In short
Wake Up To Money (BBC) covers: UK macro outlook after IMF warnings of recession risk tied to the Iran/Strait of Hormuz energy shock; business impacts on pubs, investors’ rate expectations, and possible longer-term inflation from fertilizer and supply-chain disruption (including CO2 and jet fuel concerns); household saving behavior shifting toward cash amid uncertainty; and AI cybersecurity fears after discussion of Anthropic’s unreleased “Claude Mythos” (autonomous vulnerability exploitation risk).
Guests
Jonathan Lawson, CEO of Butcombe Group (120+ pubs, Bristol brewery); Lucy Coutts, investment manager/head of JM Finn’s York office; Frances Coppola, independent economist.
Key claims
recession is officially two quarters of negative growth; markets may tolerate geopolitics but dislike inflation; pubs haven’t seen immediate demand collapse, but costs/taxation concerns remain; CO2/beer storage could become a problem quickly; investors expect Bank of England rates to hold around 3.75 with slower cuts.
Notable examples
EasyJet fuel-cost hit and grounded-flight worries; Pokemon smash-and-grab raids; specific card prices (e.g., Charizard £442,800; Pikachu Illustrator £832,000).
Written by AI. May contain mistakes. Listen to the episode to check what was said.
Chapters
Tap a time to open that second in VODiscussion on Collectibles
2:25 to 3:38
Exploration of the value and passion behind collecting various items.
“Yeah, loads of Pokemon chat coming later on in the show.”
Panel Introductions and Initial Thoughts
3:38 to 5:20
Introduction of the panel and initial thoughts on the economy.
“Jonathan, as well as a brewery in Bristol.”
IMF Report on UK Economy
5:20 to 6:45
Analysis of the IMF's recent report regarding the UK economy and recession risks.
“So earlier this week, the International Monetary Fund said the energy shock from the Iran war will hit the UK the hardest of any of the world's economies.”
Consumer Behavior and Business Impact
6:45 to 7:58
Discussion on consumer behavior and business impacts from geopolitical events.
“It's always a risk, isn't it, to start talking about recession?”
Government Measures and Business Challenges
7:58 to 10:40
Evaluation of government measures and their effectiveness on businesses.
“Jonathan, how are you feeling and how are your customers feeling?”
Investor Sentiment and Market Reactions
10:40 to 12:04
Insight into investor sentiment and how markets are reacting to economic news.
“Lucy, that's businesses then and we've had Francis's kind of economist view.”
Supply Chain Concerns and Future Implications
12:04 to 14:01
Discussion on potential supply chain issues and their implications for food and drinks.
“I should say as well, the IMF did also praise Rachel Reeves' progress in addressing the UK's budget deficit this week.”
Current Concerns in Food Production
14:01 to 14:59
Discusses the potential impact of storage limitations on food production.
“So in a matter of weeks, it could go from not being a problem to being quite a significant problem.”
Geopolitical Impacts on Markets
15:00 to 15:44
Explores how geopolitical events affect market sentiments and investor focus.
“I mean, are we expecting now that, I'm sorry, because I appreciate no one knows what might happen in Iran, in the Middle East more widely.”
Public Sentiment on Financial Security
15:45 to 17:36
Examines how individuals are reacting to economic uncertainty and adjusting their investments.
“But markets tend to take geopolitical shocks in their stride.”
Show all 25 chapters
Inflation and Investment Behavior
17:37 to 19:40
Discusses how inflation influences people's saving behaviors and perceptions of risk.
“all right, it's a lot more expensive to, I don't know, buy a flight or fill up my car.”
Long-Term Economic Impacts of Conflict
19:41 to 21:26
Analyzes how ongoing conflicts can lead to long-term economic consequences, particularly in agriculture.
“And you might be in a situation that you're about to retire, it tends to be life events, or you might be looking for a job or uncertainty, and that makes you hunker down and withdraw from the volatility.”
Jet Fuel Supply Issues and Economic Ripple Effects
21:27 to 23:08
Looks into the implications of dwindling jet fuel supplies on global markets and industries.
“We heard this week from Tom Behan, founder of the sportswear brand Caster, about the already existing difficulties posed by disruption to air freight.”
Global Economy's Reaction to Geopolitical Events
23:09 to 24:05
Discusses the interconnectedness of global economies and how geopolitical events can have lasting effects.
“in which we're potentially facing crucial shortages and we don't even think about what they do.”
Airline Industry's Financial Struggles
24:06 to 26:26
Explores the financial challenges faced by airlines due to external economic pressures.
“I mean, we're already seeing the fallout for EasyJet, for example, which has issued a trading update.”
Human Concerns Amid Economic Woes
26:27 to 26:46
Reflects on the balance between humanitarian issues and personal economic concerns.
“But equally, the market is telling investors this is a concern.”
Risks of AI in Cybersecurity
26:57 to 28:00
Examines the risks posed by advanced AI in exploiting vulnerabilities in banking security.
“Because finance ministers and central bankers at the IMF spring meeting in Washington, they're really quite worried about this unreleased AI tool developed by Anthropic.”
AI Business Risks and Opportunities
28:00 to 31:10
Explore the dual nature of AI in business, highlighting potential risks and opportunities.
“but what about the potential for AI business losses?”
Listener Stories on Collections
31:10 to 33:00
Hear quirky listener stories about unusual collections and their emotional significance.
“This is The Point, Frances, where we let you crack on with your Friday.”
Rising Costs and Weird Collections
33:10 to 35:08
Discuss the economic impact of global events and dive into the peculiar world of collections like Pokemon cards.
“We've been talking about whether it might start to resolve itself.”
The Theft Crisis in Collectible Markets
35:08 to 37:55
Investigate the alarming trend of thefts targeting collectible stores amid rising values.
“One recent auction saw more than one and a half million pounds worth of Pokemon assets changing hands.”
Understanding the Value of Pokemon Cards
37:55 to 42:00
Learn about the market dynamics and valuation of rare Pokemon cards and their impact on collectors.
“has told us that he is aware of this robbery in Warrington and aware of similar attacks and said that their force is linked up with others across the country on the issue.”
The Value of Pokemon Cards and Their Collectors
42:00 to 46:08
Explore who the collectors of Pokemon cards are and the factors driving their value.
“If it's just a regular card, it's really hard for you to track the stolen one.”
Investment Potential in Alternative Assets
46:08 to 48:55
Discussing the investment potential of Pokemon cards and the trends in alternative assets.
“Roy, thank you so much for joining us on Wake Up To Money.”
Cinema's Resilience and Streaming Challenges
48:55 to 54:22
Analyzing the current state of cinemas compared to streaming services and the industry's future.
“But the company said its earnings per share were looking lower for quarter two and that its co-founder and chairman, Reid Hastings, is going to step down.”
Transcript
Automatic transcript. May contain errors.0:00This BBC podcast is supported by ads outside the UK.
0:29CFO. LinkedIn has a word for that. Bull spend. Now you can invest in what looks good to your CFO. LinkedIn ads generates the highest ROAS of all major ad networks. You'll reach the right buyers because you can target by company, industry, job title, and more. So cut the bull spend. Advertise on LinkedIn. The network that works for you. Spend$250 on your first campaign on LinkedIn ads and get a 250 credit for the next one. Just go to linkedin.com slash broadcast. That's linkedin.com slash broadcast. Terms and conditions apply. Save on tropical flavors at Whole Foods Market during the Savor the Tropics event with yellow sales signs highlighting seasonal finds throughout the store.
1:19The produce section is bursting with pineapples, mangoes, and kiwis at their juiciest. Grill up fresh seafood paired with tropical fruit marinades or grab and enjoy the spicy Hawaiian pizza, huli huli chicken and more. Finish with a sweet slice of mango yuzu chantilly cake. Savor the tropics and save at Whole Foods Market. Wake Up To Money from BBC Five Live.
1:45Felicity Hannah:Hello, welcome to Wake Up To Money. The Chancellor says she has confidence in the UK economy. We'll find out if businesses and investors feel the same. Netflix results beat expectations, but shareholders were unhappy. We'll ask why. We'll also hear about the surge in Pokemon smash and grab robberies. Pokemon trading cards have soared in value since the pandemic. It's not just attracting new fans and investors, though. It is attracting thieves. And we'll head to CinemaCon in Las Vegas to check in on the health of the film industry. In a world where streamers are getting ever bigger, can cinema keep up?
2:20Wake Up To Money with Felicity Hanna.
2:23Felicity Hannah:Very good morning to you. Welcome to Wake Up To Money. Welcome to Friday. You made it. Friday the 17th of April. It is four minutes past five. Yeah, loads of Pokemon chat coming later on in the show. There's a spate of these kind of small specialist card shops have been robbed for those increasingly collectible cards. We'll be talking about that. But it did get me thinking this morning about collectibles and about how valuable they can become. So get in touch this morning. Tell me what you've collected, whether it was something you spent silly money on and tell me what it was that sparked your love or your interest.
2:58Felicity Hannah:I once had a boss who collected Monopoly sets from different cities and I just never got it. I never understood that. He didn't even go to the cities. He just collected the sets. Help me understand your passion for a collectible this morning. Get in touch on that or about anything that we're talking about today and WakeUpToMoney. You can text me on 85058. You can send me a WhatsApp message on 08085 909693. And if you're on social media, use the hashtag WakeUpToMoney and I will keep an eye on that. I will also be keeping an eye on my guests this morning. We've got our usual Friday panel. I'm joined by Jonathan Lawson, chief executive of Butcom Group, which has over 120 pubs from London down to the Channel Islands.
3:40Felicity Hannah:Jonathan, as well as a brewery in Bristol. Good morning. Good morning. How are you? Well, I was going to say, have you ever collected anything? But by the sounds of it, you're kind of collecting pubs. We do love our pubs. That's absolutely the case. And I would confess the Pokemon subject leaves me slightly bemused. But, you know, value is in everybody's eyes. And I'm sure as a cycling enthusiast, some people would say that my value in cycling is probably slightly bemusing as well. There you go. Everybody has a passion. don't they, Lucy Coutts, investment manager and head of JM Finn's York office.
4:17Felicity Hannah:Good morning. Any collectibles in your sphere? Oh, I'm so dull. No, I'm afraid not. I'm sort of, I'm too tidy, too organised. I'm really sorry that you caught me on the hotline. It is, it is, it is. I, you know, I, I, I, I have known to collect a little bit of Lego and it's deeply untidy. It gets really dusty. Joining us this morning to chat about the week that was is Francis Coppola, independent economist. Frances, good morning. Good morning. Have you ever had a collection? Is there anything you've particularly kind of invested in? I don't see you. I don't have you pegged as a Pokemon card investor, but I'm willing to learn.
4:55No, my son was a Pokemon card collector, though, when he was little. And I don't know whether he still got those cards, but he had quite a lot of them. Some of them have really gone up in value. He's quite nerdy. No, I am much too chaotic to be a collector.
5:13Felicity Hannah:Too tidy, too chaotic and loves bikes. That's our panel this morning for you. Wake up to money. OK, let's get straight into it, though, because it has been a heck of a week, hasn't it? So earlier this week, the International Monetary Fund said the energy shock from the Iran war will hit the UK the hardest of any of the world's economies. It cut the UK's growth estimate from 0.8%, sorry, to 0.8 % from its 1.3 % prediction made in January. And it used the R word, didn't it? It warned of a global recession. The UK economy saw its biggest monthly rise in over two years. This was for February. It grew by half a percentage point.
5:53Felicity Hannah:Of course, much of that progress is then going to be likely wiped out in the later numbers by the ongoing US-Israeli war with Iran. Okay, the Chancellor is also in Washington for talks about how to resolve some of that issue in Iran, the crisis in the Strait of Hormuz that's holding up all the oil tankers. And she's been talking to the BBC's economics editor, Faisal Islam. She said, despite the energy price shock, she still had confidence in the UK economy. I remain incredibly optimistic about the UK economy. We have some of the best entrepreneurs in the world. We have some of the best universities in the world.
6:29and our strengths in AI, in life sciences, in financial services, because we are well positioned to benefit from the growth that we will see in the global economy in the years to come.
6:43Felicity Hannah:OK, Frances, global recession. It's always a risk, isn't it, to start talking about recession? Sometimes you can kind of, you can talk yourself into one or you hear people talk about a vibe session where people just sort of feel like they're in one, even if they're not necessarily. How likely do you think it is? and also remind us of what actually qualifies as a recession. Ah, yes. A recession isn't just a feeling. I know what you mean about just sort of it feels like we're in a recession because everything's really gloomy. And that almost becomes a self-fulfilling prophecy because then people start cutting back spending and building up savings, which is actually a feature of recessions, funnily enough.
7:26And businesses start batting down the hatches. and before you know where you are, you actually have something, a real recession, rather than just a vibe. But officially, a recession is two quarters of negative growth. That means the economy actually shrinks. And sometimes, often we don't know that, we don't have that confirmed until really sometime after it's already begun, because obviously we've got to wait for the figures. We're always looking in the rearview mirror, aren't we, with this stuff?
7:57Felicity Hannah:Absolutely. Jonathan, how are you feeling and how are your customers feeling? I mean, with 120 pubs, more than 120 pubs, are you seeing people sort of since the Iran war kicked off kind of stopping after one pint? I don't think we've seen an immediate impact in consumer behaviour since the Middle East crisis occurred. consumer confidence frankly was already an incredibly low level in in february and ditched further in march i i am candidly quite concerned by the government's uh narrative or i would regard almost a spin at the moment having listened to the chancellor and also yesterday to peter kyle that i believe the increase in gdp which no doubt is welcome has added to their belief the two phrases they keep using, which is our economic plan was working before this event and we're in a more resilient position than we were to previous economic shocks.
9:01I don't think either is actually true. Whilst we had a really good year as a business last year, that was in spite of the government's measures, nothing due to them. The Chancellor in October 24 hit business for£25 billion. Since then, they've failed to deliver on their promise to reform business rates. We've seen further acceleration in the cost of NMW. And we look at costs of taxation in our business, and it's at an all-time high. So the Middle East presents new challenges to us as a business, both in the immediate term and the medium term. But the government's economic policy is probably still giving us the greatest cause of concern.
9:43Felicity Hannah:What about the help, though, that the government did announce earlier this year? So the Treasury Minister back in January, Dan Tomlinson, said that pubs and music venues in England would be given a 15 % discount on their business rates bills from April. They won't see any increases for two years. He said that three-year package would be worth more than£1 ,600 for the average pub in the current financial year. Yeah, to put that in context, that was once again a failure to deliver on their promise to reform business rates. That measure this year versus our original assumption will save us around£150 ,000 as a business.
10:24Compare that to the impact of their changes to national insurance and NMW last year, which cost us£2 million. I think that puts what they've done into context for us as a business. It is a temporary measure that unwinds over the next three years. We'll be no better off at the end of that.
10:42Felicity Hannah:Lucy, that's businesses then and we've had Francis's kind of economist view. How are investors feeling? Do they share the confidence that the Chancellor has? It's quite bizarre, really, because markets are absorbing the news more positively. and I think it's because the IMF did say it urged central banks to be cautious about further tightening and particularly cited that the UK should avoid expensive interventions such as the energy price cap. And then we had Andrew Bailey sort of say, he did what we call a hawkish pivot, which means he sort of favours higher rates and that put a lid on longer term higher inflation expectations, if that makes sense.
11:35So it's very different from 2021-22. So our best guess is that market rates will see higher sort of monetary tightening and the Bank of England will hold rates at 3.75 and just ride this out rather than raising them. But they're going to go lower much slower.
11:57Felicity Hannah:It's interesting times, isn't it? Which makes for interesting radio programmes, but tricky times for businesses and for investors. I should say as well, the IMF did also praise Rachel Reeves' progress in addressing the UK's budget deficit this week. That fell from 6.1 % of GDP in 2024 to 5.4 % in 2025. But let's talk about the thing that's causing a lot of the worries, the impact, that fallout from what we're seeing in Iran. We've kind of seen it, first of all, at the pump, haven't we? But now we're hearing that the UK is preparing for potential food shortages by the summer. This is off the back of possible disruption to the carbon dioxide supply chain.
12:39Felicity Hannah:That's what a government source told the BBC. That is, I should say, part of a worst case scenario drawn up by government officials. But it's another concern, isn't it? Alongside those concerns that fertiliser, which has been affected by the Strait of Hormuz, might also start pushing up prices. Now, for people who don't necessarily understand the different ways in which CO2 is used, it's important to say it's actually used to help extend the shelf life of fresh products like packaged meat, salad, breads. Lots and lots of other items. It's used in the slaughter of some animals as well. Jonathan, what are you seeing?
13:16Felicity Hannah:Has it started to affect your business at all yet? No, it hasn't. I think the CO2 communication that's out at the moment, from our perspective, certainly I would move straight away to say that we see no likelihood of food shortages at the That's absolutely not in our concern. We are obviously concerned about future food inflation linked primarily to fertilizer costs, which have been heavily impacted. The CO2, as you say rightly, has an impact in some elements of food supply and production and also drink. Yeah, beer. The bubbles in the beer. Again, we're not seeing that as an immediate concern.
14:05for us in terms of food production our meat provider is local regional and locally slaughtered so there's no co2 used in in that process by our meat providers um drinks is an issue the problem there is our ability to store it is limited and that's the case for many businesses in our sector so it can move very swiftly from not being an issue to being uh quite a significant issue i.e. we have a limited storage. So in a matter of weeks, it could go from not being a problem to being quite a significant problem. But as we stand, we don't see that as an immediate issue for us.
14:46Felicity Hannah:It is something that the government's looking into. I mean, the UK government a couple of weeks ago agreed to invest£100 million to reopen a carbon dioxide plant in Teesside. That is, Lucy, part of a contingency against supply disruption. But just bring us up to speed. I mean, are we expecting now that, I'm sorry, because I appreciate no one knows what might happen in Iran, in the Middle East more widely. But is there starting to be a field that the news is positive that we might be moving towards the end of this?
15:17I think, you know, when you sort of see the headline ceasefire and, you know, it's really very welcome from a number of aspects, let alone the humanitarian one. But we're living in such an unpredictable world, led by a very unpredictable presence of the US. So it's very difficult for markets and investors to assess the quality of any ceasefire. But markets tend to take geopolitical shocks in their stride. What they really don't like is inflation. And this is why it's really important that the investment world has much more focus, much more of a tilt on what the IMF is saying, what the Bank of England is saying, because those are the things that affect investors more rather than what's going on geopolitically.
16:11Felicity Hannah:Frances, I'll come to you. But before I do, speaking of investors, what about people, literally the man and woman on the street? People are starting to feel the impact the Iran shock has had on their money. Radio 4's Moneybox Live, my other gig, has been speaking to people in central Manchester about what they're doing, where they're putting their cash. I've just finished my PhD and I'm looking for a job, so I don't have very much in the way of financial savings or ways to weather all of the uncertainty that's going on right now. But I'm keeping an eye on oil prices and what savings I do have, I'm looking to put into cash-based options rather than stock-based options.
16:51I do do stocks and shares. Partly long-term, that's better if you put your money in cash savings and it gets eaten away by inflation. Yeah, I see that as a good way of growing my wealth over time. And I'm trying to put more away. The stock market is going to have good days, it's going to have bad days. But over time, it has slowly gone up. So if capitalism continues to do its thing, then I will hopefully be in a secure spot. As part of the worrying about the Iran volatility and the AI volatility, I moved some of the things out of stocks-based options into cash ices. I didn't want to have all of my money in stocks where it could actually straight up disappear.
17:35Felicity Hannah:Frances, people are worried and they're increasingly not just sort of thinking about, all right, it's a lot more expensive to, I don't know, buy a flight or fill up my car. They're starting to think, what is going to be the longer term impact of what we're seeing? Yeah. I mean, it's back to what Lucy was saying about unpredictability, that when we don't know what's going to happen and when inflation is rising and there's fears about more inflation to come and maybe we'll be able to get it under control or maybe not, or maybe something will happen and everything will just fall apart, then people do tend to run to what they perceive as safer forms of saving.
18:18So a few of the comments there were about moving from stocks to cash, which in terms of how the stock markets are actually performing is arguably not justified. But in terms of the uncertainty that people face, it's completely understandable.
18:37And also we would find people building up precautionary savings as well. So they might save more than they were doing before because they're not certain about the future.
18:48Felicity Hannah:So those are the kinds of behaviours that I would expect to see right now. Lucy, we heard one of those people in Manchester saying that the investment markets have good days and they have bad days. The interesting thing about this has been that it's actually it's been very volatile. It's not been, you know, we've not seen global markets plunging. We've seen them dipping and rising and dipping and rising. And we've actually seen a huge amount of growth over the last 12 months. Yes, we have. And I mean, last year, just swinging back to the UK, you know, it was one of the best performing stock markets in the world.
19:21Now, one could argue that it was cheap. I won't get into the detail. But investment is very much for the long term. And it is deeply uncomfortable for investors when events like this happen, because volatility rises. And you might be in a situation that you're about to retire, it tends to be life events, or you might be looking for a job or uncertainty, and that makes you hunker down and withdraw from the volatility. And as far as they said, move more into cash. And that's human behaviour. But over the long term, if you just stay invested, markets generally ride it out.
20:05Felicity Hannah:We've had a message from Paul in Bournemouth who says, it doesn't matter if there is an Iran-US ceasefire, if there's no traffic going through the Hormuz Straits. It's an interesting point, isn't it, Jonathan, that even if this is all resolved tomorrow, there could still be a long tail, there could still be an impact being felt for a very long time. I think that's almost inevitable now, Felicity. I think that if you come back to the point around fertiliser, we've been very focused around the impact of the Straits of Olmuz on oil distribution. But I think the approximate distribution is about 20 % of the world oil supply.
20:48It's much higher in terms of the wealth distribution of fertilizer. And that has impacted supply and has impacted costs. And that will unwind actually over a much longer period of time than people realize. That will affect farmers, both from an arable point of view and from a stock point of view, as we head into the autumn and then as we head into next year. So I think businesses like ours, we're seeing relatively stable food and drinking inflation at the moment. We're just trying to work out how severe that could be later in the year and next year. It absolutely will increase.
21:29Felicity Hannah:Okay, well, let's talk about another of the impacts because another development this week has been the executive director of the International Energy Agency, Fatih Birol, saying Europe has just six weeks supply of jet fuel left. We heard this week from Tom Behan, founder of the sportswear brand Caster, about the already existing difficulties posed by disruption to air freight. Most worryingly, we are starting to see some airline carriers, cargo freight companies reduce the amount of flights that they're doing so product physically can't get to its destination. That is something that is causing a lot of concern, but it does change on an almost daily basis.
22:11Felicity Hannah:Frances, this is just another area where a war happens a very, very long way away and has a huge human cost in that area. But then the economic ripples can be quite unpredictable and affect the whole globe. Absolutely. And affect it in multiple ways. I mean, obviously, if you've got shortages of jet fuel, possibly also shortages of diesel affecting shipping. then that affects everything. It's not just an energy shock. And I remember, I think, when this first blew up, being quite concerned that all the talk was about an energy shock and people were missing the wider impact on supply chains more generally.
22:52I've got a note here that Christine and Georgieva of the IMF raised concerns about the supply of products such as sulfur. and I remember seeing something about helium. These are things we don't think about, but they are physical products in which we're potentially facing crucial shortages and we don't even think about what they do.
23:15Felicity Hannah:And it's so interesting. We don't have them. Something like helium, which I think has doubled in cost since this conflict began. People think about helium and they think about the balloons, but it's used in medical situations. It's used in technology. It's part of the AI boom, Francis. I mean, you know, there can be a much bigger impact in a much greater area. Absolutely. And I think what bothers me about this is that because we've already had this shock, because these supplies are already disrupted, the global economy is already affected. that even if there were a ceasefire today, even if all conflicts in that region stopped now and never started again, we would still be facing a substantial global shock because it's already baked in.
Read the full transcript
24:05Felicity Hannah:Lucy, it's already baked in. I mean, we're already seeing the fallout for EasyJet, for example, which has issued a trading update. It says it expects a first-half headline loss before tax of between£540 million and£560 million. Now, that's down to a range of reasons, including the cost of expansion in Italy, a lawsuit that it's had. But also, it says that while demand is holding up, they've had£25 million of extra fuel costs just in March. What else did we learn from EasyJet? Because their investors reacted, didn't they? Yes, they did. I mean, I think one thing that these just also sort of said was that demand remains very high.
24:47they're still growing but these extra costs you know are hurting the business certainly in the short term what they're trying to do is keep cancellations low and they're very reliant on hedging their fuel cost which I think they've done into 2027 rather than cut capacity but it may well be that we see cancellations and delays start to happen sort of through May if your logistics sort of tighten further which I think as Francis said you know we've had this sort of supply shock and it takes time for it to feed through the markets so yes and I think this is really why the share price is weak because it's in a very difficult position in terms of supply.
25:38Felicity Hannah:Well, the Chancellor said yesterday she has no immediate concerns about fuel supplies to the UK. But Lucy, the front page of the Times business pages this morning,$3 billion wiped off value of main airlines, essentially saying that the main Europe's biggest airlines dropped in value by$3 billion on Thursday because investors are spooked by grounded flights. Yeah, exactly. So if there are planes not flying, then they're not going to have the passengers and not going to have the revenue. Their business models are going to be hit very, very hard. And I'm saying that sort of as someone who's hoping to go to Greece in early June.
26:16And I'm fingers crossed that it all resolves itself, but perhaps it won't. But businesses are certainly being affected. And I think the Chancellor is right to try and keep everything calm and measured. But equally, the market is telling investors this is a concern.
26:36Felicity Hannah:Fingers crossed for your break. I think a lot of people in your boat. And it's tricky, isn't it? Because on the one hand, you know, there's this sort of terrible situation in the Middle East. And on the other hand, people are worried about their holidays. But these two concerns can exist side by side. Jonathan, I want to pick your brains on another of the big stories that we had this week. This kind of rising concern about the power of AI. Because finance ministers and central bankers at the IMF spring meeting in Washington, they're really quite worried about this unreleased AI tool developed by Anthropic.
27:08Felicity Hannah:It's the Claude Mythos AI system. And it's just remarkable. It's got this advanced autonomous ability to detect and exploit software vulnerabilities. There's growing concern that it could be used by cyber criminals to undermine bank security. There's a great article actually on the BBC website this morning on the business section by Faisal Islam about those kind of serious concerns being raised. Let's just hear, because earlier this week we spoke with Kieran Martin, who's a professor at Oxford University and the former director of the UN's National Cyber Security Centre. Claude Mythos is a really good hacker, whether it's a known vulnerability or a new one, but it's not perfect.
27:51and existing defences, if they're scaled and if they can work at speed, can be effective.
27:57Felicity Hannah:Jonathan, we talk a lot about the potential for AI for business, but what about the potential for AI business losses? Yeah, it's a really good point. I mean, you're right, a lot of us in business have been focusing about the opportunities. Ironically, I had quite a large number of my team in an AI training session and workshop yesterday specifically on that area. But security, cybersecurity, banking security has obviously been a key concern for all businesses. And we've put an awful lot of work into that area and with our partners. This, I suspect, is another layer of challenge for us. And as ever, we'll need to go on quite a steep learning curve to understand what further measures we'll need.
28:49and will rely on some of our banking partners to be able to do that, who obviously are very focused on that at the moment.
28:56Felicity Hannah:Yeah, steep learning curve for you and the rest of the world. Lucy, as an investment manager, does this worry you? Because we've seen technology and computing power just speed up your world so much. And AI is just going to turbocharge that, take that to another level. Oh, definitely. And, I mean, Claude, the Mythos programme, I mean, it is unreleased. But one phrase that sort of is sort of certainly from the world of sci-fi is sort of, it was instructed to break containment to test its optimisation. That's got a Jurassic Park ring to it, doesn't it? It is, isn't it? Break containment. So, you know, it is optimised for cyber security.
29:41And I think, you know, the CEO of Barclays, with a greater connected financial system, there are opportunities as well as vulnerabilities that are being tested. But you're quite right. I mean, AI is certainly gathering momentum, not only from an investor's perspective about where they sort of invest, but also in our day-to-day lives. we're integrating AI through the business, whether we're using Copilot to help us, etc. And it really speeds up tasks. I mean, I'm not terribly good at sort of creating spreadsheets, but I can make a very smart one now with the use of AI.
30:18Felicity Hannah:Frances, do you think that we have any real understanding yet of both the potential for good from AI and the potential for extreme business, economic, financial challenges? no really i'm not at all sure i don't think we really understand what we're creating here i'm struck actually by the way in which i what i remember sort of the science fiction from my from my youth um that people seem to be intent on making it real the kind of the out of control road computer that runs amok and and you know destroys everything and um almost seem to be determined to make it true, which is more than slightly worrying.
31:01Maybe we should all go back to reading 1960s science fiction.
31:04Felicity Hannah:I mean, I'm happy to leave the first half of the program on that thought. Maybe we should all go back and read more 60s fiction. Thank you all so much. This is The Point, Frances, where we let you crack on with your Friday. Thank you very much for joining us on Wake Up To Money. Hi then. Frances Coppola there, independent economist, But Jonathan Lawson, Lucy Coutts, stick around. Lots more to talk about in the next half hour. I will just do a couple of these because you are getting in touch with your collection story. And I just I love I love our Wake Up to Money listeners. I love how weird you all are sometimes.
31:36Felicity Hannah:No offense. Yorkshire Lad says in the early 1980s, I used to collect airline sick bags. It was quite a collection. Laker Airlines, Danair, British Collodian and Pride of Place, a Concord sick bag. The collection grew to about 50 bags when I got married in 1988. I decided to stop the collection when I got married as my new wife didn't get it. I mean, come on, whatever happened to in sickness and in health. Thank you for that. I wonder if you decided to stop or if that was decided for you. And somebody else who doesn't give their name says, during COVID, I became obsessed with plants. A wonderful obsession.
32:08Felicity Hannah:The house was full of them inside and outside. At least 100 plant pots inside. Quite an expensive obsession if you are buying and sad when they die. Yeah, that is my experience of pot plants. Keep your thoughts coming. 85058. I'm here on the job site with Dale, who's a framing contractor. Hey, good morning. Dale traded up to GEICO Commercial Auto Insurance for all his business vehicles. We're here where he needs us most. Yep, they sure are. We make it easy for him to save on all his insurance needs, all in one place. With coverage that fits his business and bottom line. Oh, I shouldn't have looked down.
32:43It's alright. We're so far up here. Look at me. Take a deep breath. I'm good. So good. Get a commercial auto insurance quote today at Geico.com and see how much you could save. It feels good to Geico. Wake Up To Money with Felicity Hanna.
33:00Felicity Hannah:Good morning. If you're just joining us, welcome to Wake Up To Money. Welcome to Friday. Lots of you getting in touch with your thoughts on the world situation. We've been talking about the rising costs being caused by the conflict in Iran. We've been talking about whether it might start to resolve itself. Now we're hearing that there's a ceasefire in Lebanon, that there are potentially going to be talks in Iran this weekend. Stephen in Cranfield says, good morning, morning. Even if the straits open today, it will be at least three weeks before normal supplies can resume. Thank you for that. Keep your thoughts coming.
33:33Felicity Hannah:I'm also asking about your weird collections. We're going to be talking about Pokemon cards in just a moment. So get in touch. Let me know what you collect, why it's weird, why you collect it, why you have that passion for it. And yeah, the weirder, the better, really. Taylor in Kilmarnock is doing quite well. He says, I collect claw hammers as a joiner. I have over 130 and a few very rare ones, which are worth a few thousand pounds each. That's almost better than sick bags, Taylor. Thank you very much for getting in touch. Gareth says on Blue Sky, definitely not sad enough to have built up a collection of over 5 ,000 unique trading cards of Tampa Bay Buccaneers players.
34:15Felicity Hannah:Probably the largest collection in the UK. Definitely not me. Thank you for that. And Paul says, London Underground Maps, the small folding ones you pick up from the station. Plus, I bought quite a few of the old ones. Total price paid, goodness me,£3 ,487.27. The prices boomed a few years ago, so they somehow turned into a solid investment, which is helpful when you spent that much on Underground Maps. But we're talking about it because, well, remember this? Our hearts all true. Our courage will follow through. You teach me that I need you. I mean, I'm going to be singing that for the rest of the day.
34:56Felicity Hannah:Pokemon. Anyway, Pokemon turns 30 this year and the craze around it is still going strong. In fact, it's kind of stronger than ever. Trading cards have soared in value since the pandemic. One recent auction saw more than one and a half million pounds worth of Pokemon assets changing hands. But as the prices rise, so does the risk. And in recent weeks, specialist shops across the UK in Rugby, Bristol, Bournemouth, Gloucester, Nottingham, they've been targeted by smash and grab raids. Celestial Collectibles in Warrington was one of the latest. And I've been talking to the shop owner, Chris Grundy, who says more than£60 ,000 worth of stock was stolen.
35:37It's about 20 past 11 and they pulled up outside the shop in a transit van and moved the cameras up with brushes and then they knocked through the bottom of the panel glass and then within four minutes pretty much ransacked the whole shot. So they broke down through the first displays and then with big duffel bags just emptied everything in. No care what they took, just anything they could get their hands on really.
35:56Felicity Hannah:There's been a lot of these, haven't there? Do you think that this is because these are actually quite high value but easy to transport goods? I would say so, yeah. Pokemon's moving faster than stocks at the moment. It's moving at such an alarming rate where everyone wants to sell it, everyone wants to buy it. It's so hard to get hold of. So I think the demand has outranked it now and people who are doing petty theft and jewellery stores now moving on to things that probably haven't got the security that we need to have. So your stock is mostly gone. You've managed to get some stock and you're back open.
36:22Felicity Hannah:What's it been like? It's so hard to explain. We've worked so hard to make such a good business. We've had people giving us cards, helping us out with whatever we can really, helping us out with building furniture and cleaning down. We have local businesses donating to us, local businesses cleaning, all the customers coming back in, even if they're spending a pound, three pound, it makes such a big difference for us. And customers donating cards? Yeah, we've had a few younger kids coming in, you know, only common cards, but it's just such a big deal for us. For people who don't really understand this world, just explain kind of how much the price of your stock can vary.
36:54For us, we have some cards that you can buy at Tempe, and then we have some cards you can buy at a few thousand pounds. But then there's some other stores further in London and so on where, you know, you can have cards about£60 ,000. It's a collector's item now.
37:05Felicity Hannah:Who's buying£60 ,000 Pokemon cards? A lot of the influencers, social media people. You know, Logan Paul just sold the card for£16.5 million online. Because that's interesting, isn't it? Pokemon's been around for a couple of decades or more. 30 years in November. But it's having a moment now. Yeah, I don't know if it's because it's a new niche market or it's a new way for people to save. I decided myself by collecting it and then also just built up as it goes on. So that was Chris Grundy in Celestial Collectibles in Warrington. And you know what was really lovely, actually? While it was obviously a really sad story, really hard to see his shop kind of robbed of so much of the stock.
37:40Felicity Hannah:People were coming in, even while I was there, talking to him to donate stuff. There was another business owner who came in just bringing some stock to help replenish their shelves, which I thought was really, really great to see. Detective Inspector Liam Keenan from Cheshire Constabulary has told us that he is aware of this robbery in Warrington and aware of similar attacks and said that their force is linked up with others across the country on the issue. So why are these cards worth so much now that stores like Chris's are being targeted? Well, let's ask someone who knows. Roy Raftery, a trading card expert at the specialist auction house Stanley Gibbons-Baldwins, joins us now.
38:19Felicity Hannah:Roy, good morning. Good morning, good morning. My kids collect Pokemon cards, but even so, I struggle with this. You have personally brokered Pokemon sales worth over£2 million. Let me just read out some examples here. An£84 ,000 Pokemon Trainer card, a£442 ,800 Charizard. That is basically like a big orange dragon on a card. And an£832 ,000 Pikachu Illustrator card. A lot of our listeners will be thinking, hang on, hundreds of thousands of pounds for a little bit of card. Yeah, well, it's not just a little bit of card. It's more about the scarcity and the availability of the card. So the Pikachu Illustrator, there's only 39 of them in the world.
39:03It was only given out during a competition in Japan in 1998. So it's not as if this is your average everyday card. And the Charizard, it was a grade 10. It was graded by PSA, which is the biggest grading company in the world. And there's only 125 of them graded at grade 10. So it's not just kind of your average run-of-the-mill card.
39:24Felicity Hannah:It's interesting. You talk about grading. When I was in the Pokemon card shop, Celestial Collectibles, they were kind of showing me that there are some people play this as a game. But also the top quality cards, they get kind of immersed in plastic, don't they? And graded. And those are the ones that are worth the cash. Yeah, they get encapsulated. There's various companies around the world. Two of the biggest ones are PSA and CGC. We have partnerships with them so we can get these cards graded for our customers. And when they're graded, they're encapsulated in the plastic. So they're kind of going to be that condition forever then.
39:59And then the gradient on a scale of 1 to 10, and then obviously 10 being the highest, the rarest and the best pristine condition.
40:08Felicity Hannah:Well, as I say, I've been looking into these robberies, and I have an article, in fact, on the BBC website this morning, if anyone wants to read in a bit more detail. But Roy, why do you think we're seeing, once I started looking into it, it was almost like a robbery a week. There was another one just this week, just a couple of days ago. what's driving it now? I think as you heard there, they got into the shop and they go, they ransacked it all in like four to five minutes, he said. So like the smash and grab is like the quickest and easiest smash and grab ever because they're easy to transport and because they're always situated in one area of a shop, like you'll have your modern product on the right hand side and you'll have your vintage high-end product right next to each other.
40:48It's a spectacle of the shop. Do you know what I mean? It's the feature point and that feature point is all in one area. So it makes it very easy for people to come in and target that one area and then get out as quick as they can.
40:59Felicity Hannah:I should say I heard from Chris and I've heard from a number of other Pokemon card shop owners that they have massively increased their security because they're aware of this kind of chain of very, very similar smash and grab robberies. Roy, I know that you're a Pokemon card expert rather than a sort of crime expert. But what do you think the criminals are doing with the cards they're stealing? It's tough because on one hand, it's incredibly easy to move the stolen gear. And the other hand, it's really hard. So if you look at the hard way, every card that's professionally graded has a certification number.
41:31And that is a unique one of one number to that card. And it's quite easy to trace it if they try to resell it on eBay or if they try to sell it to a trader at a card store or even go halfway across the country to sell it to another card store. You can flag up that the card has been stolen and you can deactivate the number. so if someone scans a number looks it up they'll see it's been deactivated or stolen um equally if you put it on like facebook threads or discords that the card has been stolen it's then quite hard to move because you've got one individual with the card with a one-of-one certification number so you know they've stolen it but on the other hand if it's just a regular raw card as in something that's not graded then it's it's untraceable you can sell it on ebay you can sell it anywhere really it doesn't matter whether it's a 10 pound card or a thousand pound card.
42:16If it's just a regular card, it's really hard for you to track the stolen one.
42:21Felicity Hannah:And of course, some of the stuff that they're stealing is the sealed foil packets of brand new cards. No one knows what's in those packets. So they could have something valuable in there. Precisely. Yeah. And then, I mean, modern day product, it's scarce at the moment, but it's printed way more than it was, you know, 10 to 30 years ago. So there's just so much of it out there. So yeah, it's nigh on untraceable, unfortunately. A lot of us will think of Pokemon cards as pocket money toys. Obviously, kids don't have thousands and thousands of pounds. Who are the collectors that are kind of driving this increase in value?
42:52Yeah, it's a range of people. I mean, as Chris said, there's influencers, content creators, you know, in the past we've sold cards to celebrities, like English football players have bought entire boxes of cards from the very first set that come out like, you know, 30 odd years ago. You do have genuine collectors as well who kind of have grown up. They have disposable income anywhere between$250 to, in some cases, is 20 ,000 that they want to spend on collecting these old sets, on collecting these cards. So there's a good range of people who genuinely want these cards. But also other businesses are buying them.
43:25We sell cards to businesses in America, into Singapore. We have brokers who broker cards for the super rich who don't care about the price. They just want the card. So there's a range of people who are buying cards. I say SGB are selling cards too.
43:43Felicity Hannah:Will the cards hold their value? Pokemon undeniably having a moment at the moment, and it is the 30th anniversary this year, as I said, so presumably it's hard to see that moment finishing this year. But could it kind of go the way of NFTs, where we saw people paying just incredible amounts for, I don't know, a bored ape NFT, a non-fungible token, and then just kind of as the interest waned, the value kind of really, really significantly dropped in that market? so i don't think this bubble is bursting for another year and a half because this entire year is the 30th anniversary and it's celebrated all year round so it's going to be firmly insight in mind in september you have the anniversary of the trading card game when as in the first time it came out is october the 21st and around september october time they're released they're globally releasing at the same day a 30th anniversary set and that is a modern day product but everyone's going to want that because it's got this 30th anniversary stamp on it and there's new rarities being introduced so new types of cards again collectors young and old are going to want it and then if we move into next year we have the new video game series coming out on the new nintendo switch 2 it's called wind and waves so with a new era of pokemon comes new pokemon and then comes new pokemon cards associated with it a new tv show so like pokemon is going to be firmly like you know there in people's faces for the next year so i don't think anything's going to change for the next year and it's kind of deliberate scarcity isn't it roy i mean the company could print out loads and loads and loads and loads and loads of these cards uh so that everybody who wants them can get them but then they wouldn't have the same value no i think they do no it's not it's not because they just bought more like plots of land in america and built new warehouses there is they're printing way more than they've ever done in fact i know that they're printing the 30th anniversary set now like six months in advance to ensure there's demand there but the demand is just so high that it they're not they're still not printing enough even though they are printing like tens of millions cards for the new set so then it's just you know it's just easy money for some of the scalpers out there who can go into like a waterstones or smith's toy store buy something for 15 pounds and then resell it for like 50 quid it's just it's easy and free money for a lot of people.
45:59Felicity Hannah:Yeah, I think with the 30th anniversary, what's hurting me is that the main Pokemon character, Ash, was 10 years old when it first came out. And I was 10 years old when it first came out. He's still 10, 30 years on, I am not. Roy, thank you so much for joining us on Wake Up To Money. Roy Raftery there, trading card expert at Specialist Auction House, Stanley Gibbons-Baldwins. Still with me is Lucy Coutts, Investment Manager and Head of JM Finn's York office. Lucy, I mean, I don't know if you've sort of looked at the investment potential for Pokemon cards, but calling them assets, there's an increasing kind of focus on really alternative assets, whether it's sneakers or Pokemon cards or musicians' back catalogs.
46:39Well, yeah, there is. And I mean, clearly the buyers that seem, or from what's been said, the buyers of the collectible elements of Pokemon are football stars or influencers or celebrities, and they tend to have quite deep pockets. so you know one can understand and you know if something is held for a long time by an individual and it has rarity value so it's a bit like you know i don't know anything else sort of a classic car or a complete or you know a fine wine you know if you sort of keep it for a long long time you know and you buy well so you buy your ash card from 40 years ago or 30 years ago you know it's it'll be worth something more in the future, but it's that rarity value.
47:28And I'm not qualified to say which card would hold most value. I'll have absolutely no idea.
47:35Felicity Hannah:Let me see. We've had Gareth in Wales. As a seller of these cards and a newsagent, they're so scarce and hard to get supplies of. If there were more printed, A, shops wouldn't inflate the price of them and B, people would be able to actually buy them cost price and not be attracted to steal them. Gareth, thank you for that. Also still with us is Jonathan Lawson, chief executive of Buckham Group, which has over 120 pubs. So Jonathan, you know, you're a pub man and a brewery man. This is not your area. But have we persuaded you of the value of Pokemon cards? Probably not. But I confess, I was smiling.
48:09It's clearly sad to hear about the robberies. That's really upsetting. But genuinely, things that people are passionate about, and that therefore drives a value in that and the collection of that, I can completely align to that. I think in light of what we were discussing earlier in the programme, more of that would be good. And if that's what people are passionate about and that drives a value for people, then that's great.
48:35Felicity Hannah:Yeah, sometimes people just kind of need something to focus on, don't they? I've just got to briefly share that shares in the streaming company Netflix fell in after hours trading overnight. This is after the company gave a weaker than expected profit forecast for the current quarter. Lucy, really briefly, it did actually beat expectations for quarter one. Revenues were up 16%. But the company said its earnings per share were looking lower for quarter two and that its co-founder and chairman, Reid Hastings, is going to step down. Briefly, what do you think investors were kind of anxious about?
49:08I think Reid Hastings stepping down is one, but also heavy content spend. So, you know, in order to stay ahead of the game, it's investing in live sport, production. It walked away from the Warner Brothers acquisition. You know, nice to have, not a need to have. So there's a few things in recent news that have just rocked a little bit of shareholder confidence. Long term, you know, I'm sure it's fine, but it's just a bit of a wobble that, you know, we've got good results, but we've got a founder stepping down. and then Q2 is just a little bit weaker.
49:49Felicity Hannah:Well, streaming keeps getting bigger, even if Netflix is looking ahead to a weaker quarter too. But let's talk about cinema. The film industry is in Las Vegas this week at CinemaCon, trying to make the case that the big screen still also matters, that we shouldn't just be at home with Netflix and chill, we should be getting out and seeing film. There has been plenty of star power and sequel hype at what CinemaCon calls the world's largest trade show for the motion picture theatre industry. Behind that is a bigger question. With streaming still strong, cinemas are still not back fully to pre-pandemic levels.
50:24Felicity Hannah:How are they really doing? Let's ask Paul. Paul Degarabedian, Comscore's head of Marketplace Trends, joins us now, having just got back from Sin City, speaking to us from LA. Paul, good morning, or whatever time it is with you. Hello. Good evening from Los Angeles. I literally just landed at Burbank Airport from Las Vegas, where we wrapped up an incredible week with the exhibitors, the movie theater owners, studios coming together. Some of the biggest talent in the world there on the stage at the Coliseum. We were treated to just an amazing array of movie trailers, sneak peeks, all the studios trotting out their big temple movies that are yet to come.
51:08and some of the big, I mean, Spielberg was there, Christopher Nolan was there, Sandra Bullock, Nicole Kidman. I mean, the stars were shining in Vegas and a real, David Ellison came out, made a real commitment, you know, from Paramount to releasing 30 movies a year in theaters with a, yeah, with a 45-day window, which means, you know, from the time they released a movie in theaters to when it lands on streaming, that's very important to the theater owners. so it's just uh you know i think that the theaters were essentially pushed back to zero revenue in march of 2020 and you know we're looking at a huge year this year some amazing titles on the way next year could be even better and there were some real standouts there uh the trailers that
51:58Felicity Hannah:we got to see for some of these films so i mean it sounds like a glitzy event with lots of excitement, but was there much concern among people attending CinemaCon? Yeah, I think there, you know, there's always challenges. As you were talking about Netflix, I mean, we live in an era of streaming, so much content at our fingertips and on our small screens. But I actually gave a presentation as part of a panel discussion on Monday at CinemaCon, talking about how Gen Z or Zoomers, the younger audiences, love going to the movies. We've seen, according to our CompScore data, that audience segment grow by 5 % since 2019.
52:41So that younger audience, very much FOMO-centric. They're missing out. Yeah. And wanting to be on the social media platforms, talking about their experiences in the movie theater, there's really nothing like it. The Young people are embracing vinyl albums now, believe it or not, because sets are big. So all that is analog is hip and cool again. And I'm here for it.
53:09Felicity Hannah:Yeah, I mean, I'm always surprised by what becomes hip and cool again. But as I say, cinema still not fully back to pre-pandemic levels. I mean, how healthy is it really? Well, so in the pre-pandemic era, the global box office would be at around 40 billion dollars. Last year, we were about$33,$34 billion, which is remarkable, again, considering there have been about 25 % fewer wide releases since the pandemic each year. So when you have fewer movies, you're going to have lower box office. But the industry is leaner and meaner. I think studios making that commitment to the longer windows, having great movies in theaters, and Gen Z bringing a generational, if you will, insurance policy that is a hedge against the movie theater going away or becoming extinct is really important.
54:05And I just have to say, there were a couple of trailers tonight in The Heart of the Beast with Brad Pitt was just incredible. Okay. One more, quick.
54:17Felicity Hannah:One more. We're nearly out of time. Yeah, sorry. Paul, thank you so much, Paul. Great to hear your enthusiasm. Paul Degara-Bede in there, Comscores Head of Marketplace Trends. Thank you. Thank you to Jonathan Lawson, Chief Executive of Butcom Group, the pub and brewery chain. Lucy Cootes from JM Finn's York office. Thank you. Thank you for all your messages. One more. I collect see-through plastic bags, says this person. So far, 5 ,987 collected. That's it for Wake Up To Money. Wake Up To Money from BBC5 Live.
55:10I'm here on the job site with Dale, who's a framing contractor. Hey, good morning. They all traded up to Geico Commercial Auto Insurance for all his business vehicles. We're here where he needs us most. Yep, they sure are. We make it easy for him to save on all his insurance needs, all in one place, with coverage that fits his business and bottom line. Oh, I shouldn't have looked down. It's all right. We're so far up here. Look at me. Take a deep breath. No, I'm good. So good. Get a commercial auto insurance quote today at geico.com and see how much you could save. It feels good to Geico. At the BBC, we go further so you see clearer.
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From the publisher
Felicity Hannah asks whether CO2 shortages could lead to a pint shortage. The boss of a brewery joins our Friday panel to discuss that, along with the Chancellor’s interview with our Economics Editor.
Pokémon trading cards have soared in value since the pandemic, attracting new fans, investors and thieves. We hear from one specialist shop, which estimates it has lost at least £60,000 worth of stock.
And we head to CinemaCon in Las Vegas to ask: with streaming still strong and cinema attendance still below pre-pandemic levels, how healthy is the film industry really?
