Bank of England may launch biggest rate hike since 1989 if energy bill support fuels inflation August 26, 2022 The Bank of England may have to launch the biggest rate hike since 1989 if the government injects huge sums of money into the economy to cope with the cost of living crisis, a Wall Street bank said today. Borrowing costs could rise 75 basis points in November to deal with a historic inflation peak [...]
Skyrocketing energy bills ‘could be the final nail in the coffin’ for small firms, FSB warns August 26, 2022 Sky-rocketing energy bills “could be the final nail in the coffin” for many firms according to the head of Federation of Small Businesses. Smaller companies “don’t have the luxury to wait until the winter” for help with rising costs, and an “urgent intervention” is needed from the next prime minister. The comments were made by [...]
UK businesses will disappear without immediate government help, CBI warns August 26, 2022 UK businesses will “tip into distress” unless the government launches an emergency support package to deal with the cost of living crisis, the country’s biggest business group has warned. Some 69 per cent of firms expect to be hit by higher energy costs over the next three months, eating into their capacity to survive, according [...]
Nadhim Zahawi: The next PM will have ready-made options for the energy crisis August 26, 2022 The next Prime Minister will be able to hit the ground running to help people as the cost of living crisis worsens.
Ofgem slaps Shell with fine after it overcharged customers for energy August 25, 2022 Shell Energy's supplier business has been slapped with a hefty fine for overcharging customers on default tariffs.
British Gas to donate 10 per cent of profits to help household energy bills August 25, 2022 British Gas will donate 10 per cent of its profits to help households grapple with soaring energy bills for the “duration of the energy crisis”. Parent company Centrica took home some £1.34bn in profits in the first six months of the year, representing a vast five-fold increase on earnings of £262m this time 12 months [...]
We should be encouraging more savings for retirement, but instead we’re capping them August 25, 2022 You may not have heard of them yet, but pension dashboards promise to be the next big thing for retirement savers. Just like your mobile banking app, they will allow savers to access all of their pension schemes in one place. They are another example of technology making personal finance more efficient. What’s more, their [...]
Energy bosses rally around calls for crisis fund to support households August 25, 2022 Energy bosses are rallying around Scottish Power's call for a “tariff deficit fund” to ease the pain facing millions of Brits this winter.
We’re ignoring a basic tool to help the poorest with their energy bills right now August 24, 2022 In the throes of an inflation induced cost of living crisis, energy prices need urgent political and policy attention. The plans put forward tend to vary around traditional conceptions of more tax, less tax or price suppression – but there are also ways the government can do highly targeted interventions to people in need. Targeted [...]
Iceland boss: Absence of government support on energy bills risks job losses and bankruptcy for firms August 23, 2022 Iceland boss Richard Walker has called on ministers to issue more support for businesses struggling with sky-high energy bills. Without a price cap on businesses’ energy bills, smaller firms would surely collapse, the supermarket’s managing director told CityA.M. An absence of further support for businesses was “really serious,” as the colder months approach, Walker said. [...]