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panicking. They’re getting quoted insane numbers for year-ahead utility bills, if they can find suppliers at all. Nick Mackenzie, the head of the Greene King pub chain, said that one location it works with reported its energy costs had jumped by £33,000 ($38,167) a year. “It’s really daunting for a lot of businesses, especially the ones who came through Covid in a weakened state,” McTague said. “They’re now struggling to deal with another once-in-a-lifetime catastrophe.” The crumbling British pound could exacerbate problems, making it more expensive to import energy and other goods, pushing inflation even higher. Overlapping crises It’s not the only reason business owners and investors are increasingly anxious. While job vacancies fell between May and July, they remain 60% above their pre-pandemic level. Finding workers to fill open roles has been a particular challenge in the United Kingdom since the country voted to leave the European Union. About 317,000 fewer EU nationals were living in the United Kingdom in 2021 than in 2019, according to the Office for National Statistics. An information sheet displayed outside Victoria Underground Station in London on Aug. 19, advising
the public on planned strike actions. Brexit is also scrambling trade, particularly with the European Union, the UK’s largest trading partner. Exports and imports will be about 15% lower in the long run than they would have been if the United Kingdom stayed in the EU, the Office for Budget Responsibility has projected. Dean Turner, UK economist at UBS, said it’s up to the new prime minister to try to make the most of the country’s position without creating further disruption. Yet hardline British lawmakers are still pushing to cast aside a key part of the Brexit agreement Johnson signed with the European Union, which could ultimately trigger a trade war with the UK’s biggest export market. “Brexit’s happened. It is what it is, we’ve all got our own opinions on it,” Turner said. “But we’ve got to work with it to make it better for us, and I just struggle to see if there’s any momentum to do that.” No easy solutions Truss, who starts on the job this week, has vowed to jumpstart the economy by slashing taxes. But many economists fear this approach could fan inflation and hurt fragile public finances, while failing to put money in the pockets
of those who need it most. “The benefits of cutting [taxes] would largely flow to the people who pay more tax, which are generally people with more money,” said Jonathan Marshall, senior economist at the Resolution Foundation. There’s no way for the state to avoid paying huge sums to deal with the energy situation this winter, but targeted measures will be necessary to avoid waste. Freezing gas and electricity prices over the next two winters could cost the government over £100 billion ($116 billion), according to researchers at the Institute for Government. “Energy is expensive, gas is expensive,” Marshall said. “To avoid people freezing in their houses, that needs to be paid for. But the state doesn’t need to pay for it for people who can afford it.” Foreign Secretary Liz Truss, the incoming prime minister, speaks on stage on Aug. 23 in Birmingham, England. There are also questions about how the Truss government will afford a large-scale economic intervention, especially if slashing taxes — and therefore government revenue — remains the priority. The UK government borrowed heavily to provide support during coronavirus lockdowns. The country’s debts are now almost 100% of its gross domestic product. When interest rates were at rock bottom, and access to cash was cheap, this wasn’t a major issue. But that’s no longer the case. The Bank of England has been aggressively hiking rates as it tries to put a lid on inflation. That will make it increasingly expensive for the government to service its debt. The United Kingdom also has issued a large number of inflation-linked bonds, adding to its vulnerability. “It’s almost a perfect cocktail of challenges that make public finances look at risk in a way they haven’t in recent times,” Zaranko of the IFS said. Kwasi Kwarteng, who is expected to become finance minister, wrote in the Financial Times on Sunday that the Truss government would act in a “fiscally responsible way.” PAID PARTNER CONTENT MORE FROM Starbucks’ Howard Schultz: ‘I am never coming back’ Marilyn Loden, a workplace advocate who popularized the… Billionaire Herb Kohler, heir to faucet fortune, dies at 83 These companies are looking at using rockets to blast…
Suitable for Women/Men/Girl/Boy, Fashion 3D digital print drawstring hoodies, long sleeve with big pocket front. It’s a good gift for birthday/Christmas and so on, The real color of the item may be slightly different from the pictures shown on website caused by many factors such as brightness of your monitor and light brightness, The print on the item might be slightly different from pictures for different batch productions, There may be 1-2 cm deviation in different sizes, locations, and stretch of fabrics. Size chart is for reference only, there may be a little difference with what you get.
- Material Type: 35% Cotton – 65% Polyester
- Soft material feels great on your skin and very light
- Features pronounced sleeve cuffs, prominent waistband hem and kangaroo pocket fringes
- Taped neck and shoulders for comfort and style
- Print: Dye-sublimation printing, colors won’t fade or peel
- Wash Care: Recommendation Wash it by hand in below 30-degree water, hang to dry in shade, prohibit bleaching, Low Iron if Necessary
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