Latest news with #costofliving
Times
3 hours ago
- Business
- Times
Consumer confidence edges up despite ‘dark shadow' of inflation
Confidence among British consumers grew a little this month, but a combination of tensions in the Middle East, inflationary pressures and tariff uncertainties has the potential to sour sentiment, a closely watched survey found. GfK's long-running consumer confidence index has edged up by two points in June, despite recent data showing the UK economy contracted by an unexpected 0.3 per cent in April. Still, the index remains firmly in negative territory at minus 18, and four points lower than this time last year. Sentiment about the performance of the UK economy over the past year and its potential to gather momentum in the coming year improved, while the forecast for personal finances over the next year remained unchanged at 2, two points down on this time last year. The major purchase index, an indicator of confidence in buying big ticket items, also remained the same, at minus 16, which was seven points better than last June. However, the survey was carried out before the release of Office for National Statistics figures that showed that the rate of growth in UK inflation dipped to 3.4 per cent in May, down from 3.5 per cent in April but well above the Bank of England's 2 per cent target. Although the GfK index, which started in the 1970s, has gradually improved in recent months and is above the record lows registered at the height of the cost of living crisis in late 2022, it remained below the long-run run average of minus 10. The survey included 2,001 responses and was carried out between May 30 and June 13. Neil Bellamy, consumer insights director at NIQ GfK, said that the rise in confidence tracked the improvements in how consumers see the general economy. However, he flagged that confidence remains fragile due to 'the dark shadow of inflation' being a 'day-to-day challenge for so many of us'. 'With petrol prices set to rise in the coming weeks following the escalation of the conflict in the Middle East, and with ongoing uncertainty as to the full impact of tariffs, there is still much that could negatively impact consumers,' he added. 'With so much volatility, now is certainly not the time to hope for the proverbial 'light at the end of the tunnel'.' This week the CBI downgraded its forecast for annual growth this year from 1.6 per cent to 1.2 per cent, as businesses face higher employment costs, rising inflation and headwinds from the global trading environment. Surveys from the business lobby group have suggested that companies will cut back on investment over the next 12 months at the fastest pace in five years.
BreakingNews.ie
11 hours ago
- Business
- BreakingNews.ie
Ireland is the second most expensive EU country, figures show
Ireland is the second most expensive country in the European Union — behind only Denmark — with prices just over 38 per cent above the average in the bloc, according to new figures from Eurostat. Data from the EU's statistical agency show that back in 2015 prices in Ireland were 28 per cent above average. Advertisement When it comes to alcohol and tobacco, prices in Ireland are the most expensive in the EU at 205 per cent of the EU average. Much of this is due to Government taxation, and more recently, minimum unit pricing on alcohol. For alcohol alone, prices are the second highest in the EU — after Finland — at almost 198 per cent of the EU average. Food and non-alcoholic drink prices in Ireland are the third highest in the EU, behind Luxembourg and Denmark, at almost 15 per cent above average. However, this is an improvement on recent years, as prices were over 21 per cent above average in 2020. Restaurant and hotel prices are the second highest in the EU, behind only Denmark, at 29 per cent above average. Advertisement Communications costs are almost 40 per cent above average. Ireland is also the third most expensive country for electricity, gas and fuel with prices over 17 per cent above average. Meanwhile, clothing prices are actually 1 per cent below the EU average and cheaper than in Lithuania, Latvia and Poland. Meanwhile, the price of furniture, carpets and flooring is only 6 per cent above average, while the cost of household appliances is 9 per cent higher. Non-EU countries Iceland, Norway and Switzerland were also included in the research and generally have prices higher than Ireland. Daragh Cassidy from price comparison site said the figures confirmed the widespread belief that Ireland is an expensive country. Advertisement "There are several reasons why prices here are so high," he said. "These include: our higher wages, a lack of competition in certain sectors, high taxation on certain goods such as tobacco, alcohol and fuel, and lower government subsidies in certain areas such as public transport and childcare compared to our European neighbours. Business Cost of living in Ireland: How quickly are prices... Read More "Businesses are also faced with high insurance and energy costs, which then get passed on to consumers. "Ireland will never be a cheap place to live. And it's worth noting that many of the world's most expensive countries such as Switzerland, Iceland and Denmark also have some of the highest standards of living in the world. "The problem is that wages in Ireland, while high by international standards, generally don't match the salaries in these countries. At the same time, taxpayers in more expensive countries tend to get back more from the Government in terms of better and more affordable healthcare, childcare and public transport — though there have been welcome improvements made here in Ireland in recent years. Advertisement "At a minimum, the Government should look at measures that are within its control to lower the impact of high prices and the cost of living in Ireland."
Yahoo
12 hours ago
- Automotive
- Yahoo
We need to take the cost and complexity out of going electric to supercharge EVs
Much of the national conversation around the clean energy and net zero transition has become dominated by cost. The same is true for households. I know this because the business I lead, Pod, has been serving the electric vehicle (EV) community for more than 15 years. While more drivers are making the switch to electric, we cannot be complacent. Pod supports the Standard's Leading the Charge campaign, which backs incentives like the Cleaner Vehicle Discount (CVD), exempting EVs from the congestion charge in London. We believe that initiatives that support drivers to make the switch are crucial and we would certainly welcome the extension of CVD beyond 2025. If we truly want to supercharge switching, both the industry and the government have to be on the side of drivers. We need policies to incentivise and reward the right behaviours, but we also need to introduce propositions that take the cost and complexity out of going electric. How we charge, when and at what cost are big questions facing would-be switchers. As the UK's largest charging network, with over 250,000 customers, we know that more than anything, people want to manage their costs, which are only getting higher in an ongoing cost of living crisis. Greener options need to be simple and affordable, rather than another thing for people to worry about. For many, the increase in their home electricity bills can be a concern when making the move to an EV. Plus, they worry about the cost and reliability of being able to charge when they're away from home. Solutions are emerging to help with such cost challenges and anxieties, however. Vehicles typically spend 96% of the time stationary. That's why in most instances, EV charging at long-dwell locations, such as at home, is key to making life with an EV affordable, tapping into cheaper rates when there's less demand on the electricity grid, for example. Furthermore, new options such as subscription models are key to more of us embracing EVs in a cost-effective way. It's why last month we disrupted the market with the launch of a new subscription offering that removes significant upfront costs of around £1,000 to install a home charger. Not only does a subscription spread the initial cost outlay, but included in our offering is cashback to cover the costs of up to 7,500 miles of charging - that's the average mileage UK drivers cover each year - helping to offset the increase to home electricity bills. Public charging is another key part of the jigsaw, and we need to do more to sync experiences between home and public charging so that it's simple for people to charge depending on their lifestyles and routines. Pod has partnered with Tesco to allow Clubcard members to collect points when they top-up their electric car on a visit to the supermarket. It's another way to charge more affordably, providing more ongoing incentives to make the switch. We are working on more partnerships with major retailers and brands to help unlock the next wave of EV adoption. We should not forget that going electric enables drivers to do their bit for sustainability, one of the fundamental benefits of green mobility. We power more than 5 million electric miles a day and to date have helped drivers save over 45,500 tonnes of CO2. By flexing EV charging in a way that helps the grid balance the increasing demands on it, we also contribute to energy security and can continue to keep costs low. Exemptions from costs like the CVD provides will always matter. But they need to be accompanied by lower cost solutions for everyday electrification needs. A much wider range of help and support will be necessary to help households go electric at scale and keep the grid stable. Melanie Lane is CEO of Pod, one of the UK's leading electric vehicle charging providers
Yahoo
12 hours ago
- Automotive
- Yahoo
We need to take the cost and complexity out of going electric to supercharge EVs
Much of the national conversation around the clean energy and net zero transition has become dominated by cost. The same is true for households. I know this because the business I lead, Pod, has been serving the electric vehicle (EV) community for more than 15 years. While more drivers are making the switch to electric, we cannot be complacent. Pod supports the Standard's Leading the Charge campaign, which backs incentives like the Cleaner Vehicle Discount (CVD), exempting EVs from the congestion charge in London. We believe that initiatives that support drivers to make the switch are crucial and we would certainly welcome the extension of CVD beyond 2025. If we truly want to supercharge switching, both the industry and the government have to be on the side of drivers. We need policies to incentivise and reward the right behaviours, but we also need to introduce propositions that take the cost and complexity out of going electric. How we charge, when and at what cost are big questions facing would-be switchers. As the UK's largest charging network, with over 250,000 customers, we know that more than anything, people want to manage their costs, which are only getting higher in an ongoing cost of living crisis. Greener options need to be simple and affordable, rather than another thing for people to worry about. For many, the increase in their home electricity bills can be a concern when making the move to an EV. Plus, they worry about the cost and reliability of being able to charge when they're away from home. Solutions are emerging to help with such cost challenges and anxieties, however. Vehicles typically spend 96% of the time stationary. That's why in most instances, EV charging at long-dwell locations, such as at home, is key to making life with an EV affordable, tapping into cheaper rates when there's less demand on the electricity grid, for example. Furthermore, new options such as subscription models are key to more of us embracing EVs in a cost-effective way. It's why last month we disrupted the market with the launch of a new subscription offering that removes significant upfront costs of around £1,000 to install a home charger. Not only does a subscription spread the initial cost outlay, but included in our offering is cashback to cover the costs of up to 7,500 miles of charging - that's the average mileage UK drivers cover each year - helping to offset the increase to home electricity bills. Public charging is another key part of the jigsaw, and we need to do more to sync experiences between home and public charging so that it's simple for people to charge depending on their lifestyles and routines. Pod has partnered with Tesco to allow Clubcard members to collect points when they top-up their electric car on a visit to the supermarket. It's another way to charge more affordably, providing more ongoing incentives to make the switch. We are working on more partnerships with major retailers and brands to help unlock the next wave of EV adoption. We should not forget that going electric enables drivers to do their bit for sustainability, one of the fundamental benefits of green mobility. We power more than 5 million electric miles a day and to date have helped drivers save over 45,500 tonnes of CO2. By flexing EV charging in a way that helps the grid balance the increasing demands on it, we also contribute to energy security and can continue to keep costs low. Exemptions from costs like the CVD provides will always matter. But they need to be accompanied by lower cost solutions for everyday electrification needs. A much wider range of help and support will be necessary to help households go electric at scale and keep the grid stable. Melanie Lane is CEO of Pod, one of the UK's leading electric vehicle charging providers
Irish Times
13 hours ago
- Business
- Irish Times
Ireland is second most expensive country in Europe, data shows
Ireland is the second most expensive country in Europe with only Danes expected to pay more for a range of goods and services, the latest figures from Eurostat have confirmed. Prices here are much higher than the European average with things worsening over the last decade, the data suggests. Back in 2015, when Ireland was still considered a high-priced country, costs here were 28 per cent above the European average. The new figures suggest that gap has climbed to 38 per cent. When it comes to alcohol and tobacco, prices here are the most expensive and 205 per cent of the average with a significant portion of the price differential due to higher rates of tax and the introduction of minimum unit pricing on alcohol. READ MORE Food and non-alcoholic drink prices in Ireland are third highest in the EU, behind Luxembourg and Denmark/ They are almost 15 per cent higher than the average although this is a slight improvement on recent years. Back in 2020, prices were said to be 21 per cent higher than the European average. Restaurant and hotel prices are the second highest in the EU, behind only Denmark and 29 per cent above average, while communications costs are almost 40 per cent above average. Ireland is also the third most expensive country for electricity, gas and fuel with prices over 17 per cent above the mean. There are some areas when Ireland fares better, with clothes prices 1 per cent cheaper and cheaper than in Lithuania, Latvia and Poland. 'We all know that Ireland is an expensive country and these figures from Eurostat today confirm it,' said Daragh Cassidy of price comparison and switching website 'There are several reasons why prices here are so high. These include: our higher wages, a lack of competition in certain sectors, high taxation on certain goods such as tobacco, alcohol and fuel, and lower government subsidies in certain areas such as public transport and childcare compared to our European neighbours.' He also noted that Irish businesses are also 'faced with high insurance and energy costs, which then get passed on to consumers. 'Ireland will never be a cheap place to live. And it's worth noting that many of the world's most expensive countries such as Switzerland, Iceland and Denmark also have some of the highest standards of living in the world. The problem is that wages in Ireland, while high by international standards, generally don't match the salaries in these countries.' He also pointed out that taxpayers in more expensive countries 'tend to get back more from the Government in terms of better and more affordable healthcare, childcare and public transport'. He said the Government should 'look at measures that are within its control to lower the impact of high prices and the cost of living in Ireland'. He highlighted the 23 per cent standard rate of VAT which is 'among the highest in the world' and said 'repeated failures to properly tackle our compo culture mean many businesses continue to pay astronomical insurance costs, which leads to higher prices for consumers.'
