Will Andrew Bailey be Santa or Scrooge this Christmas?
The Notebook, where the City’s movers and shakers have their say, Today it’s Susannah Streeter with the pen
Christmas spirit seems to have spread a lot faster this year. I’ve never seen so many trees up in windows quite so early and there seem to be more lights twinkling in the streets. After months of speculation about public and personal finances, many seem super-keen to move on and start celebrating. The Budget has finally been unwrapped and, while there may have been some unwanted surprises that businesses would rather send back, at least that layer of uncertainty has been torn off and discarded.
Consumers have a better grasp of what their finances look like going forward, and retailers will be keeping their fingers crossed that this will translate into a bigger rebound in spending, during this all-important shopping month. November was tough, as storm Claudia battered footfall and Black Friday sales disappointed. But with signs shoppers were tightening their belts earlier in the year ready to loosen them over the holiday season, December could still bring a much-needed spending spree in retail and hospitality.
If the Bank of England, delivers the expected gift of an interest rate cut on the 18th, it should spread a little extra Christmas cheer. It could still be a close call though. Inflation may be on its way down but, at 3.6 per cent, it is significantly higher than the two per cent target, and wage growth forecasts remain almost as sticky as a box of dates. Nevertheless, borrowers will be hoping that governor Andrew Bailey dons his Santa hat rather than Scrooge’s nightcap and uses his deciding vote to opt for a cut that will relieve a little more pressure on household budgets.
Party on
We are deep in Christmas party territory and it’s heartening to see that, despite all the headlines about the annual bash becoming an HR headache, employers are still rolling out the red carpets for their staff. Office parties are becoming even more vital for teambuilding, at a time when hybrid working and social media have eroded real human connections.
A sad stat is doing the rounds that only four per cent of people in the United States have been to a house party over the past year. It’s probably an exaggeration but if our social lives are dwindling to that extent, it’s one place firms can really make a difference. I am a big fan of a house party and already in organisational mode for our annual festive bash. We’ve been hosting it since we shared a dodgy rental flat with friends, in my 20s, and it’s grown over the years, with our family and floor space. But, as fewer younger people can afford to live on their own, the office Christmas party provides that much needed social contact and keeps late night kebab shops in business up and down the country.
Lost Christmas
While Christmas drinks may be the best way of keeping the neighbourly spirit alive, another trend has been improving connections on my street. Christmas deliveries going astray are super-frustrating, but they do have an upside. I’ve met more neighbours hunting down and repatriating Evri and Amazon parcels, tossed around our postcode with apparent abandon. As we all turn sleuth and scour delivery photos for clues in front door colours, shoes, foliage or door mats, it’s been quite a bonding experience. I’m just about to head out in the rain for what appears to be an underground bunker down the street, where a set of headphones is meant to be lurking. Who knows which neighbour I’ll meet this time around.
Supermarket sweep
As a student, day-time TV was a big draw, especially nursing a hangover before the hours of essay writing loomed, and Dale Winton’s Supermarket Sweep was a favourite. We all wanted to be one of the contestants dashing around the aisles frantically collecting groceries for prizes. It’s taken a couple of decades but I finally achieved that ambition, this week. Dressed as Mrs Santa I went on a frenetic spending spree, piling the trolley high with goodies for Operation Community Hamper. This year, our charity is providing hampers and bags of gifts to 1300 financially vulnerable families in the South West, all referred by social services or schools, who know when there’s a real need. We have armies of elves rustling up donations and it’s so heartening to see the spirit of giving is still so strong.
AI Santa
Those elves were rewarded by a personalised message from Santa this year, in a twinkling AI video of thanks, sent on behalf of the charity, by the big man himself. It’s a demonstration of where digital avatars might be useful. There’s been so much talk about them and how they could operate in our new, machine-learning reality. I was asked to create one earlier in the year, which was unveiled at London Tech Week at Olympia, in June. But Agent Susa has been a little lazy, lounging around in her virtual world and not venturing out much. The problem is, people still want the real thing, not some pixelated twin. Knowing how stretched and elusive Santa Claus is, I don’t think he’ll be worrying about his job being replaced by AI.