Business Update – 18 May 2022
UK Weekly Digest – 18 May 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
Tory MPs question Bank of England’s independence
Bank of England governor Andrew Bailey is set to face a grilling from Conservative MPs on Monday over rising inflation, which is nearing 10%.
Household Support Fund fails Britain’s poorest
The £500m support scheme, launched last fall to combat the cost of living crisis, ran out of money in several parts of the country months earlier than planned, leaving many without access.
Two in five Britons buying less food to combat rising prices
The cost of living crisis has forced many people to rethink how they are spending their money. 92% of those surveyed cited food costs as a contributing factor.
Food bank charity urges Ofgem to step in as reports of poorer households self-disconnect from gas services surface
Feeding Britain claims many customers are self-disconnecting their gas meters due to rising costs and punitive debt collection rules. The charity says the high costs are forcing people into destitution, unable to store food or wash clothes
Elon Musk puts Twitter deal on hold
The $44bn (£35bn) deal to buy Twitter is on hold after Musk queried the company over the number of fake/spam accounts on the side and if they do indeed represent less than 5% of accounts.
Johnson hopes for deal on Northern Ireland post-Brexit trade
Prime Minister Boris Johnson is urging political leaders in Belfast to form a new power-sharing government. He hopes to resolve a standoff with the EU over Northern Ireland’s post-Brexit trade rules.
European gas prices soar as Russia turns off the tap
The Kremlin is accused of using energy as a weapon as it imposes gas sanctions on countries that have taken action against its invasion of Ukraine by shutting off the Yamal pipeline.
Cost of prescriptions frozen for the first time in over a decade
Prescription costs usually rise along with the cost of inflation. However, the Department of Health and Social Care says prices will remain the same this year in order to ease the burden of the cost of living crisis.
UK sick pay rates leave plenty to be desired
Experts say that the UK’s paltry sick pay rates are bad for the economy, calling for better and more comprehensive schemes for people to take time off when they’re ill.
Chippies call for strategy from government as third of shops face forced closure over supply shortages
The National Federation of Fish Fryers (NFFF) warns that the key ingredients for a Friday night fish supper – sunflower oil, cod and haddock, potatoes, and flour – are all in short supply due to either the war in Ukraine or related sanctions.
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