The last day of summer is upon us and, as we gear up for a challenging winter ahead, much of today’s news reflects the transition into the colder months that so many are dreading.
Thankfully, much of the focus is refreshingly solutions-orientated. A welcome change from a tirade of doom and gloom – something we have all had to get used to when it comes to the headlines in recent months.
There is no escaping the fact that as we move into September and the depths of winter beyond, energy bills will soar and the cost of living crisis will deepen. But measures could be put in place to help ease the pain. For one, government is considering rent caps to protect social housing tenants. The FT reports that minister are looking into capping rent rises for the coming financial year at 3%, 5% or 7% for tenants in the social sector to insulate them from soaring costs.
And in a less widespread but no less heartening move, plans for “warm banks” first mooted earlier this year look set to take off in areas across the UK as temperatures drop. Councils including Birmingham, Bristol, Aberdeen and Glasgow are currently looking to create networks of public spaces including art galleries, museums and libraries as heated refuges for people who will struggle to pay their electricity bills this year.
More energy-related news this morning as the long-awaited sign-off to offer funding on the Sizewell C reactor in Suffolk is expected from Boris Johnson this week. The outgoing prime minister is expected to give approval in the coming days for the nuclear power station costing up to £30bn, according to the The Times.
Plans for action, investment and innovative solutions aside, there is still a daily dose of that all-familiar bleak reality as oil prices slump to below $100 a barrel and Goldman Sachs predicts inflation could top 22% next year. Oh, and if you are a remote worker you might want to buckle up as taxation scrutiny is about to be ratcheted up a notch.
The last days of summer might not quite have evoked the laid-back, balmy vibes of days gone by this year. But as we head into a difficult autumn the hope is that action and solutions will help to ease the pain for which everyone is firmly bracing.
