The state pension rises by just £5.55 per week today amid soaring inflation as the UK government gives the development of green hydrogen a £375 million boost. Meanwhile, half of Brits admit to ditching their eco-friendly habits when it comes to food, ethical financial adviser Path Financial secures a Good Egg mark from Good With Money as well as B Corp status, and Pinterest bans climate misinformation in a ‘first’ for a major social network. It’s the Good With Money weekly news brief.
State pension rises by just £5.55 per week amid cost of living crisis
The state pension rises by 3.1 per cent today or £5.55 per week – only half of inflation, which measures the cost of living.
The state pension and government benefits will both increase, but inflation, which is 6.2 per cent could hit a 40-year high of 8.7 per cent in the fourth quarter of 2022, according to the Office for Budget Responsibility (OBR).
It comes after energy regulator Ofgem hiked its price cap – which limits how much you can be charged for each unit of electricity and gas you use – by a massive £693 for someone with typical usage.
Council tax bills have just gone up as well while higher National Insurance tax has taken effect. Retirees on the full, new state pension, will see their earnings rise by £290 a year.
UK to inject £375 million into green hydrogen
The UK government is to give green hydrogen a £375 million boost as part of its Energy Security Strategy.
Most of the funding will help towards green hydrogen production capacity, as well as closing the gap between the cost of producing green hydrogen and the sale of it.
The largest tranche is the £240 million Net Zero Hydrogen Fund, which will award funding from the end of 2022 to support the production of hydrogen as a clean, low-cost fuel for industry.
Hydrogen is being hailed as a game-changing fuel that could power everything from buses and planes to steel plants and factories. It does not release pollution when burned – unlike coal and gas.
Half of Brits ditch eco habits when it comes to food
Most Brits aim to live a greener lifestyle but more than half admit this goes out the window when it comes to food.
A poll of 2,000 adults revealed two-thirds (67 percent) consider themselves to be eco-friendly – but 55 percent are still happy to eat products that could have a negative impact on the environment.
Just a third (35 percent) have cut back on foods they consider to be bad for the planet – with chocolate, milk, chicken, cheese, eggs and sausages the top items people would struggle to quit for a greener alternative.
The survey by innovative cookware specialist Masterclass found three-quarters (75 percent) of people said they care about what happens to their food waste, with half checking use-by and best-before dates to reduce what they throw away. Only five percent admitted they do not take any measures to help reduce their food wastage.
Ethical financial adviser gets Good Egg mark and B Corp
Ethical financial adviser firm Path Financial has joined the growing list of responsible financial businesses to be awarded a coveted Good Egg mark from Good With Money.
Path Financial offers a range of financial advice and wealth management services as well as positive impact investment options.
Founder David McDonald said: “We are delighted to be one of only three financial advisers to have been awarded the Good Egg Mark. This is a further validation for our ethical and positive impact strategy. As the first and still only financial adviser set up with positive impact at the heart of all we do, it’s been amazing to see the traction we have gained over a relatively short period of time.
The firm has also just secured a B Corp status, gaining an impressive overall score of 99.1 from judges. B Corp is a global movement of businesses who provide leadership by demonstrating their commitment to people and the planet.
Pinterest bans climate misinformation in social platform ‘first’
Social network Pinterest is to ban climate misinformation across its platform.
The company says the move makes it the first major social network to lay out clear rules on spreading false or misleading climate change information, including conspiracy theories, across content and adverts.
Pinterest was founded more than a decade ago and has 431 million monthly users. It’s popular with people looking for lifestyle inspiration across categories including fashion, home decor, diet and travel.
Sarah Bromma, Pinterest’s head of policy, said: “The expanded climate misinformation policy is yet another step in Pinterest’s journey to combat misinformation and create a safe space online.”