Market Loop - New PM takes on energy bills

View this email in your browser

6th September 2022

Bite-sized business news from the UK and beyond

Good morning Do you remember how long your last job interview was? It probably wasn’t as short as 10 minutes which is how long Australian alcohol retailer Dan Murphy’s is using to screen candidates. The chain wants to fill 2,200 positions in its 258 stores ahead of the busy Christmas period. Australia is facing one of its tightest labour market in decades with unemployment record low of 3.5%.

Today's stories

New PM takes on energy bills
The loud rise of quiet quitting

ENERGY
New PM takes on energy bills

What happened?
The new PM Liz Truss is said to be finalising an energy bill rescue plan that could be announced as soon as Thursday.

How did we get here?
About 24m British households will be paying nearly three times more for energy this winter than they did a year ago. The regulated price cap for customers will jump from next month to a level 178% higher than last winter, because soaring prices on the wholesale energy markets are forcing suppliers to pass on costs to consumers.

Throughout her leadership campaign Truss was adamant that she believed in tax cuts over government “handouts” as a way to help households during the cost of living crisis. But yesterday she pledged to address the energy crisis with ideas including a freeze on the household energy price cap and government loans on bills for businesses (who are not protected by a price cap).

It came on the day that European natural gas prices jumped over 30% in response to Russia halting supplies to the continent as it retaliated against Western sanctions.

The pros: The policy is simple and would help curb rising inflation, it would buy the government time to introduce more long term market reforms; and it would be popular with voters.

The cons: Analysts estimate that freezing household energy bills alone would cost £40bn a year and even more if gas prices continue to rise. Kwasi Kwarteng – currently the business secretary but widely tipped to be Truss’ chancellor – is said to considering how to finance the support. The options could be to raise general taxes today or impose a levy on future household energy bills.

Other stories to keep you in the loop

Truss issues: The challenges facing the incoming prime minister
Russia blames sanctions for gas pipeline shutdown
Camelot withdraws National Lottery’s legal challenge
BBC brings in Bain & Co to help make a licence fee freeze plan
Bed Bath & Beyond CFO falls to death
Credit Suisse weighs up 5,000 job cuts as part of restructuring plan
Turkey’s inflation hits new 24-year high beyond 80%
Instagram fined €405m over children's data privacy

WORK
The loud rise of quiet quitting

What happened?
There’s a new trend gaining traction online amongst hoards of disaffected workers: Quiet quitting. And no, it doesn’t mean silently walking out of the office one day, never to return.

Driving the news: Quiet quitting isn’t actually quitting. It’s rejecting the notion of going above and beyond, by doing what’s in your job description and not a darn thing more.

The origin of the term can be traced back to a Chinese social media post from April 2021, but it’s now gone global after blowing up on (where else) TikTok.
Some career experts say quiet quitting will hurt your professional development, but its supporters argue it’s a way to reclaim work-life balance and fight toxic overwork culture.

Why it’s happening: The average UK worker now carries out approximately 22 days worth of overtime a year, according to the Office for National Statistics. Women clock up 6.8 extra hours of overtime each month compared to men. Recent research from Gallup’s found that just 9% of Brits feel enthused by their work and workplace, compared to 16% in Germany and 33% in Romania.

Why it matters: It's a wake-up call for employers to pay attention to burnout in the workplace, something that's not just bad for workers but also reduces productivity for businesses.

Stat of the day

Liz Truss won 81,326 votes to Rishi Sunak's 60,399 votes from the Conservative party members to become prime minister

Interesting links from around the web

5 ways to manage your career ahead of a recession
What £1m buys you in London’s housing market
The rivalry that makes you better

Forward to Friend

Not a subscriber? Join free

How did you like today's email?
Get in touch with any feedback or even just to say hi
hello@marketloop.co

Copyright © 2022 Market Loop, All rights reserved.

Want to change how you receive these emails?
You can update your preferences or unsubscribe from this list.

This email was sent to you
why did I get this? unsubscribe from this list update subscription preferences
Market Loop · 16 Great Chapel St · London, London W1F 8FL · United Kingdom

energy bill rescue plan household energy price cap new PM Liz Truss Bitesized business news busy Christmas period tightest labour market last job interview wholesale energy markets

G7 agrees price cap on Russian oil

Monday, September 5, 2022

.... and Disney plans to go prime View this email in your browser 5th September 2022 Bite-sized business news from the UK and beyond Good morning After 11 candidates, two months of campaigning and

Boris’ nuclear farewell

Friday, September 2, 2022

.... and UK regulator probes Microsoft mega-deal View this email in your browser 2nd September 2022 Bite-sized business news from the UK and beyond Good morning The weather may still be mild but the

Asda buys Co-op’s petrol business in £600m deal

Thursday, September 1, 2022

.... and Snap becomes latest tech firm to cut workforce View this email in your browser 1st September 2022 Bite-sized business news from the UK and beyond Good morning French tax collectors are going

Pub chains warn that energy bills could mean last orders

Wednesday, August 31, 2022

.... and Why Europe's power crisis could last for years View this email in your browser 31st August 2022 Bite-sized business news from the UK and beyond Good morning Today is the last day of

British tech firm in £5bn takeover bid

Tuesday, August 30, 2022

.... and Why NASA wants to go back to the moon View this email in your browser 30th August 2022 Bite-sized business news from the UK and beyond Good morning Yesterday marked Netflix's 25th

🎙️ New Episode of The Dime Paul F. Austin on Exploring Psychedelics: Creativity, Hidden Benefits, Microdosing, and Retreats

Thursday, April 25, 2024

Listen here 🎙️ Paul F. Austin on Exploring Psychedelics: Creativity, Hidden Benefits, Microdosing, and Retreats The use of psychedelics by high-performing individuals and entrepreneurs is on the

Market Loop - New PM takes on energy bills

Key phrases

Older messages

G7 agrees price cap on Russian oil

Boris’ nuclear farewell

Asda buys Co-op’s petrol business in £600m deal

Pub chains warn that energy bills could mean last orders

British tech firm in £5bn takeover bid

You Might Also Like

🎙️ New Episode of The Dime Paul F. Austin on Exploring Psychedelics: Creativity, Hidden Benefits, Microdosing, and Retreats

Mind-blowing exclusive hack

Music to Spotify’s ears

Musk 👾 Read

Computer Vision in the 1980s: Translating Visual Processing into Algorythms

🦅 This will increase your productivity 10x

The end of Steph-LeBron-KD

Blockchain Groups Sue SEC Over Dealer Rule

Digiday Programmatic Marketing Summit: Only a few spots left

Shopify Dispatch Issue #448 - Low-cost items, PCI DSS v4 in Shopify