01 October, 2021
Energy bills jump
Price cap rises
15 million households will face higher gas and electricity bills from today, as a new energy price cap takes effect. The price cap - which limits the amount providers can charge - is going up by £139 a year. Customers with a prepayment meter will see a £153 increase. The change comes amid rising gas prices, which have forced 9 companies to go bust so far.
Adviser view: With prices having risen so steeply, we believe there is now potentially as much savings to be had by looking at how you use utilities as opposed to reviewing just the supplier of them, e.g. turning down the thermostat by just one degree on your central heating could save around £80 per year.
Business confidence has taken a knock as rising prices and supply chain shortages threaten to create “stagflation”. Despite sounding like a game you’d play on a lads’ holiday, it actually describes a situation of zero growth and high inflation. Last seen in the 70s, stagflation is bad news for business, leaving them squeezed by high prices and low revenue.
Sainsbury’s hiring spree
Sainsbury’s is planning a massive Christmas hiring spree, to help it get through the seasonal rush. The retail group, which also owns Argos, needs 22,000 temporary staff including drivers, logistics workers and store staff.
Spoons doubles losses
Wetherspoon has suffered double its usual losses in the past year as sales slumped by 38% due to coronavirus restrictions. The pub chain also said it’s struggling to recruit staff in the aftermath of Brexit.