The growing use of weight-loss injections could dent demand for sausage rolls and pastries at Greggs, potentially depriving the bakery chain of some of its most lucrative customers, according to City analysts.

The warning comes as Greggs continues to grapple with slower sales growth since mid-2024, a period that has prompted investor speculation over whether the UK has reached “peak Greggs”. The company has attributed its softer performance to fragile consumer confidence and last summer’s unusually hot weather, which reduced footfall, while some shareholders have questioned whether its rapid store expansion has begun to cannibalise like-for-like sales.

Analysts at Jefferies have now added another potential headwind: the rising popularity of weight-loss drugs such as Mounjaro and Wegovy. In a note to clients, the broker said the trend could represent an “enduring challenge” for Greggs and weigh on its longer-term growth prospects.

The drugs work by mimicking the GLP-1 hormone, which suppresses appetite and increases feelings of fullness. Jefferies pointed to US research suggesting that users of such treatments tend to cut back particularly on high-calorie, ultra-processed savoury foods, a category that includes many of Greggs’ core products.

The analysts estimate that as many as four million people in the UK may now be using weight-loss jabs, equivalent to around 7.5 per cent of the adult population.

“It may only be 10 per cent of GLP-1 users that would shop at Greggs,” the Jefferies team said. “But that 10 per cent would be high-BMI individuals consuming lots of calories and, we would infer, likely some of Greggs’ best customers. Those customers could go from being among the most valuable to potentially never spending a penny with the business again.”

Roisin Currie, Greggs’ chief executive, acknowledged last month that there was “no doubt” weight-loss injections were having an impact on consumer behaviour. In response, the chain has begun expanding its healthier ranges, including products such as egg pots, to reflect shifting preferences.

Despite those efforts, Jefferies said the spread of weight-loss drugs should be seen as a “structural issue” rather than a passing trend. The broker cut its forecasts for Greggs’ like-for-like sales growth and profit margins and downgraded the stock to “hold” from “buy”, underlining the growing uncertainty facing one of Britain’s most recognisable high-street brands.

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

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The UK government must overhaul its approach to public sector procurement if it is serious about backing British innovation, according to Justin Megawarne, managing partner at Megaslice, who has accused Whitehall of hiding behind rigid frameworks and “arbitrary scoring systems”.

Megawarne’s comments follow the decision to award Fujitsu a place on a government framework worth up to £984 million, despite the company’s central role in developing and supporting the Post Office Horizon IT system. The system led to the wrongful prosecution of 736 subpostmasters across the UK and has since become one of the most serious miscarriages of justice in modern British history.

Fujitsu had previously written to the government committing not to bid for new public contracts until the public inquiry into the Horizon scandal had concluded. Its inclusion on the framework has reignited debate about how the government selects suppliers — and whether it is doing enough to support genuine domestic innovation.

“If an organisation has performed so badly for its customers that it has become a national scandal and warranted its own TV drama, surely it’s time the government spent its money elsewhere,” Megawarne said.

“With so much public money wasted on technology that isn’t fit for purpose, and in this case fraudulently criminalised people, the budget for real innovation continues to shrink. We are failing to support the next generation of founders who are building genuinely innovative businesses, instead recycling contracts to the same organisations that have failed us before.”

Megawarne argues that government procurement processes are fundamentally flawed, relying too heavily on mechanistic evaluation tools that struggle to identify real value.

“Current approaches to adopting new technology are overcomplicated and painfully slow,” he said. “Scoring sheets don’t capture innovation. If the government actually engaged with businesses instead of keeping them at arm’s length, we could save millions of pounds currently wasted on the wrong solutions.”

Rather than relying on civil servants to assess complex and novel technologies, Megawarne believes the government should enlist independent industry leaders with proven innovation credentials.

“Let experts judge ideas using their experience and judgement, not a spreadsheet,” he said. “Yes, some will say that sounds unfair, but it dramatically increases the chances of finding a genuinely game-changing solution. You simply need to ensure those experts have no conflicts of interest.”

He added that procurement decisions are too often driven by price rather than outcomes. “Spending less on the wrong solution isn’t saving money at all. Much of what’s been invested in so far has failed to solve the day-to-day problems government departments actually face.”

Megawarne also criticised what he sees as the government’s default preference for large, established suppliers, regardless of past performance.

“The mindset is still, ‘no one ever got fired for buying IBM’,” he said. “It’s a way of avoiding responsibility. If something goes wrong, you can always point at the big name.”

In the case of Fujitsu and the Post Office Horizon system, he said the failure was neither minor nor isolated. “This wasn’t a simple error. It destroyed lives. The company apologised only when it was forced to, and repeatedly resisted compensation. Yet here we are again, awarding more public contracts.”

According to Megawarne, the same pattern plays out repeatedly across government IT spending. “Huge consultancies win major contracts, fail spectacularly, and face no real consequences. It’s a cycle of failure with zero accountability.”

At the heart of the problem, Megawarne believes, is an institutional aversion to risk.

“True innovation exists in the UK, and much of it sits with founders who are building solutions that could genuinely transform public services,” he said. “But the government is fundamentally risk-averse.”

He warned that founders are being steered down the wrong path, optimising for procurement scorecards rather than solving real problems. “They chase perfect scores on frameworks that measure the wrong things, while innovation is sidelined in favour of cost-cutting and box-ticking.”

“If the government genuinely wants to unlock British innovation,” Megawarne added, “it needs to stop prioritising spreadsheets over people, and start backing ideas that actually work.”

Amy Ingham

Amy is a newly qualified journalist specialising in business journalism at Business Matters with responsibility for news content for what is now the UK’s largest print and online source of current business news.

The Super Bowl halftime show has evolved from marching bands and novelty acts into one of the world’s biggest annual music spectacles, drawing more than 100 million viewers and often generating as much buzz as the game itself. With Bad Bunny’s historic 2026 performance featuring Lady Gaga and Ricky Martin still fresh in memory, here is a ranking of the 10 greatest Super Bowl halftime shows of all time, based on cultural impact, production value, surprise moments, viewership records and lasting legacy.

Prince – Super Bowl XLI (2007) Widely regarded as the gold standard, Prince delivered a rain-soaked masterpiece in Miami. Performing “Purple Rain” under a torrential downpour, the purple lights reflecting off the sheets of rain created an otherworldly visual. He covered Foo Fighters’ “Best of You,” shredded on guitar during “Purple Rain,” and closed with a silhouette against a giant Prince symbol. The show’s raw energy, technical brilliance and defiance of weather conditions cemented Prince’s legacy. Many critics and fans still call it the greatest halftime performance ever.

Beyoncé – Super Bowl XLVII (2013) After announcing her surprise reunion with Destiny’s Child, Beyoncé delivered a fierce, 13-minute set that included “Crazy in Love,” “Baby Boy,” “Single Ladies” and a medley of DC classics with Michelle Williams and Kelly Rowland. The choreography was razor-sharp, the staging minimalist yet powerful, and the Destiny’s Child reunion moment sent shockwaves through social media. It remains one of the most-watched and most-replayed halftime shows, with Beyoncé’s command of the stage unmatched.

Michael Jackson – Super Bowl XXVII (1993) The performance that transformed the halftime show forever. Michael Jackson stood motionless for 90 seconds as the Rose Bowl crowd erupted, then launched into “Jam,” “Billie Jean,” “Black or White” and “Heal the World.” The spectacle introduced pyrotechnics, massive choreography and celebrity cameos (including children holding signs spelling “Heal the World”). It drew 133.5 million viewers — a record at the time — and set the template for modern halftime extravaganzas.

Lady Gaga – Super Bowl LI (2017) Lady Gaga leapt from the stadium roof, flew across the field on wires and delivered a patriotic, high-flying medley of “God Bless America,” “This Land Is Your Land,” “Poker Face,” “Bad Romance,” “Telephone,” “Born This Way,” “The Edge of Glory,” “Million Reasons” and “Just Dance.” The production was cinematic, the message unifying, and her live vocals under physical duress earned universal praise. It remains one of the most technically ambitious and emotionally resonant shows.

The Weeknd – Super Bowl LV (2021) In a pandemic-era spectacle at Raymond James Stadium, The Weeknd invested $7 million of his own money into a labyrinthine set that mirrored his “After Hours” aesthetic. He performed “Starboy,” “The Hills,” “Can’t Feel My Face,” “I Feel It Coming,” “Save Your Tears” and “Blinding Lights,” complete with a hall-of-mirrors effect and a bloody bandage reveal. The show’s cinematic quality and commitment to artistic vision earned it high marks despite no live crowd.

Shakira & Jennifer Lopez – Super Bowl LIV (2020) A celebration of Latin culture, this high-octane performance featured Shakira’s belly-dancing flair and J.Lo’s pole-dancing prowess, backed by Bad Bunny, J Balvin and Emme Muñiz. Hits included “Hips Don’t Lie,” “Whenever, Wherever,” “Jenny from the Block” and “Let’s Get Loud.” The vibrant costumes, intricate choreography and powerful message of Latino pride made it one of the most culturally significant shows, drawing massive global attention.

U2 – Super Bowl XXXVI (2002) Just months after 9/11, U2 delivered a poignant, stripped-down set in the Superdome. Bono opened with “Beautiful Day,” then the band performed “MLK” and “Where the Streets Have No Name” beneath a massive, billowing American flag projection listing names of 9/11 victims. The emotional weight, Bono’s salute to New York firefighters and the raw sincerity made it unforgettable.

Madonna – Super Bowl XLVI (2012) Madonna’s theatrical extravaganza featured LMFAO, Nicki Minaj, M.I.A. and CeeLo Green. She performed “Vogue,” “Music,” “Give Me All Your Luvin’,” “Like a Prayer” and “Ray of Light” in elaborate costumes and with Cirque du Soleil-style acrobatics. The show’s scale, production value and star-studded collaborations made it a benchmark for spectacle.

Katy Perry – Super Bowl XLIX (2015) The most-watched halftime show ever (118.5 million viewers), Perry’s performance included a giant mechanical lion, dancing sharks, a beach scene with “Teenage Dream” and a closing “Firework” with fireworks exploding overhead. Missy Elliott’s surprise appearance added hip-hop energy. The sheer fun, color and viral moments (Left Shark) made it a pop-culture phenomenon.

Bad Bunny – Super Bowl LX (2026) In a groundbreaking performance, Bad Bunny became the first Latino solo headliner and the first to perform primarily in Spanish. Joined by Lady Gaga for a Latin remix of “Die with a Smile” and Ricky Martin for “Lo Que Le Pasó a Hawaii,” the set celebrated Puerto Rican heritage with a live wedding ceremony, marketplace staging and cameos from Pedro Pascal, Jessica Alba, Karol G and Cardi B. The joyful, inclusive energy and bold cultural statement earned immediate acclaim as one of the most significant halftime shows in history.

Honorable mentions include Justin Timberlake & Janet Jackson (2004, infamous for the wardrobe malfunction), Bruce Springsteen & the E Street Band (2009), Coldplay with Beyoncé & Bruno Mars (2016), and Rihanna (2023).

The Super Bowl halftime show has become a cultural institution, blending music, spectacle and social commentary. From Prince defying the rain to Bad Bunny celebrating Latino pride on the world’s biggest stage, these performances continue to shape how America — and the world — experiences live entertainment.