Energy prices could stay high into winter

The increase for those on variable deals comes as the higher wholesale costs, faced by suppliers, feeds through to bills. The conflict in Iran scuppered Bank of England UK inflation targets of 2% over the next five years. Regulator Ofgem said the war means a household using a typical amount of gas and electricity will…

Since the conflict began, the price of oil has soared and is currently trading at over a third higher at $100 a barrel, pushed up by air strikes on shipping and energy infrastructure, and the effective closure of the Strait of Hormuz, a vital waterway for energy shipments, which carries a fifth of global oil…

Rachel Reeves chose to stress the long-term damage done to the UK economy by the 2020 Brexit deal, in her remarks at a key international economic committee at the International Monetary Fund (IMF). In remarks published this weekend, the chancellor told the world’s leading finance ministers and central bankers: “The UK’s productivity challenge has been…

The government is expected to announce an extra £1.3bn in funding for a scheme encouraging the use of electric vehicles (EVs) at next week’s Budget. The Electric Car Grant scheme started in July as part of the move to zero emission vehicles. The government says it has helped 35,000 switch to EVs. However, early research…

A food bank has said the number of people asking for its help has tripled. Ludlow Food Bank in Shropshire said on average it helped 28 people per week, but last week that had shot up to 84. It is appealing for more donations, particularly of tinned goods like soup and baked beans. “Our poor…