Supermarkets ready for Brexit with planning & stockpiling
Some of Finland’s biggest retailers are bracing themselves for Britain’s exit from the European Union at the end of the month, bringing in extra food items in case of supply chain problems caused by a no-deal Brexit. The UK is set to leave the UK on 31st October, and if it goes without a withdrawal deal in place it could mean disruptions in supply chains for imported food, drinks and household goods; price increases as added taxes and customs fees are passed on to shoppers; or some items disappearing completely if retailers think they’ve become simply too expensive to sell. Finnish retail giants and importers all have contingency plans in place. “Most of the things we import directly and we have raised our stock levels” says Jari Simolin, S-Group’s Senior Vice President for consumer goods and sourcing. Read more at our original story here.
Development Minister gives €210 million loan to Finnfund
Development Minister Ville Skinnari (SDP) has announced a €210 million loan for the Finnfund organisation. The money is to be used for investments in projects to fight climate change in developing countries; and for projects that strengthen the position of women and girls in developing countries too. Finnfund’s investments have often been a platform for other Finnish companies, for example tech-companies, who have the know-how to take part in development projects. The loan has a repayment period of 40 years and an annual interest rate of 0.5%.
2020 draft budget being debated in parliament
The government’s draft budget for 2020 is being debated in parliament today. Prime Minister Antti Rinne‘s (SDP) coalition put together their plan for €57.6 billion worth of spending next year, but revenues are only estimated to be €55.6 billion leaving a two billion budget deficit. Government debt is also expected to reach €109 billion next year. Members of Parliament have to approve the budget by the end of the year. An interpolation – a vote of no confidence against the government – over the budget brought last week by the National Coalition Party failed to get enough support to pass.
Alcohol imports are rising and falling
The amount of alcohol that Finns import from abroad is rising and also falling. New figures from THL this morning look at the data over the past year until the end of August 2019 and found that the total import of all alcohol categories has fallen slightly. However imports of wines; of beer, cider and long drinks; and sodas have all increased. Experts say a tax decrease in Estonia and Latvia during the summer likely contributed to the rise in beer products which are up 10% year-on-year.
Tuesday morning weather
It’s another mixed weather day ahead for Tuesday with plenty of cloud cover and localised rain or drizzle in many parts of the country. There’s also snow moving into the north east as the day goes on. Temperatures hover between -2°C in southern Lapland to +2°C in the southern half of the country.