Bail outs for businesses in strife only gloss over the truth, it’s time to face reality October 13, 2021 The price of both oil and gas has doubled across the world in the last year. The price of crude oil is at $84 a barrel for the first time in three years. As a result, fuel of every kind, for every purpose has become more expensive. The public has reacted in the most extraordinary [...]
Carney backs government support for energy users during gas price crisis October 12, 2021 Mark Carney believes the UK government should support energy users hit by rapidly rising energy costs. With gas prices soaring to record levels, the former governor of the Bank of England appeared to lend his support to the Prime Minister’s upcoming bail-out plans for businesses. The government is set to provide state loans to struggling [...]
Energy bills for small businesses set to double this winter October 12, 2021 British businesses could see their energy costs rise by 125 percent this winter, as they are not included in Ofgem’s price cap which limits household bills. The average household in the UK benefits from an energy price cap that is currently set at £1,277 per year., although the price cap is expected to increase substantially [...]
Red hot jobs market strengthens BoE rate hike bets October 12, 2021 A rebound in the UK jobs market back to pre-pandemic health is strengthening bets on the Bank of England hiking interest rates this year. The number of payrolled employees climbed more than 200,000 over the last month, jumping to 29.2m in September, above its pre-pandemic level, according to the Office for National Statistics (ONS). The [...]
Looming cost of living crisis pinches Brits’ confidence in finances October 12, 2021 The spectre of inflation is acutely impacing Brits’ confidence in the health of their finances. Nine in 10 households are worried about their finances, found research by Barclaycard. Brits across the country are facing a severe cost of living crisis caused by soaring energy prices, wider inflation and looming tax hikes, which is weighing down [...]
Oil prices continue to rise amid energy crisis October 11, 2021 Oil prices passed $84 a barrel last night as Brent Crude’s rally entered a new week. This is oil’s highest valuation on the UK-based index since March last year. The resurgence in oil prices has been boosted by a global shortage of gas and spiralling energy costs. It has resulted in oil stocks gaining 37 [...]
Energy crisis: Treasury mulling over emergency cash request for industrial firms October 11, 2021 The Treasury is now considering a formal emergency funding request to help bailout industrial firms struggling with energy price rises in what appears to be an end to a cabinet row. The Department of Business, Energy and Industrial Strategy (Beis) today submitted a formal funding request to Rishi Sunak’s department, after the Treasury yesterday said [...]
Energy crisis: Industry chiefs turn up heat on ministers to provide more support October 11, 2021 Heavy industry bosses have piled pressure on the government this morning to provide emergency cash to manufacturers struggling to cope with surging energy costs. Business secretary Kwasi Kwarteng yesterday said he was in talks with Treasury to provide emergency funding to heavy industry firms, however the claim was quickly slapped down by anonymous sources at [...]
On a charge or out of juice – can EV charging infrastructure keep up with demand? October 11, 2021 One of the most notable trends of the past 18 months has been soaring demand for electric vehicles (EVs). This is particularly the case in Europe, where the share of EVs as a percentage of overall car registrations has grown to almost 10% (chart 1). Other geographies are also now showing renewed signs of strength, [...]
UK business output falls to lowest level since lockdown October 10, 2021 Business output has shrunk to its lowest level of growth since the reopening of the economy as staff shortages and supply chain disruptions battered productivity last month. The closely-watched BDO Output Index suggests a slowdown across both manufacturing and services, falling more than five index points month-on-month to 100.69, effectively indicating average trend growth just [...]