The pound has slumped to a near 40-year low against the dollar, pushing the currency below pandemic levels to $1.144 as markets take fright at the UK’s economic prospects and energy crisis.
Sterling touched $1.1444 in early trading in Asia, taking the collapse in the pound’s value against the world’s reserve currency to 14 per cent so far this year.
The euro also slid against the rampant dollar, falling below 99 cents for the first time in almost 20 years. Russia’s indefinite suspension to natural gas supplies through the Nord Stream 1 pipeline, blamed on a fault with a turbine, saw the Dutch TTF, the leading European benchmark, surge by almost a third as trading reopened this morning.
Three in five drivers have not read updates to the Highway Code, a survey suggests.
Some 61% of respondents to an AA poll of 13,300 motorists said they had not read changes made in January, designed to provide more protection for vulnerable road users.
New guidance includes things like traffic should give way when pedestrians are crossing or waiting to cross at junctions.
Nine sections of the Highway Code were updated in January, with 50 rules added or amended.
Cyclists are now advised to ride in the centre of lanes on quieter roads, in slower-moving traffic and when approaching junctions.
A hierarchy of road users was also introduced, meaning someone driving has more responsibility to watch out for people cycling, walking or riding a horse, and cyclists have more responsibility to be aware of pedestrians.
The changes were advisory, so non-compliance does not automatically result in a fine.
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More than half (52%) of those questioned by the AA had heard about the new rules but not studied them.
One in 10 (10%) drivers aged 18-54 were completely unaware of the updates, compared with 5% of those aged 55 and above.
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When asked to identify five correct statements included in the updated Highway Code from a list of 10, the majority of respondents did so correctly.
Tim Rankin, managing director of AA Accident Assist, said: "For many the updated Highway Code formalises safe and sensible roadcraft, however we are concerned that so many still haven't read the rules.
"While we are pleased that many of the changes can be successfully recalled, we'd like more drivers to know the rules outright so they can keep themselves and others safe.
"It is in everyone's interest to take every measure that helps avoid collisions and remove confusion from the road, so we urge those that still haven't read the updated Code to do so as soon as possible."
Russia's decision not to resume gas flows through the main Nord Stream 1 pipeline to Germany has prompted a surge in wholesale costs, intensifying concerns for supplies across Europe for the coming winter.
State-owned Gazprom scrapped plans to restart pumping limited volumes on Saturday after a maintenance shutdown, blaming a turbine leak.
The decision - which European governments say is retaliation for Western sanctions over Russia's war in Ukraine - was inevitably reflected when markets opened for business on Monday morning.
The leading European benchmark, known as the Dutch TTF, which has risen by more than 400% over the past year, was up by a further 30%.
The contract for October delivery in the UK - which is not reliant on Russian energy but exposed to the wider market pressures - was 25% higher.
Stock markets also saw turmoil with Germany's DAX almost 2% down on the back of Russia's decision.
The FTSE 100 in London opened 0.7% lower thanks only to its strong line-up of energy constituents.
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In normal times, Nord Stream 1 carries a third of Europe's supply from Russia.
Record prices, on the back of limited gas flows from Russia during the summer, have already led some energy-intensive industries to scale back production, particularly in Germany.
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Russia shuts gas pipeline to Europe
Berlin revealed on Sunday a €65bn (£56bn) package to help households and businesses navigate the price challenge.
The measures, Germany's third set during the crisis to date, include tax breaks for manufacturers and grants for the lowest-paid.
The UK is under mounting pressure to follow suit to better shield consumers and companies from the worst effects of the cost of living squeeze.
Liz Truss, who is widely expected to beat Rishi Sunak to the doors of Number 10 when the result of the Conservative leadership contest is declared at lunchtime on Monday, has promised to reveal details of her plans within a week if she wins.
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Liz Truss promises 'no new taxes'
The Bank of England has warned of an energy-led recession given the predictions for bills - widely expected to exceed £5,000 on an annual basis next year given the path for wholesale costs.
Ms Truss argued during the leadership campaign that recession was not inevitable.
Options for the next prime minister include tax cuts, further grants to assist with rising bills and a plan, similar to that revealed by Labour, that would freeze the energy price cap.
The trends that prove we are no longer in lockdown: It's out with the comfy tracksuits and in with the office outfits as shopping data suggests return to normal life after Covid pandemic
John Lewis's annual report How We Shop, Live and Look shows that comfy is out
Sales of shapeware and wired bras booming as women get back to working life
Tracksuits, desks and jigsaws have lost popularity in the aftermath of pandemic
Boyfriend jeans and Ugg boots are back in style as sales of both surged this year
Covid restrictions brought about a new way of life as we began working from our kitchen tables and finding ways to entertain ourselves without leaving home.
But that trend seems to be going into reverse, with analysis of the nation’s shopping habits showing our brief love affair with comfy velour tracksuits has waned just as we renew our taste for office suits.
The changes have been identified in John Lewis’s annual report How We Shop, Live And Look, which is based on sales in its department stores and searches on its website.
It shows that demand for non-wired bras has slumped this year as women get back into working life, with sales of shapewear and wired bras booming.
The store referred to the post-lockdown trend for customers to go into the office at least three days a week, saying: ‘Tuesdays, Wednesdays and Thursdays we were back in the office and we dressed the part.’
Despite the fact that many people still work from home several days a week, all the evidence points to a return to normal working life.
John Lewis no longer offers wall-mounted desks, which many people installed in hastily created home offices during the pandemic.
By contrast, sales of laptop bags are up by 20 per cent and personal organisers – such as Filofaxes – have enjoyed a revival as Britons try to juggle their busy work commitments and social lives.
As the nation emerged blinking from the pandemic, so sales of smart menswear have risen by 60 per cent and ironing boards by 19 per cent.
Jigsaws have fallen out of favour as the end of lockdown meant families no longer had to stay in all day, and soup makers have been put on the back burner, with sales down 12 per cent as workers returned to buying meals on the go.
The return of weddings and other celebrations have led to a boom in women’s ‘occasion’ hats and an 88 per cent rise in sales of champagne flutes and wine glasses.
Chunky changing robes are flying off the shelves as more of us take up wild swimming, and with people finally able to book a holiday, sales of travel adaptors rose by 300 per cent.
In fashion, there was an 85 per cent increase in sales of women’s slouchy ‘boyfriend jeans’ and a huge surge of 700 per cent for Ugg boots.
Billionaire former chairman of India's Tata group dies in car crash: Cyrus Mistry, 54, who was ousted in boardroom coup in 2016, is killed in smash that left one other dead and two injured
He was travelling to Mumbai when the Mercedes he was in hit a bridge divider
Prime Minister Narendra Modi led tributes to the 'promising business leader'
Mr Mistry was chairman of Tata, India's largest conglomerate, from 2012 to 2016
His death today comes just two months after that of his father Pallonji Mistry, 93
India’s prime minister has led tributes to one of the country’s most prominent businessmen, who was famously ousted in a boardroom coup in 2016, who was killed today in a road accident.
Narendra Modi described the billionaire former chairman of Tata, India’s largest conglomerate which has an annual revenue of $128billion, Cyrus Mistry as a ‘promising business leader’ and said his ‘passing away is a big loss to the world of commerce and industry’.
Mr Mistry, 54, was travelling from Ahmedabad to Mumbai when the Mercedes he was in hit a divider on a bridge in Palghar at around 3.15pm today.
One other person was killed and two passengers were injured, police in India’s western Maharastra state said. Mr Mistry’s body was taken to the Kasa Rural Hospital in Gujarat for a post-mortem examination.
The news is the latest blow for the Mistry family, which lost its patriarch Pallonji Mistry just two months ago at the age of 93.
The family construction company, Shapoorji Pallonji, which started more than 150 years ago and today employs more than 50,000 people, has built iconic buildings including the Oberoi Hotel in Mumbai and the blue-and-gold Al Alam palace for the Sultan of Oman.
But Pallonji Mistry made his real fortune from being the largest individual shareholder- 18.5% as of early 2022- in Tata Sons, a trading group with interests in everything from construction to chemicals to communications and which owns Tetley Tea and Jaguar Land Rover.
His son Cyrus was named chairman of Tata Sons in 2012, becoming only the second top official not to bear the Tata family name. But he was publicly ousted just four years later following criticism of his performance.
The courtroom battle between Cyrus and his replacement, Ratan Tata, sparked a long-running legal battle in which India's top court eventually ruled in Tata Group’s favour by saying that Cyrus’s ouster was legal.
Cyrus’s older brother, Shapoor Mistry, is chairman of the SP Group, one of India’s largest construction firms. The siblings, who along with their two sisters became automatic Irish citizens by virtue of their Dublin-born mother Patsy Perin Dubash, set up venture capital firm Mistry Ventures LLP in 2018.
A graduate in civil engineering from London's Imperial College and in management from the London Business School, Cyrus Mistry described himself as a voracious reader of business books and a golfer, and shared his family's love of horses.
He is survived by his wife Rohiqa and their two sons, Firoz and Zahan.
Several prominent politicians and industrialists tweeted their condolences after news of the 54-year-old’s passing was reported including Tata Sons chairman N. Chandrasekaren, who said he was ‘deeply saddened by the sudden and untimely demise’ of Mr Mistry, who he described as having had ‘a passion for life’.
Meanwhile, Indian politician Devendra Fadnavis, the current Deputy Chief Minister of Maharashtra, paid a ‘heartfelt tribute’ to Mr Mistry, who he described as modest and a great personality.
He added that the Director General of Police had been asked to conduct a thorough investigation into the accident.
The price of energy will skyrocket again in October, Ofgem has warned. Last week it was announced that the energy price cap will rise to £3,549 per year on October 1, for those who choose to pay via direct debit on a default tariff.
This will put pressure on families and households who are already struggling to deal with the ongoing cost-of-living crisis. The cap is currently set at £1,971, meaning the increase is a huge 80 per cent.
To help keep bills down and ensure families are using their appliances the right way, the Mirror has debunked ten common myths about energy usage.
1. "The price cap is how much my bills for the year will cost."
Wrong - the price cap isn't a total cap on your bill. Instead, it's a limit on the rates that your supplier can charge for the energy you use - meaning if you use more gas and electricity, you'll end up paying more.
The price cap also sets a maximum rate for the daily standing charge, which is what you pay to have your home connected to the grid. Depending on how you pay, there are different price caps as well.
The price cap for customers on a default tariff who pay by direct debit is currently set at £1,971 per year, but is rising to £3,549 in October. For those paying by prepayment meter - usually vulnerable households or those struggling to pay their bills - there is an even bigger jump from £2,017 per year to £3,608.
Standard credit customers - so where you pay once you've received your bill - will see their price cap rise from £2,100 per year to £3,764. These figures are representative of a household with typical energy use.
2. "The dishwasher is the most expensive way to wash dishes."
It's unknown whether this is true or not. According to energy experts at Uswitch, there is "no absolute proof" as to whether hand-washing your dishes or using a dishwasher is more energy-efficient.
It depends on how energy-efficient your dishwasher is, how full it is and what setting it's on. In terms of washing up, it can cost a lot more if you don't have a bowl to minimise water waste and you don't pre-soak.
Uswitch suggests you should just be economical in whatever method you decide to use. So for a dishwasher, you'd always want to use an eco setting, wait for it to be full and never waste water by pre-soaking.
If washing by hand, then you would want to presoak - and you'd always want to use a bowl to avoid wasting water.
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3. "Overfilling the kettle doesn't waste money."
Wrong - Uswitch is urging people to only use the exact amount of water you need. Most kettles have a scale on the side, meaning you can clearly see the amount of water you're putting in.
The price comparison website even suggests that not overfilling your kettle could save you up to £11 per year in your energy bills.
4. "Appliances don't cost anything when they're on standby."
It's best to keep your appliances switched off at the wall whenever they're not in use (Image: Getty Images)
When an appliance is on standby, even if it's not being used, it still uses energy as it's receiving power from an electrical socket. For example, when it comes to your television, leaving it on standby means it is still drawing power so it can respond to signals from the remote control.
Make sure to always turn your devices off at the wall to avoid excess energy use, and it could save you up to £55 per year.
5. "Turning up the thermostat heats up my house faster."
This isn't true - turning up your thermostat won't have any impact on how quickly your home gets warm. For example, if you set your thermostat to 20 degrees, the heating will run until the room reaches that temperature.
If you turn the thermostat up to 25 degrees to try and heat the room up more quickly, the boiler will still work at full blast and take the same time to get to 20 degrees. It'll then keep working until the room reaches 25 degrees.
6. "Keeping the heating on low all day saves money."
This is another one that isn't totally clear. Most energy experts say that depending on how well insulated your home is, you won't need as much energy to heat it up.
Uswitch previously told The Mirror that the greater the heat loss from your home, the more energy you will need to maintain the inside temperature. Judging by that, it's wisest to only use the heating when it's needed.
However, some specialists who've previously spoken to MoneySavingExpert have argued the opposite - and say you should keep the heating on low all the time.
According to them, the condensation starts to build within the walls whenever the heating is turned off. This can then conduct heat outside the home, which could mean you lose heat more quickly in the long-run.
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7. "Insulating my home is too expensive."
Insulating your house doesn't have to be pricey, as there are many cost-effective ways to do so. For example, you can make your own draught excluder for free by stuffing a jumper with socks and placing it along any draughty doorways.
For those good at DIY, you could also try insulating your loft yourself - rolls of insulation start from around £25 from B&Q.
8. "Smart meters won't actually save me any money."
Smart meters are a good way to keep track of your energy usage (Image: Getty Images/iStockphoto)
When used on their own, this is true. But the idea of a smart meter is so you can track your energy consumption by looking at its real-time data.
This means you can see how much you're using, and where you can cut back. Smart meters also ensure accurate billing, meaning you're more likely to be charged for exactly what you've used.
9. "It's cheaper to use appliances at night."
Depending on which tariff you're on, this isn't always true. Some energy providers charge less for using electricity at certain times of the day, usually at night. These are called "time-of-use" tariffs.
Off-peak hours tend to be quieter periods when power demand is at its lowest, for example between 10pm and 8am.
10. "Using the oven is the cheapest way to cook."
It's often thought that oven-cooking is the most energy-efficient way to make a meal (Image: Getty Images)
According to a recent survey by energy provider Utilita and budget supermarket Iceland, the microwave is actually the cheapest way to cook. The research was based on the energy consumption of 83 appliances across 24 sources.
But if you don't have a microwave, there are other ways to cut down. For example, batch-cooking food could save you cash as you're only heating up the oven once, while using the right sized pan, with a lid, can also help your energy consumption.
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