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Commuters will face an above-inflation rise in rail fares next year to help pay for the cost of coronavirus. Railways have needed billions in government support to keep them going this year. Ticket prices will rise by an average of 2.6%- that’s 1% higher than inflation, the benchmark which is usually used to cap fare rises.
Speaking of inflation, it dropped sharply in November thanks to deep Black Friday discounts. Inflation slowed more than expected, with consumer prices rising just 0.3% in annual terms. That’s close to August’s all-time-low, and a long way off the Bank of England’s 2% target.
Barclays has been fined £26 million by the Financial Conduct Authority (FCA) for its poor treatment of 1.5 million customers who fell behind on payments during the pandemic. It failed to contact people and didn’t help to work out a plan that would work for them, the bank failed in its duty of care, according to the FCA.
BP has bought a majority share in a carbon offset firm, Finite Carbon. It’s part of the oil company’s plan to reach net zero emissions by 2050. Carbon offset works by charging individuals and businesses to counterbalance their emissions with activities that take carbon out of the atmosphere. BP is betting that this will be big business as the pressure to decarbonise continues to grow.
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