# data[].attributes.body
Here the market for sugar in the UK is dominated by one major buyer, effectively giving them monopsony power. What might be the advantages and disadvantages of this to UK consumers?

# data[].attributes.attachment_link.title
Sugar farmers furious over British Sugar monopsony

# data[].attributes.attachment_link.description
Farmers have accused the processor of a ‘greedy abuse of power’

# data[].attributes.headline
Economics and political crisis in France

# data[].attributes.subject
Economics and political crisis in France

# data[].attributes.body
This is quite a high level storybut containslots andlotsof macroeconomic ideas.

France is our closest neighbour and a major European power. What will happen next?

# data[].attributes.attachment_link.title
France is in crisis but bond markets leave other governments at risk of meltdown too

# data[].attributes.attachment_link.description
Investors rattled by resignation of French PM but country is not alone in trying to grapple with political maths

# data[].attributes.body
There is so much in this story it's hard to know where to start!

Why do you think electric vehicles are increasing in popularity? What are the leading EV manufacturers at the moment? What impact could China opening new factories around the world have on the countires they are in as well as globally?

# data[].attributes.attachment_link.title
China’s EV industry is spending more on factories abroad than at home for the first time

# data[].attributes.attachment_link.description
For the first time on record, the Chinese electric car supply chain last year invested more overseas than domestically, according to Rhodium Group.

# data[].attributes.body
Fizzy drinks like Coca Cola and Fanta have faced a tax linked to their sugar content for a few years. How do you think these firms have adapted?

Why might milkshakes now face a similar action from the government?

# data[].attributes.attachment_link.title
Milkshakes and lattes could be covered by sugar tax

# data[].attributes.attachment_link.description
The tax would be applied to manufacturers of milk-based drinks and dairy-based substitutes, under the plans.

# data[].attributes.body
This is a pretty unlikely combo but read the story! What has cuased a shortage of the green salad vegetable in nation of Iceland? All very strange!

# data[].attributes.attachment_link.title
TikTok trend causes Iceland cucumber shortage

# data[].attributes.attachment_link.description
Supermarkets in Iceland have been impacted by a viral TikTok trend, leaving its cucumber shelves empty.

# data[].attributes.body
Coffee shops seem to be springing up everywhere but what sets the price of the coffe bean that is essential for the drink?

Is this a supply story, a demand story or a mixture of both?

# data[].attributes.attachment_link.title
Coffee prices at record high after bad weather

# data[].attributes.attachment_link.description
Coffee drinkers are set to feel the pinch from high prices after crops got hit by drought and heavy rainfall.

# data[].attributes.headline
Government told to stop selling bonds to banks to reduce £22billion per year losses

# data[].attributes.subject
Government told to stop selling bonds to banks to reduce £22billion per year losses

# data[].attributes.body
This is a tricky topic and shows where the government borrows money from and at what cost. Second year students should recognise the topic of Quantitative easing from Macroeconomics

# data[].attributes.attachment_link.title
Treasury should tax big banks on quantitative easing windfalls, argues thinktank

# data[].attributes.attachment_link.description
IPPR says Rachel Reeves should also urge Bank to halt bond sales to reduce government losses of £22bn a year

# data[].attributes.headline
Foreign Aid cuts lead to medication shortages

# data[].attributes.subject
Foreign Aid cuts lead to medication shortages

# data[].attributes.body
How does the idea of scarcity and opportunity cost underpin this story?

# data[].attributes.attachment_link.title
Malawi set to run out of TB drugs in a month after US, UK and others cut aid

# data[].attributes.attachment_link.description
Gains in cutting deaths from tuberculosis at risk as health officials warn clinics forced to ration drugs and testing

# data[].attributes.body
As other nations work out how to respond to the US threat of tariffs read this to see how Canada is preparing to hit back.

# data[].attributes.attachment_link.title
Here are all the ways Canada is striking back against Trump’s tariffs | CBC News

# data[].attributes.attachment_link.description
U.S. President Donald Trump has declared a trade war on Canada, prompting the federal government, provinces and territories to launch their own countermeasures to hit back at the American economy.

# data[].attributes.body
Read this article for a clear and easy to understand infographic on the impact of Donald Trump's proposed new tarrifs. Consider the effect of Price elasticity of Demand!

# data[].attributes.attachment_link.title
Donald Trump’s trade tariffs on Canada, Mexico and China explained visually | Explainer News | Al Jazeera

# data[].attributes.attachment_link.description
We use cookies and other tracking technologies to deliver and personalize content and ads, enable features, measure site performance, and enable social media sharing. You can choose to customize your preferences.Learn more about our Cookie Policy.

# data[].attributes.body
The race to mine gold is causing unintended consequences in Ghana. What could be done to improve the situation?

# data[].attributes.attachment_link.title
Galamsey: Ghana’s illegal gold mining industry causes environmental destruction

# data[].attributes.attachment_link.description
Rivers have been polluted and forests destroyed on a shocking scale by illegal gold miners.

# data[].attributes.body
Do you think this is a good idea? What impact will it have and will it work?

# data[].attributes.attachment_link.title
Disposable vapes to be banned in England and Wales from June

# data[].attributes.attachment_link.description
Ministers say the move is intended to prevent environmental damage and protect children’s health.

# data[].attributes.headline
The Financial Times view on the Oasis ticket sale situation.

# data[].attributes.subject
The Financial Times view on the Oasis ticket sale situation.

# data[].attributes.attachment_link.title
Roll with it_ Ticketmaster’s dynamic pricing is here to stay

# data[].attributes.body
Were you one of those able to get a ticket for Oasis next year? How much did you pay?

# data[].attributes.attachment_link.title
Ticketmaster being investigated by watchdog over dynamic pricing of Oasis tickets

# data[].attributes.attachment_link.description
Investigators will check if buyers were given clear and timely information, whether consumer protection law was breached, and whether fans were pressured to buy tickets in a short period of time - at an inflated price.

# data[].attributes.body
This pub chain charges more for drinks at weekends, what do you think of that?

# data[].attributes.attachment_link.readable_text
A pint of beer during the busiest periods will cost drinkers 20p more under a "dynamic pricing" system introduced by Britain's largest pub group.

Stonegate Group, which owns chains including the Slug & Lettuce and Yates's, said it was raising prices at 800 of its venues during peak times, such as weekends, to help cover soaring costs.

It has previously done so during one-off events, such as World Cups, but has now taken the decision to introduce price variance on a more regular basis.

Patrons have been informed of the change with a "polite notice" in Stonegate pubs, informing them of the need to raise prices to cover extra staffing costs, more bouncers at the door, extra cleaning, washing glasses and "complying with licensing requirements".

Dynamic pricing, often known as surge pricing, is a common feature of other industries, such as aviation, where airlines charge more for tickets during the school holidays.

Uber uses the feature when demand is high, with prices rising automatically when more people are trying to hail a ride.

Dynamic pricing is also a common practice among big sports or gig ticket companies in the US, although it is more rare in the UK.

The practice has proved controversial at times, with some Bruce Springsteen fans reacting with dismay when The Boss applied dynamic pricing to some tickets on his latest tour.

A spokesperson for Stonegate, which has 4,500 venues, said the company "regularly reviews pricing to manage costs but also to ensure we offer great value for money to our guests".

"Across the managed business our dynamic pricing encompasses the ability to offer guests a range of promotions including happy hours, two-for-one cocktails, and discounts on food and drink products at different times on different days throughout the week," he told the Daily Telegraph, which first reported the strategy.

skip past newsletter promotion

Sign up to Business Today

Get set for the working day - we'll point you to all the business news and analysis you need every morning
Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.
after newsletter promotion

"This flexibility may mean that on occasions pricing may marginally increase in selective pubs and bars due to the increased cost demands on the business with additional staffing or licensing requirements such as additional door team members."

The chief executive of another of Britain's big pub chains, who asked not to be named, said the practice was not unusual and had been "going on for decades", in the largest venues, during events and busy periods.

"They're not the only ones doing it," he said.

"To be honest, good for them that they're telling people," he said, adding that the transparency may have backfired amid dismay on social media and negative publicity.

# data[].attributes.attachment_link.title
UK's biggest pub group to charge 20p more a pint at busy times under surge pricing

# data[].attributes.attachment_link.description
Owner of Slug & Lettuce and Yates's to raise prices at times such as weekends to help cover costs

# data[].attributes.body
An example of a market wihere the CMA was able to prove anti competitive behaviour and collusion. Look at the size of the fine!

# data[].attributes.attachment_link.readable_text
The Competition and Markets Authority have uncovered evidence of collusion in the construction industry, with a number of firms colluding over 19 contracts between 2013 and 2018, and being fined £60m as a result.

The collusion was to inflate the price of the contracts, and allow specified firms to win, with the 10 firms involved submitting so-called "cover bids" to conceal the absence of effective competition, and being compensated for this by the winning bidder. It's not the first time that this has happened - and it won't be the last.

The firms named include Keltbray, Brown and Mason, Cantillon, Clifford Devlin, DSM Demolition, Erith Contractors, John F Hunt, McGee, TE Scudder and Squibb, but apart from the fines, I'm always astonished that no individual is being prosecuted for this sort of activity: isn't it fraud?
What is bid rigging?
Bid-rigging is a type of anti-competitive behaviour in which businesses collude to manipulate the bidding process for contracts or projects. This practice is often used to ensure that a particular company wins a contract or project, even if they are not the most qualified or competitive bidder.

Bid-rigging can take many forms, including bid suppression, bid rotation, and market division. In bid suppression, one or more companies agree not to submit bids for a particular project, thereby ensuring that another company will win the contract. Bid rotation involves companies taking turns winning contracts, while market division involves companies agreeing to divide the market among themselves, with each company agreeing to bid on certain contracts and not on others.

Bid-rigging is illegal and can result in significant fines and penalties for the companies involved. It can also have a negative impact on competition, innovation, and ultimately harm consumers by reducing choices and increasing prices.
Bid rigging in an oligopoly
Bid-rigging is a common feature of oligopolistic markets because in these markets, a small number of firms dominate the industry and have significant market power. When there are only a few dominant players in the market, they may find it advantageous to collude and rig bids in order to maintain their market positions and increase their profits.

In an oligopoly, firms often compete on factors other than price, such as quality, innovation, or marketing. By colluding to rig bids, firms can ensure that they win contracts and maintain their market positions, even if they are not the lowest bidder. This allows them to continue to compete on factors other than price, and potentially charge higher prices to their customers.

Additionally, in an oligopolistic market, firms may be able to monitor each other's behavior more closely, making it easier to collude without being caught. Firms may also have relationships with each other, such as supplier-customer relationships or joint ventures, that make collusion more likely.

# data[].attributes.attachment_link.title
Collusion in Oligopoly - Ten construction firms fined total £60m

# data[].attributes.attachment_link.description
The Competition and Markets Authority have uncovered evidence of collusion in the construction industry, with a number of firms colluding over 19 contracts between 2013 and 2018, and being fined £60m as a result.

# data[].attributes.body
Plenty of economics ideas here including price discrimination and the role of regulation

# data[].attributes.attachment_link.readable_text
The price of diesel in the UK has shot up at one of its fastest rates in more than 20 years - while retailers have been accused of charging "unjustifiably" high petrol prices.

Diesel prices rose by more than 8p a litre to 163p in September, the fifth biggest monthly rise since 2000, and on top of another 8p rise the previous month, the RAC said. Petrol prices rose by 4.5p a litre to 152p, the fourth consecutive monthly increase.

The increases come after the extension of global oil production cuts from Russia and Saudi Arabia, designed to bolster prices, pushed up oil prices to almost $100 (£82.89) a barrel in September, feeding through to prices at the pump.

The supply constraints combined with the weaker value of the pound - making wholesale fuel, which is traded in dollars, more expensive to buy in the UK - have pushed up prices.

Brent crude, the oil price benchmark, rose to a 10-month high last month of almost $98 a barrel, up from $72 a barrel at its lowest point in June, representing its biggest quarterly increase since Russia's invasion of Ukraine.

As a result, drivers have been forced to pay almost £90 to fill up a 55-litre family diesel car - the highest cost since April - and more than £86 for a similar petrol car, the highest cost since December 2022.

The pain at the pump comes on top of high inflation for most household goods, and the prospect of another winter of high energy bills.

Oil prices have eased in recent weeks in response to a strengthening US dollar, with Brent crude trading at about $90 a barrel.

However, the RAC said its analysis suggested that petrol was "overpriced by about 7p a litre".

The RAC fuel spokesperson, Simon Williams, said: "In the last two weeks the wholesale cost of diesel has become 10p a litre more expensive than petrol, yet the gap at the pumps is only 5p. If retailers as a whole were playing fair with drivers, petrol would be at least 7p cheaper than it is now, down to about 150p from its current average of 157p."

Fuel retailers and supermarkets have been accused of using motorists as "cash cows" and earlier this year the Competition and Markets Authority (CMA) found that drivers were paying more for petrol and diesel than before the Covid pandemic because of "weakened" competition.

skip past newsletter promotion

Sign up to Business Today

Get set for the working day - we'll point you to all the business news and analysis you need every morning
Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.
after newsletter promotion

After the CMA's intervention, retailers will be forced to provide live pricing data, allowing drivers to more easily shop around for the best fuel deals.

Williams said: "It's worrying that retailer margin across the UK is higher for petrol than it should be, considering the big four supermarkets were told off by the CMA for overcharging drivers by £900m in 2022.

"While many have voluntarily started to publish their prices ahead of being mandated to in law, we still have a situation where wholesale price changes aren't being fairly reflected on the forecourt."

This week Haitham al-Ghais, the secretary general of the Opec+ group of 23 oil-producing nations, which includes Russia and Saudi Arabia, said he expected demand for oil to grow and remain "resilient" this year.

# data[].attributes.attachment_link.title
UK cost of diesel soars as RAC says petrol is 'overpriced by about 7p a litre'

# data[].attributes.attachment_link.description
Diesel up by more than 8p to 163p in September and petrol by 4.5p to 152p amid global oil production cuts

# data[].attributes.body
According to reports one large pub chain will charge 20p more per pint of beer at the weekend as well as charging more during major live sporting events shown in thier pubs. Can you apply economic theory to this example?

# data[].attributes.body
Can you apply externality diagram analysis to explain what is going on in this story?

# data[].attributes.attachment_link.readable_text
The government has reannounced plans to ban plastic wet wipes that clog up Britain's sewers, amid increasing pressure to tackle water pollution.

The government said it will launch a public consultation on the measure, building on a pledge from major retailers like Boots and Tesco who have vowed to stop selling the products.

The measure is part of a wider plan to clean up and improve the UK's water quality, including tougher enforcement for those who pollute.

However, opposition MPs have accused the government of reheating failed measures "that give the green light to sewage dumping". The government has previously pledged to crack down on wet wipes, first in 2018 and again in 2021.

Wet wipes flushed down toilets cause 93% of sewer blockages and cost around £100m a year to clear up, according to Water UK.

While there are some biodegradable options on the shelves, most products contain plastics which do not break down - causing them to clog up pipes over time.

In its Plan for Water published on Monday night, the government said it wants to ban these subject to a public consultation, and will work with industry to make sure environmentally friendly alternatives are available.

Environment Secretary Therese Coffey told the BBC the consultation is "a legal requirement to make sure that we can go ahead with any ban" and the proposal "is to ban plastic from wet wipes".

But the announcement was criticised by the Lib Dems, who also released data last night showing that water companies dumped sewage on English Blue Flag beaches more than 1,500 times in 2022.

Blue Flag status is supposed to indicate clean coastline and water.

The party's environment spokesperson Tim Farron said: "Yet again the Conservative government is taking the public for fools by re-announcing a wet wipe policy from five years ago. This is a complete farce."

2:53

The wet wipes plan is one of a series of measures the Department for Environment, Food and Rural Affairs (DEFRA) said will improve England's water quality.

Other proposals in the Plan for Water include restrictions on per- and polyfluoroalkyl substances (PFAS) in firefighting foam, textiles, cleaning products, paints and varnishes.

The government also wants to encourage water companies to install more smart meters in households to reduce water demand and give farmers £34m to improve pollution from slurry.
Click to subscribe to ClimateCast with Tom Heap wherever you get your podcasts
Ms Coffey laid out her department's plans in a speech today at the London Wetland Centre.

She has already said that water companies could face unlimited penalties for dumping sewage - following calls for her to resign over what opposition MPs have called a "national scandal".

New figures showed water companies took no action to reduce pollution despite discharges falling by 19% in 2022.
Read more:
Good news on fall in sewage spills only highlights scale of challenge
Government criticised for 'repeating' mistakes on beach sewage spills
Water bosses admit their performance has been 'unacceptable'
Craig Bennett, chief executive of The Wildlife Trusts, welcomed the ambition but said it was "unclear how all of the initiatives will fit together, while the health of our waters continues to deteriorate.

"Crucially, this plan must help to significantly reduce pollution from agriculture, as well as that caused by the water industry," he said.

Responding to the Plan for Water, Labour's shadow environment secretary Jim McMahon said: "This announcement is nothing more than a shuffling of the deck chairs and a reheating of old, failed measures that simply give the green light for sewage dumping to continue for decades to come.

"This is the third sham of a Tory water plan since the summer. There's nothing in it that tells us how, if or when they will end the Tory sewage scandal."

Green Party co-leader Adrian Ramsay said: "After years of burying their heads, ministers have finally surfaced to tackle the scourge of sewage and pollution in our waterways and along our coasts.

"It's clear the Conservatives can also smell a local election in the air and are only acting in response to public pressure.

"The actions are too little too late, and still leave the water industry in private hands able to profit from failure."

# data[].attributes.attachment_link.title
Government wet wipe ban plan criticised as rehash of previous proposal

# data[].attributes.attachment_link.description
The government has reannounced plans to ban plastic wet wipes that clog up Britain's sewers, amid increasing pressure to tackle water pollution. The government said it will launch a public consultation on the measure, building on a pledge from major retailers like Boots and Tesco who have vowed to stop selling the products.

# data[].attributes.body
Are these arguments enough to justify not going ahead with the ban?

# data[].attributes.attachment_link.readable_text
In a statement, head of science at Water UK, wet wipes make up 93 per cent of the material causing sewer blockages.

Water UK's Director of Corporate Affairs, Rae Stewart commented: "Water companies spend billions of pounds every year improving water and sewerage services in this country,

"But our sewers are just not designed to handle these new wipes which clog up the system.

"It's clear that something needs to change."

But some parents aren't happy with the proposed plans to "eliminate" wet wipes completely.

Taking to Twitter, one mum wrote: "I just can't imagine a world without wet wipes".

While mum-of-one, Jessica Garratt told Baby: "I wouldn't know what to do if wet wipes were banned - I literally use them for everything since becoming a mum!"

Another joked: "Mate, have you tried wiping a baby's bum with a tissue?"

Other parents asked for alternatives and even suggested fining "the fools that flush them" rather than getting rid of wet wipes completely.

# data[].attributes.attachment_link.title
UK to impose wet wipes BAN - and parents aren't happy

# data[].attributes.attachment_link.description
In a statement, head of science at Water UK, wet wipes make up 93 per cent of the material causing sewer blockages. Water UK's Director of Corporate Affairs, Rae Stewart commented: "Water companies spend billions of pounds every year improving water and sewerage services in this country, "But our sewers are just not designed to handle these new wipes which clog up the system.

# data[].attributes.body
Use market failure analysis to explain why there is a case for government intervention in this market and critically evaluate the likely effectiveness of these plans.

# data[].attributes.attachment_link.readable_text
millions are being encouraged to walk and cycle more this year to get fit and save money, with an additional £32.9 million of government funding to accelerate walking and cycling schemes across the country

with many people looking to improve their health or reduce their carbon footprint this month, the government is helping councils improve how they design and create active travel schemes by training staff

innovations could see better designed school safety zones to encourage active travel, improved walking and cycling infrastructure on local high streets as well as new cycle and wheelchair paths

Millions of families, commuters and school children are being encouraged to take up healthy habits this year. Local councils will benefit from skills training and a boost to green jobs thanks to a £32.9 million scheme launched today (2 January 2023) which will enable them to develop thousands of well thought-through local walking and cycling schemes, co-created by the communities that will use them.

As people across the country are looking to kickstart the year with healthy resolutions, the government expects to see millions shake up the way they travel.

The investment will help local councils in England design, develop and consult on high-quality active travel schemes that work for residents and consider the local road network. These could include new school safety zones to encourage active travel, improved walking and cycling infrastructure on local high streets as well as new cycle and wheelchair paths.

The measures aim to get more people of all groups walking and cycling and help to address the barriers that exist. Surveys show the number one issue putting women off cycling is how safe they feel on the roads with 79% of women supporting more protected cycle lanes being built. Safety will therefore be the major focus for the new designs and routes.

This funding will support local authorities to maximise active travel investment by enhancing their technical skills. Local councils will be investing in resources dedicated to co-creating schemes communities want. Activities being funded include network planning, public engagement exercises and bespoke training for councillors and staff. The fund could see hundreds of new green jobs created across England.

Making active travel part of everyday journeys can improve health, cut costs and protect the environment. Cycling UK has estimated that if people cycled short journeys, they would save an average of £126 per year in fuel costs alone and would burn hundreds of extra calories each week.

Active Travel Minister Jesse Norman said:

Leaving the car and walking and cycling instead is an easy way to get fit, save money and reduce your carbon footprint.

Better designed schemes, which take into account the views of local people will help deliver improvements that have widespread local support.

Skills training and local community engagement will help local authorities to make active travel an attractive choice for getting around.

Developing teams that lead active travel programmes will create more cost-effective and well-targeted projects. Local authorities will learn how to enhance their engagement with residents, businesses and other road users to ensure schemes are delivered with local support.

National Active Travel Commissioner, Chris Boardman, said:

If we want to enable hundreds of thousands more people to walk, wheel and cycle for everyday trips then we need to deliver high-quality schemes that make it feel easy, fun and safe.

Of course, ensuring the right technical skills are in place at a local level is vital but so is engagement. Survey after survey has shown strong community support for making space for active travel but it's vital that people get strong input into helping to decide what is the right solution for their area.

The funding will also be used to engage under-represented groups and enable more children to walk, wheel and cycle to school. Community engagement programmes will give individuals the confidence to walk and cycle safely through cycle training, school walking groups and bike rental schemes.

Xavier Brice, Chief Executive Officer of Sustrans, the charity that makes it easier for people to walk, wheel and cycle, said:

Sustrans is pleased to see this investment in training and community engagement which will ultimately lead to high-quality infrastructure developments across England that help people choose to use their cars less.

This funding is crucial in ensuring that travelling actively is a safe and accessible option for all, particularly as we work towards the government's goal of 50% of all journeys in towns and cities being walked or cycled by 2030.

We're looking forward to seeing ambitious plans being brought to life and continuing our work to support our local authorities in doing so.

People will benefit from better access to jobs and education through initiatives such as outreach to schools and employment centres.

The 'capability fund' will support local councils across the country to train and retain local engineers and planners, creating a skilled active travel workforce able to collaborate effectively with local communities and conduct high-quality engagement and consultation sessions.

As well as enabling local councils to hire and retain skilled professionals, this multi-million-pound investment will deliver specialised training, driving up skills and ensuring consistent, high-quality schemes are set up across England to give people truly attractive active travel choices.

# data[].attributes.attachment_link.title
£32.9 million to create a national network of walking and cycling experts

# data[].attributes.attachment_link.description
millions are being encouraged to walk and cycle more this year to get fit and save money, with an additional £32.9 million of government funding to accelerate walking and cycling schemes across the country with many people looking to improve their health or reduce their carbon footprint this month, the

# data[].attributes.body
The top 4 streaming services hae nearly 70% arket share between them but after investigating the CMA have decided that they are not abusing their market position. Read this article to find out more.

# data[].attributes.attachment_link.readable_text
The world's biggest record labels and streaming services are not making excessive profits at the expense of artists struggling to make a living from the digital music revolution, a long-running investigation by the UK competition watchdog has concluded.

The Competition and Markets Authority said artists' concerns about low returns were understandable, but intervening in the market would be unlikely to help.

The CMA found the streaming boom had benefited music fans, who have seen the cost of paying for services such as Spotify, Apple Music and Amazon Music fall by a fifth between 2009 and 2021, and can also access songs for free via ad-supported packages.

It also said the world's biggest music businesses - Universal Music, Warner Music and Sony Music, which control about three-quarters of the UK recorded music industry - and the streamers were not "likely to be making significant excess profits that could be shared with creators".

However, the CMA's final report will disappoint many artists and creators in the music industry who have struggled to make a meaningful income from streaming, claiming they do not get a fair share of revenues from deals, who had been hoping the watchdog would launch a full market investigation off the back of the findings of the study.

The CMA said the UK has 39 million monthly listeners to streaming services, who stream 138bn times a year. However, more than 60% of the music streamed is from just 0.4% of artists, with superstars such as Taylor Swift, Ed Sheeran, Drake and Adele the biggest winners of the digital music era.

The study found that average royalty rates in major deals with artists have increased from 19.7% to 23.3% between 2012 and 2021. However, while an artist in the UK can expect to earn about £12,000 from 12 million streams, less than 1% of musicians achieve that level of listening.

"Streaming has transformed how music fans access vast catalogues of music, providing a valuable platform artists to reach new listeners quickly, and at a price for consumers that has declined in real terms over the years," the CMA interim chief executive, Sarah Cardell, said.

"We heard from many artists and songwriters across the UK about how they struggle to make a decent living from these services," Cardell added. "These are understandable concerns, but our findings show that these are not the result of ineffective competition. Intervention by the CMA would not release more money into the system that would help artists or songwriters."

The CMA was asked to launch the study after a scathing report by a cross-party committee of MPs last year called for a "complete reset" of a streaming model it believed only benefited big labels and superstar acts.

skip past newsletter promotion

Sign up to Business Today

Get set for the working day - we'll point you to all the business news and analysis you need every morning
Privacy Notice: Newsletters may contain info about charities, online ads, and content funded by outside parties. For more information see our Privacy Policy. We use Google reCaptcha to protect our website and the Google Privacy Policy and Terms of Service apply.
after newsletter promotion

Music streaming dominates fans' listening habits and accounted for 80% of the £1.7bn total UK industry income last year. Spending on subscriptions to services such as Spotify, Apple Music and Amazon Music reached £1.3bn, compared with just £135.6m on vinyl albums, and £150m on CDs.

"The CMA report held no real surprises," said Tom Gray of the band Gomez, who is the founder of the campaign group Broken Record. "'Not our problem' would be a good description. They kick the problem of creator earnings back to the government in the knowledge that it is a sincerely hot potato.

"Streaming payment rates have been falling in real terms for over a decade. Streaming is replacing radio as well. So, inevitably songwriters and performers will ultimately lose the significant income they receive from broadcast. This just points us back to the government which needs to update the copyright structure and creator rights."

# data[].attributes.attachment_link.title
UK music streaming services not making excessive profits, says watchdog

# data[].attributes.attachment_link.description
The world's biggest record labels and streaming services are not making excessive profits at the expense of artists struggling to make a living from the digital music revolution, a long-running investigation by the UK competition watchdog has concluded. The Competition and Markets Authority said artists' concerns about low returns were understandable, but intervening in the market would be unlikely to help.

# data[].attributes.body
Lots of good examples of externalities affecting one of the most beautiful cities in the world. What policies could be used to address these problems.

# data[].attributes.attachment_link.readable_text
It is well-known that Venice is drowning as global sea levels rise because of climate change. Last year, the city suffered its worst floods in half a century.

Less well-known is that Venice is also choking on its own pollution.

Hundreds of diesel-powered vaporetti - commuter boats or water buses - spew out tonnes of carbon as they zigzag through the city's canals. Zipping to and from the Italian mainland, they ferry the 25 million tourists that visit annually, as well as food, hotel laundry and goods.

But some in this climate-challenged city believe they have at least a partial answer to Venice's environmental problems; an alternative vaporetto powered not by diesel but by hydrogen, a fuel that emits only water vapour when burnt and none of the carbon or greenhouse gases which cause pollution and climate change.

Still, this vaporetto won't be taking to Venice's waters anytime soon. In fact, its fate in some ways mirrors the problems that hydrogen has faced globally as an alternative source of "clean" energy.

For many decades, hydrogen has been known as the "magic molecule", the world's most abundant element that could work as an alternative to natural gas and other fossil fuels. Concerns about hydrogen's safety and cost meant it never quite took off.

But with the threat of climate change now looming large, there are those who say its time has come, not least because the cost of making hydrogen using renewable energy - what's known as "green hydrogen" - has started to come down significantly.

Among its evangelists is Marco Alverà, chief executive of Snam, the Italian company that operates Europe's largest natural gas pipeline network. Green hydrogen is a "key enabler for a decarbonised economy and [it's] becoming affordable," he says.

Last year, Snam injected a small amount of hydrogen into Italy's gas network, mixing it with natural gas. It was a much-publicised experiment to showcase hydrogen's potential - and convince the public it was safe.

But the company's vision is even more ambitious: Mr Alverà believes that one day huge banks of solar panels in north Africa could provide the energy needed to create green hydrogen which would then be piped into Europe through Snam's vast natural gas pipeline network.

People would use hydrogen instead of natural gas to heat their homes and cook. Green hydrogen would also power industry because it can generate the intense heat needed by industrial processes such as the manufacturing of steel and cement - industries which are otherwise difficult to de-carbonise.

With hydrogen, says Mr Alverà: "We have a path that doesn't bet on people changing their behaviour." And he reckons it wouldn't be too difficult for Snam's gas pipeline to be adapted to carry hydrogen instead.

But critics point out that the vast majority of all hydrogen being produced today is done so from fossil fuels, what's known as "grey" hydrogen. That effectively cancels out its environmental credentials. What's more they argue that adapting existing pipelines to carry hydrogen instead of natural gas is an expensive process.

So what needs to change for hydrogen to really take off as a clean energy source?

The answer requires a quick chemistry refresher. To make hydrogen you need to split water, a process known as electrolysis. Water is two hydrogen molecules and one water molecule (H2O). By adding an electrical current to water, you separate the molecules, getting bubbles of hydrogen and oxygen splitting out.

"It's a very simple process. We've all done it at school," Mr Alverà says.

Electrolysis requires energy. Solar and wind power are now in many instances cheaper than fossil fuel energy which means that "suddenly you get a cost of [green] hydrogen that can really compete with other fuels in the economy," he says.

But Sauro Pasini, a consultant on renewable energy who has spent his career working in the Italian energy sector, isn't convinced.

"There are other options which remain more competitive [than green hydrogen]," he says. "I don't think hydrogen will play a role in [mitigating] the climate crisis in the near future." Mr Pasini notes that technology for green electricity - and its storage - is already many years ahead of hydrogen.

Snam's Mr Alverà remains undaunted. He concedes that electrification from renewables will play a significant role in decarbonising economies, rising to about 50% of all energy use.

"The question is how do we make that remaining 50% carbon-free?" he says. He wants the European Union to put in place policies that would help bring down further the cost of electrolysers to make hydrogen competitive with fossil fuels.

It may all come too late for Venice's hydrogen-powered vaporetto. A prototype called the Hepic, is sitting idle in a shipyard outside the city because Italian law doesn't allow boats powered by alternatives to fossil fuel to sail.

"Of course I'm disappointed," says Fabio Sacco, the president of Alilaguna, the water bus company which runs Venice's vaporetti, and which developed the Hepic back in 2010 in a joint project with the regional authority of Veneto, at a cost of over one million euros ($1.1m: £850,000).

Delays in getting the Hepic approved to sail means the technology, and its commercial viability, remain untested.

"I would have liked to see the Hepic sail but the bureaucracy is slow and hasn't kept up," Mr Sacco says. "That said, pollution is a big and serious problem here in Venice and we're not going to give up."

Listen to more from Manuela Saragosa on BBC World Service's Global Business programme - Hydrogen: The answer to climate change?

# data[].attributes.attachment_link.title
Stopping Venice choking on its own pollution

# data[].attributes.attachment_link.description
It is well-known that Venice is drowning as global sea levels rise because of climate change. Last year, the city suffered its worst floods in half a century. Less well-known is that Venice is also choking on its own pollution.

# data[].attributes.body
Look at this blog along with the BBC article on Vaping amongst children

# data[].attributes.attachment_link.readable_text
This news story from the health section of BBC News offers a terrific opportunity to A level economists and teachers to open up the economic analysis and policy toolbox to address an important contemporary market failure - 'Vaping'.

Latest data suggests almost 1 in 9 of 11 to 18-year-olds in England are vaping, up from 1 in 25 just two years ago. 1 in 14 adults are vaping. More than 50% of young vapers use disposable vaping products compared with just 7.8% two years ago.

The evidence on the dangers of vaping is equivocal. Vapes (or e-cigarettes) are safer than cigarettes because they don't contain harmful tobacco, or produce dangerous tar or carbon monoxide from tobacco smoke. But they are not risk-free; containing nicotine (an addictive substance) and young, regular users have reported nosebleeds, headaches and sore throats. Vast quantities of single use vapes are also being thrown into landfill (itself an increasingly scarce resource).

The Local Government Association (LGA), the medical profession and the Health Charity (ASH) are united in warning about the dangers of vaping. A whole raft of policy measures is suggested to deal with this market failure and the negative consumption externalities of vaping

1. Tighter rules on packaging and advertising - only sell vapes in plain packaging

2. Keep vapes behind the counter (like cigarettes) and out of sight of children

3. Vapes should only be sold to people trying to give up smoking

4. Introduce an indirect tax on single-use vapes in the forthcoming March Budget

5. Tougher fines for businesses who break the law by underage selling (as with cigarettes the minimum aga is 18). Trading standards suggest the incidence of this is about one third of businesses and is also regularly seizing lorry loads of counterfeit and illegal vapes from shops across the country, as well as at Channel ports (pointing to a thriving 'Black Market')

In separate moves both the Scottish and Irish governments have both been considering bans on the disposal of vapes to reduce their impact on public health and the environment (including concerns over littering).

Given the nature of this market failure story, it is a terrific opportunity to dust down and practice those negative consumption externality diagrams alongside how the different policy proposal measures may work (full and partial information, impact of specific taxes & the burden between consumer and producer, tougher regulation on sales and advertising and the circumstances under which a ban should be implemented). These can all be evaluated and the dangers of government failure should not be overlooked.

# data[].attributes.attachment_link.title
Externalities and Market Failure - Councils urged to keep vapes out of sight of children

# data[].attributes.attachment_link.description
This news story from the health section of BBC News offers a terrific opportunity to A level economists and teachers to open up the economic analysis and policy toolbox to address an important contemporary market failure - 'Vaping'. Latest data suggests almost 1 in 9 of 11 to 18-year-olds in England are vaping, up from 1 in 25 just two years ago.

# data[].attributes.body
This article goes together with the blog from tutor2u on post next to it!

# data[].attributes.attachment_link.title
Keep vapes out of sight of children in shops, say councils

# data[].attributes.attachment_link.description
Vapes should only be used by smokers who want to give up tobacco, health officials continue to warn.

# data[].attributes.headline
Free vapes to be given to pregnant smokers.

# data[].attributes.subject
Free vapes to be given to pregnant smokers.

# data[].attributes.body
Will this policy work in reducing smoking or is it an example of government failure just waiting to happen?

# data[].attributes.attachment_link.readable_text
By Sean Seddon & Rachel Russell

One million smokers will be given a free vaping starter kit to encourage them to give up tobacco products.

Pregnant women will also be offered up to £400 to stop smoking as part of a package of measures in England unveiled by the government on Tuesday.

A consultation will be launched on compelling cigarette manufacturers to put advice on quitting inside packs.

But charities have warned swapping cigarettes for vapes is "nowhere near sufficient" in tackling addiction.

The plans also include a crackdown on underage and illicit vape sales.

Almost one in five smokers in England will receive a kit alongside behavioural support, the government said.

In a speech on Tuesday, health minister Neil O'Brien described the free vape policy - dubbed "swap to stop" - as the first of its kind in the world.

"Up to two out of three lifelong smokers will die from smoking. Cigarettes are the only product on sale which will kill you if used correctly," he said.

Mr O'Brien also ruled out raising the minimum age for the sale of cigarettes from 18.

Instead, policies will focus on "helping people to quit" rather than imposing bans, he said.

Last year, a major review led Dr Javed Khan called for the minimum age to be increased by one year, every year "until no one can buy a tobacco product in this country".

MPs from the all-party parliamentary group on smocking and health have previously recommended hiking the age of sale to 21.

It is estimated that 9% of women still smoke during pregnancy in England, and the government says local trials indicate that financial incentives and behavioural support can be effective.

The Department of Health and Social Care (DHSC) said it would set out details on how this scheme will work "in due course".

Local authorities are being invited to join the first wave of areas taking part in the free vape policy, before a larger national scheme is rolled out over the next two years.

Officials estimate it will cost around £45m and is set to be funded from the health department's budget, but administered by local authorities.

Deborah Arnott, chief executive of the Action on Smoking and Health campaign, said the policy announcements are "welcome steps in the right direction".

But she warned the moves are "nowhere near sufficient" as the target date for England becoming "smoke free" by 2030 nears.

She said: "Vapes increase smokers' chances of successfully quitting, as do vouchers for pregnant smokers, so these are welcome steps in the right direction, but they are nowhere near sufficient."

Sarah MacFadyen, from charity Asthma and Lung UK, said tackling addiction was more complex than just swapping cigarettes for vapes, saying "what smokers need is stop smoking services offering personalised support".

In 2019, ministers pledged to end smoking - defined as getting rates below 5% - by the end of the decade. As of 2021, smoking prevalence in England was 13%, the lowest on record.

But a review of the 2030 target published last year warned it will be missed by at least seven years without further action.

Its author, Dr Khan, called for a range of new measures, including a ban on smoking at outdoor spaces such as beaches and beer gardens.

The same report recommended promoting vaping as an alternative to tobacco, but said e-cigarettes are not a "silver bullet" or "totally risk free".

While the government wants to encourage adult smokers to swap cigarettes for vapes, there are concerns about the rising popularity of the products among children.

NHS figures released last year revealed 9% of secondary school pupils use a vape regularly or occasionally, including almost one in five 15 year olds.

The government announced earlier this week it is setting up a new trading standards enforcement squad to crack down on vapes being sold illegally to under-18s.

A full consultation on how young people can be discouraged from taking up the habit is also being launched on Tuesday.

Other countries are taking different approaches to e-cigarettes and smoking - with many countries banning vaping, including Thailand, Sri Lanka, Mexico, Iran, India and Argentina.

According to the Australian government website, it is illegal to possess or use any nicotine vaping products without a prescription from a doctor. It is also illegal to smoke cigarettes and e-cigarettes in enclosed public places such as trains, planes and buses.

Meanwhile, Turkey has banned the sales of e-cigarettes although it is not actually illegal to vape in the country.

# data[].attributes.attachment_link.title
Vaping: Free e-cigarettes to be handed out in anti-smoking drive

# data[].attributes.attachment_link.description
By Sean Seddon & Rachel Russell One million smokers will be given a free vaping starter kit to encourage them to give up tobacco products. Pregnant women will also be offered up to £400 to stop smoking as part of a package of measures in England unveiled by the government on Tuesday.

# data[].attributes.headline
Planning restrictions removed to aid growth

# data[].attributes.subject
Planning restrictions removed to aid growth

# data[].attributes.body
Will this work? What is the chain of analysis? Could there be a risk of government failure? Why?

# data[].attributes.headline
Macro - Relative size of national economies by GDP

# data[].attributes.subject
Macro - Relative size of national economies by GDP

# data[].attributes.attachment_link.title
Top Heavy: Countries by Share of the Global Economy

# data[].attributes.attachment_link.description
Just five countries make up more than half of the global economy. The top 25 countries make up a staggering 84% of the world’s GDP.

# data[].attributes.headline
Bank of England intervene to buy up Government bonds. 

# data[].attributes.subject
Bank of England intervene to buy up Government bonds. 

# data[].attributes.body
Can you explain the chain of analysis between this and the cost of borrowing for the government?

# data[].attributes.headline
Next warn impact of weak pound could keep prices higher for longer

# data[].attributes.subject
Next warn impact of weak pound could keep prices higher for longer

# data[].attributes.body
Can you explain why this would be the case?

# data[].attributes.attachment_link.readable_text
"There are so many variables at play - energy, freight, employment, tax, economic migration, exchange rates... Today, more than ever, it is not possible to predict the future on the basis of the past," he said.

# data[].attributes.attachment_link.title
Next warns weaker pound could prolong cost of living pressures

# data[].attributes.attachment_link.description
"There are so many variables at play - energy, freight, employment, tax, economic migration, exchange rates... Today, more than ever, it is not possible to predict the future on the basis of the past," he said.

# data[].attributes.headline
Online travel companies TravelSupermarket and Ice lolly merge

# data[].attributes.subject
Online travel companies TravelSupermarket and Ice lolly merge

# data[].attributes.body
This merger was announced in May 2021 and happened in September 2021. What do you think the reasons were that made this an attractive idea for both these firms?

# data[].attributes.attachment_link.readable_text
In an update to the London Stock Exchange, it said both brands would be retained under the proposed joint venture, which is subject to regulatory approval from the Competition and Markets Authority (CMA).

If approved, the new company will be called Ice Travel Group and will be led by current Icelolly.com chief executive Richard Singer.

The statement said the transaction would be structured as a cash-free exchange, with MoneySupermarket owning 62% and having board control, with the remaining equity held by current Icelolly.com owners Palatine Private Equity and the management team.

No new capital is being invested, although MSMG has agreed a £4 million loan to fund working capital requirements. In 2019, the combined revenue of the two brands was around £30 million.

Peter Duffy, chief executive of Moneysupermarket Group, said: "The combination of TravelSupermarket and Icelolly.com will benefit customers of both brands with a richer and more diversified offer as the travel and holiday markets recover.

"As well as unlocking commercial benefits, the creation of a standalone entity under a dedicated management team will give us greater flexibility going forwards to maximise shareholder returns."

TravelSupermarket was founded in 2004 and is based in London and Wales, while Icelolly.com was founded in 2005 and is based in Leeds.

Singer, who joined Icelolly.com in 2017 and was previously president of European and Australian operations at Travelzoo, said combining the businesses would offer a better service to customers.

"Making holiday discovery exciting and simple for everyone and helping holidaymakers to find and save money on their perfect holiday is at the centre of everything which the two brands have done and which the new company will do," he said.

"We will continue to partner with some of the biggest and best travel companies in the UK and roll out more exciting and innovative services to bring a more complete comparison experience to each site."

Mark Gracey, director of corporate development at MoneySupermarket Group, added: "We believe a joint venture will thrive as travel returns to normality. The combination of these two consumer champions' resources and know-how will enable rapid innovation. The joint venture will develop the brands and ensure a full recovery from the impact of Covid."

Andy Lees, non-executive director of Icelolly.com and partner at Palatine Private Equity, said: "The ethos of the combined business will continue to have consumers at its heart. Digital innovation and access to a large pool of travel providers will offer customers a more comprehensive and accessible comparison experience".

# data[].attributes.attachment_link.title
TravelSupermarket and Icelolly.com propose joint venture | Travel Weekly

# data[].attributes.attachment_link.description
In an update to the London Stock Exchange, it said both brands would be retained under the proposed joint venture, which is subject to regulatory approval from the Competition and Markets Authority (CMA). If approved, the new company will be called Ice Travel Group and will be led by current Icelolly.com chief executive Richard Singer.

# data[].attributes.body
But JD only bough Foot Asylum recently! What has gone wrong?

# data[].attributes.attachment_link.readable_text
It said neither men could provide documentation around the meetings, with "no notes, no agendas, no emails and poor phone records, some of which were deleted before they could be given to the CMA".

# data[].attributes.attachment_link.title
JD Sports loses millions in forced Footasylum sale

# data[].attributes.attachment_link.description
It said neither men could provide documentation around the meetings, with "no notes, no agendas, no emails and poor phone records, some of which were deleted before they could be given to the CMA".

# data[].attributes.body
Lots of information in here. What would the CMA be looking for when deciding whether to approve Morrisons takeover of McColls?

# data[].attributes.attachment_link.title
Morrisons’ takeover of McColl’s ‘will not harm majority’ of rival firms

# data[].attributes.attachment_link.description
Competition regulator’s finding paves way for clearance of £190m rescue deal by supermarket group

# data[].attributes.headline
Could Western countries create a monopsony to force Putin to accept lower prices for oil an gas?

# data[].attributes.subject
Could Western countries create a monopsony to force Putin to accept lower prices for oil an gas?

# data[].attributes.body
Taken from the Guardian newspaper 27/6/2022

# data[].attributes.attachment_link.title
The Guardian-Price cap for oil imports 2022-06-27 20_15_50

# data[].attributes.body
This clip is from a hit BBC comedy from the 1980s and shows how with some planning a series of questions can be asked that will lead to a particular outcome that the questioner wants to achieve.

# data[].attributes.body
Creating a positive outcome for speeding fines changes behaviour

# data[].attributes.attachment_link.title
The Speed Camera Lottery - The Fun Theory

# data[].attributes.body
An example of choice architecture being used creatively

# data[].attributes.attachment_link.title
Piano stairs  - TheFunTheory.com - Rolighetsteorin.se

# data[].attributes.body
Look at the difference in price for flights to the holiday island of Menorca! I've highlighted the flight at the start and end of the May half term. Can you use Economic analysis of Supply and Demand to explain why they are at east 4 times more expensie than the other dates?

# data[].attributes.headline
Example of framing - Behavioural Economics

# data[].attributes.subject
Example of framing - Behavioural Economics

# data[].attributes.body
Instead of being "out of stock" Amazon uses these name cards in its physical stores. Think about the difference this phrasing makes.

# data[].attributes.wish_content.attachment_props.text
Nice example of reframing unavailable items by Amazon Fresh - out of stock suggests logistical ineptitude, so good it’s gone emphasises social appeal

In the excellent Evolutionary Ideas by ⁦@s_tatam⁩

# data[].attributes.wish_content.attachment_props.original_text
Nice example of reframing unavailable items by Amazon Fresh - out of stock suggests logistical ineptitude, so good it’s gone emphasises social appeal

In the excellent Evolutionary Ideas by ⁦@s_tatam⁩ https://t.co/b7Q7DAK2fO

# data[].attributes.attachment_link.embed_code
Nice example of reframing unavailable items by Amazon Fresh - out of stock suggests logistical ineptitude, so good it’s gone emphasises social appeal

In the excellent Evolutionary Ideas by ⁦@s_tatam⁩ pic.twitter.com/b7Q7DAK2fO
— richard shotton (@rshotton) April 15, 2022

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
Nice example of reframing unavailable items by Amazon Fresh - out of stock suggests logistical ineptitude, so good it’s gone emphasises social appeal

In the excellent Evolutionary Ideas by ⁦@s_tatam⁩ https://t.co/b7Q7DAK2fO

# data[].attributes.attachment_link.metadata.attachment_props.original_text
Nice example of reframing unavailable items by Amazon Fresh - out of stock suggests logistical ineptitude, so good it’s gone emphasises social appeal

In the excellent Evolutionary Ideas by ⁦@s_tatam⁩ https://t.co/b7Q7DAK2fO

# data[].attributes.attachment_link.metadata.attachment_props.text
Nice example of reframing unavailable items by Amazon Fresh - out of stock suggests logistical ineptitude, so good it’s gone emphasises social appeal

In the excellent Evolutionary Ideas by ⁦@s_tatam⁩

# data[].attributes.body
This incredible story shows the uninitended consequences government policies can have. Keep this as an example of government failure!

# data[].attributes.attachment_link.readable_text
Customs officer Helder Mendes has lost count how of many trucks he has already stopped on this October day.

"Good afternoon, your papers, please. What is your load?" he asks a truck driver. Since seven in the morning, he and five colleagues have been checking trucks en route from Spain at Vilar Formoso, one of Portugal's busiest border crossings.

The customs team is looking for a type of contraband they have been finding lately with increasing regularity - soft drinks. In Portugal, soft drinks are subject to a sugar tax, while in Spain the sweet bubbly stuff is only subject to value added tax. As a result, soft drinks are increasingly being illegally moved across the border. Portugal hopes to put a stop to that trend by setting up simultaneous search operations at all national borders.

Professional soda smugglers

Portugal introduced a levy on soft drinks in 2017, said Helder Fernandes, head of the Criminal Investigation Department of the Portuguese GNR National Police, which is also responsible for customs investigations. "Over the past two years, we've noticed that smuggling these drinks has not only increased but is now professionally organized."

Every day, Officer Helder Mendes (right) has a thorough look through truck drivers' papers and loads

A search operation a year and a half ago proved just how professional they've become when police seized more than 600 hectoliters (15,850 gallons) of untaxed soda. It was the largest catch to date, involving €40,000 ($46,000) in taxes. The sugar-sweetened beverages were on their way to stores and restaurants in the greater Lisbon area.

No tax harmonization in EU

"The problem is that taxes are still not harmonized within the EU," says Fernandes, adding that this is true for VAT as well as the sugar tax, which is meant to reduce the amounts of sugar that people consume. "The tax is relatively small, but the quantity makes a difference."

So Mendes and his colleagues search truck after truck. They check pallets laden with goods, climb onto tanker trucks to look for untaxed sugary drinks and compare loading documents with tax forms on their laptops.

"It's not easy, because we have to match a lot of data to know if it's contraband," says Mendes, adding that they have to find out whether Spanish VAT was factored out of the price, whether Portuguese VAT was paid, and also check for proof that the Portuguese sugar tax was paid.

Fernandes and his colleagues with the National Police have noticed an increasing professionalism with smugglers

What is time-consuming at the borders has had a positive effect across Portugal. Many soda pop producers have reduced the sugar content in their drinks and consumption has dropped, according to the Health Ministry. The sugar tax has been successful in fighting widespread diseases including diabetes and obesity - despite the fact that the sugar tax amounts to just €1 per hectoliter.

Worthwhile profit margin

However, the less expensive fizzy drinks from Spain are too good to pass up for people who don't take taxes too seriously, says Mendes.

"After all, people don't drive to Spain to buy soft drinks for a kids' birthday party," he says. "We are looking at pros that do this on a grand scale."

Police have kept an eye out for smugglers at the Vilar Formoso border crossing to Spain

It's a lucrative business. Fernandes recalls a case where caffeinated lemonade was sold for 50 cents a can, while it normally costs a euro. The sellers still had a big profit margin, he adds. Smuggling soda pays off, which is why controls are no longer limited to border crossings.

"We now regularly check trucks in the country and stores," says Fernandes.

Shortly after noon, a total of 48 customs officers have finished checking almost 500 trucks along the country's national borders - without finding any smuggled soft drinks. Mendes and his team are done for the day, and leave the border crossing - at least until the next search operation.
This article has been translated from German

# data[].attributes.attachment_link.title
Criminal gangs smuggle sodas into Portugal to avoid sugar tax | DW | 24.10.2021

# data[].attributes.attachment_link.description
Customs officer Helder Mendes has lost count how of many trucks he has already stopped on this October day. "Good afternoon, your papers, please. What is your load?" he asks a truck driver. Since seven in the morning, he and five colleagues have been checking trucks en route from Spain at Vilar Formoso, one of Portugal's busiest border crossings.

# data[].attributes.body
Wheat is a core ingredient for most of the food we eat and is not easily replaceable with a substitute. THe price of wheat matters in many ways. This article takes you through the different factors that are influencing the current spike in prices.

# data[].attributes.attachment_link.title
Factors determining the price of wheat - Economics Help

# data[].attributes.attachment_link.description
Wheat is the fifth most commonly traded commodity after oil, coffee, gas and gold. It accounts for approximately 21% of the world’s food and the gross world trade in wheat is greater than all other crops combined. Wheat is a key ingredient of bread, flour, and pasta, and is also…

# data[].attributes.headline
Pay squeeze hits all public sector workers as inflation rises.

# data[].attributes.subject
Pay squeeze hits all public sector workers as inflation rises.

# data[].attributes.body
There is so much Economic theory in here for you to work through! There are inks to labour market information as well as macoeconomics. Make sure you can explain all the different points.

# data[].attributes.attachment_link.readable_text
Public sector pay for jobs such as NHS workers, teachers and civil servants fell further behind price rises in the three months to February, figures show.

While wages rose for public sector workers, price rises outpaced them meaning a 3% drop in spending power, the biggest fall in 20 years.

In contrast, an average private sector employee's wage bought 0.5% less.

The latest inflation figures show the cost of living is rising at its fastest pace for 30 years.

"Basic pay is now falling noticeably in real terms," said Darren Morgan from the Office for National Statistics describing the fall in spending power.

The most recent figures show that inflation reached 6.2% in February and new data, due out on Wednesday, is expected to show a further rise in March.

Tom Southern, a recruitment consultant from Macclesfield, says he and family are having to make cutbacks because of the rising cost of living.

The 30-year-old says he recently moved jobs to get a better salary, but it still does not go far enough.

"We're not massively uncomfortable, we have a house and two cars. But it's the little cutbacks you have to make, it starts to add up."

The father of three says it costs £1.80 a litre to put diesel in the family car and their energy bill has gone from £69 to £268 a month. Their weekly shop at Aldi is up from £50-60 to £80-90.

Tom and his partner, who is a midwife, also have loans to pay, childcare costs, and are getting married this month which is another bill to pay.

"I don't see myself as unfortunate, it's other people I feel sorry for," he says. "I don't see how single parents or people on a low wage can make ends meet."

Falling unemployment

The ONS said the unemployment rate fell to 3.8% from 3.9% last month.

Capital Economics said the fall in unemployment was mainly due to people taking themselves out of the workforce by retiring or by looking after family or long-term sick.

Ruth Gregory, senior UK economist at Capital Economics, said the number of people classed as inactive rose by 76,000 in the three month period.

At the start of the week, the annual rise in benefits and the state pension came into force. The increase was 3.1%. Now official figures show the average wage is going up by 4%.

In normal times, that sounds like a decent rise in income, but these are not normal times.

Households are watching most things get more expensive. Prices are rising at over 6% a year and accelerating, outstripping the uplift in benefits and pay. Remember, the target rate for price increases in the economy, as measured by inflation, is 2%.

That leaves policymakers with a headache.

Either people continue to get worse off, increasing poverty and putting added strain on individuals and the welfare system. Or workers get big pay rises, which bosses can only pay for by putting up prices again - creating what is called an inflationary spiral.

Targeted support for those in the most need is another option. Ultimately, it may be that everyone feels some short-term financial pain in the hope, and belief, that those prices rises slow to the 2% target as soon as possible.

The number of job vacancies reached a fresh high of 1.29 million between January and March - a rise of 492,400 roles compared with the pre-pandemic first three months of 2020.

The ONS said the highest rate of vacancies was in construction, which rose by 18.7% in the first three months of the year. Sectors such as hotels and food services, including restaurants, and entertainment saw job openings increase by 13.1%.

However, there was a fall in demand for people in the gas and electricity sectors where vacancy rates dropped by 14%.

Chancellor Rishi Sunak said the latest figures "show the continued strength of our jobs market", adding that the government was "helping to cushion the impacts of global price rises through over £22bn of support for the cost of living this financial year".

But Labour's shadow chief secretary to the Treasury, Pat McFadden, said the data shows that "Conservative choices are leaving real wages squeezed and people worse off".

"At a time like this, Rishi Sunak could have chosen a one-off windfall tax on huge oil and gas company profits to cut household energy bills by up to £600.

"Instead, he's decided to make Britain the only major economy to land working people with higher taxes in the midst of a cost-of-living crisis," he said.

Molly Scott Cato, Green Party finance and economy spokesperson, said: "Rather than a cost of living crisis we should see the perilous situation facing working people as a wages crisis.

"A Green government would introduce taxes on the wealthy and on pollution to fund decent pay rises so that all public service workers get a pay rise that at least matches the cost of living and begins to restore earnings lost over the last decade."

Are you struggling with the rising cost of living? Tell us your story by emailing: haveyoursay@bbc.co.uk.

Please include a contact number if you are willing to speak to a BBC journalist. You can also get in touch in the following ways:

If you are reading this page and can't see the form you will need to visit the mobile version of the BBC website to submit your question or comment or you can email us at HaveYourSay@bbc.co.uk. Please include your name, age and location with any submission.

# data[].attributes.attachment_link.title
Biggest squeeze for public sector pay in 20 years

# data[].attributes.attachment_link.description
Public sector pay for jobs such as NHS workers, teachers and civil servants fell further behind price rises in the three months to February, figures show. While wages rose for public sector workers, price rises outpaced them meaning a 3% drop in spending power, the biggest fall in 20 years.

# data[].attributes.headline
Impact of Ukraine war on prices in the UK.

# data[].attributes.subject
Impact of Ukraine war on prices in the UK.

# data[].attributes.body
This article is from the Guardian newspaper and covers lots of different Economic topics including fiscal policy, inflation, opportunity cost as well as the distribution of income and wealth.

# data[].attributes.attachment_link.title
Impact of Ukraine war - Guardian newspaper

# data[].attributes.body
Really good graphic showing the changes in the relative price of Big Macs around the world. Can you explain how the Big Mac index works and what it shows?

# data[].attributes.attachment_link.embed_code
pic.twitter.com/U3togfeVAQ
— Huntington Business & Economics (@Huntington_bus) February 8, 2022

# data[].attributes.attachment_caption
Mexico state bans sale of sugary drinks and junk food to children

# data[].attributes.body
Mexico is trying to ban all sugary drinks and junk food being sold to children. Will it work?

# data[].attributes.attachment_link.title
Mexico state bans sale of sugary drinks and junk food to children

# data[].attributes.attachment_link.description
Oaxaca brings in measures after obesity crisis is highlighted by high death toll during coronavirus pandemic

# data[].attributes.body
These are the hardest to fill jobs and with the quickest rising wages. Can you use theory to explain why ?

# data[].attributes.wish_content.attachment_props.text
Thanks to @ST_Business for these #economics #alevelbusiness #labourmarket #wages #inflation #btec #unit6

# data[].attributes.wish_content.attachment_props.original_text
Thanks to @ST_Business for these #economics #alevelbusiness #labourmarket #wages #inflation #btec #unit6 https://t.co/KCStqg9tkF

# data[].attributes.attachment_link.embed_code
Thanks to @ST_Business for these #economics #alevelbusiness #labourmarket #wages #inflation #btec #unit6 pic.twitter.com/KCStqg9tkF
— The Biz Teach (@thebizteach) February 20, 2022

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
Thanks to @ST_Business for these #economics #alevelbusiness #labourmarket #wages #inflation #btec #unit6 https://t.co/KCStqg9tkF

# data[].attributes.attachment_link.metadata.attachment_props.original_text
Thanks to @ST_Business for these #economics #alevelbusiness #labourmarket #wages #inflation #btec #unit6 https://t.co/KCStqg9tkF

# data[].attributes.attachment_link.metadata.attachment_props.text
Thanks to @ST_Business for these #economics #alevelbusiness #labourmarket #wages #inflation #btec #unit6

# data[].attributes.body
This graphic gives an idea of who the trading partners of Russia are.

# data[].attributes.wish_content.attachment_props.text
How important are other countries to Russia in terms of trade? 

Here are a few facts using trade data as recent as Nov 2021.

1. The "West" is not that important in terms of exports. 

US🇺🇸+UK🇬🇧+France🇫🇷 < China🇨🇳+Turkey🇹🇷+Kaz🇰🇿

https://t.co/53nkC9OXXz
🧵/1

# data[].attributes.wish_content.attachment_props.original_text
How important are other countries to Russia in terms of trade? 

Here are a few facts using trade data as recent as Nov 2021.

1. The "West" is not that important in terms of exports. 

US🇺🇸+UK🇬🇧+France🇫🇷 < China🇨🇳+Turkey🇹🇷+Kaz🇰🇿

https://t.co/53nkC9OXXz
🧵/1 https://t.co/30CtCuGyAS

# data[].attributes.attachment_link.embed_code
How important are other countries to Russia in terms of trade?

Here are a few facts using trade data as recent as Nov 2021.

1. The "West" is not that important in terms of exports.

US🇺🇸+UK🇬🇧+France🇫🇷 < China🇨🇳+Turkey🇹🇷+Kaz🇰🇿https://t.co/53nkC9OXXz
🧵/1 pic.twitter.com/30CtCuGyAS
— César A. Hidalgo (@cesifoti) February 24, 2022

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
How important are other countries to Russia in terms of trade? 

Here are a few facts using trade data as recent as Nov 2021.

1. The "West" is not that important in terms of exports. 

US🇺🇸+UK🇬🇧+France🇫🇷 < China🇨🇳+Turkey🇹🇷+Kaz🇰🇿

https://t.co/53nkC9OXXz
🧵/1 https://t.co/30CtCuGyAS

# data[].attributes.attachment_link.metadata.attachment_props.original_text
How important are other countries to Russia in terms of trade? 

Here are a few facts using trade data as recent as Nov 2021.

1. The "West" is not that important in terms of exports. 

US🇺🇸+UK🇬🇧+France🇫🇷 < China🇨🇳+Turkey🇹🇷+Kaz🇰🇿

https://t.co/53nkC9OXXz
🧵/1 https://t.co/30CtCuGyAS

# data[].attributes.attachment_link.metadata.attachment_props.text
How important are other countries to Russia in terms of trade? 

Here are a few facts using trade data as recent as Nov 2021.

1. The "West" is not that important in terms of exports. 

US🇺🇸+UK🇬🇧+France🇫🇷 < China🇨🇳+Turkey🇹🇷+Kaz🇰🇿

https://t.co/53nkC9OXXz
🧵/1

# data[].attributes.headline
Correcting Market Failure - Stopping people smoking

# data[].attributes.subject
Correcting Market Failure - Stopping people smoking

# data[].attributes.body
Do you think this would work? Would printing this message on every cigareete stop people smoking? Why? Do people already know that smoking is bad for them? If so will this help?

# data[].attributes.attachment_link.readable_text
Individual cigarettes could have "smoking kills" printed on them under a raft of tough measures proposed by MPs to encourage more people to quit the deadly habit.

MPs have submitted an amendment to the health and care bill going through parliament which would allow the health secretary to make graphic health warnings mandatory.

"We know that cigarettes are cancer sticks and kill half the people who use them. So I hope that health warnings on cigarettes would deter people from being tempted to smoke in the first place, especially young people," said Mary Kelly Foy, the Labour MP behind the move.

"I hope it would encourage some smokers to give up because if they are putting that in their mouth and seeing that message on cigarettes every time they smoke, I hope it would have the desired effect."

Cancer Research UK and the Royal College of Physicians, which represents hospital doctors, are backing the plan. Foy says only "bold action" will help the government achieve its ambition of England being smoke-free - where only 5% of people light up - by 2030.

The Conservative former Cabinet minister, Sir George Young, now a peer, has separately introduced a private member's bill into the House of Lords seeking to ensure cigarettes have to carry such warnings, which could also say "smoking causes cancer".

Cigarette packets already carry warning messages such as "smoking causes cancer" as well as images of people who are seriously ill in hospital with smoking-related disease. Foy also wants tobacco firms to be forced to include health information messages inside packets.

Deborah Arnott, chief executive of Action on Smoking and Health (Ash), said: "Warnings on cigarettes were suggested over 40 years ago by then health minister George Young. The tobacco companies, with breathtaking hypocrisy, protested that the ink would be toxic to smokers. The truth is cigarette stick warnings are toxic to big tobacco and this is an idea whose time has come."

Conservative MP Bob Blackman has endorsed Foy's amendment, as has the shadow health secretary, Jonathan Ashworth, and shadow justice secretary Alex Cunningham.

Foy's amendments would also empower the government to impose a new levy on tobacco company profits, with the proceeds being used to fund stop smoking activities.

Blackman, the chairman of the all-party parliamentary group on smoking and health, added: "As the chief medical officer Prof Chris Whitty says, big tobacco is an industry which 'kills for profit'. Profits are obscenely high, two to three times greater than companies selling consumer necessities like food and drink. Our 'polluter pays' levy is both necessary and justified."

Foy's amendments would also let the health secretary:

Simon Clark, the director of the pro-smoking group Forest, criticised the moves proposed by Foy. "Everyone is aware of the health risks of smoking. There are huge, impossible-to-miss health warnings on every pack of cigarettes, including grotesque images of smoking-related diseases.

"Tobacco is sold in standardised packing and banned from display in shops. Enough is enough. If adults still choose to smoke that is a matter for them, not the government."

The proportion of adults in the UK who smoke has fallen over recent years to 14.1% - the lowest figure ever recorded - as a result of tightened restrictions on the marketing of cigarettes and campaigns reminding the public of the dangers they involve.

The Guardian approached the Department of Health and Social Care for its response.

# data[].attributes.attachment_link.title
'Smoking kills' could be printed on every cigarette under new UK proposals

# data[].attributes.attachment_link.description
Individual cigarettes could have "smoking kills" printed on them under a raft of tough measures proposed by MPs to encourage more people to quit the deadly habit. MPs have submitted an amendment to the health and care bill going through parliament which would allow the health secretary to make graphic health warnings mandatory.

# data[].attributes.body
Another great example about regulators investigating a takeover. This time for Morrisons.

# data[].attributes.attachment_link.readable_text
The UK's competition watchdog is to examine the £7bn takeover of Morrisons by a US private equity firm that owns a string of petrol forecourts.

The Competition and Markets Authority said Clayton, Dubilier & Rice, which completed its takeover of the supermarket chain last week, should ensure that Morrisons' operations remained separate from the finance firm's Motor Fuel Group until the potential effect on consumers from a tie-up had been considered.

The watchdog has up to four months to decide whether to launch a full inquiry into whether consumers can be harmed by CD&R taking control of more than 1,200 of the UK's 8,000 petrol stations.

A full investigation could take more than six months to complete.

Motor Fuel Group, which CD&R acquired in 2015, owns more than 900 forecourts while Morrisons operates 335.

Morrisons declined to comment on the CMA's move.

The watchdog has the power to order CD&R to offload petrol stations if it deems consumers will be disadvantaged by a merger.

The private equity firm has said that putting Morrisons stores on to Motor Fuel Group forecourts could be a key way to expand the reach of the Bradford-based supermarket.

Sign up to the daily Business Today email or follow Guardian Business on Twitter at @BusinessDesk

Its buyout of Morrisons, which employs about 120,000 staff in the UK across 497 supermarkets, as well as factories, farms and a company-owned fishing trawler, will bring the chain into private hands for the first time since the founding family listed it on the stock market in 1967.

The deal also unites the former Tesco boss Sir Terry Leahy with his former Tesco lieutenants David Potts, who has been chief executive of Morrisons for more than six years, and Trevor Strain, the chief operating officer who joined Morrisons in 2009.

CD&R said: "As expected, the CMA has issued an initial enforcement order and CD&R looks forward to working constructively with the CMA to address any questions they may have."

# data[].attributes.attachment_link.title
Morrisons takeover faces competition inquiry over petrol stations

# data[].attributes.attachment_link.description
The UK's competition watchdog is to examine the £7bn takeover of Morrisons by a US private equity firm that owns a string of petrol forecourts. The Competition and Markets Authority said Clayton, Dubilier & Rice, which completed its takeover of the supermarket chain last week, should ensure that Morrisons' operations remained separate from the finance firm's Motor Fuel Group until the potential effect on consumers from a tie-up had been considered.

# data[].attributes.headline
Correcting Market Failure. A way to encourage people to give up drugs

# data[].attributes.subject
Correcting Market Failure. A way to encourage people to give up drugs

# data[].attributes.body
This is a controversial policy to try to reduce the problem of drug addiction. Do you think paying people to stop using drugs would work? Why?

# data[].attributes.attachment_link.description
News, analysis and comment from the Financial Times, the worldʼs leading global business publication

# data[].attributes.body
This tweet from an Economics teacher in Ireland has two great info graphics that you can use to support your studies of market structures.

# data[].attributes.wish_content.attachment_props.text
A couple of current market share graphs that might be useful to econ teachers looking for extra examples for calculating HHI #lceconomics

# data[].attributes.wish_content.attachment_props.author.name
LC Economics (powered by coffee & running) 🇮🇪

# data[].attributes.wish_content.attachment_props.original_text
A couple of current market share graphs that might be useful to econ teachers looking for extra examples for calculating HHI #lceconomics https://t.co/Cj1C8mkYq8

# data[].attributes.attachment_link.authors[].name
LC Economics (powered by coffee & running) 🇮🇪

# data[].attributes.attachment_link.title
LC Economics (powered by coffee & running) 🇮🇪

# data[].attributes.attachment_link.embed_code
A couple of current market share graphs that might be useful to econ teachers looking for extra examples for calculating HHI #lceconomics pic.twitter.com/Cj1C8mkYq8
— LC Economics (powered by coffee & running) 🇮🇪 (@lc_economics) November 1, 2021

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
A couple of current market share graphs that might be useful to econ teachers looking for extra examples for calculating HHI #lceconomics https://t.co/Cj1C8mkYq8

# data[].attributes.attachment_link.metadata.attachment_props_source.includes.users[].name
LC Economics (powered by coffee & running) 🇮🇪

# data[].attributes.attachment_link.metadata.attachment_props.original_text
A couple of current market share graphs that might be useful to econ teachers looking for extra examples for calculating HHI #lceconomics https://t.co/Cj1C8mkYq8

# data[].attributes.attachment_link.metadata.attachment_props.text
A couple of current market share graphs that might be useful to econ teachers looking for extra examples for calculating HHI #lceconomics

# data[].attributes.attachment_link.metadata.attachment_props.author.name
LC Economics (powered by coffee & running) 🇮🇪

# data[].attributes.body
A great story for second year students looking at the degree of competition in a market. Why has JD Sports been told it must sell Foot Asylum? Do you agree it's necessary?

# data[].attributes.attachment_link.title
JD Sports furious after being forced to sell Footasylum

# data[].attributes.attachment_link.description
JD Sports has hit out at the UK's competition watchdog after being forced to sell rival chain Footasylum. After an investigation, the Competition and Markets Authority (CMA) ruled that the takeover could lead to a "worse deal" for customers. But JD Sports criticised the move, calling the decision "inexplicable" and "beyond logic".

# data[].attributes.body
Can you apply your knowledge of supply and demand to anticipate where the demand for linguistic skills could lead in the future?

# data[].attributes.attachment_link.readable_text
A world of languages

Alberto Lucas

The SCMP Arcade

Welcome to the South China Morning Post's collection of infographics made for print. Here you will find classic works of visual journalism as they appeared in the newspaper

# data[].attributes.attachment_link.description
A world of languages Alberto Lucas The SCMP Arcade Welcome to the South China Morning Post's collection of infographics made for print. Here you will find classic works of visual journalism as they appeared in the newspaper

# data[].attributes.body
Watch this short video for another great example of changing behaviour in a creative way. Remember to have behavioural economcis ideas ready as an alternative to mainstream traiditional policies!

# data[].attributes.wish_content.attachment_props.text
A city in Denmark is playing a trick on drivers and cyclists to get them to slow down.

# data[].attributes.wish_content.attachment_props.original_text
A city in Denmark is playing a trick on drivers and cyclists to get them to slow down. https://t.co/vZLgE3PWOE

# data[].attributes.attachment_link.embed_code
A city in Denmark is playing a trick on drivers and cyclists to get them to slow down. pic.twitter.com/vZLgE3PWOE
— DW News (@dwnews) October 1, 2021

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
A city in Denmark is playing a trick on drivers and cyclists to get them to slow down. https://t.co/vZLgE3PWOE

# data[].attributes.attachment_link.metadata.attachment_props.original_text
A city in Denmark is playing a trick on drivers and cyclists to get them to slow down. https://t.co/vZLgE3PWOE

# data[].attributes.attachment_link.metadata.attachment_props.text
A city in Denmark is playing a trick on drivers and cyclists to get them to slow down.

# data[].attributes.body
Can you identify the demand and supply factors that could lead to prices rising in IKEA?

# data[].attributes.attachment_link.title
Ikea to raise prices as supply chain problems bite

# data[].attributes.attachment_link.description
Chief Financial Officer, Martin van Dam, said that the effects of the global supply chain crisis and high energy prices could last for some time, saying he expected 2022 to be "a more difficult year with more challenges".

# data[].attributes.body
Why is there a shortage fo housing in Cornwall? What factors might be casung this? What is the knock on effect going to be on the supply of workers for key sectors such as the NHS?

# data[].attributes.attachment_link.title
NHS staff unable to find rental homes in Cornwall

# data[].attributes.attachment_link.description
NHS staff say they have found the search for rental homes in Cornwall "horrible" and "overwhelming".

# data[].attributes.body
Good background information for the current Gas crisis 21st Sept

# data[].attributes.attachment_link.title
Gas price rise: Government considering loans for energy firms

# data[].attributes.attachment_link.description
Boris Johnson says market forces should be "very swift" in resolving issues caused by recent gas price increases.

# data[].attributes.body
This article is a couple of years old but s full of Economics about what can happen when an economy spirals out of control....

# data[].attributes.attachment_link.title
Venezuela hyperinflation hits 10 million percent. ‘Shock therapy’ may be only chance to undo the economic damage

# data[].attributes.attachment_link.description
A coup taking down Venezuelan president Nicolas Maduro would be only the first step in any attempt to get the South American economy back on track. Economic shock therapy will be required to reverse the chaos of a state-run system that wasted its oil riches.

# data[].attributes.body
Venezuela is a really good country to have some key information on. It has huge oil reserves but also incredible rates of inflation.
This 2 minute vidoe looks at hat happens when people no longer trust the value of a currency.

# data[].attributes.attachment_link.description
As soaring inflation in Venezuela creates a shortage of cash, people have turned to bartering, exchanging fish for different types of food and other goods. BBC Mundo's Guillermo Olmo reports from the Coconut Market in Puerto la Cruz, eastern Venezuela. Video produced by: Mohamed Madi, Herminia Fernandez

# data[].attributes.body
China is increasingly dominating certain global markets but what do you know abot th ecountry. This link gives some context by showing the size of different national populations in comparison to that of individual Chinese provinces or counties.

# data[].attributes.attachment_link.readable_text
Why do investments perform the way they do? This is a question many investment experts have been attempting to answer for years. Luckily, factor investing can provide investors with a data-driven understanding.

In this infographic from MSCI, we use scenarios from everyday life to explain how factor investing works.

What is Factor Investing?

Simply put, investors choose stocks based on the "factors", or characteristics, that help explain investment performance. They are typically aiming for:

Higher returns

Lower risk

More diversification

While you may not have actively incorporated factor investing in your current portfolio, almost everyone will be familiar with the underlying concepts in real life. Here are five common factors and scenarios where you likely experience their principles.

1. Low Volatility Factor

The low volatility factor attempts to capture excess returns to stocks with lower than average risk. This factor has generally performed best during economic slowdowns or contractions.

How you may experience it: If you want a writing career with relatively reliable income, you'll likely choose to be a marketer at a large company rather than a self-employed author.

2. Quality Factor

The quality factor attempts to capture excess returns in shares of companies that are characterized by low debt, stable earnings growth, and other "quality" metrics. This factor has generally performed best during economic contractions.

How you may experience it: When you're purchasing new tires for your car, you might consider characteristics like tread longevity, traction, and fuel economy.

3. Value Factor

The value factor attempts to capture excess returns to stocks that have low prices relative to their fundamental value. This factor has generally performed best during economic recoveries.

How you may experience it: If you want a good deal, you may look for items that are on sale.

4. Momentum Factor

The momentum factor attempts to capture excess returns to stocks with stronger past performance. It has generally performed best during economic expansions.

How you may experience it: When you're deciding what to watch, you may choose a TV show that has high audience ratings. You'll likely also recommend it to your friends, which further boosts viewer numbers.

5. Low Size Factor

The low size factor attempts to capture excess returns of smaller firms (by market capitalization) relative to their larger counterparts. It has generally performed best during economic recoveries.

How you may experience it: When you're learning a new sport, you'll see larger increases in your skill level than a professional athlete will.

Understanding Your Investments With Factor Investing

These simple concepts are at work in your everyday life and in your investments. Targeting these factors can help you meet your investing goals, including maximizing return potential and managing risk.

From 2000 to 2020, here's how the risk and return of the above factors compared to the benchmark MSCI World Index.

​​Annualized risk and gross returns in USD from December 29 2000 to December 31 2020 for MSCI World Factor Indexes.
All five of the factors have had greater historical returns than the benchmark index, and some have also had lower risk.

With factor investing, you can better understand what drives your portfolio's performance.

# data[].attributes.attachment_link.title
Map: China's Provinces Rival Countries in Population Size

# data[].attributes.attachment_link.description
Why do investments perform the way they do? This is a question many investment experts have been attempting to answer for years. Luckily, factor investing can provide investors with a data-driven understanding. In this infographic from MSCI, we use scenarios from everyday life to explain how factor investing works.

# data[].attributes.headline
Financial Times - Hotel Laundry problems

# data[].attributes.subject
Financial Times - Hotel Laundry problems

# data[].attributes.body
What i shappeneing here? Why are hotels struggling t o get their laundry clean?

# data[].attributes.wish_content.attachment_props.text
FT FRONT: Hotels air dirty laundry problems #TomorrowsPapersToday

# data[].attributes.wish_content.attachment_props.original_text
FT FRONT: Hotels air dirty laundry problems #TomorrowsPapersToday https://t.co/ld0wN2ATuq

# data[].attributes.attachment_link.embed_code
FT FRONT: Hotels air dirty laundry problems #TomorrowsPapersToday pic.twitter.com/ld0wN2ATuq
— Neil Henderson (@hendopolis) September 5, 2021

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
FT FRONT: Hotels air dirty laundry problems #TomorrowsPapersToday https://t.co/ld0wN2ATuq

# data[].attributes.attachment_link.metadata.attachment_props.original_text
FT FRONT: Hotels air dirty laundry problems #TomorrowsPapersToday https://t.co/ld0wN2ATuq

# data[].attributes.attachment_link.metadata.attachment_props.text
FT FRONT: Hotels air dirty laundry problems #TomorrowsPapersToday

# data[].attributes.body
There a re a few supply and demand factors at play here. Can you spot them all and use a diagram to explain what is happening?

# data[].attributes.attachment_link.readable_text
Shoppers can expect to pay more for their pasta in coming months amid shortages of its key ingredient following a disastrous growing season.

A scramble for durum wheat has pushed the price up nearly 90% this summer after drought and soaring temperatures hit farms in Canada, one of the biggest producers.

There are also supply issues in Italy, with one food industry expert predicting a packet of spaghetti could end up costing up to 50% more.

The high price could result in pasta shortages in supermarkets, said Jason Bull, a director of Eurostar Commodities, which imports more than 10,000 tonnes of food ingredients each year.

He added that the magnitude of the cost increases involved meant they would have to be passed on to consumers. He estimated a 500g packet of spaghetti could increase in price by 60p, or 50%, to £1.80.

Bull said the pasta price hikes could start next month as higher costs had already reached the factory gate.

"The market is completely out of control and as a result there has been an approximately 90% increase in raw material prices as well as increases in freight," Bull said. "This is a dire situation hitting all semolina producers and all buyers of durum wheat across the globe. Companies are buying at record high prices."

Durum wheat is the key ingredient in pasta and is ground into semolina to make a variety of products including spaghetti, penne and macaroni.

Mintec, the commodities data group, said its data showed durum wheat prices at record highs. The cost of Canadian wheat has increased from C$414 (£237) per tonne at the end of June to C$780 in September, up 88%. The price of Italian wheat had moved from €305 (£260) to €480, an increase of 57%.

The warning came as the supermarket chain Morrisons sounded the alarm that prices would rise across the retail industry in the coming months, driven by commodity and transport cost increases as well as the shortage of lorry drivers.

Tosin Jack, Mintec's commodity intelligence manager, said concerns about the significant decline in the North American durum wheat crop following the dry weather and the impact of the cold spring on the quality and quantity of the Italian crop, had caused prices to skyrocket.

"Canada is a big exporter so this has fuelled fears of a supply shortage," she said. "At the same time, the quality issues in Italy mean that Italians are potentially going to rely more on imports this year. So we have a situation where there is less to go round and demand is not going to go down ... so if you really want pasta you are going to have to pay more."

# data[].attributes.attachment_link.title
Disastrous season means UK shoppers could pay 50% more for pasta

# data[].attributes.attachment_link.description
Shoppers can expect to pay more for their pasta in coming months amid shortages of its key ingredient following a disastrous growing season. A scramble for durum wheat has pushed the price up nearly 90% this summer after drought and soaring temperatures hit farms in Canada, one of the biggest producers.

# data[].attributes.body
China is producing the overwhelming majority of all steel globally. How might this affect the market and domestic market structures?

# data[].attributes.wish_content.attachment_props.text
China is producing more steel than the rest of the world combined (and ten times more than the next largest country, India). Source: https://t.co/CflHYSLMzF

# data[].attributes.wish_content.attachment_props.entities.urls[].title
Visualizing 50 Years of Global Steel Production

# data[].attributes.wish_content.attachment_props.entities.urls[].description
Global steel production has tripled over the past 50 years, with China's steel production eclipsing the rest of the world.

# data[].attributes.wish_content.attachment_props.original_text
China is producing more steel than the rest of the world combined (and ten times more than the next largest country, India). Source: https://t.co/CflHYSLMzF https://t.co/HsupvxAnGS

# data[].attributes.attachment_link.embed_code
China is producing more steel than the rest of the world combined (and ten times more than the next largest country, India). Source: https://t.co/CflHYSLMzF pic.twitter.com/HsupvxAnGS
— Simon Kuestenmacher (@simongerman600) September 9, 2021

# data[].attributes.attachment_link.metadata.attachment_props_source.data.entities.urls[].title
Visualizing 50 Years of Global Steel Production

# data[].attributes.attachment_link.metadata.attachment_props_source.data.entities.urls[].description
Global steel production has tripled over the past 50 years, with China's steel production eclipsing the rest of the world.

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
China is producing more steel than the rest of the world combined (and ten times more than the next largest country, India). Source: https://t.co/CflHYSLMzF https://t.co/HsupvxAnGS

# data[].attributes.attachment_link.metadata.attachment_props.original_text
China is producing more steel than the rest of the world combined (and ten times more than the next largest country, India). Source: https://t.co/CflHYSLMzF https://t.co/HsupvxAnGS

# data[].attributes.attachment_link.metadata.attachment_props.text
China is producing more steel than the rest of the world combined (and ten times more than the next largest country, India). Source: https://t.co/CflHYSLMzF

# data[].attributes.attachment_link.metadata.attachment_props.entities.urls[].title
Visualizing 50 Years of Global Steel Production

# data[].attributes.attachment_link.metadata.attachment_props.entities.urls[].description
Global steel production has tripled over the past 50 years, with China's steel production eclipsing the rest of the world.

# data[].attributes.body
Can you explain how this would be an example of price discrimination? What is Tesco hoping to achieve?

# data[].attributes.body
Did you have a camping holiday this year? You weren't the only one. Can you identify the factors affecting demand and Supply in this story?

# data[].attributes.body
This article talks about the correlation between poorer communities and the number of betting shops in the area. Why might this be?

# data[].attributes.body
Why would GAP want to close all 81 of it's shops in the UK? When was the last time you went into a GAP shop or even bought anything from GAP online?

# data[].attributes.attachment_link.readable_text
Gap blamed what it described as market dynamics - in other words, the huge shift to internet shopping. It's going online-only, just like Debenhams and Sir Philip Green's Arcadia group. It's yet another famous name bidding a retreat from our High Streets, adding to the challenge of what to do with empty shops.

# data[].attributes.attachment_link.title
Gap to close all 81 stores in UK and Ireland

# data[].attributes.attachment_link.description
Gap blamed what it described as market dynamics - in other words, the huge shift to internet shopping. It's going online-only, just like Debenhams and Sir Philip Green's Arcadia group. It's yet another famous name bidding a retreat from our High Streets, adding to the challenge of what to do with empty shops.

# data[].attributes.body
Would adding calorie information to pints of beer be effective in reducing over consumption? Why? Can you use a diagram to explain? Does this help to improve market failure from a lack of information?

# data[].attributes.attachment_link.readable_text
Business

Emma McClarkin, chief executive of the British Beer & Pub Association, has labelled the proposals 'outrageous'

Emma McClarkin, Chief Executive of the British Beer & Pub Association, has labelled the proposals "outrageous"
/

T

he UK pubs trade body has criticised potential government plans to force publicans to put calorie labels on pints as "kicking" operators "when they are down".

Restaurants, bars and pubs have been hit hard by the pandemic, seeing 2020 revenues decimated by long lockdowns and brief re-openings with restricted trading.

The Government confirmed to the Standard on Wednesday that as part of the Department for Health and Social Care's Obesity Strategy, it will shortly be launching a consultation on mandatory calorie labelling on alcohol in the UK.

If proposals outlined by health department chiefs get the go ahead, as businesses with 250 or more employees, larger pub and restaurant chains from Wetherspoons to Pizza Express would have to disclose the number of calories in every beer, wine and spirit serving ordered.

The proposals up for consultation also outline how alcohol sold in shops could also be required publish the nutritional information, according to The Sun.

READ MORE

Emma McClarkin, Chief Executive of the British Beer & Pub Association, attacked the proposals as "outrageous".

She said: "Proposals to force calorie labelling on pints sold in pubs are ludicrous - and especially outrageous at this difficult time. After more than a year of being forced to close fully or operate under severe loss-making restrictions, now is not the time to heap burdensome and expensive regulation on our pubs.

"Our pubs are on their knees and the Government already knows this. Calorie labelling would be kicking pubs and brewers when they are down.

"We have very serious concerns on the impact these proposals would have on the sector and on consumers."

A government spokesperson said: "As outlined in our Obesity Strategy, we'll be launching a consultation soon on mandatory calorie labelling on alcohol - no decisions have yet been taken."

MORE ABOUT Government

Have your say... Get involved in exciting, inspiring conversations. Get involved in exciting, inspiring conversations with other readers.
Pubs Proposals UK

Trending

# data[].attributes.attachment_link.title
Pubs may have to put calorie labels on pints, Government confirms

# data[].attributes.attachment_link.description
Business Emma McClarkin, chief executive of the British Beer & Pub Association, has labelled the proposals 'outrageous' T he UK pubs trade body has criticised potential government plans to force publicans to put calorie labels on pints as "kicking" operators "when they are down".

# data[].attributes.body
A different way of tackling market failure from smoking

# data[].attributes.attachment_link.readable_text
Smokers attending emergency departments will be given free e-cigarettes and taught how to use them, in a trial designed to help people quit.

Patients will be offered a device, enough e-liquid supplies for a week, and referral to local smoking-cessation services, alongside medical advice.

Hospitals in Norfolk, London, Leicester and Edinburgh will participate.

E-cigarettes are not available on the NHS, other than in trials, but health experts say they can help people quit.

Growing evidence supports their use in smoking cessation, Public Health England says, with an estimated 50,000 smokers quitting a year in England with the help of vaping.

And NHS experts consider them less harmful than traditional traditional cigarettes.

However, this does not mean they are completely risk-free.

E-cigs or vapes let users inhale nicotine in a vapour rather than smoke and do not burn tobacco or produce tar or carbon monoxide, unlike usual cigarettes.

During the trial, due to start in autumn, some smokers in emergency departments - whatever they are being treated for - will be given vaping starter packs and referred for continuing support.

But they will have to fund any additional vaping materials themselves.

Others will receive only leaflets with details of local smoking-cessation services.

And both groups will be asked if they still smoke one, three and six months later.

'Attractive option'

Prof Caitlin Notley, who is helping lead the study, at the University of East Anglia, said recruiting people in emergency departments could help introduce the idea of attempting to quit while using e-cigarettes to a group of people who had never considered it.

"Electronic cigarettes mimic the experience of cigarette smoking because they are hand-held and generate a smoke-like vapour when used," she said

"They can be an attractive option for helping people switch from smoking, even if they have tried and failed in the past."

Prof John Newton, at Public Health England, said smoking killed almost 75,000 people in England in 2019.

"The best thing that a smoker can do is to stop smoking completely and the evidence shows that vaping is one of the most effective quit aids available, helping around 50,000 smokers quit a year," he said.

"Thousands more could have quit except for unfounded safety fears about e-cigarettes."

The BBC is not responsible for the content of external sites.

# data[].attributes.attachment_link.title
Free e-cigarettes for smokers in A&E trial

# data[].attributes.attachment_link.description
Smokers attending emergency departments will be given free e-cigarettes and taught how to use them, in a trial designed to help people quit. Patients will be offered a device, enough e-liquid supplies for a week, and referral to local smoking-cessation services, alongside medical advice. Hospitals in Norfolk, London, Leicester and Edinburgh will participate.

# data[].attributes.body
Which message had the biggest impact on take up do you think? This study shows the type of message, time of day and how far in advance the message was sent

# data[].attributes.body
This is a simple example of behavioural Economics to change people's behaviour. Can you think of any other ways the same principle could be used?

# data[].attributes.attachment_link.title
Behavioural Economics Best Footballer litter solution

# data[].attributes.headline
A total ban on cigarettes in New Zealand?

# data[].attributes.subject
A total ban on cigarettes in New Zealand?

# data[].attributes.body
What market failure is going on here? Will this policy work? Are there better alternatives?

# data[].attributes.attachment_link.readable_text
New Zealand has announced a suite of proposals aimed at outlawing smoking for the next generation and moving the country closer to its goal of being smoke-free by 2025.

The plans include the gradual increase of the legal smoking age, which could extend to a ban on the sale of cigarettes and tobacco products to anyone born after 2004, making smoking effectively illegal for that generation.

Also under consideration was a significant reduction in the level of nicotine allowed in tobacco products, prohibiting filters, setting a minimum price for tobacco, and restricting the locations where tobacco and cigarettes can be sold.

"We need a new approach," Associate Health Minister Dr Ayesha Verrall said on Thursday, announcing the changes. "About 4,500 New Zealanders die every year from tobacco, and we need to make accelerated progress to be able to reach that goal [of Smokefree 2025]. Business-as-usual without a tobacco control program won't get us there."

The proposals were welcomed by a number of public health organisations. "This proposal goes beyond assisting people to quit," Cancer Society chief executive Lucy Elwood said in a statement. She noted that the number of tobacco retailers was four times higher in low-income communities, where smoking rates were highest.

"These glaring inequities are why we need to protect future generations from the harms of tobacco," Elwood said. "Tobacco is the most harmful consumer product in history and needs to be phased out."

Shane Kawenata Bradbrook, a long- term advocate for smoke-free Māori communities, said in a statement that the plan "will begin the final demise of tobacco products in this country". Smoking rates are highest among Māori and Pasifika New Zealanders, and he said it was vital those communities had a voice in the process.

"For too long the tobacco industry has been addicting our people, fleecing them of their money before we have to bury them in urupa [burial grounds] all over this land. I am looking forward to truly making this a sunset industry in this corner of the world."

El-Shadan Tautolo, a professor of public health at Auckland University of Technology, also called the plan "a turning point". If it included enough resources and the right people, "we will be able to reach our communities who have been underserved and under-resourced for long enough," he said.

But the plans also faced criticism for potential unintended consequences, including the prospect of bankruptcy for small 'dairy' store owners, and the possibility of an expanded black market for tobacco. The government acknowledged this was a risk in its document outlining proposals: "Evidence indicates that the amount of tobacco products being smuggled into New Zealand has increased substantially in recent years and organised criminal groups are involved in large-scale smuggling," it said.

Right-wing political party ACT said lowering nicotine content could result in smokers buying and smoking more to get their hit. "New Zealand smokers who can least afford it will spend more on their habit and in turn do harm to those around them if the government mandates lower nicotine," the ACT social development and children spokesperson, Karen Chhour, said in a press release.

The move also sparked questions about the extent to which the government should intervene in people's lives: "There's a philosophical principle about adults being able to make decisions for themselves, within reason," journalist Alex Braae wrote in an analysis for the Spinoff.

Smoking accounts for one in four cancer deaths in New Zealand, and around half a million New Zealanders smoke daily. The effects of that are most-felt among Māori, New Zealand's indigenous people: Māori women have the country's highest smoking rates, with about 30% smoking daily. Cancer is the leading cause of death for Māori women and the second leading cause for Māori men.

# data[].attributes.attachment_link.title
An end to cigarettes? New Zealand aims to create smoke-free generation

# data[].attributes.attachment_link.description
New Zealand has announced a suite of proposals aimed at outlawing smoking for the next generation and moving the country closer to its goal of being smoke-free by 2025. The plans include the gradual increase of the legal smoking age, which could extend to a ban on the sale of cigarettes and tobacco products to anyone born after 2004, making smoking effectively illegal for that generation.

# data[].attributes.body
A really great article with a brilliant graphic

# data[].attributes.attachment_link.title
Chart of the Day: This is how the $88 trillion global economy is spread around the world

# data[].attributes.attachment_link.description
The GDP pie has been sliced up to show last year's shares - but post-pandemic, it's likely to look very different.

# data[].attributes.body
If you're asked at home "Where does the government borrow its money from?" This should help you explain

# data[].attributes.attachment_link.readable_text
The UK government is borrowing record-breaking amounts, to pay for measures designed to limit the impact of coronavirus.

Initiatives such as the furlough scheme are expensive and government income is down because lower wages and spending mean people are paying less tax.

Why does the government borrow money?

The government borrows because it spends more than it gets in income.

Most of its income comes from taxes - for example, income tax from your pay cheque or the VAT you pay on certain goods.

It could, in theory, cover all of its spending from taxes - and in some years that has happened.

But governments have not always been willing to increase taxes enough to cover their spending. This is partly for political reasons - it would be unpopular with voters.

There are also other reasons for not raising taxes. If higher taxes leave people with less money to spend, it can be bad for economic growth and jobs.

How much does the government borrow?

The amount the government borrows to make up the difference between what it spends and what it collects is known as "public sector net borrowing".

It is also often referred to as "the deficit".

The latest figures show that the UK government borrowed £34.1bn in December, which was £28.2bn more than in the same month last year.

It has been estimated that borrowing could reach £393.5bn by the end of the financial year in March .

How does the government borrow money?

The government borrows money by selling bonds.

A bond is a promise to make payments to whoever holds it on certain dates. There is a large payment on the final date - in effect, the repayment.

Interest is also paid to whoever owns the bond in the meantime. So it's basically an interest-paying "IOU".

The buyers of these bonds, or "gilts", are mainly financial institutions, like pension funds, investment funds, banks and insurance companies.

Private savers also buy some.

Some also end up being bought by the Bank of England as part of its current attempts to boost spending and investment in the economy.

Under this policy - known as "quantitative easing" - the Bank has so far bought £875bn of government bonds.

Government bonds appeal to investors as they are seen as essentially safe - there is no risk that the money won't be paid.

You won't lose your money and you know precisely when and how much the payments will be .

When does it have to be paid back?

It varies a lot.

Some government borrowing has to be repaid in a month, but some lending is for as long as 30 years.

The minimum repayment period is just one day, while some bonds have been issued for 55 years.

There used to be some government debt which never had to be repaid, sometimes known as perpetual bonds. But the government chose to repay the last of these in 2015.

What is the difference between the government deficit and debt?

The deficit is the amount by which the government's income falls short of what it spends each year.

It covers most of this gap by borrowing, or sometimes by selling assets such as property.

In years when a government spends less than its income, it is known as a surplus.

The deficit is not to be confused with debt, although both are linked.

Debt is the total amount of money owed by the government that has built up over years. So it's a much larger sum.

Debt rises when there is a deficit, and falls in those years when there is a surplus.

In December 2020, it was £2.13 trillion, up £333.5bn since the start of the financial year.

The figure almost exceeds the size of the UK economy, with debt having reached 99.4% of the UK's gross domestic product (GDP). GDP is the sum (measured in pounds) of the value of goods and services produced in the economy.

Debt levels as high as this haven't been seen since the early 1960s when the UK was paying off the debts of World War Two.

The government does repay debt on due dates, but usually has to borrow new money - and take on more debt - to do so.

# data[].attributes.attachment_link.title
Coronavirus: Where does the government borrow billions from?

# data[].attributes.attachment_link.description
The UK government is borrowing record-breaking amounts, to pay for measures designed to limit the impact of coronavirus. Initiatives such as the furlough scheme are expensive and government income is down because lower wages and spending mean people are paying less tax. The government borrows because it spends more than it gets in income.

# data[].attributes.body
How can nudge theory be used to increase savings? Is this even desirable at the moment?

# data[].attributes.attachment_link.readable_text
A company part-owned by the UK government is looking at ways of making people put more money aside for a "rainy day".

The Behavioural Insights Team (BIT) - which uses psychological techniques known as "Nudge" theory to encourage good "habits" - wants more employees to sign up to payroll saving.

It is trialling an "easier-to-join" scheme on all 45,000 UK employees of consulting firm Capita, run by the tech company Level, starting later this month.

They will be able to sign up via a mobile phone, involving only a couple of clicks.

Pantelis Solomon, head of household finance at BIT, argues that currently there are "too many things that you need to do to set up an account", with take-up often around just 5% where firms offer saving schemes.

Slow systems and tedious form completion involve a "cognitive effort" that becomes a "bit of a pain", he adds.

Conversely, BIT will also look at introducing obstacles or warnings - or "soft friction" - to make leaving harder or less desirable.

This could involve requiring more clicking and form completion, or more subtle methods.

In a previous experiment, savers joining a scheme wrote a "letter" to themselves, setting out their reasons for putting money aside in the first place, such as a buffer for their family in case of redundancy.

This was sent to them when they asked to quit - the emotional effect reducing their likelihood of going.

BIT - co-owned by its own employees, the Cabinet Office and the Nesta "innovation foundation" - uses Nudge theory, a branch of behavioural economics.

This is designed to get people to do the "right thing" by making it easier, more normal and more obvious.

If the Capita scheme works, it could be offered more widely over the next few years, with its backers hopeful that other large firms - and even the government, which has many contracts with Capita - could take it up.

Many households, despite sometimes high disposable incomes, live in a financially precarious position.

The Nationwide Building Society estimated in late 2019 that about 12.1 million adults in the UK had no money put aside for hard times. Of those who did have a savings product, 24% did not put anything in it.

"In this current climate a lot of people are dipping into their savings," Mr Solomon says.

"A lot of people can't save in this environment but there's a lot of middle-income people who are just bad at handling credit. There's a lot of scope for people to save."

Interest rates are currently very low, which would appear to act as a disincentive to saving.

But Level, which is handling the software needed for the Capita-BIT scheme, promises to look for the highest level of interest available, the size of its total deposits helping it negotiate with banks.

Another part of the experiment involves savers sharing spending data, which will be collated and shown to them in more digestible - perhaps graphic - form.

This means "holding up a mirror" rather than "telling you how to live your life", says Stephen Holliday, Level's chief executive.

"If you ask people what they spend on food every month or what their total bills are, they have no idea", he adds.

"But it's not a difficult thing to add up and look at in a piece of data. We would see a £12 bill from Sainsbury's. Whether you spend it on quinoa or cider, we wouldn't know."

Mr Holliday thinks a 15% take-up for the Capita scheme, when it is reassessed later this year, would count as a success.

He would one day like to reach a "tipping point" where joining a work savings scheme becomes the norm.

So could it ever get to the point that - as happens with pensions auto-enrolment - people have to opt out of, rather than into, payroll savings?

"I'd like to see wider take-up across large corporates," he says. "Government can take a lead in that, whether that's through encouragement or adoption or they make auto-enrolment easier.

"Everyone who joins the Army at 17 could sign up, for instance."

Bank of England chief economist Andy Haldane has estimated that UK households spending less on commuting, childcare and other outgoings during the pandemic have saved an extra £100bn.

But Scott Corfe, research director at the Social Market Foundation think tank, says Covid is likely to have increased inequality, with lower-paid workers - such as those in hospitality and retail - unable to save.

They also face a greater risk of losing their job. now or when furlough ends, he argues

While he thinks the BIT-Capita-Level scheme is a good idea, Mr Corfe goes further than Mr Holliday in saying a system of auto-enrolment is "vital" to expanding take-up.

Used for UK work pensions since 2012, this technique was itself inspired by Nudge theory - but might be described as more of a "shove".

Mr Corfe says auto-enrolment could be backed up by government help - say putting in a few pence for every £1 saved - for those on the lowest incomes.

There could be restrictions on withdrawing the money for the first year - not-so-"soft" friction - so people don't use the assistance as a day-to-day benefit.

This would all probably require legislation, Mr Corfe says, which will not happen in a hurry.

The BIT-Capita-Level scheme will be closely watched in government, and by opposition parties.

And Covid - as with so much else, in policy terms - could speed things up.

# data[].attributes.attachment_link.title
Can a Nudge or two make us better savers?

# data[].attributes.attachment_link.description
A company part-owned by the UK government is looking at ways of making people put more money aside for a "rainy day". The Behavioural Insights Team (BIT) - which uses psychological techniques known as "Nudge" theory to encourage good "habits" - wants more employees to sign up to payroll saving.

# data[].attributes.body
This article has a series of graphs and charts looking at the effects of the pandemic on economic indicators. How many could you explain?

# data[].attributes.attachment_link.readable_text
The coronavirus pandemic has reached almost every country in the world.

Its spread has left national economies and businesses counting the costs, as governments struggle with new lockdown measures to tackle the spread of the virus.

Despite the development of new vaccines, many are still wondering what recovery could look like.

Here is a selection of charts and maps to help you understand the economic impact of the virus so far.

Global shares in flux

Big shifts in stock markets, where shares in companies are bought and sold, can affect the value of pensions or individual savings accounts (Isas).

The FTSE, Dow Jones Industrial Average and the Nikkei all saw huge falls as the number of Covid-19 cases grew in the first months of the crisis.

The major Asian and US stock markets have recovered following the announcement of the first vaccine in November, but the FTSE is still in negative territory.

The FTSE dropped 14.3% in 2020 , its worst performance since 2008.

In response, central banks in many countries, including the UK, have slashed interest rates. That should, in theory, make borrowing cheaper and encourage spending to boost the economy.

Some markets recovered ground in January this year, but this is a normal tendency known as the "January effect".

Analysts are worried that the possibility of further lockdowns and delays in vaccination programmes might trigger more market volatility this year.

A difficult year for job seekers

Many people have lost their jobs or seen their incomes cut.

Unemployment rates have increased across major economies.

In the United States, the proportion of people out of work hit a yearly total of 8.9%, according to the International Monetary Fund (IMF), signalling an end to a decade of jobs expansion.

Millions of workers have also been put on government-supported job retention schemes as parts of the economy, such as tourism and hospitality, have come to a near standstill.

The numbers of new job opportunities is still very low in many countries.

Job vacancies in Australia have returned to the same level of 2019, but they are lagging in France, Spain, the UK and several other countries.

Some experts have warned it could be years before levels of employment return to those seen before the pandemic.

Most of countries now in recession

If the economy is growing, that generally means more wealth and more new jobs.

It's measured by looking at the percentage change in gross domestic product, or the value of goods and services produced, typically over three months or a year.

The IMF estimates that the global economy shrunk by 4.4% in 2020. The organisation described the decline as the worst since the Great Depression of the 1930s.

The only major economy to grow in 2020 was China. It registered a growth of 2.3% .

The IMF is, however, predicting global growth of 5.2% in 2021.

That will be driven primarily by countries such as India and China, forecast to grow by 8.8% and 8.2% respectively.

Recovery in big, services-reliant, economies that have been hit hard by the outbreak, such as the UK or Italy, is expected to be slow.

Travel still far from taking off

The travel industry has been badly damaged, with airlines cutting flights and customers cancelling business trips and holidays.

New variants of the virus - discovered only in recent months - have forced many countries to introduce tighter travel restrictions.

Data from the flight tracking service Flight Radar 24 shows that the number of flights globally took a huge hit in 2020 and it is still a long way from recovery.

Hospitality sector has shut its doors worldwide

The hospitality sector has been hit hard, with millions of jobs and many companies bankrupt.

Data from Transparent - an industry-leading intelligence company that covers over 35 million hotel and rental listings worldwide - has registered a fall in reservations in all the top travel destinations.

Billions of dollars have been lost in 2020 and although the forecast for 2021 is better, many analysts believe that international travel and tourism won't return to the normal pre-pandemic levels until around 2025.

Shopping... at home

Retail footfall has seen unprecedented falls as shoppers stayed at home.

New variants and surges in cases have made problems worse.

Pedestrian numbers have fallen further from the first lockdown, according to research firm ShopperTrak,

Separate research suggests that consumers are still feeling anxious about their return to stores. Accountancy giant EY says 67% customers are now not willing to travel more than 5 kilometres for shopping.

This change in shopping behaviour has significantly boosted online retail, with a global revenue of $3.9 trillion in 2020.

Pharmaceutical companies among the winners

Governments around the world have pledged billions of dollars for a Covid-19 vaccine and treatment options.

Shares in some pharmaceutical companies involved in vaccine development have shot up.

Moderna , Novavax and AstraZeneca have seen significant rises. But Pfizer has seen its share price fall. The partnership with BioNTech, the high cost of production and management of the vaccine, and the growing number of same-size competitors have reduced the investors' trust in the company to have bigger revenue in 2021.

A number of pharmaceutical firms have started already distributing doses and many countries have started their vaccination programmes. Many more - such as Johnson & Johnson and Sanofi/GSK - will join the vaccine distribution during 2021.

# data[].attributes.attachment_link.title
Coronavirus: How the pandemic has changed the world economy

# data[].attributes.attachment_link.description
The coronavirus pandemic has reached almost every country in the world. Its spread has left national economies and businesses counting the costs, as governments struggle with new lockdown measures to tackle the spread of the virus. Despite the development of new vaccines, many are still wondering what recovery could look like.

# data[].attributes.headline
Micro and Macro effects in the same story

# data[].attributes.subject
Micro and Macro effects in the same story

# data[].attributes.body
So much micro and macro to get your teeth into here. Consider the impact on market prices e.g. for roof tiles and also the consequences for SRAS. Construction material shortages could delay UK housebuilding.

# data[].attributes.attachment_link.readable_text
Show caption
One builders' merchant was given an August delivery date for roofing materials, such as pitched roof tiles, compared with a usual three-month wait. Photograph: Roger Bamber/Alamy

A growing shortage of key construction materials could delay housebuilding this year as builders fight for fresh supplies against a backdrop of coronavirus-related challenges and price increases.

One builders' merchant said they were being given an August delivery date for roofing materials, such as pitched roof tiles, compared with a usual three-month wait because, even with extra shifts, UK factories were struggling to keep up.

The industry also continues to be affected by shortages of power tools, screws and fixings, stemming from congestion at UK ports. Companies now face increased shipping costs because of a global shortage of empty containers. Timber prices are also up by a fifth.
Construction industry

Builders battle for supplies on back of Covid crisis and price increases

The Builders Merchants Federation (BMF) said if the problems were not resolved it could "have an impact on the number of houses that we are able to build in the UK" as well as cause delays to smaller projects, such as extensions and loft conversions.

"I wouldn't say it's having a major impact on contractors and housebuilders yet," said John Newcomb, the BMF's chief executive. "But it could do over the next couple of months because clearly you can't build houses without roof tiles."

Builders' merchants and DIY stores have enjoyed a sales bonanza over the past year as Britons spent lockdowns renovating their homes. The trend did not even let up at Christmas, with merchants recording growth of more than 10%, a figure Newcomb said was unprecedented. Recent figures from B&Q's owner, Kingfisher, showed sales up 17%.

The implications of the Brexit deal were bubbling away in the background but for builders the major concern was just getting their hands on enough materials to keep working.

"Right now, the main issue is that the demand for products like roof tiles is outstripping supply," Newcomb said. "That will come into balance but a lot of these things are a spillover effect from April, May when factories were closed."

The BMF said there continued to be shortages of plumbing materials and bathroom suites that come from the east Asia because of the problems at major container ports such as Felixstowe, which are struggling to cope with a combination of high container volumes and coronavirus restrictions.

Three-quarters of building materials are made in the UK but Newcomb said the industry needed access to "goods from around the world to keep the industry running". The cost of shipping goods from China to Europe has also hit record highs in recent weeks, with producers unable to absorb the huge price increases.

Lakes Showering, which imports bathroom equipment from China, said the cost of a container load had increased from $2,100 (£1,536) a year ago to $15,750. It was also finding carriers were reluctant to take bookings for the UK because of the congestion problems.

"We've found the shipping companies are not even quoting contract rates; it's all based on spot pricing, where you get what's available at a price, on that day," said Mike Tattam, the sales and marketing director. "It's having a very serious impact and it's a situation that's getting rapidly worse."

# data[].attributes.attachment_link.title
Construction material shortages could delay UK housebuilding

# data[].attributes.attachment_link.description
A growing shortage of key construction materials could delay housebuilding this year as builders fight for fresh supplies against a backdrop of coronavirus-related challenges and price increases. One builders' merchant said they were being given an August delivery date for roofing materials, such as pitched roof tiles, compared with a usual three-month wait because, even with extra shifts, UK factories were struggling to keep up.

# data[].attributes.body
A real life context and discusses the benefit of the furlough scheme

# data[].attributes.attachment_link.title
Unemployment 2021 Theme 2 26 01 21 BBC News at Ten

# data[].attributes.body
This tweet is via Geoff Riley from tutor2u and should help supplement your work on unemployment

# data[].attributes.wish_content.attachment_props.text
Superb 5-6 minute extension read for Theme 2 Macro: What we can learn from British history about unemployment https://t.co/ev4CcxRcdD  "Andy Haldane, the chief economist at the Bank of England, says that without state support, unemployment might already have reached 5 million."

# data[].attributes.wish_content.attachment_props.entities.urls[].title
What we can learn from British history about unemployment

# data[].attributes.wish_content.attachment_props.entities.urls[].description
Scarring left by job losses of the early 1980s is still the reference point for today’s politicians

# data[].attributes.wish_content.attachment_props.original_text
Superb 5-6 minute extension read for Theme 2 Macro: What we can learn from British history about unemployment https://t.co/ev4CcxRcdD  "Andy Haldane, the chief economist at the Bank of England, says that without state support, unemployment might already have reached 5 million."

# data[].attributes.attachment_link.embed_code
Superb 5-6 minute extension read for Theme 2 Macro: What we can learn from British history about unemployment https://t.co/ev4CcxRcdD "Andy Haldane, the chief economist at the Bank of England, says that without state support, unemployment might already have reached 5 million."
— Tutor2u Geoff (FRSA) (@tutor2uGeoff) February 3, 2021

# data[].attributes.attachment_link.metadata.attachment_props_source.data.text
Superb 5-6 minute extension read for Theme 2 Macro: What we can learn from British history about unemployment https://t.co/ev4CcxRcdD  "Andy Haldane, the chief economist at the Bank of England, says that without state support, unemployment might already have reached 5 million."

# data[].attributes.attachment_link.metadata.attachment_props.original_text
Superb 5-6 minute extension read for Theme 2 Macro: What we can learn from British history about unemployment https://t.co/ev4CcxRcdD  "Andy Haldane, the chief economist at the Bank of England, says that without state support, unemployment might already have reached 5 million."

# data[].attributes.attachment_link.metadata.attachment_props.text
Superb 5-6 minute extension read for Theme 2 Macro: What we can learn from British history about unemployment https://t.co/ev4CcxRcdD  "Andy Haldane, the chief economist at the Bank of England, says that without state support, unemployment might already have reached 5 million."

# data[].attributes.body
A different source discussing negative interest rates. This is PWC, one of the big accountancy firms. You could end up working for them if you work hard.

# data[].attributes.attachment_link.readable_text
November 20, 2020

As a second national lockdown gets underway, along with fears of a double dip recession, the debate around negative interest rates is likely to resurface. With Mr Sunak extending the furlough scheme until March next year, all eyes will now be on the Bank of England over the coming months to see how far monetary policy can stimulate the economy.

In its November Monetary Policy meeting, the Bank of England voted to hold interest rates at 0.1% and increased its bond buying programme by a further £150bn. To date, the Bank has increased its firepower by around £460 billion to fight the effects of the pandemic, significantly more than during the Global Financial Crisis. But the Bank left one key question unanswered - under what circumstances could negative interest rates be utilised?

The Bank of England has been reviewing the appropriateness of using negative interest rates as a policy tool since the start of the pandemic. Last month, it exchanged letters with all UK banks and building societies to ask about the operational challenges that may emerge with a zero or negative Bank rate. But in a recent speech, Dave Ramsden, the Bank's Deputy Governor for Markets and Banking, made it clear that this exercise was just part of their ongoing assessment.

The Bank is right to be cautious. Negative rates create problems - in particular for the banking sector - which need to be weighed against their ability to stimulate the economy. The objective of negative interest rates, as with conventional cuts in interest rates, is to stimulate demand in the economy; spending now is more attractive than saving. But compared with conventional interest rate cuts, two key questions need to be assessed.

Will negative interest rates actually be effective in stimulating the economy? Negative rates would see commercial banks charged to hold balances at the central bank, instead of receiving interest. To recoup this cost, banks could in theory pass this cost onto savers. In reality, banks will be reluctant to do this; disincentivising saving deposits would reduce the funds available for bank activity. Indeed, the experience of negative rates in other countries has seen banks choose to increase bank fees and charges instead. This means the pass-through and stimulating effect will be much weaker compared to a normal rate cut.

To what extent will negative interest rates create challenges for the banking sector? With banks unlikely to pass on charges for holding balances at the central bank, they will see a squeeze in their profit margin. And with banks already facing credit losses from the economic fallout of COVID-19, undermining profitability further could lead to problems with their ability to support the economy. And back to the first question - squeezed profits constrains lending capacity, which is counterproductive to stimulating spending and business activity.

The effectiveness of such a policy also depends on country-specific macroeconomic circumstances, structural features and financial systems. Indeed, the experience of negative interest rates around the world has been mixed. In Japan, negative interest rates have failed to stimulate an economy where ageing populations continue to save. In Sweden, the combination of five years of negative interest and a housing shortage led to a housing price bubble. In the Eurozone, the evidence is mixed; it suggests that overall negative rates have been effective at stimulating the economy and raising inflation, although the impact on the banking sector has varied by country.

Negative rates can be designed in various ways to try and limit the pressure it causes for banks - for example, tiering of reserves, whereby only some of the reserve balances they hold at the central bank are charged negative rates. As part of their ongoing review, the Bank will need to assess the risks and how they could be mitigated very carefully, before introducing any such policy.

# data[].attributes.attachment_link.title
Negative interest rates: what are they and are they on the horizon? - Business and Economics - PwC UK blogs

# data[].attributes.attachment_link.description
November 20, 2020 As a second national lockdown gets underway, along with fears of a double dip recession, the debate around negative interest rates is likely to resurface. With Mr Sunak extending the furlough scheme until March next year, all eyes will now be on the Bank of England over the coming months to see how far monetary policy can stimulate the economy.

# data[].attributes.body
What could this mean for the UK economy?

# data[].attributes.attachment_link.readable_text
The Bank of England has taken another step towards adding negative interest rates to its crisis-fighting toolbox.

It's given High Street banks six months to be operationally ready for them.

Policymakers stressed that this did not mean that sub-zero borrowing costs were "imminent, or indeed in prospect".

But what exactly are negative interest rates? And could a world where savers are penalised and borrowers rewarded end up doing more harm than good?

What are negative interest rates?

The term "interest rates" is often used interchangeably with the Bank of England base rate.

Described as the " single most important interest rate in the UK", the base rate determines how much interest the Bank of England pays to financial institutions that hold money with it, and what it charges them to borrow.

High street banks also use it to determine how much interest they pay to savers, as well as what they charge people who take out a loan or mortgage.

The Bank of England usually lowers interest rates when it wants people to spend more and save less.

It cut them to a fresh low of 0.1% in March 2020 to try to stimulate the economy amid the coronavirus pandemic.

In theory, taking interest rates below zero should have the same effect. But in practice, it's a bit more complicated.

After all, why would anyone pay to stash money in a savings account or lend someone money, when they can keep the cash at home for free?

Why might this happen now?

The Bank of England's number one job is to keep prices across the economy rising steadily every year.

This is known as the Bank's inflation target, which is set at 2% by the government.

Inflation measures how quickly the cost of living is rising.

And, measured by the consumer prices index (CPI), it stood at 0.6% in December, up from 0.3% in November 2020.

While low inflation means prices aren't rising quickly, if it remains low for too long, bosses start factoring that into pay reviews.

This can then dampen consumer confidence and spending.

Central banks have been cutting interest rates to spur inflation for years. But as rates approached zero across the developed world, a handful went a step further.

Sweden, Switzerland, Japan and the 19 nations of the eurozone all took interest rates below zero.

In Switzerland, negative interest rates have also helped to discourage investors from pouring money into the country during times of uncertainty.

How will this affect savers?

British savers have already seen their returns dwindle in recent years.

The average UK instant access account pays just 0.12%, according to the Bank of England, while accounts that require you to lock your money away currently offer an average return of 0.51%.

In countries with sub-zero interest rates, commercial banks have passed them on to big companies.

However, the evidence suggests there is a very high bar to pass the pain on to ordinary savers.

Christina Nyman, chief economist at Swedish lender Handelsbanken, says charging savers to put money in their own accounts is seen as "taboo" in Sweden.

She says: "Competition is fierce, and households are ready to move their money to another bank, so nobody wants to lose business."

Swiss banks UBS and Credit Suisse only impose negative rates on deposits of more than 2 million Swiss francs.

In Germany, where some banks impose charges on deposits of more than €100,000 (£90,000), some people have started stashing their money in vaults.

According to Germany's central bank, physical cash holdings by families and businesses there have almost trebled to €43.4bn since the European Central Bank (ECB) introduced a negative deposit rate in 2014.

But David Oxley at Capital Economics says there hasn't been a wider shift towards cash because most people still prefer the security and convenience of keeping it in the bank.

Putting it in a vault "runs the risk of the money either being lost, stolen, or damaged," he says. "Bank deposits cannot catch fire, but banknotes can."

What about borrowers?

Negative rate mortgages already exist. In 2019, Danish bank Jyske announced that it would effectively pay borrowers 0.5% a year to take out a 10-year loan.

James Pomeroy, an economist at HSBC, says this was only possible because of the nature of the mortgage market.

When someone in Denmark applies for a home loan, Danish banks act as a middleman between potential borrowers and investors.

"In Denmark the banks don't take the hit, investors do," says Mr Pomeroy. "Banks are then charging higher product fees, so have actually made money off of this."

But negative rate mortgages are unlikely to be offered in the UK any time soon.

When UK interest rates were slashed to 0.5% in March 2009, some borrowers thought they could be in line for a payment.

Around 1,500 Cheltenham and Gloucester customers had a mortgage that tracked 1.01 percentage points below the Bank of England base rate.

But any prospect of a windfall was quickly dashed when financial regulators described interest payments as "a one-way obligation on the borrower".

In a letter to UK bank bosses, Sam Woods, chief executive of the Prudential Regulation Authority (PRA), said some lenders would need up to 18 months to make permanent changes needed to deal with negative rates.

While "short-term fixes" could be implemented within six months, upgrading systems not built to deal with a negative Bank of England base rate would take longer, especially for some mortgage customers.

Banks said they would find it easier to explain and implement changes to big corporate clients, because many already had international experience with negative rates.

What are the side effects of negative interest rates?

Negative interest rates hit bank earnings by squeezing the gap between the money they make on loans and what they pay to savers.

"If not passed on to customers, negative rates would hurt bank profitability, especially at a time when they are expected to be hit by crisis-related loan losses," says Danae Kyriakopoulou, chief economist at the Official Monetary and Financial Institutions Forum (OMFIF).

Negative interest rates pose a particular challenge to building societies, which hold around £1 of every £5 in British savings accounts.

While commercial banks can access cheaper borrowing by tapping financial markets, building societies must raise at least half their funding from individual savers.

# data[].attributes.attachment_link.description
The Bank of England has taken another step towards adding negative interest rates to its crisis-fighting toolbox. It's given High Street banks six months to be operationally ready for them. Policymakers stressed that this did not mean that sub-zero borrowing costs were "imminent, or indeed in prospect".

# data[].attributes.body
218,000 people spend more than £1800 pm on gambling. Think about the externalities from this sort of externality

# data[].attributes.attachment_link.readable_text
People who bet even relatively small sums are more likely to suffer financial hardship and unemployment, while heavier gamblers die earlier, according to a landmark study analysing data from millions of bank customers.

In a report thought to be the largest of its kind carried out in the UK, academics tracked the links between gambling spend and problems experienced by 6.5 million Lloyds Banking Group customers over seven years.

They found that the likelihood of missing a mortgage payment, taking a payday loan or being pursued by debt collectors escalated rapidly the more someone gambled, while there were longer-term links to job loss and mortality.

The study, led by academics at Oxford and Warwick universities, will intensify concern about the volume of gambling company profits derived from people in financial difficulty. The industry is already under scrutiny amid a government review that could yield tougher regulation.

The research gives the most detailed insight yet into how the £14.5bn that the industry wins from punters each year can translate into damaging real-world outcomes.

The chances of financial harm rose with any level of gambling but were "notably stronger" once someone spent 3.6% of monthly outgoings on it, equivalent to £91.37 for the average household.

At that level of spend, gamblers were one-third more likely to miss a mortgage payment, 22% more likely to use an unplanned overdraft, and 19% more likely to take a payday loan.

Those who devoted £1 in every £10 to gambling - putting them among the top 10% of the industry's highest-spending customers - were twice as likely to miss a mortgage payment as someone who did not bet at all.

The researchers also traced gambling spend over a seven-year period, identifying increased rates of unemployment, disability and "substantially increased mortality" at the highest levels of gambling.

While the findings do not prove that gambling causes those results, the research shows that higher spending on betting often goes hand in hand with negative outcomes. Longer-term monitoring also showed that gambling spend can escalate very quickly, but typically diminishes more slowly.

The industry has repeatedly defended its impact on society by pointing to figures from the semi-regular NHS digital health surveys, which chart levels of addiction. The surveys have shown that fewer than 1% of the population are gambling addicts, with the proportion relatively stable. However, the figures rely on self-reporting from gamblers, who studies have shown are unreliable judges of their own spending.

They also offer no insight into the real-world impact of their spending, while the study from Oxford and Warwick researchers draws on actual transaction data to show whether gambling correlates with financial hardship.

Peter Tutton, head of policy at the debt charity StepChange, said that while most clients identify other causes for their debts, "The financial effects of problem gambling do make people more vulnerable to problem debt. We hope the gambling sector and government will work hard ahead to break this link by ensuring proper protections are put in place."

The Labour MP Carolyn Harris, who leads a cross-party group of MPs examining gambling-related harm, said the study demonstrated the need for the government's review to result in a much stricter gambling regime. "These findings are the most conclusive evidence yet of the gambling industry profiteering from the vulnerable and those in severe financial hardship," she said. "The government needs to get a grip and properly regulate this toxic industry."

The industry's lobby group, the Betting & Gaming Council, said its members had recently introduced safety measures such as "enabling customers to self-exclude completely from gambling, closing tens of thousands of online accounts, encouraging the banks to enable customers to opt out of using their cards for betting transactions, as well as implementing the ban on the use of credit cards for betting".

The BGC had earlier released a report estimating that the number of people using black market betting sites had doubled since last year to £2.8bn. It warned that the problem could worsen if the UK cracks down too hard on regulated operators.

An earlier version of the same research, carried out by accounting firm PwC on behalf of firms including William Hill and Ladbrokes owner Entain, was criticised as "exaggerated" by the Gambling Commission.

'I'd gamble my monthly wage in a couple of days'

Adam Wood gambled on football at first but lost more when he turned to horse racing. Photograph: Adam Wood

Adam Wood, a 23-year-old from Sheffield who works in an optician, experienced first hand how increased gambling can lead to financial troubles. He had gambled on football a bit before he turned 18, but began to place bigger bets after getting into horse racing.

"I gained quite a grasp of the sport and was picking winners. It was coming naturally to me," he said. "That made me think I should bet more.

"I went on a good streak, but when I started betting more, that streak came to an end. That was confusing to me because I was using the same methods and tactics. Instead of stopping, I just got more aggressive and upped the stakes, gambling on races I knew nothing about.

"I was desperate to get back the money I'd lost and the situation got violently out of control. I had £7,000 of savings and blew that in a couple of weeks. I'd gamble my monthly wage of £1,500 within a few days.

Soon, Adam began taking out payday loans with companies such as Wonga, Sunny and Satsuma. "The loans started off quite small, £200 or £300. The loans were my way of getting out of this mess and funding my expenses during the month but I'd gamble every single penny. I repeated it 13 or 14 times and the interest was phenomenally high.

"My parents had to help me get the outstanding loans settled, about £7,000 or £8,000. They bailed me out, which I'm very grateful for, and I'm paying them back now.

"My credit history is ruined for the next seven or eight years. I added up all of my accounts and I was down about £80,000 over four or five years. That's a car, that's a deposit on a house. It should have been mine for the future and it wasn't."

Adam has now gone 10 months without placing a bet.

# data[].attributes.attachment_link.title
Even low levels of gambling linked to financial hardship, study finds

# data[].attributes.attachment_link.description
People who bet even relatively small sums are more likely to suffer financial hardship and unemployment, while heavier gamblers die earlier, according to a landmark study analysing data from millions of bank customers.

# data[].attributes.body
Interesting article from the New York Times. Meat farmers have been lobbying to stop vegan producers calling their products burgers and sausages. What do you think happened?

# data[].attributes.attachment_link.readable_text
The European Parliament voted on Friday on proposals that would have banned products without meat from being labeled burgers or sausages.

Europe's main farming lobby group called it "cultural hijacking" to put a vegan burger, right, in the same category as a beef burger. Credit... Carsten Koall/EPA, via Shutterstock; Daniel Roland/Agence France-Presse - Getty Images

LONDON - When is a burger not a burger? When it contains no meat. At least according to a divisive proposal that was in front of the European Parliament this week, part of a set of measures that would have banned the use of terms like "steak," "sausage," "escallop" or "burger" on labels for plant-based alternative products.

But after a decisive vote against the measure on Friday, it seems veggie burgers will still be on the menu.

"Reason prevailed, and climate sinners lost," Nikolaj Villumsen, a member of the European Parliament from Denmark posted on Twitter. "It's worth celebrating with a veggie burger."

A proposal to expand a ban on descriptions such as "yogurt-style" or "cream imitation" for nondairy replacements did pass, extending previous limitations on the use of words like "milk" and "butter" on nondairy alternatives.

The proposed changes - a small part of a package of agricultural measures - received more attention than perhaps desired either by their proponents among meat and livestock groups, who said they would prefer to focus on helping farmers work sustainably, or the environmentalists and food manufacturers opposing it, for whom it is a distraction from climate-change policy.

Jasmijn de Boo, vice president of ProVeg International, a group aimed at reducing meat consumption, said that the proposal was not in the interest of consumers or manufacturers, and that shoppers were not confused by the labels currently on store shelves.

"Why change something to a 'veggie disc' or 'tube' instead of a sausage?" she said. "It's ridiculous."

Those in favor of the change said that labeling plant-based products with meat terms were misleading and could open the door for other confusing labels.

"We simply call for the work of millions of European farmers and livestock sector workers to be acknowledged and respected," Jean-Pierre Fleury, the chairman of Copa-Cogeca, Europe's largest farming lobby group, said in a statement this month. He described the use of meatlike names for plant-based products as "cultural hijacking."

The decision is a victory for environmental advocates over an E.U. farming lobby that is one of the strongest voices in the bloc and plays an outsize role in policymaking, considering that the sector has been shrinking for years.

Camille Perrin, the senior food policy officer at the European Consumer Organization, called decision "great news" and a "common sense" vote.

"Consumers are in no way confused by a soy steak or chickpea-based sausage, so long as it is clearly labeled as vegetarian or vegan," she said in a statement after the vote. "Terms such as 'burger' or 'steak' on plant-based items simply make it much easier for consumers to know how to integrate these products within a meal."

It is not the first debate over plant-based foods as that sector has exploded in recent years.

Labels for plant-based dairy alternatives like "soy milk" or "tofu butter" are illegal in the bloc after dairy producers won a 2017 ruling backed by the European Court of Justice.

In 2018, France banned the use of meat terms to describe vegetarian products. In dozens of states in the United States, advocates of vegetarian food have clashed with farmers and lobbyists over legislation that makes it illegal for plant-based products to be called meat.

Several parties in the European Parliament had also submitted proposals with different caveats since the initial amendment was introduced, and those are still to be voted on. Manufacturers like Beyond Meat, Unilever and Ikea, along with the European Medical Association, have opposed the changes, which they described in an open letter as "disproportionate and out of step with the current climate."

Many said that approving the amendment would be counter to a goal set by the European Parliament this month to reduce carbon emissions 60 percent by 2030.

And shoppers seem to like the names. In a 2020 survey from the European Consumer Organization, about 42 percent of respondents said they believed "meaty" names for plant-based products should be permitted if products were clearly labeled vegetarian or vegan. Twenty-five percent said that such names should be banned.

A spokesman for Copa-Cogeca said the organization did not believe that shoppers could not tell the difference between meat and plant-based products, and said that farmers were not against vegetable alternatives. But he said that differentiating the markets - much like those of butter and margarine - was among a host of initiatives that would support struggling farmers who are trying to adapt to a world more focused on sustainability.

Some said the proposal would provide more fodder for what critics call the European Union's penchant for overregulation. Alexander Stubb, a former prime minister of Finland, said the bloc should legislate only "where there are impediments to the free movement of goods, services, money and people."

He described the amendment as "overkill" that would bolster the arguments of those who campaigned for Britain's exit from the bloc: "This is one of these symbolic sad cases - a bit like legislating on the curve of cucumbers."

# data[].attributes.attachment_link.title
E.U. Says Veggie Burgers Can Keep Their Name

# data[].attributes.attachment_link.description
The European Parliament voted on Friday on proposals that would have banned products without meat from being labeled burgers or sausages. LONDON - When is a burger not a burger? When it contains no meat.

# data[].attributes.body
Lots of things to take from this picture. When businesses complain about business rates look at the proportion of the cost of a cup of coffee they account for!

# data[].attributes.headline
Contestability. Networks stopped from selling locked phones

# data[].attributes.subject
Contestability. Networks stopped from selling locked phones

# data[].attributes.body
Will this improve contestability in the mobile phone market? Why?

# data[].attributes.attachment_link.readable_text
The UK's mobile networks are to be forbidden from selling phones locked to their services from December 2021.

Regulator Ofcom said unlocking handsets could often be a complicated process, and this was discouraging owners from switching providers at the end of their contracts.

The networks have previously suggested that locking devices helps deter theft and fraud.

But the watchdog noted some companies had already abandoned the practice.

Among those companies affected are:

BT and its EE mobile division

Vodafone

Tesco Mobile

O2, Sky, Three and Virgin already only sell unlocked handsets.

"[It] will save people time, money and effort - and help them unlock better deals," said Ofcom's connectivity director Selina Chadha.

Vodafone has already responded: "We stand ready to implement these changes when they come into force."

EE added: "We'll work with Ofcom to comply with its guidelines."

Lost service

It typically costs about £10 to get a smartphone unlocked to let it work on any network.

However, according to a study by Ofcom, about half of all those who try to do so experience difficulties.

These can include facing a long wait to receive the code needed to trigger the process, as well as then finding that the code does not work.

The regulator added that some owners do not realise their devices are locked in the first place, causing them to suffer a loss of service when they try to switch.

The ban means the UK remains compliant with wider European rules, but Ofcom noted that it was already looking into the problem before the EU introduced the regulations in 2018.

The UK government has said it will adhere to the European Electronic Communications Code, despite planning to complete the Brexit transition period this year.

Broadband consultation

The locked handsets ban is one of several new measures that telecoms providers will have to follow.

Others include:

an obligation to provide communications in accessible formats - such as braille - when requested. This must also be done by December 2021

giving customers a stronger right to leave if changes are made to deals that they were not told about before signing. This will come into force in June 2022

a requirement that customers be shown a clear summary of a contract's key parts before joining. This must happen by June 2022

In addition, the regulator plans to make it easier to switch broadband providers by December 2022.

At present, if customers switch from one provider reliant on BT's Openreach network to another - for instance from Sky to TalkTalk - all they need to do is contact the new supplier, which makes all the arrangements.

But if they want to move to another broadband network - for example from BT to Virgin Media or CityFibre - they have to manage it themselves.

Ofcom had asked the industry to come up with a process to end this discrepancy.

But after it failed to do so, officials are now working on their own solution, although they say they will consult the public and the companies involved first.

# data[].attributes.attachment_link.title
Mobile networks banned from selling locked phones

# data[].attributes.attachment_link.description
The UK's mobile networks are to be forbidden from selling phones locked to their services from December 2021. Regulator Ofcom said unlocking handsets could often be a complicated process, and this was discouraging owners from switching providers at the end of their contracts. The networks have previously suggested that locking devices helps deter theft and fraud.

# data[].attributes.headline
Demand for outdoor patio heaters causes shortages

# data[].attributes.subject
Demand for outdoor patio heaters causes shortages

# data[].attributes.body
Think about PED here. Why are these devices in such high demand?

# data[].attributes.attachment_link.readable_text
After transforming the fortunes of hand-sanitiser and soap producers, the pandemic looks set to do the same for another previously unheralded industry - the manufacturers of outdoor heaters.

A wave of new restrictions on indoor gatherings in western countries heading into winter has set off a scramble for heaters that will allow people to socialise safely - and warmly.

Buyers range from households keen to meet with friends and family outside to pubs, bars and restaurants desperate to attract enough customers so they can stay in business through to the spring.

"We've been in this business for 55 years and we've never seen demand like the last three months," said Pete Arnold, chief executive of AEI Corporation, a California-based outdoor heating supplier.

Despite England's pubs, bars and restaurants having to shut for much of November as part of a second lockdown announced last weekend, executives in the UK hospitality industry say that outdoor heated space will be vital to their fortunes once they are allowed to reopen.

Coronavirus business update

How is coronavirus taking its toll on markets, business, and our everyday lives and workplaces? Stay briefed with our coronavirus newsletter.
Sign up here

Phil Urban, chief executive of Mitchells & Butlers, one of the UK's largest bar chains, said that the group had decided to press ahead with a £1.5m investment in heated and covered outside spaces.

"The view is as soon as we do open we will need those outdoor spaces. It's difficult to see over the next three, four, five months being able to operate normally," he said. England's second lockdown starts this Thursday and is scheduled to last until December 2.

Heaters aimed at domestic use retail for between £50 and £100, but prices can reach up to £800 for higher-end products.

"People are becoming less price sensitive," said Paul Morey, chief executive of Herschel Infrared Heaters, a Bristol-based manufacturer and supplier.

However, manufacturers and distributors the Financial Times spoke to in the US, UK, Australia and China said that the record level of demand risked pushing a supply chain dependent on shipping the bulk of heaters from Asia's largest economy to breaking point.

They are expensive to run, they don't last that long and they are not good for the environment

Ralph Findlay, chief executive of UK pub group Marston's

"The entire supply chain has broken down," said Mr Arnold of AEI.

Steve Levy, managing director of Heat Outdoors, a Hertfordshire-based distributor, said Chinese manufacturers that typically deliver gas heaters within six to eight weeks can now only do so by February or March. As a result, the company resorted to paying for 1,000 units to be flown in last weekend, even though rates for air freight have trebled.

While England's new lockdown only permits people to meet with one other person from another household in public outdoor spaces, households have been preparing for months of winter socialising in their gardens.

Elizabeth Terry, a retired doctor from Wiltshire who is vulnerable to infection due to cancer treatment, said she had not entertained inside at all due to Covid-19 and had spent £300 on her third electric outdoor heater last month.

"It's been a life saver for us. We've sat outside with friends of ours at 7 degrees outside," she said.

Mr Levy reckons that England's second lockdown will provide some temporary respite for suppliers.

"It's a bit of a relief as we were not coping with the level of demand," said Mr Levy, who plans to use the window to restock.

If distributors in the UK and US are struggling to get hold of heaters, manufacturers in China have not been able to produce them quickly enough.

Sam Xue, general manager at Liangdi, a Changzhou-based manufacturer, said the company had increased its workforce by 30 per cent since the summer and production was running at 1,000 units a day - double last year's levels.

The heaters come in two broad types: those powered by gas that are less environmentally friendly and dominate the US market, and electric infrared ones. Concern over their effect on the environment had prompted France to outlaw both types this winter, but the ban has been pushed back until the spring because of the pandemic.

It is one reason why some are refusing to join the rush.

"They are expensive to run, they don't last that long and they are not good for the environment," said Ralph Findlay, chief executive of UK pub group Marston's, which has left heaters out of its plans to navigate through the pandemic.

But for other UK pub groups, the question of heaters' green credentials takes second place to trying to stay in business once the government allows them to reopen.

Jamie Atherton, general manager at Quarter, a Bristol-based independent group of bars, hotels and workspaces, which created outdoor areas with heaters at two venues and plans to reconfigure more space during the lockdown, is unequivocal.

"We do this or go down," he said.
Additional reporting by Judith Evans in London and Sun Yu in Beijing

# data[].attributes.attachment_link.title
Pandemic sets off a scramble to snap up outdoor heaters

# data[].attributes.attachment_link.description
After transforming the fortunes of hand-sanitiser and soap producers, the pandemic looks set to do the same for another previously unheralded industry - the manufacturers of outdoor heaters. A wave of new restrictions on indoor gatherings in western countries heading into winter has set off a scramble for heaters that will allow people to socialise safely - and warmly.

# data[].attributes.headline
Jammie Dodgers and Wagon Wheels shortage

# data[].attributes.subject
Jammie Dodgers and Wagon Wheels shortage

# data[].attributes.body
If a possible shortage of Wagon Wheels isn't enough to get your attention then there is something wrong!

# data[].attributes.attachment_link.readable_text
Production of Wagon Wheels and Jammie Dodger biscuits could be halted at an Edinburgh factory this month as staff strike over pay, a union has warned.

The GMB union accused Burton's Biscuits, which also makes Maryland cookies, of making a "derisory" pay offer that had "insulted" workers.

It said staff would stage three 24-hour walkouts, with the first on Wednesday.

A Burton's Biscuits spokesman said it was "shocked" at GMB's request for a 7% pay rise but keen to resume talks.

More than 400 workers are employed at its Edinburgh factory, which makes around 7.5 million biscuits a day.

GMB members at the plant voted by a majority of 91% for industrial action after management refused to increase a 1.6% annual pay rise offer.

The union said indefinite work to rule and an overtime ban will start tomorrow from 2pm, followed by strikes on 9, 16 and 23 September.

GMB Scotland organiser Benny Rankin said: "Burton's stubborn stance on this year's pay offer is an insult to staff that have worked throughout the lockdown at management's insistence.

"Their refusal to meaningfully engage with a workforce that deserve so much better means we have been left with little choice but to strike for a decent pay offer."

'Jeopardise job security'

Burton's Biscuits, which is owned by the Ontario Teachers' Pension Plan investment company, said the union was being unreasonable.

"Against the backdrop of growing economic uncertainty, the country entering a depression and rising levels of unemployment, we have made what we consider to be a series of very fair and reasonable offers, enabling us to provide job security alongside increased earnings.

"Alongside the challenging environment, this action may only serve to jeopardise our employees' ongoing job security."

He said the firm wanted to find a "mutually acceptable solution" and was willing to resume talks with the union.

"We also hope that we can return to full production as soon as possible and move forward in a spirit of unity and co-operation in a safe, enjoyable and productive working environment."

Burtons, which also makes Cadbury biscuits under a perpetual licence, has three sites in the UK employing 2,200 workers.

# data[].attributes.attachment_link.title
Jammie Dodgers production to halt as staff strike

# data[].attributes.attachment_link.description
Production of Wagon Wheels and Jammie Dodger biscuits could be halted at an Edinburgh factory this month as staff strike over pay, a union has warned. The GMB union accused Burton's Biscuits, which also makes Maryland cookies, of making a "derisory" pay offer that had "insulted" workers.

# data[].attributes.headline
Alcohol Ban in South Africa -  Pineapple Prices soar!

# data[].attributes.subject
Alcohol Ban in South Africa -  Pineapple Prices soar!

# data[].attributes.body
Can you explain why these two things are so strongly linked?

# data[].attributes.attachment_link.readable_text
President Cyril Ramaphosa's latest alcohol ban has impacted the demand and price of pineapples, according to a report.

While many of the country's booze lovers were frustrated at the president's initial order to ban liquor sales in March, many sought alternatives all in an effort to sail past one of the country's go-to stress relievers.

It's now clear that the renewed 'immediate ban' on booze comes as the country is in a far better position to navigate past what is expected to be a prolonged period as the country paddles through the coronavirus pandemic.

With reports highlighting an up to 150% increase in prices since the renewed ban, retailers have spotted the increased demand for pineapples, with some of the fruit, obviously intended for homebrews during the country's alcohol draught.

A local trip to a veggie shop in Johannesburg shows that before the renewed lockdown, pineapples went for around R30 for two, but now range around R40 for one.

Although home brewing has become common, wholesalers, as well as some drinking holes in townships, appear to be cashing in on the demand.

This has led to some tragedies as a man from Brakpan in Gauteng died from alleged organ failure caused by homemade liquor in march.

The 34-year-old father of two died in the Far East Rand Hospital.

With the sale of alcohol banned for more than seven weeks since the start of the Covid-19 lockdown, the illegal booze trade has mushroomed and prices have rocketed, GroundUp reported.

People who used to frequent shebeens in the Southern Cape say syndicates have stepped in and are charging exorbitant prices for conventional brands of alcohol.

In response, people have started to brew their own liquor at home. Pineapples and apples are mostly used.

# data[].attributes.attachment_link.title
Price of pineapples increases amid liquor sales ban, report reveals

# data[].attributes.attachment_link.description
President Cyril Ramaphosa's latest alcohol ban has impacted the demand and price of pineapples, according to a report. While many of the country's booze lovers were frustrated at the president's initial order to ban liquor sales in March, many sought alternatives all in an effort to sail past one of the country's go-to stress relievers.

# data[].attributes.body
The government of New Zealand thinks it might be. This article looks at how more importance is being given to measuring happiness and wellbeing than ever before.

# data[].attributes.attachment_link.readable_text
Recently, GDP has come under scrutiny as a planning tool, with some decision-makers turning instead to the , a marker that focuses on the wellbeing of the citizens rather than an economic bottom line. Happiness Index This Index would help governments use their budgets with the aim to increase the welfare of its citizens instead of the nation's Gross Domestic Product .

Gross Domestic Product (GDP) has always been a dependable tool for economic discussions, an index that is used to determine the health of an economy and the wellbeing of a nation. GDP is a measurement of the value of finished goods and services within a country over a specific time frame. A nation's Gross Domestic Product can then be divided by its population to determine the GDP per capita. This is, in turn, used to make assumptions on standards of living within that country, with the idea that the higher the per capita amount, the better the standards are.
See also: Renewable Energy Is Now The Cheapest Option - Even Without Subsidies
However, GDP has had mixed results when trying to illustrate the welfare of the people. As an economic tool, it only makes assumptions about the basic standards of living, which can be different across the socioeconomic spectrum of a nation. Additionally, better standards of living do not necessarily equate to better welfare, with the latter affected by a range of factors including but not limited to mental wellbeing, cultural resilience, and environmental health.
See also: Trump Asks UK To Drop Food And Environment Standards To Secure Post-Brexit Trade Deal The New Zealand Project
Nobel Prize-winning economist and designer of the modern GDP Simon Kuznets noted himself in 1934: "The welfare of a nation can scarcely be inferred from a measurement of national income." GDP, which had been used in one form or another since 1654, was reworked to its current state in 1934 when Kuznets presented a report to the US Congress regarding national wealth. However, as he expressed at the time, it should not be used as more than an economic tool to set an economic value of a country's production power, and that equating GDP to citizen welfare would be over-simplifying a very complex situation.

The Kingdom of Bhutan became the first nation to test a Gross National Happiness Index in 2008. Bhutan started to measure factors including psychological health, living standards, community vitality as well as environmental and cultural resilience - which the government would then use these metrics to inform its policies. Creative accurate measurements for these factors that are easy to measure is often challenging, an excuse often given for avoiding them altogether.
See also: Businesses Would Gain $2.1 Trillion By Embracing Low-Carbon Tech Communities Over Economics
New Zealand Prime Minister Jacinda Ardern is the latest leader to adopt the Happiness Index metric, announcing a new budget that focused on improving the prosperity of local communities. Ardern hoped that : "(lay) the foundation for not just one well-being budget, but a different approach for government decision-making altogether." As part of the budget, there will be an increase of NZ$200 million (US$131 million) in services aimed at helping victims of domestic and sexual violence as well as housing programs for the nation's homeless population. as a "game-changing event" by London School of Economics Dr. Richard Layard, New Zealand's budget has set a new standard for progressive policy "no other major country that has so explicitly adopted well-being as its objective."

After unveiling New Zealand's new economic framework, the center-left government also explained the basis behind their shift in focus. All new spending must advance one of five government priorities: improving mental health, reducing child poverty, addressing the by indigenous Maori and Pacific island people, thriving in a digital age, and transitioning to a low-emission, sustainable economy. inequalities faced New Zealand's change in policy represents a shift that economists have long theorized could be a more effective use of government spending .

The 4.9-million strong nation has a long history of progressive policy-making and defending its interests against international superpowers , and as Max Harris lays out in his book The New Zealand Project , it makes it the ideal nation to lead a change in global views. In his 2017 publication, Harris explains how the island nation would be better served working towards integrating traditional community values focusing on collective welfare in order to tackle large issues such as climate change or social inequality. Harris' vision for a better, happier and more cohesive New Zealand is now a step closer to being fulfilled, with Jacinda Ardern's new wellness budget.

As Finance Minister Grant Robertson , the economic growth of a nation should not come at the cost of its citizens: "Sure, we had - and have - GDP growth rates that many other countries around the world envied, but for many New Zealanders, this GDP growth had not translated into higher living standards or better opportunities. How could we be a rockstar, they asked, with homelessness, child poverty and inequality on the rise?"

Robertson's statement summarizes the views of many governments worldwide, who are increasingly looking to create happier communities "For me, wellbeing means people living lives of purpose, balance, and meaning to them, and having the capabilities to do so." From the United Kingdom to , the Happiness Index has been adopted in various forms in order to improve the welfare of the general population, while also re-prioritizing the use of a nation's economic powers. New Zealand's decision to embrace it as a defining part of their national budget has started internationally to determine whether this new approach may be the most effective for both communities and their respective economies.

GDP may be an outdated metric when it comes to determining the welfare of a nation's populace and although it presents an accurate indication of a country's economic health, its role as a key budgetary tool. As nations increasingly move towards transitions toward sustainable development and efficient energy and technologies , the use of the Happiness Index could help spur investment in that improve the community, the economy, and the environment. New Zealand has always been at the forefront of change throughout the ages, and it is poised to continue its ways by pioneering a community-centered economic plan.

# data[].attributes.attachment_link.title
New Zealand Ditches GDP For Happiness And Wellbeing

# data[].attributes.attachment_link.description
Recently, GDP has come under scrutiny as a planning tool, with some decision-makers turning instead to the Happiness Index, a marker that focuses on the wellbeing of the citizens rather than an economic bottom line. In New Zealand, Prime Minister Jacinda Ardern is looking to do things differently.

# data[].attributes.body
This is for second year students mainly. It's a deep article and will make you think. Diane Coyle is a highly respected Economics Professor. I expect you all to read it.......

# data[].attributes.attachment_link.readable_text
Have we reached the end of progress? Today, this lodestar of the Enlightenment and the Industrial Revolution is shining less brightly than at any time in the past 200 years. And our principal measure of progress - gross domestic product (GDP) - seems particularly tarnished. Growing numbers of people are asking whether economic growth, measured by whether GDP is going up, should be the main priority of governments. Aren't the environmental costs of growth too high? Is higher GDP worthwhile if it all goes to the rich? Does higher GDP even make us happier, and isn't that what our governments should really focus on?

All these questions end up tangled in statistical definitions, obscuring the deeper issues they raise. Some of the questions are philosophical. I, for one, don't want the government dabbling in my well-being. And I do think that economic growth is a sign of progress, but I want it to be more equally shared than has been the case in the past generation. Some of the issues are more technical: what are the binding environmental constraints on growth and how do we measure them? None of these questions can be answered by changing the definition of GDP.

The measurement we now know as GDP (related to the original measure, GNP, or gross national product) was developed by economists in the UK Treasury, working under the guidance of the eminent John Maynard Keynes, and completed in 1941. One of these economists, Richard Stone, led the post-war initiative to spread GDP as a standard within the United Nations. In just a matter of years, national economic accounts were progressively standardised, bureaucratised, and adopted around the world for the remainder of the 20th century. GDP is now the universal benchmark of economic standing.

The case made against GDP is that it does not measure what we truly value. While counting economic activity such as output of cars or meals out, GDP leaves out non-monetary costs such as pollution; it ignores inequality and work-life balance, and counts 'bads' (more lawyers, more weapons purchased) as 'goods'. A typical critic of GDP is Michael Green, a US economist and executive director of the Social Progress Imperative in Washington DC. This organisation created the Social Progress Index (SPI) to measure a nation's well-being by looking at non-economic indicators such as whether people have access to basic medical care and higher education. As Green told US News last month: 'There's lots and lots [GDP] doesn't capture. [It] doesn't tell us about the quality of our lives in terms of the real things that matter to real people.'

However, it was never meant to do this, so this failure should not come as a surprise. But there is a profound confusion about what GDP does measure, and about what should be measured, and why.

GDP is simple in principle: it is the sum in a given time period of everything produced in the economy with a monetary value, which should add up to the same figure as the incomes earned by every person and company, and the same as the total spent by everyone. In practice, these separate sides of the accounts are rarely equal because of the difficulty of assembling all the vast sets of statistics. National accounting is an esoteric art that, four times a year, delivers us a figure - up 0.2 per cent! Up 0.6 per cent! - trumpeted (or not) by governments keen to show their constituents that they are delivering.

Criticisms of GDP date back to the 1970s, when high inflation and zero growth ('stagflation') led to widespread economic disillusionment. Capitalism did not seem to compare well with Communism. Economic growth had not taken off as hoped in the former colonies. And, perhaps most profoundly, the emerging environmental movement began campaigning about the costs economic growth inflicted on nature.

Environmental sustainability remains central to criticisms of GDP today. The measure ignores the adverse impact of pollution, greenhouse gas emissions, reduced biodiversity, and the depletion of natural resources. And it fails to adjust for the fact that spending on policemen or lawyers is a necessary evil not a positive benefit, or that we spend more time commuting these days, or that the infrastructure of roads and railways is crumbling. GDP-bashers also delight in pointing out that, over time, increasing GDP has not delivered increasing happiness; happiness, as reported in many surveys, has, they claim, risen far, far less.

This last point misconstrues the nature of two types of statistic. GDP is an artificial construct, not a natural object, and it can rise without limit. 'Happiness' is a state of mind, typically measured by psychologists on a scale of 0 or 1 to 3, or 1 to 10. But, just as the growth of GDP has contributed to longer lives and taller humans, so it has also contributed to making us happier - there's plenty of evidence that richer people are consistently happier than poorer people. In that sense there's a positive correlation.

Still, the emphasis on happiness, or 'positive psychology', like that on environmental sustainability, raises some important questions about the purpose of economic policy. To explore these, we need to go back to the origins of GDP, and look at why it was devised in the first place.

GDP is only the latest of a number of approaches to measuring the economy, dating back to the late 17th century when 'the economy', as we now think of it, started to become a meaningful idea. Interest in measuring it has always been driven by the interests of the state. In the days of William Petty - the pioneer of national accounting, who produced the first version of GDP for England and Wales in 1665 - the motive was to assess the country's capacity to pay taxes that would finance expensive wars against Holland and France.

Tax revenues and trade remained the main interest behind measuring growth throughout the 18th and 19th centuries, but the concept of 'the economy' changed markedly over that time. Adam Smith, for example, insisted in Wealth of Nations (1776) that growing food and manufacturing goods created true wealth, which, in turn, paid for services with no inherent value. His concept of 'material' production remained the foundation of economic statistics in the Soviet bloc until 1989.

In the West, government interest in an aggregate measure of a nation's economy was reignited by the Great Depression, when the chief question was: how much idle capacity is there? How many factories are shuttered, and how much more could they produce if put back to work? In the UK, Colin Clark took the lead, as statistician to the new National Economic Advisory Council in 1930, and Simon Kuznets was one of the economists leading this work in the US.

Kuznets had firm ideas about how to define the economy. He thought the point of measuring national income was to understand how much of the good things in life private individuals could consume, both now and through their future savings. How well did the economy serve their well-being or 'welfare'?

Kuznets's first report, submitted to Congress in January 1934, showed that the size of America's economy had halved between 1929 and 1932. Even in those depressed times, so great was the interest in reviving economic growth that the report was a best-seller. President Roosevelt cited Kuznets's figures when announcing the new Recovery Program in 1933, and updated them before sending a supplemental budget to Congress in 1938. Having national income estimates for the whole economy made a huge difference to the scope for policy. President Hoover before him had made do with the incomplete picture painted by industrial statistics, such as share price indexes and freight car loadings. This information was less compelling as a call to action than authoritative figures showing the halving of national economic output in the space of just a few years.

GDP is meant to measure market activities and, by definition, housework is not in the market; but there's no market price for government activities either, and they are included

Kuznets, however, saw his task specifically as working out how to measure the total amount produced in the economy, by adding up the output of all the different industries and the amount consumed by private individuals that brought them some benefit. To this end, he wanted to subtract from the national income all expenses relating to armament, to financial and speculative activities, and the enormous outlay relating to transport and housing. These expenses, he claimed, 'do not really represent net services to the individuals comprising the nation but are, from their viewpoint, an evil necessary in order to be able to make a living.'

Kuznets's idea of national income referred not to economic activity or output (in other words, GDP) but what can be described as 'economic welfare', a measurement of well-being. As he said in 1934: 'The welfare of a nation can scarcely be inferred from a measurement of national income.' This is the same criticism of GDP made by its many critics now, when they point out that we'd do better to have a measure that deducts things such as environmental costs, or the costs of preventing crime or fighting wars.

However, in the debate about whether we should be measuring welfare or economic activity, Kuznets lost. The Second World War made the latter more important. The US and UK governments wanted to know how much war material their economies could produce, and what sacrifice that would mean for the civilian economy. Welfare or well-being (as it is often referred to now in the economics literature) looked like a peacetime luxury.

The universal standard definition of GDP embodies certain assumptions about what stays in and what stays out of the measure. So, it includes government consumption, in line with Keynes's macroeconomic theory which views government spending as a form of collective consumption. But it omits unpaid work in the home, or caring for family members. GDP is, after all, meant to measure market activities and, by definition, housework is not in the market; but then there is no market price for government activities either, and they are included.

Another assumption concerns how to measure finance. Post-war statisticians included those aspects of finance that clearly provided a service with a market price attached, such as advisory and management fees, but left out trading activity. (Adam Smith would have left out the financial sector entirely.) Owing to boundary creep, more and more financial activities were included as the sector grew. The upshot is that the biggest contribution to the UK's GDP from the financial sector occurred in the final quarter of 2008, which is clearly absurd.

Measuring GDP has grown increasingly complicated as the economy itself has become more complex. It is relatively easy to count how many more cars or computers are made and sold each year. In the mass assembly era, bigger numbers were a good measure of economic growth. But what about in the 'new economy', where the quality and power of products is increasing so dramatically? Should GDP count how many laptops are sold; or should it acknowledge their increased speed and storage, the built-in Wi-Fi and cameras, their lighter weight? GDP statistics now have very many complicated adjustments made to take account of quality enhancement. These so‑called 'hedonic' adjustments are made to a range of consumer electronic goods, but not to many other items counted in GDP - it does not capture the greater effectiveness of painkillers, energy-efficient light bulbs, 'intelligent' fabrics, or the much greater consumer choice across the board.

Yet, as a 1998 report from the Dallas Federal Reserve Bank put it: 'GDP is a statistic designed for mass production. It's a simple counting - the number of units made. It falls short in measuring intangible benefits... Nobody ever said quantity was the spice of life.'

For all these reasons - the exclusion of some but not all unpaid activities, changing definitions, the omission of innovation and variety - there's no doubt that GDP is a flawed measure of economic activity. However, critics of GDP are not usually thinking about these drawbacks. They're really calling for a measure of the change in welfare or well-being, rather than a measure of economic growth. Being clear about the difference is important for working out what to measure in future.

Kuznets lost the argument about measuring social welfare over economic activity back in the 1930s. Now it's time to put these two concepts in the balance again, not least because so many critics of GDP fault it for not measuring well-being. It was never meant to. Yet while we have always known this, economists have routinely used GDP growth as shorthand for well-being. And while this has a sound rationale, there are good reasons for thinking that the gap between social welfare and economic activity, as measured by GDP, is widening.

a natural disaster spurs faster GDP growth because of the reconstruction it necessitates, but the loss of life and assets will not be included

While GDP does not begin to capture the gains to well-being stemming from innovation, new medicines, smartphones or graphene, zips or dishwashers, or fabrics that are easy to clean, there's plenty of evidence to suggest that people greatly value increased choice, even in seemingly trivial products such as the flavour of breakfast cereals or - less trivially - the range of book titles published. And innovation is why economic growth is necessary for progress: economic growth is innovation. But, as the critics always point out, GDP growth also overstates well-being, by not incorporating environmental externalities, or the increased inequality of incomes, and by counting 'bads' as 'goods'; a natural disaster, for example, spurs faster GDP growth because of the reconstruction it necessitates, but the loss of life and assets will not be included.

Does it make sense, then, to 'adjust' GDP to acknowledge this range of both positive and negative omissions? That path seems wholly misguided to me. There'd be endless arguments about what to include and exclude, and what weights to give different elements of a new GDP definition. How do you trade off the plus of smartphones against the minus of fracking? Or the plus of cleaner air against the minus of a narrower range of wildlife?

More fundamentally, we need to keep distinct the two concepts of economic activity and well-being, and more aggressively direct policy towards the latter. One option, currently practised by the UK's Office for National Statistics (ONS), is to measure well-being directly through an annual survey. However, since the ONS began collecting data in 2012, the results do not seem to have changed much, and it's not clear what policies might increase the survey findings anyway. Research so far suggests that sex, friendship, and being part of a faith community are positively linked with reported happiness; while long commutes, unemployment and mental ill health link negatively. That said, you don't need an annual survey to tell the government to keep unemployment low, or fund mental health services adequately. And a policy for more sex is hard to imagine.

Many of the things we value are notoriously difficult measure in monetary terms, and add up. So why try? Organisations such as the OECD with its Better Life Index, and the Australian Bureau of Statistics, have been working on 'dashboards' of the indicators of well-being, including economic indicators such as income and jobs, but also the quality of the natural and urban environment, work-life balance, health, engagement in the local community, and access to education. The dashboards are far from perfect but they could eventually become just as important as GDP growth for policymakers to monitor over time. They also reveal the hard choices, or trade-offs in policy-wonk speak, because we can't have everything.

The most important trade-off to measure, and report to citizens, is that between the present and the future; in other words, sustainability. No adjustments to GDP will ever capture this crucial factor because it measures activity during a certain period of time (it is a 'flow'). By contrast, assessing sustainability depends on the depletion or accumulation of assets. And the statistics needed to do that - for environmental assets as well as physical ones such as bridges or the housing stock - although collected in today's national accounts, are never reported in the headline-grabbing way that will reorient government policy.

This kind of measurement would tell us if we were enjoying the fruits of economic growth (higher GDP) only by eating up tomorrow's capital. If all the innovation and creativity encapsulated in the measurement of growth proves unsustainable, then we might well be looking at the end of progress. But we do not yet know the answer, and we will not find out by changing or scrapping GDP.
GDP: A Brief But Affectionate History (2015) by Diane Coyle is published via Princeton University Press.

# data[].attributes.attachment_link.title
Has GDP reached its limits as a useful measure? - Diane Coyle | Aeon Essays

# data[].attributes.attachment_link.description
Have we reached the end of progress? Today, this lodestar of the Enlightenment and the Industrial Revolution is shining less brightly than at any time in the past 200 years. And our principal measure of progress - gross domestic product (GDP) - seems particularly tarnished.

# data[].attributes.body
Whilst I prefer Bovril to Champagne I know not many people do! This story looks at how champagne suppliers are trying to keep the price of their product high.

# data[].attributes.attachment_link.readable_text
In the champagne vineyards of France, the season of ripening, plumping and sweetening of the grapes ready for harvesting at the end of August, known as the veraison, has begun.

Maxime Toubart, a relatively small vigneron who produces 25,000 bottles of bubbly from the 12-acre maison founded by his great-grandparents in 1900, has been cultivating his clients as well as his vines during the coronavirus crisis and is confident his business will survive.

The same cannot be said for many other small vineyards, who say they will face ruin if they are forced to let their grapes wither on the vine.

"Champagne is associated with parties, celebrations and joy and there's not been much of that around during the coronavirus crisis,"said Toubart, the president of the Champagne Vignerons Union.

Last year, just under 300m bottles of French champagne were sold worldwide, half of them exported to the UK, the US and Japan. This year, French producers expect to sell 100m fewer bottles, amounting to a loss of €1.7bn (£1.5bn).

"We're very dependent on these export markets, which have been severely hit by Brexit and the coronavirus," Toubart added. "Like everyone else, the champagne producers are suffering. Some of our members have seen a 90% loss of business."

The sales slump has led to a bitter dispute between the vineyard owners and the champagne houses - including famous names like Bollinger, Moët & Chandon and Piper-Heidsieck - who buy their grapes and turn them into bubbly.

Every July, the two sides meet to agree how many grapes should be harvested. Last year, the maximum allowed was 10,200kg per hectare (2.47 acres).

This year, the champagne maisons, who are holding a surplus stock of about 400m bottles - out of a total stock of more than 1bn - in their cellars, want the vineyards to harvest fewer grapes to avoid saturating the market and causing the price of champagne to plummet.

They have demanded growers pick no more than 6,000-7,000kg per hectare. The growers say they will not go below 8,500kg per hectare.

As a result, this July's meeting ended without agreement with just a month to go to the start of the harvest, the busiest time of the year for vineyards.

"This lack of agreement a month from the harvest hasn't happened since after the second world war," Bernard Beaulieu, a vineyard owner and former general secretary of the CGT-Champagne union, told AFP.

Beaulieu, who says he could produce 16,000kg a hectare if he was allowed, claims the demands are particularly unreasonable because this year's harvest promises to be a good one. The unharvested fruit cannot be used for any other product, and will be left to rot.

Hervé Jarriau, a vineyard owner, added: "At 8,500kg a hectare we'll be able to hold out. Below 8,000 kg a hectare, we will be ruined. It will no longer be feasible."

Despite the dispute, the vineyards and champagne houses have joined forces to demand the agriculture ministry write off some of their "social charges" taxes, particularly for the 100,000 seasonal workers employed to harvest the grapes later this month.

"The vineyards had to carry on employing people to maintain the vines, while at the same time sales were down a third in the first six months of the year," Toubart said.

"We need this help or businesses will simply disappear."

If no agreement can be reached, the decision to fix a maximum yield will be made by French government officials, which could leave both sides dissatisfied.

David Chatillon, the director general of the Union of Champagne Houses, told AFP he would make no comment while negotiations continued.

Toubart is optimistic a compromise will be found in what the French press has labelled the "champagne wars" when vineyard and champagne house representatives meet on 18 August.

"Our aim is to keep the maximum number of people in business, so there will be an agreement," he said.

# data[].attributes.attachment_link.title
Growers and producers at odds in France's 'champagne wars'

# data[].attributes.attachment_link.description
In the champagne vineyards of France, the season of ripening, plumping and sweetening of the grapes ready for harvesting at the end of August, known as the veraison, has begun.

# data[].attributes.headline
Government intervention to help people lose weight

# data[].attributes.subject
Government intervention to help people lose weight

# data[].attributes.body
What is the best way the government can act to help people eat more healthily. A common question on Economics papers!

# data[].attributes.attachment_link.readable_text
Subsidies for healthy food, plain packaging for unhealthy food, and more research into meat alternatives could help the UK's obesity crisis, according to a new report.

The report - Turning The Tables - by social policy think-tank Demos, found that too many people face "significant barriers to eating healthy diets".

It estimated that, before lockdown, 20 million people could not afford healthy food and 19 million people struggle to find healthy food in stores near their homes.

Rose Lasko-Skinner, one of Demos's lead researchers, said: "Ultimately that means people are going in to a shop and really struggling to come out with something that is both healthy and affordable."

The report recommended:

A government fund for the development of lab-grown meat or meat alternatives

Subsidising healthy foods that are already low in price, such as tinned tomatoes, carrots, and frozen vegetables to make healthy options much cheaper

More government support for fast-food restaurants to move towards healthier foods rather than getting rid of them

The government should make high fat, high sugar and high salt food less appealing to customers by working with the Food Standards Agency (FSA) to change the packaging similar to the changes made to tobacco packaging

The government has estimated that two-thirds of UK adults are above a healthy weight, with 36% overweight and 28% obese. One in three children aged 10 and 11 are overweight or obese, and children living with obesity are five times more likely to become obese adults.

It is estimated that overweight and obesity-related conditions cost the NHS more than £6bn each year and there were nearly 900,000 obesity-related hospital admissions in 2018/19, with obesity a risk factor for chronic diseases including type 2 diabetes, some cancers, liver and respiratory disease.

A government spokesperson said: "We recently launched a world-leading obesity strategy to make the healthy choice the easy choice for families and help reduce obesity rates. It builds on existing progress, including the voluntary sugar reduction programme and wider reformulation programme with industry which resulted in a 2.9% reduction in average sugar across retail products in its first two years.

"Our Healthy Start scheme already supports pregnant women and young children from lower income families to access free fruit, vegetables, milk and vitamins to support a healthy lifestyle."

Zoe McIntyre, project manager for the Food Foundation's Right2Food campaign, said: "We've seen some really important government announcements recently, for example a new obesity strategy in July around making healthy food more affordable, which is a great start.

"But for some low-income families, healthy food still remains unaffordable. At the same time, during COVID-19 we've seen the spotlight on poor diets and how they're really affecting the nation. And these are issues that need to be addressed immediately."

Last month, the government launched its "Better Health" campaign, offering advice to 35 million people on how to lose weight and keep it off, supported by a 12-week plan, which will be seen as an attempt to put the country on a diet.

Other measures in the government's anti-obesity crackdown are expected to include:

A ban on junk food advertising on TV until after the 9pm watershed

Outlawing online advertising of unhealthy food

A ban on buy-one-get-one-free promotions on food such as chocolate and crisps

Calories published on alcohol bottles and cans and restaurant and takeaway menus

# data[].attributes.attachment_link.title
Meat alternatives and food subsidies could help 'millions of people lose weight'

# data[].attributes.attachment_link.description
Subsidies for healthy food, plain packaging for unhealthy food, and more research into meat alternatives could help the UK's obesity crisis, according to a new report. The report - Turning The Tables - by social policy think-tank Demos, found that too many people face "significant barriers to eating healthy diets".

# data[].attributes.body
This video was taken in a fruit and veg market in India. Apart from the obvious safety concerns, how does this fit with specialisation of labour and Adam Smith;s ideas??

# data[].attributes.headline
No Wimbledon means too many strawberries

# data[].attributes.subject
No Wimbledon means too many strawberries

# data[].attributes.body
The cancellation of top events this summer is likely to mean lower prices for strawberries in shops. Can you explain why?

# data[].attributes.attachment_link.readable_text
Farmers have called on the British public to binge on strawberries, after the cancellation of events such as the Wimbledon tennis championships raised fears of a looming berry glut.

As farmers gear up for peak strawberry picking season in June and July, they expect the lack of outdoor events, weddings and mass gatherings to cut demand for UK-grown berries.

British Summer Fruits, a trade body, said it would double its marketing and public relations spend in 2020 to "make sure we have fresh British berries in front of mind for customers".

Minette Batters, president of the National Farmers' Union, said she was in discussions with the UK government about the potential oversupply of homegrown foods, such as strawberries.

"It's not just Wimbledon, it's all the big sporting events. Formula One, cricket Test matches, football, they are huge outside events and all are cancelled," she said. "For caterers and the wholesale trade, that market has just gone."

She plans to pull together a coalition of "food and farming champions" to back her campaign.

The Department for Environment, Food & Rural Affairs said it was working with industry to "find alternative routes for fruit to get into the supply chain" and that it would monitor the situation "to assess whether further intervention is required to support growers".

The UK produced 132,000 tonnes of strawberries in 2018, the most recent year for which figures are available, according to the UN Food and Agriculture Organization - up by a quarter from a decade earlier. Raspberry production was 15,000 tonnes. In a normal year the country also imports additional berries.

Wimbledon had been due to begin on June 29. At last year's event, tennis fans scoffed 33 tonnes of strawberries.

Nick Marston, chair of British Summer Fruits, said: "It's about those lost events - we are encouraging people to get out in their gardens, give fresh berries to their children and knock a tennis ball around as they might do anyway during Wimbledon."

The closure of restaurants and cafés has already led to gluts in milk and dairy products. For highly-perishable strawberries, there is even greater urgency.

Farmers are also struggling with recruitment after coronavirus prevented travel by many of the eastern European workers who normally travel to pick the crop.

Elaine Clarke of Manor Farm Fruits in Staffordshire said she would normally send about 10 per cent of her crop to catering suppliers, while she was also concerned social distancing measures might damp retail demand.

"Fruit is quite an emotive purchase, with families going around shopping together, 'Let's have some strawberries' . . . With the restrictions in supermarkets it's quite a different way of shopping now," she said.

Ms Clarke, who sells 1m punnets into supermarkets each year, has now set up a "strawberry drive-through" at her farm enabling customers to buy without leaving their cars.

Marion Regan of Hugh Lowe Farms in Kent, which supplies Wimbledon, told the Oxford Farming Conference podcast last month that "during those two weeks it's really important for us". She added that the farm was now "committed to that crop".

"I'm hoping that everyone will think 'Gosh, it's high summer, let's eat plenty of strawberries' and we will be able to find other outlets for it," Ms Regan said, adding that she had also spoken with food banks about donating berries.

Social distancing measures had also pushed up farmers' costs, said Mr Marston.

# data[].attributes.attachment_link.title
British urged to binge on strawberries as cancelled events create glut

# data[].attributes.attachment_link.description
As farmers gear up for peak strawberry picking season in June and July, they expect the lack of outdoor events, weddings and mass gatherings to cut demand for UK-grown berries. British Summer Fruits, a trade body, said it would double its marketing and public relations spend in 2020 to "make sure we have fresh British berries in front of mind for customers".

# data[].attributes.body
This article is all about one of the best biscuit/cakes ever. If you have never had one then try to get hold of some...........if you can!

# data[].attributes.body
Lots of economics in this short article. Why is it so hard to buy flour?

# data[].attributes.attachment_link.readable_text
The coronavirus pandemic has had a huge and far-reaching impact on daily life, from lockdowns being implemented in countries around the world to shortages in various household items.

Previously panic buying was the reason why supermarkets were running short on things like toilet paper and bleach, but now there's a new shortage blighting our shelves - people are having a hard time getting their hands on flour.

Here's what we know about why this flour shortage has cropped up in the midst of the Covid-19 lockdown.

Why is there a flour shortage?

It seems as though the new trend of baking as a way to distract and entertain onesself during lockdown has led to people buying up all the flour.

Director general of the National Association of British and Irish Millers, Alex Waugh, has said that sales of flour in shops has increased since the outbreak and subsequent lockdown began, adding that the need to have the flour in small bags to be sold is partly to blame for the lack of flour in stores.

He said: 'UK millers have been working round the clock - genuinely milling flour 24-hours-day-seven-days-a-week to double the production of retail flour in an effort to meet demand.

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video

'The equivalent of 3.5million to 4 million bags have been produced weekly by running packing lines at maximum capacity.

'However, production is limited by the capacity to pack small bags, so even this is only sufficient for 15% of households to buy a bag of flour per week. Supplies of commercial flour are typically delivered either in larger bags or tankers and are therefore not subject to the same limitations.'

To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video

If you find that your local shop isn't stocking flour, there are other options for you to carry on baking to your heart's content.

For starters, there are plenty of flour-less recipes out there for a wealth of things such as pancakes, peanut butter cookies and lemon drizzle cake.

You could also make your own flour at home using just whole-grain, rice, dried beans, or oats, a coffee grinder or food processor and a fine mesh sieve.
Follow Metro across our social channels, on Facebook, Twitter and Instagram. Share your views in the comments below.
MORE : Bake focaccia bread at home with this easy four-ingredients recipe from Bread Ahead

MORE : How to make easy hot cross bun bread and butter pudding with Easter leftovers

MORE : Coronavirus UK: When did lockdown start and when will it end?

# data[].attributes.attachment_link.title
Coronavirus UK: Why is there no flour in the shops?

# data[].attributes.attachment_link.description
Here's what we know about why this flour shortage has cropped up in the midst of the Covid-19 lockdown.

# data[].attributes.body
In the lock down this is a boom industry. I have even borrowed my son's FIFA 19 and Preston are now in the Champions League places/ Can you use economics analysis to explain why?

# data[].attributes.body
Identify changes to both supply and demand here that explain what has happened. Using a demand and supply diagram would help as well!

# data[].attributes.body
Incredibly traders were offering to pay you to take oil off their hands! Can you explain why?

# data[].attributes.attachment_link.readable_text
The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage running out.

The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 14% to $15.65 in Asia trading on Monday.

The oil market has come under intense pressure during the coronavirus pandemic with a huge slump in demand.

US storage facilities are now struggling to cope with the glut of oil, weakening prices further.

The oil industry has been struggling with both tumbling demand and in-fighting among producers about reducing output. Earlier this month Opec members and its allies finally agreed a record deal to slash global output by about 10%. The deal was the largest cut in oil production ever to have been agreed.

But some analysts said the cuts were not big enough to make a difference. "It hasn't taken long for the market to recognize that the OPEC+ deal will not, in its present form, be enough to balance oil markets," said Stephen Innes, chief global market strategist at Axicorp.

Meanwhile, concern continues to mount that storage facilities in the US will run out of capacity, with stockpiles at Cushing, the main delivery point in the US for oil, rising almost 50% since the start of March, according to ANZ Bank. "We hold some hope for a recovery later this year," the bank said in its research note.

"It's a dump at all cost as no one, and I mean no one, wants delivery of oil with Cushing storage facilities filling by the minute," added Mr Innes.

Brent oil, the benchmark used by Europe and the rest of the world, was slightly weaker, down 0.8% to $27.87 a barrel.

# data[].attributes.attachment_link.title
US oil prices drop to 21-year low as demand dries up

# data[].attributes.attachment_link.description
The price of US oil has fallen to a level not seen since 1999, as demand dries up and storage running out. The price of a barrel of West Texas Intermediate (WTI), the benchmark for US oil, dropped 14% to $15.65 in Asia trading on Monday.

# data[].attributes.headline
Market Failure and government intervention

# data[].attributes.subject
Market Failure and government intervention

# data[].attributes.body
We'll be looking at this as part of our revision in class..