Fuel shortages are easing; oil prices hit their highest level in eight years; Falling Car Sales – As It Happened | Business
It’s time to conclude :
The oil crisis has eased slightly today, with more forecourts in London and the south-east of England being refueled. Gasoline retailers have reported that the use of military drivers has helped, but warned more help is needed to bring supplies back to normal.
Members of the armed forces have helped cope with the crisis by driving tankers, including restocking a gas station at Waltham Abbey.
But oil prices are at an eight-year high, driven by higher crude oil prices, after more than a week of shortages at the pumps.
Brent crude hit a new three-year high tonight at over $ 83 a barrel, as gas prices hit new highs – pushing up the UK’s cost of borrowing.
UK companies raised prices at a record pace last month as they passed on rising energy costs and staff salaries to their customers.
Companies in the service sector have also reported that shortages of people, raw materials and transportation cost them business last month.
UK car sales fell to their lowest level for a September since 1998, with semiconductor shortages dampening demand. Sales of minivans also fell, to their lowest since 2009.
Engineering group Melrose has reported that its automotive customers have canceled parts orders because they can’t get enough chips to build vehicles.
The supply chain crisis has also forced farmers to start slaughtering healthy pigs, due to the lack of slaughterhouse workers to slaughter them.
Britain’s largest bakery chain Greggs has warned of staff and ingredient shortages and said costs would rise this year as it reported increased sales in the past three months . But his sausage rolls should be safe, he promised.
But Boris Johnson insisted there was no crisis in supply chains, but admitted that only 127 tanker driver visas had been granted.
Asked by BBC Radio 4’s Today program if he thought there was a crisis, the Prime Minister replied ‘no’ and said the difficulties were related to the recovery of the economy, calling it ” giant awakening â€.
Elsewhere … US Treasury Secretary Janet Yellen has warned America will fall into recession if Congress does not agree to raise the debt ceiling.
The IMF has warned that the global economy remains “hampered” by the Covid-19 pandemic, which has led it to revise its growth forecasts downwards.
More than 40 small TV and film production companies behind shows like Derry Girls and Say Yes to the Dress have warned that the government’s proposed privatization of Channel 4 could bankrupt them.
Two in three British finance workers from black and minority ethnic backgrounds have faced discrimination in the workplace, according to an industry survey revealing gaps in the City of London’s diversity agenda.
Insurers Direct Line and Churchill have resumed offering cancellation coverage to travel customers forced to cancel vacations due to Covid-19.
Good evening. GW