Business Update – 12 October 2022

Business Update – 12 October 2022

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Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Bond buying limit doubled to alleviate pension fund fears

The Bank of England will double the value of government bonds it can buy each day. The tactic was introduced after Kwasi Karteng’s mini budget caused a meltdown in the bond market, sending pension funds into turmoil.

Former US Federal Reserve chief wins Nobel prize

Former US Federal Reserve chief Ben Bernanke, who led the central bank during the 2008 financial crisis, is one of three recipients of this year’s Nobel prize in economics.

Economic plan coming nearly a month sooner than expected

In a move that’s meant to provide reassurance, chancellor Kwasi Kwarteng will bring forward his plan for balancing the government’s finances by 31 October.

The cheapest times to use electricity

Even though the Energy Price Guarantee is coming into effect, overall prices are a lot higher than they used to be. You can save a bit more by using electricity outside of peak hours.

UK retailers see less foot traffic

The number of visitors to shopping destinations dropped last week by 0.2%. It’s considered one of the first indications of a slowdown in spending amid rising energy bills.

Cash viewed as the best way to control personal spending

The Post Office handled £3.45bn in cash in August, the highest total since it began recording volumes five years ago. Many people are returning to cash as a means to control spending.

Benefits decision expected in November

With the cost of living increasing, calls are growing louder for an increase in benefits to match. An insider stated that the prime minister can see both sides of the debate and remains “genuinely undecided”.

Don’t worry about unplugging your phone at night to save money

With the price of electricity going through the roof, many of us are looking at every plugged-in appliance with an increased level of scrutiny. While some have suggested that plugging in your mobile every night is an energy sucker, research suggests that’s not the case.

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