Newsletter 10th October 2022

The Energy Use Advice Campaign Got Pulled

According to a cabinet minister, a public information campaign to assist consumers decreases their energy costs this winter was cancelled by No ten due to expense.

Nadhim Zahawi told the BBC's Sunday with Laura Kuenssberg that a campaign to encourage household energy savings may have cost up to ￡15 million.

According to the BBC, the Prime Minister's office objected to the idea.

When asked if there would be any winter blackouts, Mr Zahawi replied they were "very unlikely."

Concerned about growing home energy bills, the government said it would restrict average bill increases to ￡2,500 for six months by borrowing ￡60 billion.

The Department for Business, Energy, and Industrial Strategy is working to assist individuals in saving energy and save money (BEIS)

Read the Cabinet minister Mr Zahawi, the Chancellor of the Duchy of Lancaster, comments here.

Hundreds of Mortgages Have Been Removed

Hundreds of recent mortgage offers were withdrawn from the market because of the mini-market Budget's chaos.

Moneyfacts.co.uk discovered that on Friday, the day of the mini-Budget, 3,961 residential mortgage packages were offered.

By Monday of last?week, the number had dropped to 3,880; by Tuesday, it had fallen even lower to 3,596 agreements, a loss of 365 from Friday, according to PA news agency research.

Brokers have stated that they anticipate lenders returning with fresh offerings in the coming days.

The total availability of mortgage products is still substantially more than it was during the height of the coronavirus epidemic, which also produced significant economic instability.

In October 2020, there were 2,259 mortgage options available, which was a record low. During the pandemic, low-deposit mortgage arrangements, which first-time buyers frequently utilised, were especially vulnerable to being cancelled because lenders were concerned about "riskier" financing.

However, this time, mortgage withdrawals appear to be more evenly distributed across different loan-to-value (LTV) ranges.

Which lenders have stopped mortgage products? Find a complete list here.

Businesses are Concerned About Government Support as Output Declines

According to a new study, inflation concerns and fears of rising energy prices are weighing heavily on businesses despite the government's assurances to pay a percentage of expenses.

According to a survey by business financial platform Tide at the end of September, fuel and energy prices remain the top issue for half of the small firms.

Over the next six months, businesses, charities, and public sector organisations will be safeguarded by the government's business assistance package, which offers companies a bill reduction.

It is projected to cost roughly ￡29 billion over the decade and will be followed by further tailored assistance.

More than 70% of small company owners say the Chancellor's mini-budget did not boost their trust. Almost one-third of small firms in Scotland say they are considering closing due to rising living costs. According to a second survey, business production decreased in September to its lowest since February 2021.

These difficulties are knocking on enterprises, with optimism declining for the sixth month and employers slowing down their recruiting plans.

Amazon Will Increase Its Electric Fleet by Thousands

Within the next five years, Amazon will invest more than ￡ 880 million in expanding its extensive fleet of delivery vehicles across Europe with thousands more electric trucks, vans, and cargo bikes.

The online retailer announced a ￡300 million investment in the UK, where it intends to more than treble its fleet of electric vans to 10,000 across the continent and have as many as 700 electric HGVs by 2025, up from only five now.

Hundreds of rapid charging stations for electric cars will be built at the group's European warehouses and delivery hubs to enable the new low-carbon fleet to charge in around two hours.

The business also plans to increase from the current 20 to 40 the number of European locations with "micro-mobility hubs," which allow for a cargo bike and foot deliveries.

The investment plan coincides with a surge in online sales and delivery following the Covid epidemic, which has helped the Jeff Bezos-founded American retailer increase earnings. Additionally, the rising cost of gasoline since Russia's invasion of Ukraine has compelled businesses to consider other forms of transportation.

Amazon expressed the hope that by adopting this action, other retailers will be inspired to invest in electric vehicles and support the expansion of public charging infrastructure.

Thousands of van deliveries in London have been replaced by a team of on-foot delivery personnel as Amazon introduces its first fleet of e-cargo bikes in the UK.

The bikes are not run by Amazon directly; instead, they are run by several partner companies. According to the Bicycle Association, sales of cargo bikes have increased by a factor of two in the first half of this year.