Financial matters

[SteveH]

Goods export values by Welsh businesses have recovered beyond pre-pandemic levels and totalled ?19.4 billion for the year ending September 2022 , an increase of more than a third compared to the previous 12-month period and ?1.7 billion higher than the year ending September 2019, Economy Minister Vaughan Gething has announced.

The latest provisional figures show Welsh goods exporters have demonstrated significant resilience amid ongoing challenges in the global trading environment, from the war in Ukraine to currency instability and the increased costs of shipping and energy.

Inspiring businesses to take up exporting, where it is right for them, has proved to be a key part of this. The Welsh Government?s Export Exemplars campaign highlights successful exporters, while intensive support is available to businesses with the potential to trade internationally via the New Exporter programme.

Trade missions and exhibitions in markets across North America, Europe, the Middle East and Asia have also enabled companies to meet potential customers in-person, while Wales? success in qualifying for the men?s FIFA World Cup provided a platform to celebrate and promote Welsh exporters across the globe.

Online support has also been enhanced through the Export Hub, a digital platform hosted by Business Wales that offers companies access to a comprehensive resource of expert export information.

cont https://www.wales247.co.uk/welsh-goods-export-values-recover-to-beyond-pre-pandemic-levels?IYA-reg=49560bcd-5a9c-47f0-8fc5-ba2e71710589

[SteveH]

The UK economy shrank by more than first thought in the three months to September, revised figures show.

The economy contracted by 0.3%, compared with a previous estimate of 0.2%, as business investment performed worse than first thought, the Office for National Statistics (ONS) said.

Growth figures for the first half of 2022 have also been revised down.

The UK is forecast to fall into recession in the final three months of the year as soaring prices hit growth.

A country is considered to be in recession when its economy shrinks for two three-month periods - or quarters - in a row. Typically companies makeless money, pay falls and unemployment rises, leaving the government with less money in tax to use on public services.

Darren Morgan, director of economic statistics at the ONS, said: "Our revised figures show the economy performed slightly less well over the last year than we previously estimated", with manufacturing "notably weaker".

He added that household incomes, when accounting for rising prices, continued to fall, and household spending "fell for the first time since the final Covid-19 lockdown in the spring of 2021".

cont https://www.bbc.co.uk/news/business-64062548

[SteveH]

Young families and the elderly are keeping warm this winter at North Wales libraries. As gas and electricity prices rise and temperatures plummet, libraries are offering people a place to enjoy a hot drink and cake whilst keeping warm during the cost-of-living crisis.

And librarians say the number of people coming through the doors has steadily increased as many struggle to manage their rising utility bills. The scheme, Croeso Cynnes, offers people a place to read, chat, or even play games across libraries in all six counties.

cont  https://www.dailypost.co.uk/news/north-wales-news/north-wales-libraries-keep-people-25808970

[SteveH]

Britain's biggest energy suppliers have been contacting customers about a minimal price change starting in the new year, the BBC has learnt.

Major energy providers have told the BBC that they are making changes to their prices per unit from 1 January.

But the alterations are likely to only add pennies, not pounds, to bills.

The government says a typical annual bill for a household will still be ?2,500, but the maximum rates suppliers can charge per unit are being updated.

Receiving news of a price change has worried many customers, at a time when prices have already increased dramatically and many find bills difficult to understand already.

The changes will affect the 12 energy "regions" across Britain from the start of January and means suppliers are allowed to put their prices up to those new maximum levels for gas and electricity.

The biggest changes are for customers paying in monthly or quarterly bills for their energy. Prices are increasing in all of the 14 areas for both gas and electricity with the biggest changes being for those in North Wales and Merseyside, as well as in London, which are both increasing for electricity by more than 1p per kWh.

Which suppliers are making the changes?
Scottish Power, Bulb, EDF, British Gas and Shell have all confirmed to the BBC that they would be passing on the changes allowed by the government in full to customers.

Octopus said it would pass on cuts, but not rises, to customers. The company said it would absorb the increases, except for "Economy 7" customers. EOn is making changes to direct debit and billed customers, but not increasing rates for prepayment customers.

full article ........ https://www.bbc.co.uk/news/business-64063568

[SteveH]

The 1p challenge backed by Martin Lewis that could save you ?600 next year
The challenge could help you save ?667.95 for next year's Christmas period

cont https://www.dailypost.co.uk/news/cost-of-living/1p-challenge-backed-martin-lewis-25859436

[SteveH]

What is the energy price cap and what will happen to bills?

Help with energy costs will be less generous from April, with bills for a typical household going up to ?3,000.

However, there will be more support for the most vulnerable.
The assistance provided to businesses is also expected to reduce from March.

What extra support will be available?
From April, some groups across the UK will receive cash payments to help with energy costs:

?900 to households on means-tested benefits
?300 for pensioner households
?150 to people on certain disability benefits

Further details will follow.

What is the energy price guarantee and how is it changing?.......... cont https://www.bbc.co.uk/news/business-58090533

[SteveH]

Can batch cooking help cut your shopping bills?

It started out with her own efforts to spend more time with her children and less time cooking.

However, her methods could also have been designed with the current cost of living crisis in mind.
She believes they will "automatically" reduce the amount people spend on food.

"When I stopped working and had kids I actually thought you know, there seems to be no set up like that for busy working mums - it also needs home life sorted in a similar sort of way."

That was when she started her batch cooking and freezing which quickly caught on.

"Basically lots of people asked me what I was doing and how I managed to make so many meals in such a short space of time," she said.

"I showed a bunch of mums the cooking side of the Batch Lady and somebody said put it on YouTube.

"That was four years ago and now we are four books in and it just seems to have grown and grown very quickly and it's been a fantastic experience."

She offers different approaches to batch cooking - one of which is simply to "double up" on meals every night - making one and freezing one.

"How we look at it is if you're going to make a recipe, it actually takes about three minutes more to double and make one for another night," she said.

"You've got everything out - you've got all the pots and pans out, so actually three minutes of extra cooking and you've given yourself a whole night off in the future."

There is another more radical option - making 10 meals in an hour at the weekend.

"That's giving you 10 meals for your future - so 10 meals in the freezer gives you 10 nights off cooking," she said.

cont https://www.bbc.co.uk/news/uk-scotland-south-scotland-64162405

[SteveH]

When you have read the article below, check out this link, it will explain why the BBC is talking to the boss of Norwegian energy giant Equinor........... The North Sea oil boom of the 1980s created colossal revenues for the United Kingdom and its neighbour Norway. Today, as both nations move towards a fossil-free future, we examine how the aftermath of the boom has unfolded on both sides of the North Sea.   

Today, the economic fortunes of the two countries differ vastly: in terms of GDP per capita Norway is currently the second wealthiest country on Earth (after Luxembourg), while the UK comes in 20th, with a GDP per capita of almost exactly half of Norways - US$52,291 (38,961) compared with $102,907 (76,686) (projected figures for 2022).
 
  https://eandt.theiet.org/content/articles/2021/01/north-sea-oil-a-tale-of-two-countries/



Energy boss warns higher bills are here to stay
The boss of Norwegian energy giant Equinor has said he does not expect gas and electricity bills to return to the levels they were before Covid.

Anders Opedal told the BBC the transition from fossil fuels towards less damaging sources of energy meant costs would remain high.

Mr Opedal also said that windfall taxes on energy firms were affecting investment in projects in the UK.

Energy companies have reported record profits because of higher gas prices.

Wholesale prices rose as Covid restrictions began to ease but soared higher after Russia invaded Ukraine and countries targeted the Kremlin with sanctions.

In recent weeks, in part due to warmer than usual weather across Europe, gas prices have returned to where they were before the Russian invasion of Ukraine.

However, gas and electricity bills for households and businesses remain elevated and are squeezing living costs for many.

Mr Opedal said it was doubtful that gas and electricity bills would return to a time when the typical UK household was paying around ?1,300 a year. The typical annual bill for homes is currently around ?2,500 which includes help from the UK government.

Mr Opedal said there is "a kind of re-wiring of the whole energy system in Europe particularly after the gas from Russia was taken away". He said huge investment in renewables was needed, including using more hydrogen for example.

full story https://www.bbc.co.uk/news/business-64270157

[mull]

The UK is now reaping what it sowed with the oil boom.

All Maggie and her Tory Pals were interested in was the Big Bang in the City of London. All the profits are now offshore around the world.

Norway had the right idea and used the money to improve the countries services.

Contrast this with the state of things in the UK. NHS is just one of the many problems we are now having to deal with, and the money has all gone lining  pockets off shore.

Watch "The Cheviot, the Stag and the Black ,Black Oil" .

[mull]

Sorry about that ,think it should have been placed in National Politics.

[Hugo]

It could be placed in both Mull as it is relevant to that period of the 80's when Thatcher " the milk snatcher"  privatised everything she could.   Even selling off Council houses at a 40 per cent discount     Where has all the money gone?
Fast Forward to 2020 and  it's the same old Tory mentality, is the NHS next for privatisation?

I still can't get my head around the hike in energy bills, record profits yet the Tory Government still allows the energy companies to increase the cost of energy.     I must admit to being grateful for the ?67,00 energy discount  I'm currently getting but who is paying for it?
I suppose it's the taxpayers and won't that inflate the Energy companies profits even more?

[Helig]

Boris is off on a jaunt to Ukraine shortly:

https://www.theguardian.com/politics/2023/jan/12/boris-johnson-plans-to-visit-volodymyr-zelenskiy-in-ukraine

Quite how he can justify this as he is no longer PM is very questionable. By the looks of it we shall be footing the bill.

On the subject of Ukraine they are planning to send tanks and other weapons to this country. It isn't our war so why should we subsidise this at a great cost to UK taxpayers? It is a bit rich when they are still allowing the wealthy Russians to enter the UK, buying houses and laundering money in London.

https://www.reuters.com/world/europe/uk-has-ambition-send-tanks-ukraine-pm-sunak-tells-zelenskiy-2023-01-14/

[Hugo]

If Boris wants to visit the Ukraine then he should  be able to do so but only at his own expense as he is not holding any form of office in Parliament
Boris won't go there though unless someone else foots the bill for him just like they do in his normal working life.   H e can't be that popular in the Uxbridge and South Ruislip constituency as the Tories are thinking of giving him a safe seat at the next General election


  U.

[SteveH]

Price rises in the UK slowed for a second month in a row but the cost of food including milk, cheese and eggs kept inflation at a 40-year high.

Inflation, which measures the rate of price rises, fell to 10.5% in the year to December from 10.7% in November.

Petrol and diesel costs eased last month but food prices continued to soar, reaching the highest since 1977.

Restaurants and hotel prices also jumped in December along with a record rise in air fares.

Millions of people are struggling with the cost of living which has been rising steadily as Covid restrictions eased and Russia launched its assault on Ukraine.

cont https://www.bbc.co.uk/news/business-64311461

[Helig]

I think Boris would be better getting off to the Ukraine for good.

There is another scandal with a Tory minister in that Nadim Zahawi has settled a tax bill with HMRC said to be in seven figures. This involves the use of an offshore trust which held shares in YouGov the polling firm. Zahawi claimed not to have benefitted from this trust but this seems to be incorrect. The shares in YouGov were sold in 2018 and were worth ?20 million. There was Captal Gains Tax liability on this sale. When Boris proposed to appoint him as Chancellor of the Exchequer, his financial affairs were disclosed as being an impediment to him being allowed to hold this post. He was appointed nevertheless.

https://www.theguardian.com/uk-news/2023/jan/15/nadhim-zahawi-to-pay-millions-in-tax-after-dispute-over-family-finances