One in three UK households: Energy crisis risks dragging 26m Brits into fuel poverty October 20, 2022 The axing of the energy price guarantee from April next year could lead to almost 11m UK households falling into fuel poverty, campaigners have warned, which is about 26m people. It means more than one in three British households face the grim prospect of hardship: there are an estimated 28.1m households in the UK. The average household [...]
Demand destruction? Two reasons to be sceptical October 20, 2022 | City Talk Global central banks have made an ‘all-in’ effort to front-load monetary policy tightening to dampen demand. But softer economic data in the eurozone and United States have exacerbated recession fears. As the growth outlook dims, many anticipate demand destruction to lead to lower inflation. That is, tighter monetary policy and the associated higher funding costs [...]
Net zero gas firm IOG rings changes with new CEO, CFO and COO to give ‘fresh impetus’ October 20, 2022 The CEO of net zero gas operator IOG has announced he will step down after five years in the job, with a raft of other board changes in the pipeline. Andrew Hockey will retire from the company with immediate effect, but will remain an adviser ahead of the 33rd offshore licensing round. His replacement has [...]
PensionBee managed assets nearly double as consumers lock away savings October 20, 2022 Fintech firm PensionBee doubled down on its goal of profitability by next year today as it reported a 24 per cent jump in assets in the nine months to September. The London-listed online pensions provider said that invested customers increased 68 per cent to 174,000 – up from 104,000 last year – as assets hit [...]
Travis Perkins has strong sales growth in Q3 but prepares to ‘tightly manage’ cost pressures October 20, 2022 The UK’s largest distributor of building materials Travis Perkins had strong sales growth in the third quarter of the year, but is preparing to weather an inflationary winter. The firm had sales growth of 10.7 per cent while its merchandising business had 11.5 per cent, outperforming the individual market. The company’s arm which deals with [...]
Amazon could fork out £900m in compensation over favouring own products October 20, 2022 Amazon could be forced to fork out £900m in compensation after the tech giant was accused of unlawfully favouring its own offers. The collective action lawsuit alleges that Amazon breached competition law and caused tens of millions of Brits to pay higher prices for products by obscuring better-value deals. The lawsuit, which is headed by [...]
Environmental terms confuse Brits and make them wary of greenwashing says ad watchdog October 20, 2022 The advertising regulator has called for greater standardisation of environmental terms after it found that many Brits struggled to understand what terms like “net zero” actually mean. In a report published by the Advertising Standards Authority (ASA) this morning, it said that while “carbon neutral” and “net zero” were the most familiar phrases, there was [...]
Crypto has ‘serious deficiencies in governance’, warns Bank of England official October 19, 2022 A Bank of England official warned there are “serious deficiencies in governance” in the crypto ecosystem today as she laid out a vision for the industry to win back trust from investors.
Government puts bank windfall tax on table to help plug fiscal hole October 19, 2022 The government has put a windfall tax on the UK’s largest banks on the table, sending their shares plummeting today. London-listed Lloyds Bank, which is Britain’s biggest mortgage lender, plunged to the bottom of the FTSE 100 index today, shedding 4.11 per cent. Previously state-owned NatWest trailed closely behind on the biggest losers’ table, dropping [...]
Energy prices will not return to normal this decade, warns Cornwall Insight October 19, 2022 Energy prices will not return to pre-crisis levels by the end of the decade, according to the latest data from Cornwall Insight.