UK Prime Minister Boris Johnson is considering activating the army to respond to the worsening fuel crisis
Under considerations, soldiers would be deployed to deliver fuel to service stations across Britain, after panic buying of petrol left stations running dry.
The emergency plan is expected to be considered by the Prime Minister this week.
Johnson is set to gather senior members of his cabinet to discuss the activation of “Operation Escalin” after BP confirmed that a third of its fuel stations have now run out of two grades of fuel.
The UK Fuel Association has admitted that 50-90 per cent of their members have reported having run out of fuel.
But is the army the answer?
Ministers are confident the petrol shortage will be solved before it needs to order the Army to help with deliveries.
Government sources played down the prospect of any immediate decisions being made on the Army being brought in to help drive petrol tankers to deliver much-needed fuel, stating soldiers would first need to be trained on how to respond to the situation.
The fuel industry has assured motorists it expects the panic-buying of petrol and diesel to wind down, saying “there is plenty of fuel”.
In a joint statement, fuel firms also called for drivers to stop panic buying and provided reassurance that demand will return to normal in the next few days
The statement stated that: “There is plenty of fuel at UK refineries and terminals, and as an industry we are working closely with the government to help ensure fuel is available to be delivered to stations across the country.”
“As many cars are now holding more fuel than usual, we expect that demand will return to its normal levels in the coming days, easing pressures on fuel station forecourts. We would encourage everyone to buy fuel as they usually would.
“We remain enormously grateful to all forecourt staff and HGV drivers for working tirelessly to maintain supplies during this time.”
Real reason bosses want employers back in the office
As the world gradually recovers from the pandemic, employers are increasingly pushing for their staff to return to the office after years of remote work.
The driving force behind this push is the sharp decline in commercial property values, which has left many businesses concerned about their real estate investments.
Commercial property values have plunged in the wake of the pandemic, with many companies downsizing or reconsidering their office space needs.
This has put pressure on employers to reevaluate their remote work policies and encourage employees to return to the office. #featured
Businesses cash in on Black Friday sales
Black Friday, the annual shopping frenzy, has become a global phenomenon rooted in economic strategies.
Retailers deploy various tactics to lure consumers, creating a win-win scenario for both shoppers and businesses.
The concept of Black Friday traces its roots to the United States, where it marks the beginning of the holiday shopping season. Retailers offer significant discounts on a wide range of products to attract a massive customer influx. This strategy, known as loss leader pricing, involves selling a few products at a loss to entice customers into stores, hoping they will buy other items at regular prices.
Retailers also employ the scarcity principle by advertising limited-time offers and doorbuster deals. This sense of urgency compels consumers to make quick decisions, boosting sales.
Furthermore, online shopping has revolutionized Black Friday economics. E-commerce giants use data analytics to customize deals, targeting individual preferences. Cyber Monday, the digital counterpart to Black Friday, capitalizes on the convenience of online shopping. #featured
Australian inflation figure finally starts with a 4
Australia’s October inflation figures have surprised economists, as consumer prices rose at a slower pace than anticipated.
This slowdown was primarily attributed to a significant drop in goods prices, contributing to the nation’s subdued economic climate.
The Consumer Price Index (CPI) for October indicated a modest 0.4% increase, falling short of the 0.7% forecasted by analysts. On an annual basis, inflation stood at 2.1%, below the Reserve Bank of Australia’s target range of 2-3%. This unexpected deceleration is likely to affect the country’s monetary policy decisions in the near future.
Goods prices, including essential items like fuel and food, recorded a notable decrease of 0.8%, mainly due to supply chain disruptions and global economic uncertainties. Meanwhile, services prices continued to rise, albeit at a slower rate, driven by higher wages in some sectors.
This unexpected dip in inflation raises questions about the overall health of the Australian economy and the central bank’s strategies to combat it. Policymakers now face the challenge of balancing economic growth with the need to manage inflation effectively. #ticker today #featured
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