By Noor Nanji & Angela Henshall Published 17 hours ago comments Comments Share close Share page Copy link About sharing People are going back to cash to keep tighter control on their spending as living costs soar, according to new research by the Post Office. Post offices handled £801m in personal cash withdrawals in July, the most since records began five years ago. That's up more than 20% from a year earlier. Natalie Ceeney, chair of the Cash Action Group, said it showed people are "literally counting the pennies" as they grapple with rising prices. "It's absolutely because of the cost of living crisis," said Ms Ceeney, who chaired the government's independent Access to Cash review. "People will be taking out cash and physically putting it into pots, saying 'this is what I have for bills, this is what I have for food, and this is what's left'." … [Read more...] about Cost of living: People turning back to cash as prices rise
Soaring german housing costs leave merkel vulnerable
Soaring temperatures and a conspicuous lack of rainfall have left many European countries grappling with historic droughts this summer. This is having wide-reaching effects across the region, significantly impacting agriculture, energy production and water supplies. But how is each European country being affected and what are local authorities doing to combat the problems caused by these extreme temperatures? France The French government has set up a crisis team to tackle a historic drought that has left more than 100 municipalities short of drinking water . Trucks are taking water to those areas as "there is nothing left in the pipes", said Christophe Béchu, the country's minister for ecological transition. "This is a situation like nothing we've ever seen... And the bad news is that, as far as we can see, there's no reason to think that it will stop." Prime Minister Elisabeth Borne has warned that France is facing the "most severe drought" ever recorded … [Read more...] about ‘Nothing left in the pipes’: How is Europe tackling unprecedented water shortages?
If the longest recession since the financial crisis and deepest fall in living standards since the 1960s were not bad enough, Britain is also facing economic humiliation on the international stage – if you believe Government critics. Keir Starmer last month accused former chancellor Rishi Sunak and Prime Minister Boris Johnson of leaving the UK with an “appalling joint economic legacy of the highest inflation and the lowest growth in the G7”. The G7 comparison paints Britain’s painful 9.4pc annual price rise in June as a remarkable outlier, but that does not depict the full picture. Firstly, much of the G7 is in a very similar position: US inflation is at 9.1pc and Germany at 8.2pc. Secondly, the UK is suffering less inflation than the average EU nation – price rises averaged 9.6pc in June across the bloc. Figures on the continent range from 6.1pc in Malta – high by historic standards but unusually low today – to a scorching 22pc in Estonia, according to data from … [Read more...] about Why Europe is suffering a worse inflation crisis than Britain