Here is a quick insight into last week’s news!
Firstly, supply-chain shortages are running havoc on major manufacturing countries. As you all probably saw on the news, the UK faced a huge fuel crisis due to lack of lorry drivers to deliver petrol. This led to consumers panic-buying petrol leading to a petrol shortage even though we were not running out of petrol – just lorry drivers to deliver it!
Things to think about: Will this lead to an increase in those turning to electric vehicles (EVs)?
Another supply chain issue was the shortage of workers in the two busiest port complexes in the US – Port Los Angeles and Long Beach. These two ports were forced to run at 60-70% due to the shortage of workers meaning they cannot cope.
Things to think about: How long will covid affect supply chains?
Other big news included the Government renationalising Southeastern railway line after a 325m accounting breach. This is the latest railway line to be nationalised again exposing the failure of Britain’s rail privatisation.
Additionally, three more energy companies went bust including Enstroga, Igloo Energy and Symbio Energy who said they would stop trading last Wednesday. The multitude of energy company closures come as high gas prices make business models unviable.
Looking to consumer news, lots of activity is occurring here. House prices are continuing to rise due to the change in preferences in areas to live since COVID. This comes along with a rise in gas bills which are set to rise even further under the green energy surcharge plan. Consumers will also be seeing a rise in food prices in the UK, after they increased for the first time in 6 months in September. This is down to rising logistic costs, commodity prices, staff shortages and Brexit admin so consumers can definitely be expecting a more expensive Christmas dinner this year!
These are just a few of the top news stories from last week. Make sure to read up further on topics you enjoy and think of the wider implications they may have!
Emily Neate – Commercial Awareness Officer