The financial press has picked up on one of our earlier stories regarding the "big squeeze" which has seen wage reductions in the UK as inflation rears its ugly head. There is no doubt that a reduction in spending power in real terms and an increase in the cost of living in the UK is going to push thousands upon thousands of people over the financial abyss. The so-called "big squeeze" is most certainly occurring and likely to cause major problems in the short to medium term.
Professors at Edinburgh's Napier University have filed a new patent for a type of super biofuel which is made from the byproducts created when producing whiskey. This is the result of a number of research programs over the last few years using two main byproducts of whiskey production i.e. pot ale and the spent grains. It is believed that a super biofuel can be produced using these products which is 30% more efficient than ethanol.
Rail travellers in the UK are now staring at a potential 5.8% ticket increase in January 2011 due to the current formula in place. Despite the fact that most focus over the last few days has been on the consumer price index, rail companies are indeed allowed to use the retail price index as the basis for any ticket increases and top this up with a one percentage point increase over and beyond the RPI. While the CPI currently stands at 3.1% for July the RPI stands at 4.8% and with the ability to increase this further, rail travellers face a 5.8% increase at the next review in January 2011.
A report in the financial press today has highlighted the massive increase in the cost of living in the UK with some groceries up by 58% since 2007. This comes against an inflation rate which currently stands at 3.2% and has never reached double figures in the recent past!
Last week's demise of yet another British tour operator in the shape of Sun4U comes at a time when many in the UK are readying themselves for their annual holiday. It also comes only days after the biggest two players in the UK holiday industry, Thomas Cook and Tui, warned of a downturn in demand as the UK economic downturn continues to hit home. So can we expect further turmoil in the UK holiday sector?
The Student Debt Survey was published today and does not make good reading for those looking at further education in the future. The expected debt which a student will be saddled with on leaving further education has increased by 5.4% since 2009 and now stands at a record £25,000!
Families across the UK are today looking at a nightmare scenario with inflation running at 3.2% and wages under pressure with softness predicted in the employment market. Despite the fact that UK households have struggled to make ends meet for over two years now, since the credit crunch hit home, the situation could get much worse over the next 12 months. So what can we do?
During the worldwide recession which was brought on by the credit crunch and the resulting money markets problems many consumers in the UK still found funding for their annual holidays. Even when unemployment was rising up and budgets were being stretched to the limit it seemed that UK consumers could always find money for a week or two overseas. However, it looks as though consumers in the UK have finally bitten the bullet!
Greggs, the baker with exposure to many areas of the country, has today warned that an increase in wheat prices will ultimately feed through to the bottom line. The company expects bread and similar products to increase in price in the short to medium term although the company believes that the short-term wheat price is inflated. The price of wheat has increased by over 30% during the last seven days due in the main to issues with the Russian and Pakistan wheat crop.
The price of petrol in the UK is moving higher and higher with a potential 3% increase expected by the August Bank holiday weekend and an 8% increase over the next year. This will take the average price of a litre of fuel in the UK to 125.9p as changes to the VAT system and an increase in fuel duty kick in. It seems that UK motorists are yet again being milked by the authorities in an effort to shore-up the UK balance sheet.
