Britain is facing a surge in cold weather, with icy conditions and fog expected for much of this week
The UK Met Office has issued a Yellow warning, which means there could be damage to buildings as Britons brace for cold conditions.
Like much of Europe, the UK are bracing for very strong winds on Wednesday, causing disruption to travel and some utilities.
Drivers are also urged to take extra care on the roads, with warnings in place for icy stretches forming on UK roads.
But some residents who are seeking to heat their homes are on edge, as power prices remain high.
Peter Smith is the director of policy and advocacy at National Energy Action, who said the rising cost of living is impacting Britons.
“The average annual bill has almost doubled since this time last year.”
The organisation seeks to close the gaps when it comes to energy affordability. It predicts 6.7 million UK households will be in fuel poverty in the coming months.
This means millions of Britons will be unable to afford living in a warm, dry and safe home.
“So far the milder than usual weather has protected many from the spiralling bills as they haven’t needed to heat their homes as high or as long as usual,” Mr Smith said.
How to keep warm without blowing your bill
UK Prime Minister Rishi Sunak has urged people to make their own decisions, as he met with world leaders in tropical Bali last week.
“There are things that we can do—all of us—to improve the efficiency with which we use energy, to be careful about it,” he said.
For example, an efficient heater; taking advantage of the sun, where appropriate; and rearranging furniture are some cost-effective methods to reduce the burden on gas and energy bills.
Pipes at the Nord Stream 1 gas pipeline are pictured in Germany.
In addition, there are some other cheap ways to reduce dependence on gas and electricity bills, as the temperature continue to plunge.
close off rooms you’re not using
lower the temperature of heating
make sure windows are fully closed
block cold drafts from under doors using door snakes or carpet.
The UK Government has placed a cap freeze on energy prices.
This means households will pay an average £2,500 on their energy bills. But there is a catch: if households use more, they pay more.
National Energy Action believes an additional 2.2 million homes could be in fuel poverty, when compared to the same time last year.
Why are energy prices so high?
As demand increases, so too does the cost of heating homes.
But there is another factor, which has sent prices rising across Europe: the war in Ukraine.
However, countries are struggling to find alternative supplies after sanctioning Moscow for the ongoing conflict.
“Putin’s abhorrent war in Ukraine, and rising energy prices across the world are not a reason to go slow on climate change. They are a reason to act faster.”
RISHI SUNAK, UK PRIME MINISTER
Germany halted the Nord Stream 2 pipeline, which was expected to double the amount of Russian gas shipped to Europe.
In July, Russia cut the amount of gas pumped through Nord Stream 1 to 20 per cent capacity.
Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom.
He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.
Markets gain momentum ahead of Thanksgiving, with the Dow up 388 points and Oracle rising 4% amid investor optimism.
Markets are moving into the Thanksgiving break with strong momentum, as stocks notch four straight days of gains. The Dow Jones Industrial Average jumped 388 points, while the S&P 500 added 0.9%, pushing both indexes toward their best week since June.
Oracle led major movers, rising more than 4% after Deutsche Bank reaffirmed its bullish outlook on the tech giant. Broad investor optimism continues building across sectors as economic data softens and earnings remain resilient.
All eyes are now on the Federal Reserve and what potential shifts in interest-rate policy may mean for the markets. U.S. markets will close Thursday for the Thanksgiving holiday and reopen Friday for a shortened trading session.
Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker
In Short:
– Dow Jones rose 569 points, reflecting optimism for a Federal Reserve interest rate cut.
– Alphabet’s stock increased as Meta may invest in AI chips, but Nvidia’s declined amid market concerns.
The Dow Jones Industrial Average increased by 569 points or 1.2% on Tuesday, reflecting investor optimism for an upcoming Federal Reserve interest rate cut. The S&P 500 and Nasdaq Composite also posted gains, up 0.8% and 0.4% respectively. This represented a recovery from earlier losses, where the S&P 500 briefly fell by 0.7%.
Markets anticipate an 85% chance of a quarter-point rate cut in December, driven by comments from New York Fed President John Williams, who indicated the possibility of lower rates soon. Investor sentiment strengthened following reports that Kevin Hassett may be appointed as the next Fed chair, potentially resulting in a more lenient monetary policy.
Tech Sector
Alphabet saw its stock rise by over 1% after reports indicated that Meta Platforms might invest in its AI chips. This could signal increased demand for AI technology, benefiting the sector overall. However, Nvidia’s stock fell more than 3%, suggesting concerns about its dominance in the AI chip market.
Investors are also wary of the valuation of tech stocks. Despite recent gains, the S&P 500 and Nasdaq remain down over 1% and 3%, respectively, for November, while the Dow has lost more than 1% this month. The broader market’s performance indicates ongoing scrutiny regarding tech valuations amid changing economic expectations.
Gold prices surge as central banks increase demand; risks include a stronger dollar and rising interest rates.
Gold prices are climbing fast as central banks ramp up buying, pushing demand to its highest levels in years. The metal’s reputation as a safe haven is strengthening, especially amid rising geopolitical tensions and global financial uncertainty.
But experts warn the shine could fade. A stronger US dollar and the possibility of rising interest rates may weigh on momentum, making investors question how long the rally can last.
Dr Steven Enticott from CIA Tax breaks down the drivers behind gold’s surge—from ETF inflows to physical bar demand—and what could send the price sharply higher… or lower.
Subscribe to never miss an episode of Ticker – https://www.youtube.com/@weareticker