Starting salaries surge

Pay rise

Starting salaries are rising at record rates as companies struggle to fill vacancies, according to KPMG. It’s good times for job hunters, with the fastest entry-level wage inflation in 24 years. There was a lack of candidates in July due to Brexit, the economic shocks of the pandemic, and the fact that lots of people already have a job.

Party insurance

From next month, live events will be protected from the costs of Covid cancellation by a £750 million government-backed insurance. It’s designed to give organisers the confidence to plan ahead. More than half of all this summer’s music festivals have been cancelled already, and many say a lack of insurance was one of the reasons.

Energy bill hike

Households will see energy bills soar to 10-year highs after the energy watchdog, Ofgem, lifted price caps on gas and electricity. Energy suppliers will be allowed to charge up to £153 a year more for energy. 15 million customers will see their bills climb this winter, including homes on default energy tariffs and those using prepayment meters.

Stimulus at full speed

The Bank of England is keeping the stimulus taps open and the base rate at 0.1% as the post-pandemic recovery continues. However, it warned that inflation could rise to 4% by the end of the year, double its target of 2%. The Bank also said it would start to reign in the stimulus sometime in the next 3 years, once it makes sense for the economy.