Rishi Sunak's energy bill support may prompt the Bank of England to push up interest rates even further, City experts warned.
The Chancellor has vowed to give every household £400 to help with bills. The total cost of the support will be £21billion.
But some economists fear this could put more money in the hands of consumers who don't need it. If they spend the money on other goods, prices will rise, adding to the cost of living crisis.
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Consequences: The Bank pushes up rates – now at 1 per cent – to tame prices by encouraging people to save, not spend
Paul Dales, at Capital Economics, said: 'It won't relieve all the pain and may mean the Bank of England has to pull the interest rate lever harder to reduce inflation.'
Video: Chancellor Rishi Sunak ‘breaks pledge on energy bills rebate’ (Evening Standard)
Chancellor Rishi Sunak ‘breaks pledge on energy bills rebate’
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How Soccer And Formula One Are Winning Over American Fans
The landscape for sports fans is wider than ever both because there are more ways to watch, thanks to streaming options, and because there are more sports available to watch.But while certain sports are doing well in this landscape, others are struggling to adapt even sports that have long been mainstays of American culture.For younger sports fans, their sports interests might look vastly different from older fans. Sports like soccer, e-sports and Formula One racing have seen considerable growth in the U.S., largely driven by interest from millennials and Gen Z.As the internet, new technology, and globalization bring the world together, more and more Americans are becoming fans of international sports.Roxane Coche is a University of Florida communications professor who has studied both sides of the international sport divide, both in her native France and in the U.S. "We're getting to a point where, like, this generation has grown up with the ability to kind of speak their mind and be who they truly are, perhaps more so than any other generation before," Coche said. "And so I think that and also the ability of having access to niche environments, niche sports in this case, but niche anything through the power of the internet."Lets start with the huge jump in the U.S. fandom for Formula One racing. The international car racing series has found hundreds of millions of fans around the world, and despite decades of efforts to hold races in the U.S., it couldnt compete with the attention in the states that American racing series like NASCAR or Indy Car got.But F1 took a different approach, creating "Formula One: Drive to Survive," a behind-the-scenes documentary series released on Netflix that tracks every driver and staff from every racing team.Now, its a smash hit among American fans. The first Miami Grand Prix held in May sold out a capacity of 240,000 fans over its three days in the Sunshine State, and polling tracking the recent uptick in F1 fandom tie it back to the Netflix series. A Morning Consult poll released in March found that more than a third of fans aged 18 to 34 in the U.S. became fans just in the last year, and that more than half of all F1 fans said the Netflix series was a reason for their fandom.To some extent, the success of a behind-the-scenes docu-drama in driving new interest in a sport shouldnt be a surprise. Ohio State economics professor Trevon Logan, who has done years of research on sports economics, shared why."A lot of what we're consuming in this is really about these narratives that have sort of mythologies attached to them," Logan said. "So you have these great, great narratives, and then at the individual level, you need these compelling narratives about people."Its accessible too. The documentary series is available on Netflix, while races air on ESPN and their streaming services.More established leagues have also tried their hand at streaming their games.MLB is experimenting with new broadcast techniques in games streaming on Apple TV this season, including weaving in more live stats, and NFL fans might be in for a bit of a shock when they try to find the Thursday night games this year. Theyll be on Amazon Prime for the next decade-plus.As more and more people cut the cord and dont rely on cable, leagues might need to find other sources of money and other places for fans to watch, according to Southern Utah University professor and sports economics expert David Berri."They're going to wherever the audience is going, so if the audience is leaving traditional cable or traditional networks and they're going to streaming services, then the leagues are going to follow where that audience is going," Berri said. "The great thing about sports is that it's different from a television program in that you have to watch a sporting event live for it to mean something to you."But while F1 has seen a lot of growth, the sport thats made arguably the biggest jump into the U.S. mainstream has been the one that the rest of the world loves most of all: soccer.Accessibility has played a role here, too, as U.S. channels have paid for the rights to air events like the World Cup and European soccer leagues and put them on TV and streaming platforms.The game known internationally as football has struggled for a long time to gain traction in the U.S., but surveys show its now the fourth-most popular sport in the U.S. after having passed hockey. Fan analysis from the soccer marketing firm Gilt Edge found that nearly 70% of soccer fans in the U.S. are under the age of 40, and its definitely a more diverse crowd, as immigrants or kids of immigrants from soccer-crazed countries bring their love for the game to the U.S."I started to see a lot of intersections with immigration history, with a lot of my own upbringing as the son of Mexican immigrants and a deep love for the sport and Mexico and
Evening Standard
"It was reassuring" Serena happy to be back after doubles victory at Eastbourne
"It was reassuring" Serena happy to be back after doubles victory at Eastbourne
Evening Standard
Sajid Javid announces partnership between UK Government and Moderna
Health Secretary Sajid Javid said the Government’s partnership with vaccine manufacturer Moderna will bring over a billion pounds in investment in mRNA research to the UK.
Evening Standard
UP NEXT
The Bank pushes up rates – now at 1 per cent – to tame prices by encouraging people to save, not spend.
Simon French, an economist at Panmure Gordon, agreed the Bank could push up rates faster but noted that the big drivers of UK inflation were from supply chain hold-ups.
For this reason, Sunak's package should cause 'minimal additive inflation fears'.
This Is Money
27/05/2022
© Provided by This Is Money
Consequences: The Bank pushes up rates – now at 1 per cent – to tame prices by encouraging people to save, not spend
How Soccer And Formula One Are Winning Over American Fans The landscape for sports fans is wider than ever both because there are more ways to watch, thanks to streaming options, and because there are more sports available to watch.But while certain sports are doing well in this landscape, others are struggling to adapt even sports that have long been mainstays of American culture.For younger sports fans, their sports interests might look vastly different from older fans. Sports like soccer, e-sports and Formula One racing have seen considerable growth in the U.S., largely driven by interest from millennials and Gen Z.As the internet, new technology, and globalization bring the world together, more and more Americans are becoming fans of international sports.Roxane Coche is a University of Florida communications professor who has studied both sides of the international sport divide, both in her native France and in the U.S. "We're getting to a point where, like, this generation has grown up with the ability to kind of speak their mind and be who they truly are, perhaps more so than any other generation before," Coche said. "And so I think that and also the ability of having access to niche environments, niche sports in this case, but niche anything through the power of the internet."Lets start with the huge jump in the U.S. fandom for Formula One racing. The international car racing series has found hundreds of millions of fans around the world, and despite decades of efforts to hold races in the U.S., it couldnt compete with the attention in the states that American racing series like NASCAR or Indy Car got.But F1 took a different approach, creating "Formula One: Drive to Survive," a behind-the-scenes documentary series released on Netflix that tracks every driver and staff from every racing team.Now, its a smash hit among American fans. The first Miami Grand Prix held in May sold out a capacity of 240,000 fans over its three days in the Sunshine State, and polling tracking the recent uptick in F1 fandom tie it back to the Netflix series. A Morning Consult poll released in March found that more than a third of fans aged 18 to 34 in the U.S. became fans just in the last year, and that more than half of all F1 fans said the Netflix series was a reason for their fandom.To some extent, the success of a behind-the-scenes docu-drama in driving new interest in a sport shouldnt be a surprise. Ohio State economics professor Trevon Logan, who has done years of research on sports economics, shared why."A lot of what we're consuming in this is really about these narratives that have sort of mythologies attached to them," Logan said. "So you have these great, great narratives, and then at the individual level, you need these compelling narratives about people."Its accessible too. The documentary series is available on Netflix, while races air on ESPN and their streaming services.More established leagues have also tried their hand at streaming their games.MLB is experimenting with new broadcast techniques in games streaming on Apple TV this season, including weaving in more live stats, and NFL fans might be in for a bit of a shock when they try to find the Thursday night games this year. Theyll be on Amazon Prime for the next decade-plus.As more and more people cut the cord and dont rely on cable, leagues might need to find other sources of money and other places for fans to watch, according to Southern Utah University professor and sports economics expert David Berri."They're going to wherever the audience is going, so if the audience is leaving traditional cable or traditional networks and they're going to streaming services, then the leagues are going to follow where that audience is going," Berri said. "The great thing about sports is that it's different from a television program in that you have to watch a sporting event live for it to mean something to you."But while F1 has seen a lot of growth, the sport thats made arguably the biggest jump into the U.S. mainstream has been the one that the rest of the world loves most of all: soccer.Accessibility has played a role here, too, as U.S. channels have paid for the rights to air events like the World Cup and European soccer leagues and put them on TV and streaming platforms.The game known internationally as football has struggled for a long time to gain traction in the U.S., but surveys show its now the fourth-most popular sport in the U.S. after having passed hockey. Fan analysis from the soccer marketing firm Gilt Edge found that nearly 70% of soccer fans in the U.S. are under the age of 40, and its definitely a more diverse crowd, as immigrants or kids of immigrants from soccer-crazed countries bring their love for the game to the U.S."I started to see a lot of intersections with immigration history, with a lot of my own upbringing as the son of Mexican immigrants and a deep love for the sport and Mexico and
Evening Standard
"It was reassuring" Serena happy to be back after doubles victory at Eastbourne "It was reassuring" Serena happy to be back after doubles victory at Eastbourne
Sajid Javid announces partnership between UK Government and Moderna Health Secretary Sajid Javid said the Government’s partnership with vaccine manufacturer Moderna will bring over a billion pounds in investment in mRNA research to the UK.
This Is Money
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