While the government has put in significant levels of support, especially for poorer households, the former Chancellor’s package was based on an Ofgem estimate for household dual fuel bills of £2,800 a year, already over double the price a year before.
While the Bank said the UK’s banking sector was well-placed to cope with a severe downturn, it said banks must increase the amount of money they set aside to absorb shocks. Starting a year from now, banks will be required to set aside a sum equal to 2% of their assets as a buffer, as opposed to the normal 1%.
Jenny Ross, money editor at Which?, said: “With many airlines warning of widespread disruption this summer and Covid cases on the rise, travellers should ensure they have taken out adequate insurance to cover any losses or unexpected costs they might face.
Announcing Sainsbury’s latest trading update, Mr Roberts said: “We really understand how hard it is for millions of households right now and that’s why we are investing £500m and doing everything we can to keep our prices low, especially on the products customers buy most often.”
Peter Fuller, chief financial officer of DHL Parcel UK, said: “This investment is a real demonstration of the excellent work our people and partners have delivered over the past two years to get us to the level of growth where major expansion is required to meet customer demand.
Depleted foreign reserves and soaring inflation have devastated Sri Lanka’s economy in recent months. President Gotabaya Rajapaksa – who pushed through tax cuts that shrunk the state’s coffers and borrowed heavily from China to fund ambitious infrastructure projects – has been blamed for the crisis. The pandemic, which hit tourism, and the war in Ukraine, which sent oil prices rocketing, has only made the situation worse.
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