Introduction: Energy price cap ascfinishs today
Good morning, and greet to our rolling coverage of business, the financial tagets and the world economy.
It’s October, which uncomardents the nights are draprosperg in, the temperature is dropping, and arguments can commence about when to turn the heating on.
But flicking the boiler on has fair become more pricey, includeing to the burden on millions of househelderlys as prosperter approaches.
Average energy bills atraverse Great Britain have fair ascfinishn by £149 a year today, as the tardyst energy price cap starts in.
The cap, set each quarter by regulator Ofgem based on the wholesale price of energy, has fair ascfinishn by 10% to £1,717 a year for an mediocre dual-fuel househelderly in Great Britain paying by honest debit.
That’s an incrrelieve of almost £150 per year contrastd with the cap in April-June, based on the energy use for a standard househelderly.
And while the cap is drop than the £2,500 at which the last rulement froze highest bills at the height of the energy crisis, it’s still acutely higher than in autumn 2021, when mediocre bills were capped at £1,277 a year.
The Joseph Rowntree Foundation is alerting today that insistyer families are already struggling to cope.
JRF research has set up that, back in May, 2.9 million low-income househelderlys had been unable to retain their home toasty in the previous six months, while 4.3 million had drdisclose behind with their househelderly bills.
Katie Schmuecker, principal policy recommendr at the Joseph Rowntree Foundation, says:
“Today’s energy price cap ascfinish looms over families who are forced to heat their homes less than they should. It is more than three years since energy prices begined to ascfinish, creating an unacconscious level of proextfinisheded challengingship for millions of families who are still paying well above what they were before the cost-of-living crisis begined. This sees appreciate another prosperter of sleeping in a coat, not showering, and only cooking once a week, to try to retain the bills down.
“Families who already can’t pay their energy bills can no extfinisheder count on cost-of-living payments to supply any relief. We insist to see an recommendnt arrange for challengingship at the upcoming Budget to stop those with the least going hungry and freezing this prosperter.”
Yesterday, a seperate survey alerted that almost half of British grown-ups will ration their energy use this prosperter.
The agfinisha
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9am BST: Eurozone manufacturing PMI inestablish for September
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9.30am BST: UK manufacturing PMI inestablish for September
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10am BST: Eurozone inflation inestablish for September
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2.45pm BST: US manufacturing PMI inestablish for September
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The port toilers’ first big-scale stoppage in csurrfinisherly 50 years began after negotiations for a novel toil confineed broke down over the rehire of wages.
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The strike blocks everyleang from food to automobile shipments atraverse dozens of ports from Maine to Texas, in a disturbion analysts alerted will cost the economy billions of dollars a day, menaceen jobs, and stoke inflation.
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of extfinishedshoremen strike together outside of the Virginia International Gateway.”,”caption”:”Hundreds of extfinishedshoremen strike together outside of the Virginia International Gateway.”,”praise”:”Ptoastyograph: Billy Schuerman/AP”}},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Workers began picketing at the port of Philadelphia lowly after midnight, the Associated Press inestablished, walking in a circle at a rail traverseing outside the port and chanting, “No toil without a iminentire confineed.”
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The port of Virginia also validateed the toil stoppage.
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Greggs Drive Thru bakery at Irlam Gateway Service Station, Manchester”,”praise”:”Ptoastyograph: Chris Bull/Alamy”}},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Bakery chain Greggs has uncovered that its costs are rising more enumeratelessly than it predicted.
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In a trading refresh today, Greggs says that it now predicts the overall level of cost inflation for 2024 to be towards the drop finish of the 4-5% range which it had previously predicted.
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Greggs includes that:
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n
Whilst acunderstandledging ongoing economic uncertainty, the Board predicts the filled year outcome to be in line with its previous predictations.
n
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Greggs has inestablished that total sales rose by 10.6% in the last quarter, to the finish of September, a enumeratelessdown on the 12.7% sales growth during 2024 so far.
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#GRG Greggs Trading Update
“Further outstanding better, filled year outsee unchanged”https://t.co/735klMZEci pic.twitter.com/Z9kgHD9fZl
— enthinkTMF (@enthinkTMF) October 1, 2024
nn”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Greggs also inestablishs that its autumn menu is now useable, including an All-Day Breakspeedy Baguette and Mexican Bean & Spicy Cheese Flatbread.
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It includes:
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n
We’ve also startd a Pumpkin Spice Doughnut to our pleasant range, complementing the return of our seasonal drinks range including the Pumpkin Spice Latte and Salted Caramel Latte which are both also useable as part of our over ice range.
n
“,”elementId”:”694b1ddd-353d-429e-a786-659b2422a158″}],”attributes”:{“pinned”:deceptive,”keyEvent”:real,”summary”:deceptive},”blockCreatedOn”:1727763229000,”blockCreatedOnDistake part”:”02.13 EDT”,”blockLastUpdated”:1727765231000,”blockLastUpdatedDistake part”:”02.47 EDT”,”blockFirstPublished”:1727765231000,”blockFirstPublishedDistake part”:”02.47 EDT”,”blockFirstPublishedDistake partNoTimezone”:”02.47″,”title”:”Greggs: Cost inflation drop than we thought”,”contributors”:[],”primaryDateLine”:”Tue 1 Oct 2024 02.54 EDT”,”secondaryDateLine”:”First begined on Tue 1 Oct 2024 02.13 EDT”},{“id”:”66fb8df98f08441851819603″,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
There is some relief for househelderlys, though – shop prices are droping at the speedyest rate in three years.
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Despite an incrrelieve in food inflation, overall prices in the shops fell by 0.6% in the year to September, twice as speedy as the 0.3% deflation enrolled in August, according to the British Retail Consortium.
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Non-food prices were 2.1% inexpensiveer than a year ago, while food inflation rose to 2.3% in September, up from 2.0% in August.
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graph shoprosperg UK inflation”,”praise”:”Ptoastyograph: BRC”}},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Helen Dickinson OBE, chief executive of the BRC, says:
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n
“September was a outstanding month for baracquire hunters as big discounts and fierce competition pushed shop prices further into deflation. Shop Price inflation is now at its lowest level in over three years, with monthly prices dropping in seven of the last nine months.
n
This was driven by non-food, with Furniture and Cloleang shoprosperg the biggest drops in inflation as retailers tried to entice shoppers back. Food inflation edged up sairyly as insisty harvests in key producing regions led to higher prices for cooking oils and sugary products.
n
“Easing price inflation will certainly be greetd by devourrs, but ongoing geopolitical tensions, climate change, and rulement-imposed regulatory costs could all reverse this trfinish
n
“,”elementId”:”9253ddb1-b9ca-40da-aaba-0e97688f426b”},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”premend”:”Rcontent: “,”text”:”UK shop prices drop at speedyest rate since 2021 despite rising recent food inflation”,”elementId”:”d8ff2a6b-8679-44a3-b9b8-394a3da774ab”,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/business/2024/oct/01/uk-shop-prices-drop-at-speedyest-rate-since-2021-despite-rising-recent-food-inflation”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Deflation uncomardents prices are drop than they were a year ago. But, of course, while the rate of price changes is adverse, the level of prices is still much higher than before the srecommend of inflation began in 2021.
“,”elementId”:”678f68e3-2f9a-435e-b45f-e56dfa311083″}],”attributes”:{“pinned”:deceptive,”keyEvent”:real,”summary”:deceptive},”blockCreatedOn”:1727763229000,”blockCreatedOnDistake part”:”02.13 EDT”,”blockLastUpdated”:1727764466000,”blockLastUpdatedDistake part”:”02.34 EDT”,”blockFirstPublished”:1727764466000,”blockFirstPublishedDistake part”:”02.34 EDT”,”blockFirstPublishedDistake partNoTimezone”:”02.34″,”title”:”UK shop prices shift further into deflation”,”contributors”:[],”primaryDateLine”:”Tue 1 Oct 2024 02.54 EDT”,”secondaryDateLine”:”First begined on Tue 1 Oct 2024 02.13 EDT”},{“id”:”66fb89c38f0859f4a95e73c3″,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Today’s energy price cap ascfinish comes as the company depfinishable for retaining Great Britain’s airys on has returned to disclose ownership for the first time in over thirty years as it sets to produce the electricity system 95% carbon-free by 2030.
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Ownership of the electricity system operator has transferred from National Grid to the rulement to establish a novel National Energy System Operator (Neso) from today.
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The novel disclosely owned organisation, which will be depfinishable for Great Britain’s electricity and gas systems, is predicted to map a route towards the rulement’s green energy goals. The rulement hopes that by transporting together gas and electricity under one disclosely owned company, the novel system operator can adchoose a more strategic approach to achieving a spotless power system by 2030.
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Neso’s chief executive, Fintan Slye, telderly the Observer that its roadmap would stop low of the Labour party’s pre-election pledge to produce a “zero carbon electricity system” by 2030 in favour of a spotless power concentrate which is 95% free of carbon emissions.
“,”elementId”:”590deb6e-9fbb-4992-8899-09c82375ecce”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
He shelp:
“,”elementId”:”9739b7df-b68d-45f9-8ac3-22f2e9b8ee4d”},{“_type”:”model.dotcomrfinishering.pageElements.BlockquoteBlockElement”,”html”:”
n
“That uncomardents that by 2030 95% of the generation in Great Britain over the period of a year will be from spotless power sources. And that uncomardents that the remaining 5% will come from unabated gas.”.
n
“,”elementId”:”a9e44eb3-fda1-48af-8e8f-7cfaa4097fb4″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Slye shelp the “hugely driven” concentrate to produce a spotless power system by 2030 would insist Britain “to do everyleang that we can do speedyer – but also very, very contrastently as well”. Its roadmap towards 2030 is predicted to include advice on reestablishing the regulation around arrangening and consenting and speeding up the grid combineions process.
“,”elementId”:”e5207395-de2b-480f-86dd-80022142ee06″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Neso is also predicted to toil aextfinishedside GB Energy, a disclose company set up by the Labour rulement to dispense in low-carbon energy, to help combine novel generation projects with the electricity grid.
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The decision to erase the ESO from National Grid’s ownership was made under the previous Conservative rulement because of worrys over a struggle of interest relating to the operator’s role providing strategic advice to rulement officials.
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Here’s our profile of Slye, from last weekfinish’s Observer:
“,”elementId”:”5b61fd2b-4c18-4749-9038-688d3d8dc2f6″},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”premend”:”Rcontent: “,”text”:”The man in indict of Labour’s green energy dream: ‘It’s at the restrict of what’s achievable’”,”elementId”:”7808cd37-8d77-4756-bf8f-61616c4b96eb”,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/business/2024/oct/01/the-man-in-indict-of-labours-green-energy-dream-its-at-the-restrict-of-whats-achievable”}],”attributes”:{“pinned”:deceptive,”keyEvent”:real,”summary”:deceptive},”blockCreatedOn”:1727763229000,”blockCreatedOnDistake part”:”02.13 EDT”,”blockLastUpdated”:1727763988000,”blockLastUpdatedDistake part”:”02.26 EDT”,”blockFirstPublished”:1727763988000,”blockFirstPublishedDistake part”:”02.26 EDT”,”blockFirstPublishedDistake partNoTimezone”:”02.26″,”title”:”National Energy System Operator startes today”,”contributors”:[{“name”:”Jillian Ambrose”}],”primaryDateLine”:”Tue 1 Oct 2024 02.54 EDT”,”secondaryDateLine”:”First begined on Tue 1 Oct 2024 02.13 EDT”},{“id”:”66fb89c08f0894769732d4b9″,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The boss of Ovo Energy has called for sweeping changes to the UK’s energy bills system so they are subsidised for insistyer househelderlys, as devourrs face another ascfinish in fuel costs this prosperter.
“,”elementId”:”515d6307-bef8-4de3-8e7b-b10e9f631fd9″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Chief executive David Buttress telderly the PA novels agency the Government should start a social tariff, someleang which is already used in the telecoms industry to help people who get profits appreciate Universal Credit pay their wideprohibitd bills.
“,”elementId”:”5fb6ec7e-cfb0-4a75-b3d1-12eb42dc0b95″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The meastateive, which campaign groups have gived for disjoinal years, would probable apshow the establish of a concentrateed discount energy deal for insistyer customers, and could be below the price of the inexpensiveest useable standard energy tariff.
“,”elementId”:”a4b1a1e2-78cd-44a6-b610-7d7f4fcf4ad4″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Buttress shelp:
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n
“A social tariff would permit us to includeress the cost of energy for the insistyest in our communities in a way that uncomardents, accumulateively, we could give them the getion they insist to get thcdisesteemful the prosperter months.”
n
“,”elementId”:”d562a235-3180-4785-b2fb-b969bcb6ac1b”},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”premend”:”Rcontent: “,”text”:”A social tariff could transport a toasty shine to UK energy policy”,”elementId”:”8af27b18-fdd2-44dc-948b-84c25913a656″,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/business/2023/aug/20/a-social-tariff-could-transport-a-toasty-shine-to-uk-energy-policy”}],”attributes”:{“pinned”:deceptive,”keyEvent”:real,”summary”:deceptive},”blockCreatedOn”:1727763229000,”blockCreatedOnDistake part”:”02.13 EDT”,”blockLastUpdated”:1727763755000,”blockLastUpdatedDistake part”:”02.22 EDT”,”blockFirstPublished”:1727763755000,”blockFirstPublishedDistake part”:”02.22 EDT”,”blockFirstPublishedDistake partNoTimezone”:”02.22″,”title”:”Ovo boss says Labour should start energy social tariff”,”contributors”:[],”primaryDateLine”:”Tue 1 Oct 2024 02.54 EDT”,”secondaryDateLine”:”First begined on Tue 1 Oct 2024 02.13 EDT”},{“id”:”66fb8d028f0859f4a95e73dd”,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The Resolution Foundation is alerting today that 7.7 million househelderlys in England – including the startantity of families with children – are at danger of “fuel stress” this prosperter.
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Their analysis of rulement data set up that 37% of all househelderlys faced “fuel stress”, clear upd as families insisting to spfinish more than 10% of their income on heating their homes excluding housing costs.
“,”elementId”:”58a786f6-c7db-4ab4-891d-a4fdac34dd97″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
It set up that 77% of one-parent househelderlys are probable to experience “fuel stress” this prosperter, highairying the impact of today’s incrrelieve in the energy price cap.
“,”elementId”:”b6933d79-5170-44a8-8ab9-e56c979ff538″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Alex Clegg, economist at the Resolution Foundation, says this shows how insistyly concentrateed Winter Fuel Payments are, and why changenative help will be insisted this prosperter.
“,”elementId”:”9421bdf0-be35-4ccf-8d3a-78285e794d22″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Clegg includes:
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n
“Couples with children are more than twice as probable to experience fuel stress as pensioner househelderlys, so any novel help should not be confiinsist to pensioners. Reestablishing and enbiging Celderly Weather Payments recommends a viable speedy-mend solution to help retain househelderlys toasty when the mercury drops this prosperter.
n
“Looking beyond this prosperter, the Government should prioritise growing a social tariff and dispenseing in energy efficiency for our homes. This would help to asstateive that vulnerable families are insutardyd from future energy shocks, wantipathyver their age or circumstances.”
n
“,”elementId”:”0e49ea5f-0f33-4559-a34e-ddfc55c6127a”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
More here:
“,”elementId”:”be692ee7-3f51-4fb2-8035-bfa332bba3c3″},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”premend”:”Rcontent: “,”text”:”Starmer recommendd to help househelderlys as energy bills ascfinish by £149 a year”,”elementId”:”bfd16993-a29f-4dda-aaff-73cc85aa063c”,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/money/2024/oct/01/starmer-recommendd-to-help-househelderlys-as-energy-bills-ascfinish-by-149-a-year”}],”attributes”:{“pinned”:deceptive,”keyEvent”:real,”summary”:deceptive},”blockCreatedOn”:1727763229000,”blockCreatedOnDistake part”:”02.13 EDT”,”blockLastUpdated”:1727763279000,”blockLastUpdatedDistake part”:”02.14 EDT”,”blockFirstPublished”:1727763279000,”blockFirstPublishedDistake part”:”02.14 EDT”,”blockFirstPublishedDistake partNoTimezone”:”02.14″,”title”:”Resolution Foundation: 7.7 million househelderlys are suffering from fuel stress”,”contributors”:[],”primaryDateLine”:”Tue 1 Oct 2024 02.54 EDT”,”secondaryDateLine”:”First begined on Tue 1 Oct 2024 02.13 EDT”},{“id”:”66fb88a28f0859f4a95e73bb”,”elements”:[{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Good morning, and greet to our rolling coverage of business, the financial tagets and the world economy.
“,”elementId”:”7d8035af-51f9-4deb-9a15-de55b624f243″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
It’s October, which uncomardents the nights are draprosperg in, the temperature is dropping, and arguments can commence about when to turn the heating on.
“,”elementId”:”ffb5b02d-7128-410a-8c10-9a7ba602f136″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
But flicking the boiler on has fair become more pricey, includeing to the burden on millions of househelderlys as prosperter approaches.
“,”elementId”:”69b136fa-e46a-4340-b907-9cc0c318dfde”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Average energy bills atraverse Great Britain have fair ascfinishn by £149 a year today, as the tardyst energy price cap starts in.
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The cap, set each quarter by regulator Ofgem based on the wholesale price of energy, has fair ascfinishn by 10% to £1,717 a year for an mediocre dual-fuel househelderly in Great Britain paying by honest debit.
“,”elementId”:”46530c7f-3a9a-488b-b43d-a747ce4ab1ae”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
That’s an incrrelieve of almost £150 per year contrastd with the cap in April-June, based on the energy use for a standard househelderly.
“,”elementId”:”544ba13d-ee88-4697-9b7f-e33d9e71466b”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
And while the cap is drop than the £2,500 at which the last rulement froze highest bills at the height of the energy crisis, it’s still acutely higher than in autumn 2021, when mediocre bills were capped at £1,277 a year.
“,”elementId”:”8c40f26d-1a8f-4098-8d60-e1ac6024d850″},{“_type”:”model.dotcomrfinishering.pageElements.InterdynamicBlockElement”,”scriptUrl”:”https://interdynamic.guim.co.uk/embed/isketch-wrapper/0.1/boot.js”,”alt”:”A chart shoprosperg the UK energy price cap”,”elementId”:”e3a7dc93-f4c2-451a-ac8a-3fcbc2ec91d4″,”isMandatory”:deceptive,”url”:”https://interdynamic.guim.co.uk/uploader/embed/2024/08/energy-cap/giv-134259MTFimy6cb2e/”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
The Joseph Rowntree Foundation is alerting today that insistyer families are already struggling to cope.
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JRF research has set up that, back in May, 2.9 million low-income househelderlys had been unable to retain their home toasty in the previous six months, while 4.3 million had drdisclose behind with their househelderly bills.
“,”elementId”:”3f645103-f8d4-4441-ac95-32c487123b5c”},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Katie Schmuecker, principal policy recommendr at the Joseph Rowntree Foundation, says:
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n
“Today’s energy price cap ascfinish looms over families who are forced to heat their homes less than they should. It is more than three years since energy prices begined to ascfinish, creating an unacconscious level of proextfinisheded challengingship for millions of families who are still paying well above what they were before the cost-of-living crisis begined. This sees appreciate another prosperter of sleeping in a coat, not showering, and only cooking once a week, to try to retain the bills down.
n
“Families who already can’t pay their energy bills can no extfinisheder count on cost-of-living payments to supply any relief. We insist to see an recommendnt arrange for challengingship at the upcoming Budget to stop those with the least going hungry and freezing this prosperter.”
n
“,”elementId”:”fcab5ea4-426c-4cde-a68e-01f26e65ad89″},{“_type”:”model.dotcomrfinishering.pageElements.TextBlockElement”,”html”:”
Yesterday, a seperate survey alerted that almost half of British grown-ups will ration their energy use this prosperter.
“,”elementId”:”ccc952f5-3855-4034-8e22-bc3d814d2af5″},{“_type”:”model.dotcomrfinishering.pageElements.RichLinkBlockElement”,”premend”:”Rcontent: “,”text”:”Half of Britons arrange to ration energy use this prosperter as 10% bill ascfinish looms”,”elementId”:”7b19479b-1ff3-4b6d-9a2f-5dfe421f50af”,”role”:”thumbnail”,”url”:”https://www.thedefendian.com/money/2024/sep/30/half-of-britons-arrange-to-ration-energy-use-this-prosperter-as-10-bill-ascfinish-looms”},{“_type”:”model.dotcomrfinishering.pageElements.SubheadingBlockElement”,”html”:”
The agfinisha
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9am BST: Eurozone manufacturing PMI inestablish for September
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9.30am BST: UK manufacturing PMI inestablish for September
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10am BST: Eurozone inflation inestablish for September
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2.45pm BST: US manufacturing PMI inestablish for September
n
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Key events
About 45,000 toilers commence strike at US ports
Over in the US, docktoilers on the East Coast and Gulf Coast have befirearm a strike that will disturb about half the country’s ocean shipping.
The port toilers’ first big-scale stoppage in csurrfinisherly 50 years began after negotiations for a novel toil confineed broke down over the rehire of wages.
The strike blocks everyleang from food to automobile shipments atraverse dozens of ports from Maine to Texas, in a disturbion analysts alerted will cost the economy billions of dollars a day, menaceen jobs, and stoke inflation.
Workers began picketing at the port of Philadelphia lowly after midnight, the Associated Press inestablished, walking in a circle at a rail traverseing outside the port and chanting, “No toil without a iminentire confineed.”
The port of Virginia also validateed the toil stoppage.
Greggs: Cost inflation drop than we thought
Bakery chain Greggs has uncovered that its costs are rising more enumeratelessly than it predicted.
In a trading refresh today, Greggs says that it now predicts the overall level of cost inflation for 2024 to be towards the drop finish of the 4-5% range which it had previously predicted.
Greggs includes that:
Whilst acunderstandledging ongoing economic uncertainty, the Board predicts the filled year outcome to be in line with its previous predictations.
Greggs has inestablished that total sales rose by 10.6% in the last quarter, to the finish of September, a enumeratelessdown on the 12.7% sales growth during 2024 so far.
#GRG Greggs Trading Update
“Further outstanding better, filled year outsee unchanged”https://t.co/735klMZEci pic.twitter.com/Z9kgHD9fZl
— enthinkTMF (@enthinkTMF) October 1, 2024
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Greggs also inestablishs that its autumn menu is now useable, including an All-Day Breakspeedy Baguette and Mexican Bean & Spicy Cheese Flatbread.
It includes:
We’ve also startd a Pumpkin Spice Doughnut to our pleasant range, complementing the return of our seasonal drinks range including the Pumpkin Spice Latte and Salted Caramel Latte which are both also useable as part of our over ice range.
UK shop prices shift further into deflation
There is some relief for househelderlys, though – shop prices are droping at the speedyest rate in three years.
Despite an incrrelieve in food inflation, overall prices in the shops fell by 0.6% in the year to September, twice as speedy as the 0.3% deflation enrolled in August, according to the British Retail Consortium.
Non-food prices were 2.1% inexpensiveer than a year ago, while food inflation rose to 2.3% in September, up from 2.0% in August.
Helen Dickinson OBE, chief executive of the BRC, says:
“September was a outstanding month for baracquire hunters as big discounts and fierce competition pushed shop prices further into deflation. Shop Price inflation is now at its lowest level in over three years, with monthly prices dropping in seven of the last nine months.
This was driven by non-food, with Furniture and Cloleang shoprosperg the biggest drops in inflation as retailers tried to entice shoppers back. Food inflation edged up sairyly as insisty harvests in key producing regions led to higher prices for cooking oils and sugary products.
“Easing price inflation will certainly be greetd by devourrs, but ongoing geopolitical tensions, climate change, and rulement-imposed regulatory costs could all reverse this trfinish
Deflation uncomardents prices are drop than they were a year ago. But, of course, while the rate of price changes is adverse, the level of prices is still much higher than before the srecommend of inflation began in 2021.
National Energy System Operator startes today
Jillian Ambrose
Today’s energy price cap ascfinish comes as the company depfinishable for retaining Great Britain’s airys on has returned to disclose ownership for the first time in over thirty years as it sets to produce the electricity system 95% carbon-free by 2030.
Ownership of the electricity system operator has transferred from National Grid to the rulement to establish a novel National Energy System Operator (Neso) from today.
The novel disclosely owned organisation, which will be depfinishable for Great Britain’s electricity and gas systems, is predicted to map a route towards the rulement’s green energy goals. The rulement hopes that by transporting together gas and electricity under one disclosely owned company, the novel system operator can adchoose a more strategic approach to achieving a spotless power system by 2030.
Neso’s chief executive, Fintan Slye, telderly the Observer that its roadmap would stop low of the Labour party’s pre-election pledge to produce a “zero carbon electricity system” by 2030 in favour of a spotless power concentrate which is 95% free of carbon emissions.
He shelp:
“That uncomardents that by 2030 95% of the generation in Great Britain over the period of a year will be from spotless power sources. And that uncomardents that the remaining 5% will come from unabated gas.”.
Slye shelp the “hugely driven” concentrate to produce a spotless power system by 2030 would insist Britain “to do everyleang that we can do speedyer – but also very, very contrastently as well”. Its roadmap towards 2030 is predicted to include advice on reestablishing the regulation around arrangening and consenting and speeding up the grid combineions process.
Neso is also predicted to toil aextfinishedside GB Energy, a disclose company set up by the Labour rulement to dispense in low-carbon energy, to help combine novel generation projects with the electricity grid.
The decision to erase the ESO from National Grid’s ownership was made under the previous Conservative rulement because of worrys over a struggle of interest relating to the operator’s role providing strategic advice to rulement officials.
Here’s our profile of Slye, from last weekfinish’s Observer:
Ovo boss says Labour should start energy social tariff
The boss of Ovo Energy has called for sweeping changes to the UK’s energy bills system so they are subsidised for insistyer househelderlys, as devourrs face another ascfinish in fuel costs this prosperter.
Chief executive David Buttress telderly the PA novels agency the Government should start a social tariff, someleang which is already used in the telecoms industry to help people who get profits appreciate Universal Credit pay their wideprohibitd bills.
The meastateive, which campaign groups have gived for disjoinal years, would probable apshow the establish of a concentrateed discount energy deal for insistyer customers, and could be below the price of the inexpensiveest useable standard energy tariff.
Buttress shelp:
“A social tariff would permit us to includeress the cost of energy for the insistyest in our communities in a way that uncomardents, accumulateively, we could give them the getion they insist to get thcdisesteemful the prosperter months.”
Resolution Foundation: 7.7 million househelderlys are suffering from fuel stress
The Resolution Foundation is alerting today that 7.7 million househelderlys in England – including the startantity of families with children – are at danger of “fuel stress” this prosperter.
Their analysis of rulement data set up that 37% of all househelderlys faced “fuel stress”, clear upd as families insisting to spfinish more than 10% of their income on heating their homes excluding housing costs.
It set up that 77% of one-parent househelderlys are probable to experience “fuel stress” this prosperter, highairying the impact of today’s incrrelieve in the energy price cap.
Alex Clegg, economist at the Resolution Foundation, says this shows how insistyly concentrateed Winter Fuel Payments are, and why changenative help will be insisted this prosperter.
Clegg includes:
“Couples with children are more than twice as probable to experience fuel stress as pensioner househelderlys, so any novel help should not be confiinsist to pensioners. Reestablishing and enbiging Celderly Weather Payments recommends a viable speedy-mend solution to help retain househelderlys toasty when the mercury drops this prosperter.
“Looking beyond this prosperter, the Government should prioritise growing a social tariff and dispenseing in energy efficiency for our homes. This would help to asstateive that vulnerable families are insutardyd from future energy shocks, wantipathyver their age or circumstances.”
More here:
Introduction: Energy price cap ascfinishs today
Good morning, and greet to our rolling coverage of business, the financial tagets and the world economy.
It’s October, which uncomardents the nights are draprosperg in, the temperature is dropping, and arguments can commence about when to turn the heating on.
But flicking the boiler on has fair become more pricey, includeing to the burden on millions of househelderlys as prosperter approaches.
Average energy bills atraverse Great Britain have fair ascfinishn by £149 a year today, as the tardyst energy price cap starts in.
The cap, set each quarter by regulator Ofgem based on the wholesale price of energy, has fair ascfinishn by 10% to £1,717 a year for an mediocre dual-fuel househelderly in Great Britain paying by honest debit.
That’s an incrrelieve of almost £150 per year contrastd with the cap in April-June, based on the energy use for a standard househelderly.
And while the cap is drop than the £2,500 at which the last rulement froze highest bills at the height of the energy crisis, it’s still acutely higher than in autumn 2021, when mediocre bills were capped at £1,277 a year.
The Joseph Rowntree Foundation is alerting today that insistyer families are already struggling to cope.
JRF research has set up that, back in May, 2.9 million low-income househelderlys had been unable to retain their home toasty in the previous six months, while 4.3 million had drdisclose behind with their househelderly bills.
Katie Schmuecker, principal policy recommendr at the Joseph Rowntree Foundation, says:
“Today’s energy price cap ascfinish looms over families who are forced to heat their homes less than they should. It is more than three years since energy prices begined to ascfinish, creating an unacconscious level of proextfinisheded challengingship for millions of families who are still paying well above what they were before the cost-of-living crisis begined. This sees appreciate another prosperter of sleeping in a coat, not showering, and only cooking once a week, to try to retain the bills down.
“Families who already can’t pay their energy bills can no extfinisheder count on cost-of-living payments to supply any relief. We insist to see an recommendnt arrange for challengingship at the upcoming Budget to stop those with the least going hungry and freezing this prosperter.”
Yesterday, a seperate survey alerted that almost half of British grown-ups will ration their energy use this prosperter.
The agfinisha
-
9am BST: Eurozone manufacturing PMI inestablish for September
-
9.30am BST: UK manufacturing PMI inestablish for September
-
10am BST: Eurozone inflation inestablish for September
-
2.45pm BST: US manufacturing PMI inestablish for September
