A survey by Markit Economics and YouGov has today cast light on a very difficult environment in UK amid concerns that UK household incomes will be impacted in the short to medium term. The survey shows that 43% of those questioned believed their finances will be worse in 12 months time, a figure which is the highest since the depths of the recession in April 2009.
The UK government will this week confirm plans to scrap the former Labour government's ID card scheme which has already cost UK taxpayers billions of pounds. However, in a sign of potential controversy the government has declared that the 13,000 people who have already bought ID cards, on a voluntary basis, will not be refunded.
The new government spokesman for the broadband industry, Jeremy Hunt, has today confirmed that the controversial Digital Economy Act won't be repealed. This is an act which was pushed through by the previous Labour government at short notice, attracting massive controversy due to a number of all-encompassing powers which were passed to the UK courts and UK regulators.
Ian Marchant, the chief executive of Scottish Hydro Electric, has today issued a statement which will bamboozle utility customers in the UK. He suggested that only six weeks ago he was forecasting a reduction in UK energy bills but this opinion has changed of late as gas and power prices remain stubbornly high in the wholesale market. He now believes that UK consumers are unlikely to see energy bills fall during 2010 despite the fact they have risen dramatically over the last two years.
A report on behalf of the Scottish government has shed new light on the country's ability to become a major force in the renewable energy market. It is believed that within 40 years the country could be producing enough power to fulfil Scottish demand seven times over, leaving the potential for significant profits by selling excess energy into the national grid. So how will this happen?
Experts in the field of broadband have warned UK consumers of the growing threat of potential fines for using unsecured Wi-Fi links. A recent case in Germany saw a broadband user fined because a third-party had piggybacked their unsecured Wi-Fi link and downloaded music in a manner which was illegal. So what does this mean for UK broadband users?
Even though the politicians and economists are not overly concerned about the recent rise in inflation to around 3.4%, from there are serious concerns about falling incomes in the UK in real terms. A monthly survey from Incomes Data Services has confirmed that the average UK wage increase by just 0.1% last month to an annual rate of 1.9%. This is well below the 3.4% rate of inflation and consequently the average household income in the UK is falling by around 1.5% a year in real terms.
The British Retail Consortium has confirmed that pressure in the UK marketplace has pushed both food and non-food prices higher by 2% in April. This is an increase from 1.2% for food and 1.3% for non-food in March and appears to be due to a mixture of rising commodity prices and higher transport costs. While not good news in the short term for the UK economy there are hopes that it will be just a short-term issue and should not get out of control.
A report by the Organisation for Economic Co-Operation and Development has today highlighted the problems which the next UK government will face with UK inflation nearly twice the average rate in Europe. This means that the cost of living in the UK is rising twice as fast as anywhere else in Europe at a time when the UK government is drowning in a sea of debt and public sector investment is set to be slashed.
Following on from a report by Tesco Bank this morning, which showed that 29% of partners retain separate bank accounts and effectively separate financial lives from their partners, this begs the question as to whether you really know your partner's financial status?
