Expected 50 per cent hike in energy bills may trigger ‘devastating’ national emergency for millions of older Brits January 13, 2022 An anticipated price jump of about 50 per cent for energy bills across the country, likely from April onwards, can lead to a national emergency for millions of older people, a charity warned this morning. Age UK has urged ministers to take immediate and decisive action on energy bills to “mitigate the potentially devastating impact [...]
IFS: Poorest Brits to shoulder worst cost of living shock January 12, 2022 The poorest households in the UK are set to shoulder a harder hit from the cost of living crisis, reveals new analysis released yesterday. The rising cost of energy will erode a greater proportion of poorer households’ income compared to wealthier Brits, according to the Institute for Fiscal Studies (IFS). Less wealthy Brits tend to [...]
Red hot inflation to burn £20bn hole in UK public coffers January 12, 2022 Red hot inflation sweeping throughout the UK is set to burn a £20bn hole in the country’s public finances, one of the City’s leading economists warned today. Britain’s intensifying cost of living crisis will erode Chancellor Rishi Sunak’s room for tax giveaways in the run up to the next election. A swelling interest bill triggered [...]
Near-four decade high US inflation print piles pressure on Federal Reserve to act January 12, 2022 Inflation in the US is roaring at the fastest rate since 1982, piling pressure on the Federal Reserve to act now to tame the soaring cost of living across the pond. Prices are seven per cent higher than they were a year ago in December, according to official statistics published by the US Bureau of [...]
UK households face biggest decline in available cash for eight years January 12, 2022 UK households are feeling the pinch as energy bills soar, the cost of living rises and Covid-19 restrictions continue to impact business.
Households in colder parts of country could receive heating support boost January 11, 2022 Families in colder areas of the country may receive more government financial support for heating costs this winter. The Treasury is reportedly mulling giving more cash to areas that are forced to use heating more, as energy bills have skyrocketed in recent months. The idea is being considered ahead of a package of measures to [...]
Rate lift off to boost Wall Street banks’ bottom lines this year as investors eye earnings season January 11, 2022 The US Federal Reserve flexing its inflation fighting muscles this year by hoisting interest rates rapidly is set to boost Wall Street banks’ bottom lines in 2022. The likes of JPMorgan, Goldman Sachs and Citi are in line to benefit from Fed chair Jerome Powell leading the fight against a spiralling cost of living across [...]
OECD inflation scales to 25-year high as cost of living crisis sweeps across rich nations January 11, 2022 Inflation among the world’s top economies has soared to its highest level in 25 years, according to fresh figures released yesterday. The cost of living scaled to 5.8 per cent in November on an annual basis across countries that make up the Organisations for Economic Co-operation and Development (OECD). Inflation was driven higher by a [...]
Breakdown in social cohesion to put global economy in a vice, warn world’s top business brass January 11, 2022 A breakdown in social cohesion will cause volatility to ripple throughout the world, putting the global economy in a vice. The risk of social upheaval has intensified sharply since the onset of the Covid-19 crisis and now poses a real threat to eroding multilateral cooperation and derailing the global economy, according to a survey of [...]
Treasury considers cutting green levy to ease cost-of-living crisis for UK households January 11, 2022 The Treasury is mulling over cuts to green levies with UK households facing increased energy bills later this year amid a cost-of-living crisis.