-free alternative to traditional loans and helps SMEs overcome cash flow challenges and invest in growth.
Recognising that traditional loans often fail to address evolving business needs, we sought to create a more dynamic solution. By leveraging our existing customer data and risk assessment capabilities, Cashflows Advance offers SMEs instant access to funds based on their sales performance. This innovative approach eliminates lengthy application processes and provides businesses with the financial flexibility to seize growth opportunities without the burden of inflexible repayment terms. Essentially, Cashflows Advance was born out of a desire to empower SMEs by offering a funding solution tailored to their specific needs and challenges.
Who do you admire?
I’m a classically trained pianist and have a very eclectic music taste, so many of my heroes are musical. Hania Rani who is a brilliant Polish pianist and composer amazes me with the blurred lines she creates between jazz, classical and house music. Aretha Franklin will always be a hero too. Not only for her voice and talent, but for her activism and support for social change and my teenage daughter is now sharing her adoration of Taylor Swift with me – an unbelievably talented and commercially savvy phenomenon.
But coming back to the world of payments and SMEs I’m a big fan of Marion King who is a gifted orator within the fintech realm. She’s also a member of Cashflow’s board and recently gave a talk at a Women in Payments event where she used the analogy of looking at our overall lives as canvases that we need to curate and be intentional about how we build out our own personal work of art. That was an inspiring way of looking at our own journeys.
Looking back, is there anything you would have done differently?
Knowing what I know now, I would probably have invested heavily in Apple in the early ‘00s. But seriously, I’m not sure there’s much I would have done differently. My philosophy has always been to work hard, deliver on what is asked of you and take the opportunities when they come along. When things haven’t always gone perfectly I have always taken learnings from these experiences and even an ill-thought-through move to Belgium delivered some life lessons in my 20s.
So, for those starting up an SME, the takeaway here is to believe in yourself, listen to the people around you, commit to your goals wholeheartedly and learn from it when the ideal outcome isn’t what you see at first. Then years down the line when you’re asked what you would have done differently you can say “nothing” with confidence and sincerity.
What advice would you give to someone starting out?
Take it as gospel that, for an SME, cash flow is the lifeblood of your business. Be prepared to adjust your plans as needed to maintain continuous monitoring and alter to ensure your business’s financial health.
Above all, don’t be afraid to ask for advice on anything. Staying on the topic of cash flow, remember that accountants are there for a reason and it’s never a bad idea to seek their input to optimise your business. They’ll probably tell you that you should aim to have enough cash on hand to cover operating expenses for at least three months – and they’re not wrong.
What defines your way of doing business?
Understanding as many viewpoints as possible across all stakeholders is the best approach and it’s certainly how I approach business at Cashflows. Every voice, from your employees to your customers, holds valuable insights. By fostering an open and inclusive environment, you can harness the collective wisdom of your community, which is the best problem-solving machine you have access to.
This collaborative approach is essential in any environment as dynamic as payments. By understanding the diverse needs of our clients, we can develop solutions that truly meet their expectations. Equally important is our unwavering dedication to our commitments. We believe that trust is the cornerstone of any successful business relationship, and keeping our promises is paramount. This reliability extends to our customers, partners, and employees alike.
Ultimately, our business philosophy is built on the foundation of human connection. By listening attentively and delivering on our commitments, we aim to create long-lasting partnerships and make a positive impact on the financial lives of our customers.
Read more:
Getting To Know You: Hannah Fitzsimons, CEO, Cashflows

McDonald’s global sales have declined for the first time in nearly four years, with a 1% drop in the second quarter as inflation-weary consumers choose to eat at home or opt for cheaper menu options.
The company expects same-store sales to continue falling over the next few quarters and is introducing meal deals and new menu items in response.
“Consumers still recognise us as the value leader versus our key competitors, but it’s clear that our value leadership gap has recently shrunk,” said Chris Kempczinski, McDonald’s chairman, president, and CEO, during a conference call with investors. “We are working to fix that with pace.”
Sales at locations open for at least a year fell by 1% during the April-June period, marking the first decline since the final quarter of 2020 when the pandemic led to store closures and widespread home confinement.
In the US, sales fell nearly 1%. Although McDonald’s saw fewer customers, those who did visit spent more due to price increases. Kempczinski defended the higher menu prices, citing a 40% rise in costs for paper, food, and labour in some markets over the past few years.
The company’s net income fell 12% to $2bn, or $2.80 per share. Excluding one-time items such as restructuring charges, McDonald’s earned $2.97 per share, falling short of the $3.07 per share profit forecasted by industry analysts.
In May, McDonald’s CEO Joe Erlinger noted in an open letter that the price of Big Macs had risen 21% since 2019.
The decline in sales extends beyond McDonald’s. Customer traffic at US fast-food restaurants fell 2% in the first half of the year compared to the same period last year, according to market research company Circana. David Portalatin, a food industry adviser for Circana, expects high inflation and rising consumer debt to continue impacting traffic in the second half of 2024.
McDonald’s also reported lower store traffic in France and the Middle East, where boycotts related to perceived support for Israel in the Gaza conflict have affected sales. In China, weak consumer sentiment has driven customers to lower-priced rivals.
In April, McDonald’s warned that more customers were seeking better value and affordability. On June 25, the company introduced a $5 meal deal at US restaurants, which was late in this financial reporting period. According to Joe Erlinger, McDonald’s US President, sales of the $5 meal deal are exceeding expectations and attracting lower-income consumers back into McDonald’s stores. The promotion will run through August, with 93% of McDonald’s franchisees participating.
Other countries, such as Germany and the United Kingdom, have also seen success with meal deals. However, Kempczinski emphasised the need for broader value offerings and improved marketing.
“Trying to move the consumer with one item or a few items is not sufficient for the context that we’re in,” he said.
New menu items are also being tested, including the value-oriented Big Arch double burger in three international markets through the end of this year.
For the second quarter, McDonald’s revenue remained flat at $6.5bn, just below the $6.6bn expected by Wall Street, according to analysts polled by FactSet.
Despite the sales decline, investors appeared satisfied with McDonald’s plans to reverse the trend. McDonald’s shares rose 4% in Monday morning trading.
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McDonald’s global sales drop for the first time in four years as cost of living impacts consumer choices

Non-doms hoping for changes or delays to the new Labour Government’s reforms will be disappointed by the HM Treasury policy paper released yesterday, according to leading audit, tax, and business advisory firm Blick Rothenberg.
Nimesh Shah, CEO of Blick Rothenberg, stated: “Non-doms holding out for changes or a delay to the original Conservative Government proposals will be disappointed, as the reforms will be largely the same as announced by Jeremy Hunt in his last Spring Budget as Chancellor.”
Shah added: “The new Government has committed to implementing the 4-year Foreign Income and Gains (FIG) regime from 6 April 2025, and there is clear intent to progress that change as soon as possible.”
The policy paper has curtailed some of the original transitional provisions for the move to the FIG regime. This includes removing the first-year discount on foreign income, suggesting an increase to the tax rate for the temporary repatriation facility, and confirming the removal of the inheritance tax exemption for trusts. Shah indicated, “There is a clear signal that this Labour Government wants an end to the non-dom regime.”
Many non-doms have been critical of the proposals, with reports suggesting that they are considering relocating to countries like Italy, the UAE, and Switzerland, which offer tax breaks. The confirmation that the Labour Government is pressing ahead with its plans is likely to reinforce and, in some cases, accelerate plans to leave the UK.
Shah noted, “In some ways, it is helpful that the new Government has clarified their position and a line has been drawn. Although the final details of the rules will not be known until the Autumn Budget on 30 October 2024, we shouldn’t expect any reversals given the clear tone in the policy document.”
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Labour government presses ahead with non-dom tax reforms