Dire economy drags UK consumer confidence down to lowest level ever August 19, 2022 “Exasperation” with the plight of the UK economy has eroded consumer confidence to the lowest level ever, reveals a closely watched survey published today. Households are being downtrodden by a string of bleak economic news, uncertainty over how they will cope with sky-high energy bills during the winter months and sharp fall in spending power. [...]
Ofgem places the cost of supplier failures on to standing charges August 18, 2022 Ofgem has opted against shifting the costs of supplier failures to unit rates, and has instead kept them on standing charges.
Energy UK calls on Government to offer loans to businesses facing ultra-high bills August 18, 2022 Energy UK has called for the Government to work with industry and financial institutions, and bring in a deficit tariff scheme.
Ofgem under pressure as director quits role after price cap changes August 17, 2022 An Ofgem director has quit their role after the watchdog changed the methodology of the price cap, imposing hundreds of pounds on households.
Norway sovereign fund loses more than $150bn thanks to tech rout August 17, 2022 Reuters Norway’s sovereign wealth fund, the world’s largest, made a record loss of 1.68 trillion Norwegian crowns ($174 billion) in the first half of 2022 as stocks and bonds were hit by global recession fears and rampant price inflation. The $1.3 trillion fund’s return on investment was a negative 14.4% for the January-June period, which [...]
Bank of England to launch another jumbo rate hike to tame over 10 per cent inflation August 17, 2022 The Bank of England is set to launch a series of jumbo rate hikes to tame inflation that is beginning to be driven by domestic factors, City economists warned today. Prices climbed 10.1 per cent annually in July, the fastest acceleration since February 1982 and much higher than the Bank and analysts’ forecasts, according to [...]
Inflation overshoot spooks investors as FTSE 100 house builders tumble August 17, 2022 London markets were shaken today by concerns that inflation is firming in the UK as housebuilders suffered heavy losses on the prospect of more rate hikes. The capital’s premier FTSE 100 index dropped 0.27 per cent lower to 7,515.75 points, while the domestically-focused mid-cap FTSE 250 index, which is more aligned with the health of [...]
Exclusive: Industry faces £50bn ‘ticking time bomb’ of record energy bills August 17, 2022 UK industry will suffer painfully high energy costs next year, fuelled by soaring wholesale costs.
Brits still working from home this winter facing hundreds more in energy bills August 17, 2022 The post-pandemic work from home honeymoon could end this winter with Brits having to pay hundreds more in energy bills to heat their homes. Research has shown it is cheaper for workers to go back to their desks, than to heat their homes while working in them, to the tune of almost £200 a month. [...]
Second smelter closes down as industry grapples with soaring energy bills August 17, 2022 The second European smelter in two days has announced it will halt production because of soaring energy costs.