Business London Press

Major disruption as snow causes chaos

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12/12/2022

London commuters faced major disruption this morning as the city woke up to white streets.

There were widespread delays across the capital’s tube network with lines facing delays and cancellations, and the Northern and Central Lines majorly affected.

Meanwhile the railways weren’t much better. Travellers were advised to check their routes to work due to heavy snow forecast and temperatures set to dip as low as -10C.

Network Rail urged people to avoid services at key London stations including London Bridge and King’s Cross where possible.

On the DLR there was no service between Bank/Tower Gateway and Westferry due to a signal failure in the Limehouse area.

Up in the sky

Heathrow and London City Airport both faced freezing conditions which caused delays and cancellations, with passengers advised to check their flight status with their airline.

Heathrow scrapped 119 flights whilst 91 services were cancelled at Gatwick today.

According to aviation analytics firm Cirium, 316 flights were cancelled today.

The mayhem continues as Londoners prepare for continued strikes on the rail and train network in the run-up to Christmas.

Road conditions

The heavy snow has also impacted the road network with thousands of drivers reporting breakdowns.

There is no service between Bank/Tower Gateway and Westferry due to a signal failure in the Limehouse area.

The AA has advised motorists to adjust their driving to the freezing conditions on Monday morning.

Sean Sidley, AA patrol of the year, said: “On a frosty morning, hazards like black ice can prove lethal if you don’t adjust your speed and driving style in colder weather.

“Always leave plenty of space behind other vehicles as stopping distances can be 10 times longer on icy roads. Allow extra time, as there may be delays to your normal routes, and make sure you pack winter essentials in the car such as warm, waterproof layers, a shovel, a torch, fully charged mobile phone and a flask of hot drink.”

House prices face largest monthly drop in four years

Helen Greaney

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09/12/2022

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House prices face largest monthly drop in four years

House prices in the UK dropped by 2.1% between November and December, the biggest fall for four years, according to Rightmove’s monthly index.

The average price of a house coming to the market has dropped to £7,862. The average price is now £359,137.

The online estate agent said this was a “bigger dip than usual at this time of year” and said would-be buyers were waiting to see if the market was calmer next year.

Prices will also drop by an overall average of two per cent next year, the property firm believe.

Higher mortgage rates

House prices have been hit by higher mortgage rates, after September’s mini-budget which left minimal options for homeowners.

Tim Bannister, Rightmove’s director of property science, said: “Though we would always expect prices to drop in December, as motivated sellers try to capture the attention of a buyer before Christmas with a competitive price, this monthly dip is the largest we’ve seen for four years.

“Economic headwinds including rapidly rising mortgage costs mean that some would-be buyers may have paused their plans for the foreseeable future.”

The end of 2022 will see new seller asking prices 5.6 per cent higher than a year ago, compared to growth of 6.3 per cent last year.

Health chiefs warn householders to warm rooms to 18C as cold snap sets in

Helen Greaney

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08/12/2022

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Millions of Brits are warned to brace themselves as temperatures are set to plummet to minus 10C this week, sending energy bills rocketing.

Frost has hit higher northern areas this morning with snow forecast in some parts of Scotland.

The Met Office and UK Health Security Agency (UKHSA) have issued severe cold weather alerts for England and have advised people to heat their rooms to at least 18 degrees.

A dramatic drop in temperatures could increase health risks to vulnerable people and disrupt deliveries further.

Met Office forecaster Dan Stroud said: “Into Tuesday night an organised band of showers will sink south, (with) that wind changing direction and coming in from the north, turning it colder with an increasing risk of some frost, mainly in central and western areas.

“Once that wind rears around to the north, we’re going to pull in that colder arctic air, so the story will be about cold and frost.”

Amber cold weather alert

A level three (amber) cold weather alert was sent out on Monday warning of severe conditions in England between Wednesday evening and next Monday morning.

Social and healthcare services will be required to respond to protect high-risk groups.

But a cold snap heading over from the Arctic will be spreading into the country from late Wednesday.

Word of warning

Age UK has advised maintaining a supply of food and medicine to reduce the number of outdoor trips and torches with spare batteries in case of a power cut.

Homeless people in London are to be sheltered after the Severe Weather Emergency Protocol (SWEP) was activated for the first time this winter to provide emergency accommodation for rough sleepers.

Dr Agostinho Sousa, consultant in public health medicine at the UK Health Security Agency (UKHSA), said older people and those with heart or lung conditions are particularly at risk from the cold weather, adding: “If you have a pre-existing medical condition, you should heat your home to a temperature that is comfortable for you.

“In rooms you mostly use, such as the living room or bedroom, try to heat them to at least 18C if you can. Keep your bedroom windows closed at night. Wearing several layers of clothing will keep you warmer than one thicker layer.”

On the roads

Select Car Leasing has advised motorists to check their vehicles are winter ready, with properly inflated tyres that have good tread.

Managing director Graham Conway said: “Roads can be much more perilous during the colder months, with snow and ice as well as fallen leaves making the surface slippery for drivers.

“We advise all motorist to carry out regular checks of tyres, brakes and lights to ensure their vehicles are ready for the challenges this cold snap brings with it.”

Ambulance staff to strike this month over pay and conditions

Health

Helen Greaney

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07/12/2022

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A mass walkabout by paramedics and emergency care workers will take place on December 21 and 28.

But unions have been told NHS staff must commit to respond to heart attack and stroke 999 calls, by health secretary Steve Barclay.

More than 10,000 staff across England and Wales are expected to strike over pay and conditions according to GMB.

The union said its members at nine regional ambulance services would walk out.

Army back-up

Crews are due to cover emergency category one incidents during the strike which includes times where a patient has stopped breathing and has no pulse.

But questions have been asked as to whether all category two conditions which can include strokes, burns or epileptic fits would be covered.

The Army has been told it may be called upon to provide emergency backup.

GMB, Unison and Unite unions are co-ordinating industrial action across England and Wales in a dispute over pay and conditions.

The December 21 strike happens a day after Royal College of Nursing (RCN) members stage a second day of strike action over pay.

“We hope negotiations reach a resolution”

A London Ambulance Service spokesperson said staff were already under significant pressure, adding “Should the industrial action go ahead, we will do everything we can to maintain lifesaving services for our sickest and most seriously injured patients. We hope negotiations reach a resolution so that this strike does not take place.”

Sara Gorton, Unison head of health, said: “Ambulance managers will be drawing up cover plans for each service. Unions will discuss those and ensure appropriate responses to emergencies on strike days.

“But instead of speculating about the consequences of a strike, Steve Barclay should be focusing all his energies on stopping action from happening.”

Mr Barclay said he was “open to talks with the trade unions” to resolve the dispute but added that if all public sector workers were given a pay rise in line with inflation it would cost £28 billion.

£400 million saved for the public purse by national fraud squad

Finance
News

Helen Greaney

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06/12/2022

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New data from the cabinet shows that the government’s efforts to fight fraud have saved more than £400 million for the public purse.

The latest figures show taxpayers’ money – which is equivalent to healthcare costs for 130,000 people – has been saved by the National Fraud initiative (NFI), bringing total counter fraud savings to £2.4 billion.

The savings were made thanks to cutting-edge software which identifies businesses and people trying to steal public money.

The National Fraud Initiative enables organisations to use data and match records so they can pick up where people or businesses are taking the government for a ride.

Fraudulent activity

Around 42,000 disabled blue badges were also found to be fraudulent.

And there were more than 225,000 cases where discounted travel cards of people who had died or didn’t qualify for concessions have now been blocked.

Around 7,000 people who were clogging up the social housing waiting lists of 102 councils despite not being eligible have been identified and removed, opening up affordable housing for those who need it.

Minister for the Cabinet Office Jeremy Quin said: “British people work hard for every penny and they rightly expect the government to put everything they’ve got into protecting taxpayers’ money.

“Money stolen from the government through fraud is theft from every taxpayer.

“This report shows we saved the taxpayer £443 million. When the country is tightening its belt, the government must do the same.

“We set up a new anti-fraud authority which is designed by and led by fraud experts whose express mission is to take the fight to fraudsters.”

Housing fraud

In one example case study, an individual in Sandwell was offered social housing but then claimed to a neighbouring council that they were homeless and were offered temporary housing. The NFI software allowed this person to be identified – they are now in arrears of almost £100,000.

The fraud clampdown comes after Chancellor Jeremy Hunt announced in the Autumn statement, the UK would set aside almost £80m to tackle fraud.

It also showed 7,000 people had been on waiting lists for social housing despite not being eligible.

Chief secretary to the Treasury John Glen said the government is coming down hard on fraudsters, using cutting edge data to track them and recover public money.

Interim CEO of the Public Sector Fraud Authority, Mark Cheeseman, said: “Every day, people are attacking taxpayer funded services for their own gain. The Public Sector Fraud Authority, where the National Fraud Initiative is now based, is part of a wider investment across government to rise to this challenge.”

Apple invites iPhone users in the UK to do their own repairs

Technology

Helen Greaney

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06/12/2022

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Apple has rolled out its self-repair service to the UK, inviting people to fix their own technology.

The tech giant said the service is now available in eight countries and that genuine Apple parts and tools can be purchased and used alongside repair manuals.

Repairs could include things like battery replacements, screens and phone casings.

However, the warning alongside the announcement was that if a repair goes wrong, an existing warranty will no longer be valid.

Users with iPhone 12 and iPhone 13 line-ups, as well as Mac notebooks with Apple silicon, will be offered tool rental kits for £54.90 with free shipping.

This means that customers who do not want to purchase tools for a single repair still have access to these professional repair tools.

Right to repair

Since last year, manufacturers of appliances have been required to offer spare parts in the UK, offering a “right to repair”.

The moves comes as more people hold onto expensive technology for longer despite waning batteries, due to the cost of living crisis.

An average consumer keeps their smartphone for 4.2 years according to new figures from CSS Insight.

Apple chief operating officer Jeff Williams said that customers should have “many options for safe, reliable, and secure repair”.

But the firm adds that only those who are “comfortable with carrying out their own repairs” should attempt to.

There is an 81-page repair to navigate, with 16 tools and 61 steps required to remove and replace an iPhone 13 screen.

1 in 4 HSBC branches to close next year

Finance
News

Helen Greaney

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05/12/2022

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Britain’s biggest lender HSBC is closing 114 high street branches from next April as customers opt for online services.

Numbers of people using the physical HSBC stores has dipped as they flock to use the mobile banking app to manage their money.

The lender had already said it would close 59 branches in March, bringing the number to shut up to one in four.

Smart phones have enabled Brits to manage their finances without needing to go to a physical branch, making it a better option than working around bank opening times.

Older people

However, the move could be set to upset pensioners – some of whom who still rely on cash – feeling unable to do their banking.

Branches in Bethnal Green, Putney and Surrey are among those set to shut.

Jackie Uhi, managing director of UK distribution at HSBC, said: “People are changing the way they bank and footfall in many branches is at an all-time low, with no signs of it returning. Banking remotely is becoming the norm for the vast majority of us.”

“Not only can we do it anywhere at any time of day or night, many more things can be done at the customers’ convenience and don’t rely on a branch visit.”

“Winter looks bleak” as food price inflation hits new high of 12.4%

Helen Greaney

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01/12/2022

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“Winter looks bleak” as food price inflation hits new high of 12.4%

Basic fridge fillers like eggs and dairy products rocketed in November as food inflation rose to new levels.

Shoppers felt the pinch last month with fresh foods leading the way in the increased prices, with inflation rising from 13.3% in October to 14.3% in November.

The war in Ukraine and Covid have driven up the price of food, energy and fuel over the last year, affecting consumers and businesses.

More rises are expected next year according to the British Retail Consortium and market research firm NielsenIQ.

Making cutbacks

Along with jumps in the price of fuel and energy, these price leaps are likely to hit the poorest households hardest as they already try to make cutbacks.

Shoppers can attempt to offset inflation by reeling in spending on non-essentials such as holidays or meals out or by ditching top labels for non-brands products.

Helen Dickinson, chief executive of the British Retail Consortium, said: “Winter looks increasingly bleak as pressures on prices continue unabated. Food prices have continued to soar, especially for meat, eggs and dairy, which have been hit by rocketing energy costs, and rising costs of animal feed and transport.

“Coffee prices also shot up on last month as high input costs filtered through to price tags. Christmas gifting is also set to become more expensive than in previous years, with sports and recreation equipment seeing particularly high increases.”

Coffee price was another staple that has shot up, while Christmas presents are set to become more expensive with sports and recreation equipment seeing major increases.

Investment package confirmed for pushing UK’s green energy

Helen Greaney

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30/11/2022

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Investment package confirmed for pushing UK’s green energy

Ofgem has sealed a green deal on a five-year funding boost for the UK’s electricity distribution network companies.

The 2023 to 2028 plan aims to boost grid capacity, improve customer service and resilience to prevent power outages.

It also aims to prepare the way for increases in the generation of cheaper, greener, home-grown energy to bring down bills in the long-term, rather than relying on imported fossil fuels.

The watchdog’s aim is to boost green energy by helping six companies covering the country’s 14 local networks.

RIIO-ED2

The RIIO-ED2 package (Revenue = Incentives + Innovation + Outputs for electricity distribution) will set the investment levels that electricity distribution networks can make during the planned period.

Ofgem says the cost of the work is recouped through network charges without adding to consumer bills – this will remain at £100 (on average) per year per bill-payer.

Over the next five years, customers can expect to see:

A more secure and reliable electricity network less at risk of power cuts
A grid that allows for new innovations to give more control to consumers through better data and more regularly updated prices for peak and off-peak demand creating efficiencies and saving money
Support and guidance for vulnerable and low-income households ensuring no one misses out on the benefits of a net zero energy system

Energy demands

The UK unveiled its energy security strategy earlier this year, committing to more efforts in solar and wind power, which are proving cheaper than imported gas.

Together with more nuclear and hydrogen fuelled power, these renewables could contribute to a lower carbon energy mix.

However these sources would need to be connected to an expanded electricity network to meet growing demand for electricity.

This includes millions more electric heat pumps in homes.

There will now be a statutory consultation on the licence modifications required to implement the RIIO-ED2 settlement in December.

Price controls for RIIO-ED2 begin in April 2023.

Michigan billionaires to bring pizza the action to London

Helen Greaney

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29/11/2022

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Little Caesars – the third biggest pizza chain in the world – is bringing new business to London with the opening of two new stores next year.

The Ilitch family will also open stores in Liverpool and Derby as part of its mega expansion plans.

First opened in 1959 by husband and wife Marian and Michael using their £10,000 life savings to open their first restaurant.

The business is now booming with an impressive $4 billion turnover.

And those dining out on the new city menu can enjoy firm favourites including ‘Hot N Ready large pizzas, Mushroom Deluxe, Italian Sausage and Bacon, Three Meat Treat and more.

Important new market

Chief operating officer for the brand, Paula Vissing, said: “The UK is an important new market for us given how influential it is.

“We expect to open several new sites in this market over the next few years, and we are excited to be entering with such strong franchisee groups in Derby, London, and Liverpool.”

The brand welcomed entrepreneurs who are interested in franchising with Little Caesars to the NEC in Birmingham in October, where members of the development team discussed franchise opportunities.

According to IBISWorld in 2022, the UK’s pizza delivery and takeaway market was valued at over $3 billion and is expected to grow by over 6%. It has had an average annual growth rate of 3.4% since 2017.

Up in the sky

Road conditions

Higher mortgage rates

Amber cold weather alert

Word of warning

On the roads

Army back-up

“We hope negotiations reach a resolution”

Fraudulent activity

Housing fraud

Right to repair

Older people

Making cutbacks

RIIO-ED2

Energy demands

Important new market

Company

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