The UK economy, high inflation, rising interest rates, and the increasing cost of living

[MenInG]

Millions of people will pay an extra £693 a year on their energy bills from April, a rise of 54%, Ofgem has said.

The regulator's new price limit means 18 million households in England, Wales and Scotland will typically pay £1,971 a year for gas and electricity.

Another 4.5 million people on prepayment meters will see an even bigger increase of £708 a year.

Chancellor Rishi Sunak has outlined plans to soften the blow via council tax rebates and help with bills.

This would provide the majority of families with a total of £350 to help them adjust to higher prices, he said.

It will mean a £200 discount on energy bills for households from October, which will be paid back over next five years at £40 per year starting in April 2023. Analysts suggest bills could rise again that month.

In England, households in council tax bands A to D - information you can find on your bill - will get a £150 discount from April, the chancellor added. Funds for the equivalent discounts would be provided to devolved nations in the UK.

A Treasury spokesman said the £200 rebate would have an upfront cost of £5.6 billion while the council tax discount would cost the government £3.6 billion in 2022-23.

The Bank of England has also increased interest rates from 0.25% to 0.5%, which will make borrowing money more expensive for individuals, but is designed to keep a lid on rising prices.

Soaring energy bills are the key factor in what the Resolution Foundation think-tank has described as a "cost of living catastrophe" facing people across the UK this year.

Tell us how you have been affected by the issues raised in this story.

Jonathan Brearley, chief executive of Ofgem, said: "We know this rise will be extremely worrying for many people, especially those who are struggling to make ends meet, and we will ensure energy companies support their customers in any way they can."

Food bills are also rising, and a increase in National Insurance will leave millions with a higher tax bill from April.

Typical of those affected is 24-year-old Michael Ball, from Kirkcaldy.

He pays for his electricity via a pre-payment meter. He has already taken certain steps to reduce his energy bills, like washing his clothes at his Mum and Dad's house nearby.

"I do worry about money a lot. It's a big burden and this news is something that makes me feel anxious," he said.

He said he might have to move back in with his parents if his energy bills continued to rise.

"If I lose my independence, my own space, I worry about how it might affect my finances and mental health."

How the cap works

The cap, which is announced every six months, sets the prices that suppliers can charge for each unit of energy as well as the standing charge. This is then translated into the expected annual bill for a household that uses the typical amount of gas and electricity.

That does not mean there is a limit to how much people can pay. The more gas and electricity that is used, the higher the bill.

What's the energy price cap and why is it going up?

Anyone who is on a standard variable tariff, whose fixed deal has come to an end (or is about to), and those moved because their old supplier went bust will be affected by the new higher cap.

It means the typical bill will rise by 54% as analysts suggest the next cap, scheduled for October, could add hundreds of pounds more onto a typical bill this coming winter.

Prepayment meter price cap graphic
There is a separate cap for 4.5 million people on prepayment meters, for whom there will be a rise from £1,309 a year to £2,017 in April for a typical household bill.

Energy firms are struggling under the weight of surging wholesale gas prices. The new cap will allow them to pass some of that cost onto customers.

Ofgem's announcement was brought forward as part of a coordinated approach of announcements about the cost of living.

Labour's shadow chancellor Rachel Reeves criticised Mr Sunak for not scrapping VAT on energy bills.

She said that despite the chancellor's pledges the "uncomfortable truth" was that families in Britain would still be paying hundreds of pounds more for energy after April.

She described the grants to power companies as a "buy now pay later scheme that loads up costs for tomorrow".

https://www.bbc.com/news/business-60242432

 

[Bewal Express]

Mine are already over £600 higher than last year and this contract runs out in Sept, i dread to think what it will be next time around. It will hurt lower income groups.

 

[MenInG]

LONDON, Feb 3 (Reuters) - The British government will step in to take the sting out of rising energy prices, finance minister Rishi Sunak said on Thursday, setting out a series of financial support schemes.

Energy prices for millions of British households are set to soar from April after the energy regulator said it would increase its price cap by 54%. Sunak said the government's help would provide the majority of households with 350 pounds, just over half that rise. [nL1N2UE0PP]

"For me to stand here and pretend we don't have to adjust to paying higher prices would be wrong and dishonest. But what we can do is take the sting out of a significant price shock for millions of families by making sure the increase in prices is smaller initially and spread over a longer period," Sunak told parliament.

"In total, the government is going to help around 28 million households this year. Taken together this is a plan to help with the cost of living worth around 9 billion pounds ($12 billion)."

The measures include a 200 pound discount on electricity bills for all households from October, to be repaid over five years, and a 150 pound rebate on council tax bills for around 80% of households in England from Aprilwhich would not need to be repaid, he said.

Sunak said the government would also provide discretionary funding of 144 million pounds to help people on low incomes who either do not pay council tax or are in properties that will not receive the rebate.

 

[mazkhan]

Caused by giving up coal and relying on unreliable wind leading to purchase extra natural gas from abroad whose price has gone through the roof.
Alongside with not fracking for their own shale gas.



8percent of the bill includes a green levy.


This climate con will kill off poor people

Imagine when electricity increases further in October and you have the tree huggers wanting people to adopt evs by 2030, the charging will end up costing the same as diesel and petrol eventually if these tariffs keep increasing , but the evs cost substantially more to buy in first place so what savings will there be in the longrun.

 

[ElRaja]

should have built nuclear years ago, yes its capital intensive, but its less price volatile than other fuels, and given the UKs position in the world, access to nuclear fuel is likely to be consistent

it would foster secondary industries which would support high tech engineering and is green. fear mongering over two nuclear disasters clouds peoples minds because governments don't want to commit to the long term requirements of the plan.

its scandalous a country as technologically advanced as the UK is reliant on mainland Europe and eastern Europe for fuel.

i fixed mine in august so I'm ok for the time being, but a lot of people will be hurting because of scare mongering and political expedience.

 

[James]

I was extremely lucky, was up for renewal and got a 2 year tariff in September last year just before the prices started to rocket. Mine is still quite expensive albeit on a fixed rate and better than any other deal that I could currently get.

 

[Robert]

I was extremely lucky, was up for renewal and got a 2 year tariff in September last year just before the prices started to rocket. Mine is still quite expensive albeit on a fixed rate and better than any other deal that I could currently get.

I could have fixed my tariff for two years but decided to wait. Now I will get clobbered. Stupid.

This is going to be bad for so many with food prices rising, petrol going up by 20%, NI rise and 7% inflation by next year.

 

[Robert]

should have built nuclear years ago, yes its capital intensive, but its less price volatile than other fuels, and given the UKs position in the world, access to nuclear fuel is likely to be consistent

it would foster secondary industries which would support high tech engineering and is green. fear mongering over two nuclear disasters clouds peoples minds because governments don't want to commit to the long term requirements of the plan.

its scandalous a country as technologically advanced as the UK is reliant on mainland Europe and eastern Europe for fuel.

i fixed mine in august so I'm ok for the time being, but a lot of people will be hurting because of scare mongering and political expedience.

Chernobyl was due to bad engineering, bad maintenance and incompetent management under the Soviet system. European reactors don’t blow up.

Agree that UK should have more nuclear reactors. Hinkley Point C is coming on line soon but others are being decommissioned and by 2050 our nuclear electricity generation will be half the capacity of today.

 

[Technics 1210]

Well this is the result of decade long QE program around the world with near zero interest rates in the West adding to the pain.

Commodities will shoot up in cost to absorb the extra Mickey Mouse notes as assets cannot increase in value given affordability is declining.

Prepare for economic carnage in coming years (should’ve let the system collapse properly after 2008)

On the point of locking in energy prices, hope the supplier doesn’t go bust.

 

[mazkhan]

Constructing nuclear reactors is expensive plus the control will be in hands of foreign companies since like France, Japan hitachi , China or skorea or germany companies .

Its expensive and will filter down to consumer bills still being expensive.

Then you have the waste which is deadly and needs to be contained or buried somewhere.

And after what happened at fukushima your can never rule out at a natural disaster.

Uk should never have got rid of coal but instead invested in clean coal or something like creating syngas out of coal

 

[Robert]

Constructing nuclear reactors is expensive plus the control will be in hands of foreign companies since like France, Japan hitachi , China or skorea or germany companies .

Its expensive and will filter down to consumer bills still being expensive.

Then you have the waste which is deadly and needs to be contained or buried somewhere.

And after what happened at fukushima your can never rule out at a natural disaster.

Uk should never have got rid of coal but instead invested in clean coal or something like creating syngas out of coal

It’s a good point about foreign builders. You might recall that Theresa May held up the Hinckley project due to concerns that China had a back door into the software and could scram the reactor.

The waste can be shoved into deep mine shafts, that’s not a worry. We have plenty.

There won’t be a tsunami hitting Doonreay or Hinckley.

Coal just creases carbon footprint. There is no clean coal in this regard. It has to stop.

 

[Bewal Express]

I could have fixed my tariff for two years but decided to wait. Now I will get clobbered. Stupid.

This is going to be bad for so many with food prices rising, petrol going up by 20%, NI rise and 7% inflation by next year.

It serves you right for voting for IK

 

[Syed1]

Just filled up my gas for $1.55/l


This is the highest I have ever filled up in the last 7-8 years AND Canada is a oil producing country. Kidhar sar maroon?

My bi-weekly grocery bill has gone up easily 30-50% since 2019.

 

[Robert]

It serves you right for voting for IK

Imran Khan?

 

[Cpt. Rishwat]

Reminds me, I am about to get rolled over next month onto a new tarriff, I should really have a shop around for the best one. My energy prices are already stupidly high, the direct debit will go up quite a bit whichever company I go with. I'm just going to stick with my current supplier E.on I think, I'll just get them to match the best offer. I don't really want to be dealing with smaller companies which might go belly up tomorrow.

 

[Technics 1210]

Come on peeps, go green! Get your solar panels, wind power, hydro power etc installed!

Now I hope you realise how the Greta Thunberg posse are a joke!

 

[KingKhanWC]

UK needs fracking or self sustainable sources.

Or perhaps try to be friendly with the likes of Russia for energy help.

 

[Bewal Express]

Imran Khan?

Yes. It's IKs fault.

 

[Robert]

UK needs fracking or self sustainable sources.

Or perhaps try to be friendly with the likes of Russia for energy help.

Climate change is well on the way. No more fossil fuels. Phase them all out soonest. Plant forests for carbon capture.

Tidal power, solar, wind, energy from waste, all supported by nuclear is the way.

 

[Robert]

Yes. It's IKs fault.

Wish he’d cover my leccy bill rises then. Reverse swing, reverse tariffs!

 

[KingKhanWC]

Climate change is well on the way. No more fossil fuels. Phase them all out soonest. Plant forests for carbon capture.

Tidal power, solar, wind, energy from waste, all supported by nuclear is the way.

Fracking is actually pretty safe.

By the time the UK develops those types of energies for the whole population we wont be around.

UK imports around 5% of gas from Russia, why not simply improve relations so they can supply upto 50% like other European nations? Most of here in the UK dont care for Ukraine or Nato's hegemony in the region. We care about our standard of living.

UK can no longer go looting rescources which made the nation rich, its time to get with reality now. We live in a global world, to be successful you need to have good realtions with all countries.

 

[Technics 1210]

There is no such thing as fossil fuels. We've been taught this lie in schools.

Oil doesn't come from fossils. Coal doesn't come from fossils. Fact.

The term fossil-fuels was added to create the illusion that oil was/is scarce.

 

[Technics 1210]

Fracking is actually pretty safe.

By the time the UK develops those types of energies for the whole population we wont be around.

UK imports around 5% of gas from Russia, why not simply improve relations so they can supply upto 50% like other European nations? Most of here in the UK dont care for Ukraine or Nato's hegemony in the region. We care about our standard of living.

UK can no longer go looting rescources which made the nation rich, its time to get with reality now. We live in a global world, to be successful you need to have good realtions with all countries.

Correct at the same time I would say, we should keep pushing for Coal. What's the down side? More CO2? Well, nature has an answer for that, plant more trees!

 

[ElRaja]

also another thing which the uk should be investing in is battery technology, lots of renewable energy gets wasted when its generated in non peak times due to inefficient storage.

UK needs fracking or self sustainable sources.

Or perhaps try to be friendly with the likes of Russia for energy help.

friendly relations with all countries, however energy self sustainability should not be sacrificed, minimum 50% local, and spread the rest out between 3 or 4 countries so that no single country can hold u to ransom like Russia can do with Germany.

 

[HitWicket]

Correct at the same time I would say, we should keep pushing for Coal. What's the down side? More CO2? Well, nature has an answer for that, plant more trees!

Matching increased CO2 emissions with the planting of trees to absorb those emissions isn't feasible, especially when we're already at such an unsustainable level.

 

[KingKhanWC]

also another thing which the uk should be investing in is battery technology, lots of renewable energy gets wasted when its generated in non peak times due to inefficient storage.



friendly relations with all countries, however energy self sustainability should not be sacrificed, minimum 50% local, and spread the rest out between 3 or 4 countries so that no single country can hold u to ransom like Russia can do with Germany.

We are lucky to have North Sea reserves, not sure how much but without this the prices would be unthinkable.

I think energy is wasted in many UK homes/offices. People need to be more sensible in wasting money.

 

[Robert]

Fracking is actually pretty safe.

By the time the UK develops those types of energies for the whole population we wont be around.

UK imports around 5% of gas from Russia, why not simply improve relations so they can supply upto 50% like other European nations? Most of here in the UK dont care for Ukraine or Nato's hegemony in the region. We care about our standard of living.

UK can no longer go looting rescources which made the nation rich, its time to get with reality now. We live in a global world, to be successful you need to have good realtions with all countries.

Because fossil fuels are *bad*. We should not be importing more. We should stop using fossil fuels altogether, before global warming and eco-collapse kick in and the current difficulty with Russia looks like a very minor problem indeed. Putin will be gone in a decade or so, but climate change will be getting a lot worse.

 

[Robert]

We are lucky to have North Sea reserves, not sure how much but without this the prices would be unthinkable.

I think energy is wasted in many UK homes/offices. People need to be more sensible in wasting money.

North Sea oil is mostly heavy fraction stuff though, suitable for ship engines, not good for cars and aviation.

 

[mazkhan]

Global warming at the hands of humans is the biggest con and myth.

There is already technology that is being developed where carbon dioxide can be taken from the atmosphere and converted into synthetic fuels via 2 methods a solar panel film or metal catalysts .

And as technic has said oil gasa not fossil fuels they are of an abiotic origin this was proposed by soviet scientists.
Modelling by the west since 70s and 80s has being saying oil will run out it hasn't, its just about control , petro dollar and cartels .

Algae create oil in the sea and also create methane in sea.

In deep seas there are cracks and volcanoes spewing out methane.

It's a big con professor David Bellamy said the same thing was ridiculed .

 

[finalfantasy7]

Global warming at the hands of humans is the biggest con and myth.

There is already technology that is being developed where carbon dioxide can be taken from the atmosphere and converted into synthetic fuels via 2 methods a solar panel film or metal catalysts .

And as technic has said oil gasa not fossil fuels they are of an abiotic origin this was proposed by soviet scientists.
Modelling by the west since 70s and 80s has being saying oil will run out it hasn't, its just about control , petro dollar and cartels .

Algae create oil in the sea and also create methane in sea.

In deep seas there are cracks and volcanoes spewing out methane.

It's a big con professor David Bellamy said the same thing was ridiculed .

so which companies are they

 

[IAJ]

We are lucky to have North Sea reserves, not sure how much but without this the prices would be unthinkable.

I think energy is wasted in many UK homes/offices. People need to be more sensible in wasting money.

Little Norway with 5,5 million population have rights to 55% of the oil reserves and some 45% of the gas reversves. Rest must be your part?

Provided it doesn’t get that cold in UK the energy share of heating can’t be that large, so what else factor consumes so much energy in a british house?

At my house 75 % of the energy goes to heating.

 

[DeadlyVenom]

I agree with [MENTION=56933]ElRaja[/MENTION]. Investment into Nuclear energy is the only way forward and significant investment in battery technologies to manage peaks and troughs in generation/demand.

Unfortunately the energy strategy in the country has been hijacked by far left looneys with no technical background.

In Scotland, for examples the far left greens are hell bent on destroying industry and having us all living in candlelit homes and riding bicycles.

 

[mazkhan]

The problem is even in the UK if we all lived in huts with candles and rode bicycles , it wouldn't make one jot of difference

Because countries like China India, Brazil russia and other tiger economies in far East will continue billowing out pollution.

China has not stopped coal and will still open new coal plants domestically .

So like I said we could all live like cavemen eating carrots or turnips to save the world but it won't make a difference because China will just churn out more smog.

 

[James]

The UK economy: record inflation and house prices; cost of living, interest rates, high energy cap

https://www.bbc.co.uk/news/business-60279019

<i><b>Worst to come for food price rises, Tesco boss says</I></b>

The chairman of Britain's biggest supermarket has warned "the worst is yet to come" on rising food prices.

Tesco's John Allan told the BBC he was aware people were on very tight budgets and having to choose between food and heating "troubles us".

But he said grocers and suppliers were not immune from rising energy costs.

Mr Allan also defended Tesco against claims from food poverty activist Jack Monroe that the costs of basic staples were rising faster than other goods.

He estimated the amount of household income spent on food was on average about 9% last year, but could rise to about 15% by the spring.

But Mr Allan said he also recognised food took up a bigger proportion of household budgets for people on lower incomes.

People having to choose between heating their homes and feeding their families "troubles us, and I'm sure troubles many people... That's clearly not a situation that any of us should tolerate," he said.

A report earlier this month from the British Retail Consortium said food inflation accelerated to 2.7% in January, up from 2.4% in December.

Annual UK inflation is currently 5.4%, a 30-year high, and is predicted to top 6% in the spring.

Meanwhile, the cost of energy is set to soar under new price-cap rules, prompting the chancellor to unveil a support package for households last week.

Mr Allan said: "I think the combination of increasing energy prices, the impact of National Insurance increases [in April] on people's incomes, and to a much much lesser extent increasing food prices, is going to squeeze the hardest-up still harder."

"As far as Tesco is concerned, we have 2,100 products on our lowest price. We're either price matching against Aldi, or it's our own exclusive at Tesco range. That number [of products] has been increasing in recent months rather than decreasing, so it's not true," Mr Allan said.

He also rejected suggestions from the Bank of England's governor that people should not ask for big pay rises because it was feeding into higher inflation.

Andrew Bailey's comments to the BBC were branded a "sick joke" by the GMB union, while the TUC said the call was "ill-founded".

Tesco is the UK's largest private sector employer, with about 300,000 staff.

Asked if the company would be telling employees to follow Mr Bailey's advice, Mr Allan said "no, absolutely not. I think that's the wrong direction for people to go in," he said.

"We are not telling people not to take a pay rise. We think our colleagues deserve pay rises," Mr Allan said.

"We have given 5-6% raises to our distribution colleagues, and we're in the midst of negotiations, which will probably lead to a similar result for our store colleagues."

 

[James]

If you live in the UK, how is the current economic situation affecting you? (or not)

Positively? Negatively?

Please share thoughts and views.

 

[James]

https://www.bbc.co.uk/news/business-60344573

<b>UK economy rebounds with fastest growth since WW2</b>

The UK economy rebounded last year with growth of 7.5% despite falling back in December due to Omicron restrictions, official figures show.

It was the fastest pace of growth since 1941, although it came after a dramatic 9.4% collapse in 2020 as the pandemic forced parts of the economy to shut.

In December, the economy shrank 0.2% as Omicron restrictions hit the hospitality and retail sectors.

Chancellor Rishi Sunak said the economy had been "remarkably resilient".

The Office for National Statistics (ONS) figures showed that in the last three months of 2021 growth was 1%, which ONS director of economic statistics Darren Morgan said was "pretty healthy" given Omicron's spread and the introduction of some restrictions.

The figures were stronger than expected, and Mr Morgan told the BBC the expansion in 2021 showed the UK was the fastest growing economy in the G7 group of nations.

However, he urged caution about making strict comparisons.

"The growth in 2021 comes from a low base in 2020, when the economy fell sharply," Mr Morgan said.

“And if you look at where the UK economy is now, compared to its pre-pandemic level... the UK is middle of the pack, compared with the G7."

He said using this comparison, the US, Canadian and French economies were above the UK's, while the UK was above Italy, Germany and Japan.

The ONS said that despite the fall in December, on a monthly basis GDP was in line with its pre-coronavirus level in February 2020.

However, GDP in the October-to-December quarter remains 0.4% below its pre-Covid levels in the final three months of 2019.

Mr Sunak told the BBC: "Today's figures show that despite Omicron the economy was remarkably resilient. We were the fastest growing economy in the G7 last year and are forecast to continue being the fastest growing economy this year.

"But I know that people are worried about rising prices, particularly energy bills... and that's why last week we announced a significant package of support to help millions of families meet the cost of bills."

Last year's growth was the strongest since ONS records began in 1948 and the fastest since 1941, during World War Two, using data collected by the Bank of England.

The slump of 9.4% in 2020 was the biggest drop since 1919 when there was demobilisation after World War One.

The economy is expected to face headwinds in 2022.

Last week, the Bank of England raised interest rates, cut its economic growth forecast from 5% to 3.75% for this year and predicted that households were about to suffer the sharpest fall in living standards since records began three decades ago.

This, said Labour's shadow chief secretary to the Treasury, Pat McFadden, would mean the economy will "crawl" this year and see the slowest growth of any G7 country.

"The reality is the way the government runs our economy is trapping us in a high tax, low growth cycle," he said.

Inflation is forecast to hit 7% in April, the same month workers and firms will start to see a rise in their National Insurance (NI) contributions.

Mr Sunak has been under pressure to scrap the NI increase, but vowed this month that it would go ahead.

Thomas Pugh, an economist at RSM UK, said he expected output lost during December and January to be regained in February and March, "meaning that Omicron should not have had a lasting impact on the economy".

But he warned that consumer spending power would take a big hit in 2002.

Suren Thiru, head of economics at the British Chamber of Commerce, said that "crippling" inflation, tax rises in April, and higher energy bills means "the UK economy is facing a materially weaker 2022".

 

[DeadlyVenom]

If you live in the UK, how is the current economic situation affecting you? (or not)

Positively? Negatively?

Please share thoughts and views.

Alhumdulilah unaffected by the current situation, but have many close ones that seem to now be just one step away from being poor.

I can sense some really bleak times ahead for people.

 

[Chief Destroyer]

It will continue to get worse at a steady pace.

 

[finalfantasy7]

Have a question regarding smart metres , do the new smec 2 metres will they work if i change companies in the future?, i understand the smec version1 couldn't nor can British gas metres, but can the do the new smec 2 metres?

 

[James]

<b>Petrol and diesel prices reach new record high</b>

Fuel prices have hit a new record high at the pump across the UK, tightening the squeeze on UK consumers, the motoring organisation the AA has said.

Over the weekend petrol reached 148.02p a litre, while diesel hit a new record high of 151.57p a litre last Thursday.

Fuel previously hit a record in November, before wholesale and retail prices fell back.

"The cost of living crisis has been ratcheted up yet another notch," said Luke Bosdet of the AA.

The RAC's fuel spokesman Simon Williams said the price of filling a 55-litre family car was now an "eye-watering" £81.41.

"With the oil price teetering on the brink of $100 a barrel and retailers keen to pass on the increase in wholesale fuel quickly, new records could now be set on a daily basis in the coming weeks," he said.

Fuel prices at the pump are driven largely by the wholesale price of energy which has shot up due to tensions over whether Russia will invade Ukraine.

On Monday, oil prices hit their highest level since 2014, reaching $95.56 a barrel.

If the situation in Ukraine deteriorates, oil and gas supplies from Russia to Europe may be interrupted, pushing up wholesale prices further.

The supply of oil and gas has already struggled to keep up with growing demand as the global economy picked up in recent months as Covid restrictions eased.

The RAC's Mr Williams said: "On a positive note, retailer margins - which were the reason drivers paid overly high prices in December and January - have now returned to more normal levels of around 7p a litre."

He said the big four supermarkets, which dominate fuel sales, should "play fair" with drivers by keeping their profit margins low.

Day-to-day prices for food, household bills and other items such as used cars, have risen sharply in recent months, in part due to rising energy prices.

The Petrol Retailers' Association (PRA), which represents independent retailers, said it would continue to ensure that the price of fuel was "as competitive as possible".

But tensions between Russia and Ukraine, as well as other key factors such as tightness in the oil market and the dollar-sterling exchange rate, were likely to cause further volatility in the oil price, said Gordon Balmer, PRA's executive director.

UK inflation is now at a 30-year high of 5.4%. New inflation figures for January will be released by the Office for National Statistics on Wednesday.

Mr Bosdet said the AA had surveyed 15,000 of its members after prices spiked at the end of last year and found higher fuel prices were leading 43% of them to cut back on the amount they used their car as well as other areas of spending.

Mike Johnson at the energy consultancy Portland Analytics said what happens to energy prices next depended both on the situation in Ukraine and whether the Organisation of Petrol Exporting Countries (Opec) was able to boost supply.

"Opec and its allies have struggled to increase production in line with their output targets due to a combination of production outages and technical issues, whilst demand continues to rise," he said.

While oil producing nations had agreed to increase production by 400,000 barrels per day in February Mr Johnson said it seemed unlikely that target would be met.

https://www.bbc.co.uk/news/business-60375568

 

[ElRaja]

If you live in the UK, how is the current economic situation affecting you? (or not)

Positively? Negatively?

Please share thoughts and views.

I'm fortunate to be financially secure, but even I can tell the difference, going from wfh to back to office, travel, breakfast, lunch, maybe even dinner out some days is nearly £40 or £50 a day. literally everything seems to have gone up around 20% over the last year or two.

headline inflation figures are manipulated, non-discretionary inflation seems to be way higher than luxury items. but none of this was unforeseen, unfettered global money printing has one outcome and it's inevitable.

jumped on the property ladder early last year for that reason despite everyone saying market was overheated, only saving grace for me in a year where my purchasing power (measured in freddos* amongst other things) has taken a hit.

* a freddo was 10p when i was in school, i saw it in a shop for 35p the other day, that's an inflation rate of more than 6% annualised.

 

[James]

We too are very lucky to be relatively financially secure. We are meeting all of our obligations and we also have a couple of small investments on the side which are slowly but steadily building up — with a view to either a large future purchase, or to dig us out of a hole in the event of stormy weather.

But the cost of food and fuel (the two main ongoing expenses along with standard household bills) has all become rather nauseating at this point and that can’t be denied.

In the recent past, £1.50 per litre is what one used to reluctantly pay on the motorway for fuel if one had been foolish enough not to properly fill up the tank in advance ahead of a long journey; however, what was once a somewhat novel form of everyday punishment has now turned into the standard going rate.
[MENTION=56933]ElRaja[/MENTION] getting on the property ladder is the best thing that you could have done during this volatile period. In the context of a fluid and unpredictable economy, in my opinion being a houseowner is one of the most robust forms of personal security there is. I’ve felt like this since first buying a house five years ago and I particularly feel the protective element now. A good mortgage rate is far better value for the customer than renting.

 

[ElRaja]

[MENTION=1842]James[/MENTION] i agree, i think its a good foundation investment, then u can decide what the rest of ur savings can be put towards, i.e. more speculative and risky uses. for me personally it was more of the kirsty alsopp slog, living with parents and saving over years, buying in london is horrendous, i was looking for more than 2 years, numerous rejections and tag along which fell through before the clock ticking on stamp duty holiday forced me into really forcing it through.

as far as living costs go we will reach a tipping point, either companies will eventually be forced to up wages or ur gonna see a forced gov intervention via excessively restrictive monetary and fiscal policy that will likely crash the economy, i hope the gov are smart enough to incentivise employers to pay more, although I'm not confident with the rubbish the boe governor was coming out with recently.

 

[Bewal Express]

I went to my Pizza place last week and the prices had risen 20% in a few weeks. The supply chains will get sorted and that will help to stabilise and bring prices down but the oil and gas ain't coming down and the long term price is on my view is heading for $200.

 

[WhenSultansBowled]

Not only in the UK, in the whole Europe (and all around the world) inflation is punishing people.

Prices are steadily rising up. Unfortunately, this is the 3rd major economic crisis of our lifetimes.

 

[IAJ]

This is not only restricted to UK only, whole Europe, in fact whole World is burning now. This is getting out of control and then you have this Russia-Ukraine issue lurking in background.

 

[WhenSultansBowled]

This is not only restricted to UK only, whole Europe, in fact whole World is burning now. This is getting out of control and then you have this Russia-Ukraine issue lurking in background.

Haha seems like we both submitted our replies at the same time

---
[MENTION=135038]Major[/MENTION] look visit this thread, Imran Khan is the cause of this global inflation!!! /s

 

[Major]

Haha seems like we both submitted our replies at the same time &#55357;&#56834;

---

[MENTION=135038]Major[/MENTION] look visit this thread, Imran Khan is the cause of this global inflation!!! /s

I dont care about uk,what happens in uk does not concern me.

Also before saying that oh look same is happening uk, remember that the wages are different.

In uk you can work for one week and be able to afford groceries for the whole month.

In pakistan you have to work whole month and still not be able to afford groceries for the whole month...

There is a concept called purchasing parity or something along those lines and thats where the difference comes into play

 

[IAJ]

Haha seems like we both submitted our replies at the same time ��

---

[MENTION=135038]Major[/MENTION] look visit this thread, Imran Khan is the cause of this global inflation!!! /s

lol yeah, I saw your post after submitting mine.

And re [MENTION=135038]Major[/MENTION], he is a Bilawal fan'boy, and he will blame IK for everything.

 

[WhenSultansBowled]

I dont care about uk,what happens in uk does not concern me.

Also before saying that oh look same is happening uk, remember that the wages are different.

In uk you can work for one week and be able to afford groceries for the whole month.

In pakistan you have to work whole month and still not be able to afford groceries for the whole month...

There is a concept called purchasing parity or something along those lines and thats where the difference comes into play

Lol, you still don't get it.

Go to a friggin slum in Haiti and even there prices will be up.

Wanna blame someone? Blame Arabs, 'Muricans and Zionist bankers. They are the ones running this sh**show.

Keep your head burried in sand man.

 

[Major]

Lol, you still don't get it.

Go to a friggin slum in Haiti and even there prices will be up.

Wanna blame someone? Blame Arabs, 'Muricans and Zionist bankers. They are the ones running this sh**show.

Keep your head burried in sand man.

Its funny how you ignored what i just said, and its easy for you to ignore it because you dont suffer from that problem.

The issue is minimum wage. What you earn in three days, we earn that in a month. Prices are way high than what a person can afford.

A bartender in Europe can own a bmw. In pakistan, a job going person cannot afford to buy a car. His under market value salary is enough to only buy a bike.

But i dont expect you to understand these things because you are blistfully shielded from this.

For you uk=pakistan....

 

[Cpt. Rishwat]

The problem is even in the UK if we all lived in huts with candles and rode bicycles , it wouldn't make one jot of difference

Because countries like China India, Brazil russia and other tiger economies in far East will continue billowing out pollution.

China has not stopped coal and will still open new coal plants domestically .

So like I said we could all live like cavemen eating carrots or turnips to save the world but it won't make a difference because China will just churn out more smog.

Ironically it was China and eastern countries which were happy to live eating turnips and riding bicycles, but since western countries used industrial power to dominate the globe, now the rest are trying to catch up. Pretty hard for us to now turn round and say " been there, done that, now it's time to look after the planet."

 

[James]

<b>More than 17,000 chain store shops closed last year</b>

More than 17,000 chain store outlets closed across Britain last year, according to new research.

The figures, compiled for the accountancy firm PwC, reflect the rise of online shopping and the impact of the pandemic.

However, the data suggests the rate of closures is slowing as more independent firms take on space.

"The worst could now be over" said Lisa Hooker, head of consumer markets at PwC.

The research was compiled by the Local Data Company, which has been tracking more than 200,000 outlets on High Streets, shopping centres and retail parks operated by businesses with more than five shops.

The figures include retailers, restaurants, bars and gyms as well as banks, takeaways and hairdressers.

As the chart below shows, there was a slight reduction in the number of closures last year, to 17,219.

That's an average of 47 stores shutting every day and down from 48 in 2020.

But there was also another sharp drop in the number of openings, which led to a net loss of 10,059 outlets, the biggest fall since 2014.

"There's no doubt that the numbers are stark and 2021 saw an acceleration in net closures across this sector, which in isolation looks dramatic, "said Lucy Stainton, commercial director at the Local Data Company.

The pandemic has accelerated the changes already under way across retail, causing upheaval for many High Streets and town centres.

But it's not the death of the High Street, insists Ms Stainton, but rather a final shake-out of some of the heritage brands.

The last two years have seen the fall of some of big household names, such as Sir Philip Green's retail empire, Arcadia, and Debenhams.

These closures, along with a host of other retail restructurings, are captured in the figures.

Meanwhile, some locations continue to do better than others.

Yet again, retail parks - clusters of large stores often on the edge of town - have proved to be the most resilient.

They've become more popular with shoppers during Covid thanks to easier access and parking.

In contrast, shopping centres have gone from being the most popular retail locations in 2015 to the worst performing over the last two years.

They've been hit hard by a swathe of closures of fashion shops, department store chains and casual dining outlets.

"Location matters most to consumers," said PwC's Lisa Hooker.

"Retail parks and standalone sites have broad appeal. Multiple operators are taking note of this changing consumer behaviour and are relocating stores to where their customers need them to be."

So what are the kinds of businesses stepping in to fill the huge gaps right across our High Streets and town centres?

When it comes to chain outlets, there has been growth among takeaways, cake shops and job centres.

But this expansion is nowhere near enough to make up for the wave of closures led by fashion retailers and banks that have accelerated during the pandemic.

Although 2021 was extremely challenging for retailers, Lucy Stainton says vacancy rates have started to stabilise and that the number of empty shops is no longer increasing.

She said: "The rental tone is softening, and more space has become available in prime locations previously occupied by bigger brands, paving the way for new and upcoming operators.

"There's been a big uptick in independent retail and leisure firms taking on empty sites," she added.

These businesses are not included in the figures.

But the numbers do highlight the huge challenges ahead, with many places still blighted by vacant units and shop fronts.

There's now a pressing need to radically reshape or even repurpose some of our towns and city centres, says Lisa Hooker.

"The last two years have been tumultuous for retailers.

"To regain lost footfall, High Streets must understand why retail parks are so attractive to consumers or look for ways to better serve local needs, encouraging independent retailers and entrepreneurs to take this opportunity to grow into the gaps that are emerging."

https://www.bbc.co.uk/news/business-60418435

 

[James]

^Death of the high street?

 

[the Great Khan]

^Death of the high street?

yes..most of the high street is being converted to eateries and fast food places..the major stores are moving to malls and outside town malls..the old days of walking into a woolworths to run to the toyshelves and check out the new transformers or he man are long gone..(those were the days)

 

[James]

.the old days of walking into a woolworths to run to the toyshelves and check out the new transformers or he man are long gone..(those were the days)

Ah! Nearly just shed a tear at this.

 

[the Great Khan]

Ah! Nearly just shed a tear at this.

Still remember those days..even just looking brought great joy..kids don't know what they are missing these days..although they have bigger toystores now..

 

[Bewal Express]

^Death of the high street?

I went to our town centre at Christmas and it felt like a Sunday in the 1980s before the shopping laws were changed. The High Street need to adapt or die, ironically the housing crisis will be eased as they start to be converted into flats.

 

[ElRaja]

shops need to understand what is the one thing the internet cannot offer buyers. clothes retailers should all become tailor / retailers. id go to a physical shop if there was a cheap option of getting suits, trousers altered, and its good margin.

likewise with DIY, have actual sales staff who understand DIY and can help you with stuff, like cutting wood, or perspex to size, etc. i still go to a physical store to have my photography printed cos its more practical than having someone leave a tube outside ur front door for hours when ur out.

there is space for physical stores, but u would need far more focus on the service and personalisation element.

but unfortunately, British businesses are pbly the least adaptable in the western world and have some of the worse customer service standards i have ever experienced.

i went to a costa the other day to buy a bottle of water. three tills, three staff, but two were stocking inventory. there was 4 or 5 people in the queue and i asked on the girls if she would join the till so people would get served. she said "cant you see I'm busy, you'll get served when its your turn". i just left.

until the customer service and adaptability issues are solved, British businesses in general will continue to suffer.

 

[finalfantasy7]

I dont care about uk,what happens in uk does not concern me.

Also before saying that oh look same is happening uk, remember that the wages are different.

In uk you can work for one week and be able to afford groceries for the whole month.

In pakistan you have to work whole month and still not be able to afford groceries for the whole month...

There is a concept called purchasing parity or something along those lines and thats where the difference comes into play

isn' this because in pakistan - they havent sorted things out like even applying minimun wages, sorting out electricity and gas , water crisis - and now food inflated - for a country which can produce its own food to every citizen - have no idea why food inflation occured in pakistan.

Unfortunately pakistan hasnt progressed in most industries and caused this.

major why are mst pakistanies finding it difficult to buy groceries for the whole month ?

 

[finalfantasy7]

Its funny how you ignored what i just said, and its easy for you to ignore it because you dont suffer from that problem.

The issue is minimum wage. What you earn in three days, we earn that in a month. Prices are way high than what a person can afford.

A bartender in Europe can own a bmw. In pakistan, a job going person cannot afford to buy a car. His under market value salary is enough to only buy a bike.

But i dont expect you to understand these things because you are blistfully shielded from this.

For you uk=pakistan....

here in the UK a bartender cannot afford to buy a bmw, not even one which has been clocked a extra 30,000 on mileage, most bar tenders in the UK cant afford to even buy a motor bike as well - thr on minimun wage. So ask yourself why are standard prices for fod in pakistan so high, especially most foods are farmed in pakistan ? farmers aren't getting richer, so who is? here in the UK the supermarkets like tesco own the farmers - hence why he have food inflation - who's inflating the food prices in pakistan on basic goods?

 

[finalfantasy7]

<b>More than 17,000 chain store shops closed last year</b>

More than 17,000 chain store outlets closed across Britain last year, according to new research.

The figures, compiled for the accountancy firm PwC, reflect the rise of online shopping and the impact of the pandemic.

However, the data suggests the rate of closures is slowing as more independent firms take on space.

"The worst could now be over" said Lisa Hooker, head of consumer markets at PwC.

The research was compiled by the Local Data Company, which has been tracking more than 200,000 outlets on High Streets, shopping centres and retail parks operated by businesses with more than five shops.

The figures include retailers, restaurants, bars and gyms as well as banks, takeaways and hairdressers.

As the chart below shows, there was a slight reduction in the number of closures last year, to 17,219.

That's an average of 47 stores shutting every day and down from 48 in 2020.

But there was also another sharp drop in the number of openings, which led to a net loss of 10,059 outlets, the biggest fall since 2014.

"There's no doubt that the numbers are stark and 2021 saw an acceleration in net closures across this sector, which in isolation looks dramatic, "said Lucy Stainton, commercial director at the Local Data Company.

The pandemic has accelerated the changes already under way across retail, causing upheaval for many High Streets and town centres.

But it's not the death of the High Street, insists Ms Stainton, but rather a final shake-out of some of the heritage brands.

The last two years have seen the fall of some of big household names, such as Sir Philip Green's retail empire, Arcadia, and Debenhams.

These closures, along with a host of other retail restructurings, are captured in the figures.

Meanwhile, some locations continue to do better than others.

Yet again, retail parks - clusters of large stores often on the edge of town - have proved to be the most resilient.

They've become more popular with shoppers during Covid thanks to easier access and parking.

In contrast, shopping centres have gone from being the most popular retail locations in 2015 to the worst performing over the last two years.

They've been hit hard by a swathe of closures of fashion shops, department store chains and casual dining outlets.

"Location matters most to consumers," said PwC's Lisa Hooker.

"Retail parks and standalone sites have broad appeal. Multiple operators are taking note of this changing consumer behaviour and are relocating stores to where their customers need them to be."

So what are the kinds of businesses stepping in to fill the huge gaps right across our High Streets and town centres?

When it comes to chain outlets, there has been growth among takeaways, cake shops and job centres.

But this expansion is nowhere near enough to make up for the wave of closures led by fashion retailers and banks that have accelerated during the pandemic.

Although 2021 was extremely challenging for retailers, Lucy Stainton says vacancy rates have started to stabilise and that the number of empty shops is no longer increasing.

She said: "The rental tone is softening, and more space has become available in prime locations previously occupied by bigger brands, paving the way for new and upcoming operators.

"There's been a big uptick in independent retail and leisure firms taking on empty sites," she added.

These businesses are not included in the figures.

But the numbers do highlight the huge challenges ahead, with many places still blighted by vacant units and shop fronts.

There's now a pressing need to radically reshape or even repurpose some of our towns and city centres, says Lisa Hooker.

"The last two years have been tumultuous for retailers.

"To regain lost footfall, High Streets must understand why retail parks are so attractive to consumers or look for ways to better serve local needs, encouraging independent retailers and entrepreneurs to take this opportunity to grow into the gaps that are emerging."

https://www.bbc.co.uk/news/business-60418435

^Death of the high street?

rent prices for retails shops have increased and caused this, also online purchasing has increased

 

[finalfantasy7]

shops need to understand what is the one thing the internet cannot offer buyers. clothes retailers should all become tailor / retailers. id go to a physical shop if there was a cheap option of getting suits, trousers altered, and its good margin.

likewise with DIY, have actual sales staff who understand DIY and can help you with stuff, like cutting wood, or perspex to size, etc. i still go to a physical store to have my photography printed cos its more practical than having someone leave a tube outside ur front door for hours when ur out.

there is space for physical stores, but u would need far more focus on the service and personalisation element.

but unfortunately, British businesses are pbly the least adaptable in the western world and have some of the worse customer service standards i have ever experienced.

i went to a costa the other day to buy a bottle of water. three tills, three staff, but two were stocking inventory. there was 4 or 5 people in the queue and i asked on the girls if she would join the till so people would get served. she said "cant you see I'm busy, you'll get served when its your turn". i just left.

until the customer service and adaptability issues are solved, British businesses in general will continue to suffer.

i do believe that is a london problem regarding customer service in retail stores, here in the nottingham, not many big companies have closed down, not even in the city centre, like people have mentioned - since covid - people are now going out to eat more - clothing stores have declined - other than primark.

Dont believe UK should go in that direction off transitioning into specific retailers - retail industry offer soo many jobs to the working class - if this goes under - UK will be like france / spain / italy - in terms off employment - especially for the youth / elderly / mothers who are part time workers.

 

[ElRaja]

i do believe that is a london problem regarding customer service in retail stores, here in the nottingham, not many big companies have closed down, not even in the city centre, like people have mentioned - since covid - people are now going out to eat more - clothing stores have declined - other than primark.

Dont believe UK should go in that direction off transitioning into specific retailers - retail industry offer soo many jobs to the working class - if this goes under - UK will be like france / spain / italy - in terms off employment - especially for the youth / elderly / mothers who are part time workers.

maybe i should have specified, I'm not saying like restaurants or bars, i meant specifically large chain retailers, like BnQ, coffee chains, argos, etc. most small owner run shops have much higher standards.

as far as the latter, i don't think its a matter of choice anymore tbh, there are hardly any foot in the door type of retail jobs for youngsters here anymore.

this is why i think that evolution is necessary, cos without it its a one way street, zero hour contracts, automated checkouts, online services, over the last 20 odd years retail has only gone one way

 

[James]

Agree with your points [MENTION=56933]ElRaja[/MENTION] — one example off the top of my head in terms of DIY would be that I could order online from B&Q or Homebase, or there are a couple of absolutely massive B&Q stores within 20 minutes of me that I could use (and they are both brilliant in terms of stock) — but whenever I can, I prefer to walk up the road and use the local hardware store instead. It’s more expensive than the chain stores, but it means I can support my own town’s economy as well as getting actual proper customer service and expert advice, so I will gladly pay more.

 

[James]

More than four shops a day on average disappeared from Scotland's main retail areas last year, according to a report.
Data from PwC and the Local Data Company found shopping centres were proportionally hardest hit.
A total of 1,424 chain shops closed, with 673 opening, giving a net loss of 751. The loss for 2020 was 652.
The report said shopping centres were hit particularly hard by closures of fashion retailers, department stores and casual dining restaurant chains.
It suggested that this made them "less attractive destinations in their own right".

BBC

 

[Cpt. Rishwat]

shops need to understand what is the one thing the internet cannot offer buyers. clothes retailers should all become tailor / retailers. id go to a physical shop if there was a cheap option of getting suits, trousers altered, and its good margin.

likewise with DIY, have actual sales staff who understand DIY and can help you with stuff, like cutting wood, or perspex to size, etc. i still go to a physical store to have my photography printed cos its more practical than having someone leave a tube outside ur front door for hours when ur out.

there is space for physical stores, but u would need far more focus on the service and personalisation element.

but unfortunately, British businesses are pbly the least adaptable in the western world and have some of the worse customer service standards i have ever experienced.

i went to a costa the other day to buy a bottle of water. three tills, three staff, but two were stocking inventory. there was 4 or 5 people in the queue and i asked on the girls if she would join the till so people would get served. she said "cant you see I'm busy, you'll get served when its your turn". i just left.

until the customer service and adaptability issues are solved, British businesses in general will continue to suffer.

I've seen this in Barclays as well, gradually they have got rid of all the customer facing staff counters, and are replacing them all with machines. That's fine in principle, I get that with the reduction of cash services you don't need the counters so much, but try telling that to the customers. You still get lines at the single counter of people wanting to sort their problems face to face, transfer money, pay in money for elderly parents, and get foreign exchange for travel. You have the frustrating sight of queues sometimes a dozen deep at the one counter, while bank staff are milling around behind the counter in plain sight doing other stuff, and other staff are approaching customers and asking if they can take them to a machine. Why not just leave an extra counter open and man that when necessary?

 

[ahsan17]

Its funny how you ignored what i just said, and its easy for you to ignore it because you dont suffer from that problem.

The issue is minimum wage. What you earn in three days, we earn that in a month. Prices are way high than what a person can afford.

A bartender in Europe can own a bmw. In pakistan, a job going person cannot afford to buy a car. His under market value salary is enough to only buy a bike.

But i dont expect you to understand these things because you are blistfully shielded from this.

For you uk=pakistan....

You are seriously misinformed or delusional about what a bartender or people making similar wage I'm Europe can afford. A bartender cannot afford a BMW. If bartending is their full time job, they are likely making around equivalent of 50k USD per year. That's enough to probably own a used car, a 1 be apartment, and living paycheque to paycheque. Too many armchair experts in Pakistan think people making 50k USD or similar are living luxury lives in Europe or North America.

 

[Major]

You are seriously misinformed or delusional about what a bartender or people making similar wage I'm Europe can afford. A bartender cannot afford a BMW. If bartending is their full time job, they are likely making around equivalent of 50k USD per year. That's enough to probably own a used car, a 1 be apartment, and living paycheque to paycheque. Too many armchair experts in Pakistan think people making 50k USD or similar are living luxury lives in Europe or North America.

Dont worry, i know a few who own good cars and the type of employment they got

 

[Major]

isn' this because in pakistan - they havent sorted things out like even applying minimun wages, sorting out electricity and gas , water crisis - and now food inflated - for a country which can produce its own food to every citizen - have no idea why food inflation occured in pakistan.

Unfortunately pakistan hasnt progressed in most industries and caused this.

major why are mst pakistanies finding it difficult to buy groceries for the whole month ?

Wheat, rice, sugar these are the most consumed along with vegtables.

Problem is the producers are mostly cartels thus they hold off supply to increase prices. Than the focus is also to export and make more money than sell it local.

This combined with very low wages is an issue.

 

[Major]

here in the UK a bartender cannot afford to buy a bmw, not even one which has been clocked a extra 30,000 on mileage, most bar tenders in the UK cant afford to even buy a motor bike as well - thr on minimun wage. So ask yourself why are standard prices for fod in pakistan so high, especially most foods are farmed in pakistan ? farmers aren't getting richer, so who is? here in the UK the supermarkets like tesco own the farmers - hence why he have food inflation - who's inflating the food prices in pakistan on basic goods?

dont know about UK, but i know a few around belgium

Our issue is the low wages that no one cares about. Very little to non existent career choices in Pakistan

 

[saeedhk]

I dont care about uk,what happens in uk does not concern me.

Also before saying that oh look same is happening uk, remember that the wages are different.

In uk you can work for one week and be able to afford groceries for the whole month.

In pakistan you have to work whole month and still not be able to afford groceries for the whole month...

There is a concept called purchasing parity or something along those lines and thats where the difference comes into play

You are spot on regarding disparity of purchasing power between the UK and Pakistan. Junaid Akram AKA Ganjiswag also made a video on this exact topic. He said he was tired of Pakistanis telling him that there is inflation everywhere! In one of his videos, he told viewers about his domestic helpers who has a nice car and she drives to work. He said, ‘Can a domestic helper in Pakistan own a car?’

In another video, he explained how if you work for 3 days in the UK, you can easily cover your whole month’s groceries.

A lot of people do not understand difference in purchasing power of the average Pakistani and the average European despite the inflation.

Similarly, most HK Pakistanis work in construction and they earn HK$900-1000 (PKR 23000) per day. Their single day wage can easily cover 10 days of groceries.

 

[Major]

You are spot on regarding disparity of purchasing power between the UK and Pakistan. Junaid Akram AKA Ganjiswag also made a video on this exact topic. He said he was tired of Pakistanis telling him that there is inflation everywhere! In one of his videos, he told viewers about his domestic helpers who has a nice car and she drives to work. He said, ‘Can a domestic helper in Pakistan own a car?’

In another video, he explained how if you work for 3 days in the UK, you can easily cover your whole month’s groceries.

A lot of people do not understand difference in purchasing power of the average Pakistani and the average European despite the inflation.

Similarly, most HK Pakistanis work in construction and they earn HK$900-1000 (PKR 23000) per day. Their single day wage can easily cover 10 days of groceries.

and these are the so called parhay likhay overseas that look down on the pakistanis back home

 

[Technics 1210]

Ha ha ha. These resident Pakistanis believing bartenders own BMWs.

The guy from HK who says one guy earns a 10 day food bill doesn’t factor in rent/mortgage, which when you do in the UK, life and earnings are WORSE than those in Pakistan.

Of course, since IK came into power, Pakistanis have been missing their brown envelope privileges.

 

[Technics 1210]

Minimum wage in UK is not enough for a day’s rent/mortgage, bills, food.

This is a fact.

 

[James]

UK bar/restaurant/hotel workers (etc) struggle to keep on top of their monthly rent and bills at times, and they mainly rely on free food from where they work for their main meals. They can just about afford bus/tube fares to & from work! --- and they certainly could not own nor could they run a BMW.

 

[ElRaja]

I've seen this in Barclays as well, gradually they have got rid of all the customer facing staff counters, and are replacing them all with machines. That's fine in principle, I get that with the reduction of cash services you don't need the counters so much, but try telling that to the customers. You still get lines at the single counter of people wanting to sort their problems face to face, transfer money, pay in money for elderly parents, and get foreign exchange for travel. You have the frustrating sight of queues sometimes a dozen deep at the one counter, while bank staff are milling around behind the counter in plain sight doing other stuff, and other staff are approaching customers and asking if they can take them to a machine. Why not just leave an extra counter open and man that when necessary?

i work in the industry so have seen the other side, its literally a business decision to wait until people give up on branches so they can be closed down. they are a cash drag on companies, esp with emergence of online-only banks like atom, etc.

ive only needed to go to a branch once in the last 10 years maybe, but my parents rely on it because they arent as comfortable with internet banking.

Agree with your points [MENTION=56933]ElRaja[/MENTION] — one example off the top of my head in terms of DIY would be that I could order online from B&Q or Homebase, or there are a couple of absolutely massive B&Q stores within 20 minutes of me that I could use (and they are both brilliant in terms of stock) — but whenever I can, I prefer to walk up the road and use the local hardware store instead. It’s more expensive than the chain stores, but it means I can support my own town’s economy as well as getting actual proper customer service and expert advice, so I will gladly pay more.

i think another problem is a lot of shops like this are run by old school guys.

i had to get a door shaved, gumtree, etc, cheapest quote was like 60 quid to come do it. theres a wood worker down the street, i just spoke to him in conversation and he said its a fiver if i bring the door down to him.

but id never know about him unless i walked down his street cos he has no online presence, but had i known about him id happily drive 20, 30 mins cos its worth the saving and convenience of getting job done on my time rather than wait for someone to come do it.

 

[ahsan17]

Dont worry, i know a few who own good cars and the type of employment they got

Then they are either not living within their means, or have other sources of income they are not disclosing to you.

 

[James]

Then they are either not living within their means, or have other sources of income they are not disclosing to you.

Yes, precisely.

 

[James]

<b>Home buyers see asking prices soar by nearly £8,000</b>

A shortage of homes being put up for sale has led to rising asking prices and frustration for buyers, two reports suggest.

The average asking price for a property in Britain has risen by £7,785 in February compared with last month, property portal Rightmove said.

This was the largest month-on-month rise for 20 years, it said.

High-end estate agent Savills found buyers could also be affected by the rising cost of living.

Spring is traditionally the busiest season for the housing market.

Rightmove said high demand among buyers was being driven by those looking for more space and who were ready to move on from their first homes.

City property, particularly in London, was more highly sought after than during the pandemic, with some workers being encouraged to return to the office.

The increase in demand has pushed the average asking price across Britain to a record £348,804, according to Rightmove.

This demand for properties was being frustrated, according to Savills, by a lack of homes on the market.

Nearly two-thirds (65%) of potential buyers said the lack of available homes was having a severe effect on their ability to buy, according to a survey of people registering with the estate agent earlier this month.

Stock shortages appeared to be particularly acutely felt at the top end of the market, with 94% of buyers with a budget of £1m or more reporting a lack of choice.

Nearly half (48%) of potential buyers had been considering a move for more than a year, with half (50%) hoping to complete within the next six months.

Frances Clacy, research analyst at Savills, said: "The imbalance of supply and demand, coupled with existing high levels of property wealth, will continue to fuel price growth in the coming months, despite the recent (Bank of England) rate rises."

But she added that "realistic pricing" would become more important as the market felt the knock-on effects of the rising cost of living.

https://www.bbc.co.uk/news/business-60463196