Business
First new Amazon electric heavy goods vehicles hit UK roads
The first of the biggest order of electric heavy goods vehicles for online giant Amazon were being launched into service on Tuesday.
Amazon said it would eventually have 160 eHGVs, the largest number of electric trucks in its global transportation network.
The vehicles will transport products between Amazon logistics hubs across the UK.
The company is also adding 800 new electric vans across the UK and extending pedestrian deliveries to London’s Borough of Camden.
Nicola Fyfe, of Amazon Logistics, said: “The first vehicles from our record-breaking eHGV order are now on Britain’s roads, transporting products between our hubs.
“This marks a major milestone in our journey to decarbonise our UK transportation network.
“These trucks, alongside more electric vans and on-foot deliveries, are a win for our customers, the environment, and our business.
“The challenge to scaling this approach across the logistics industry, however, is charging infrastructure. We’ve invested in our own facilities but need continued industry and government collaboration to develop the national network required for widespread electric vehicle adoption.”
Transport Secretary Heidi Alexander said: “This is exactly the kind of investment we want to see – putting more electric trucks on UK roads to cut emissions and power Britain’s economy.
“It speaks volumes that Amazon has chosen to make the UK the home of their biggest EV truck fleet globally and demonstrates how our £200 million investment to get more zero-emission lorries on our roads, alongside the infrastructure to keep them moving, is helping businesses to grow and delivering cleaner roads.”
High home prices, stubbornly high mortgage rates and now less supply are all weighing on potential homebuyers.
Sales of previously owned homes rose just 0.5% in November from October and were 1% lower than November 2024, according to the National Association of Realtors. Sales came in at an annualized rate of 4.13 million units.
This count is based on closings, so it reflects contracts likely signed in September and October, when mortgage rates initially came down slightly but then stayed in a tight range.
Supply, which had been gaining for much of this year, fell in November. There were 1.43 million homes for sale at the end of the month, down 5.9% from October but up 7.5% year over year, according to the association. At the current sales pace, that represents a 4.2-month supply. A six-month supply is considered balanced between buyer and seller.
“Inventory growth is beginning to stall,” Lawrence Yun, chief economist for the Realtors, said in a release. “With distressed property sales at historic lows and housing wealth at an all-time high, homeowners are in no rush to list their properties during the winter months.”
Sellers who were on the market also began to delist their properties at a higher rate than usual. Sellers often take unsold homes off the market heading into winter, but that dynamic was much stronger this year.
And that is keeping pressure on home prices. The median price of a home sold in November was $409,200, an increase of 1.2% from November 2024, and the highest November reading on record. The Realtors use a median measurement, which can skew to what end of the market is selling most. The high end is currently doing much better than the low end. Sales of homes priced in the $100,000 to $250,000 range were down nearly 8% from a year ago, while homes priced at more than $1 million were up 1.4%.
“Wage growth is outpacing home price gains, which improves housing affordability. Still, future affordability could be hampered if housing supply fails to keep pace with demand,” Yun said.
Homes are staying on the market longer, at 36 days compared with 32 days last November. First-time homebuyers made up 30% of sales, unchanged from a year ago, but historically they make up about 40%. Investors stepped back into the market, making up 18% of transactions, up from 13% in November 2024.
Business
US monetary policy: Fed’s official sees no urgency for further rate cuts, flags distorted inflation data – The Times of India
A senior US Federal Reserve official has said there is no immediate need to cut interest rates further, cautioning that recent inflation data may have been distorted due to disruptions in data collection during the federal government shutdown, AFP reported.Speaking to CNBC on Friday, New York Federal Reserve President John Williams said inflation readings for recent months were likely affected because government agencies were unable to collect price data in October and the first half of November amid the record-long shutdown.“Because of that, I think the data were distorted in some of the categories, and that pushed down the consumer price index reading probably by a tenth or so,” Williams said, adding that it was difficult to precisely quantify the impact.He said inflation data for December could provide a clearer picture of the extent of the distortion.Williams’ remarks followed the release of a delayed US consumer price index report earlier this week, which showed inflation easing to 2.7 per cent in November from 3 per cent in September. Several economists had warned that the figures may not fully reflect underlying price pressures.Some analysts pointed out that a higher share of price quotes may have been collected during the Black Friday discount period, potentially biasing the data downward — a concern Williams echoed.Asked how the latest data influenced his outlook on interest rates, Williams said the Fed’s policy stance was appropriate for now.“I don’t personally have a sense of urgency to need to act further on monetary policy right now,” he said, adding that the rate cuts already delivered had positioned policymakers well.The Federal Reserve has cut interest rates three times this year as the labour market weakened, but has signalled a higher threshold for additional easing. The central bank’s next policy meeting is scheduled for late January.
Young people will be hit hardest by successive governments’ failure to focus on financial and societal challenges caused by an ageing population, a House of Lords report has suggested.
They will need to plan and prepare to work longer and save more from a much earlier age, the economic affairs committee said.
The report also found that the crisis in adult social care “remains a scandal” which needs to be addressed urgently.
Committee chair Lord Wood of Anfield told the BBC it was a “struggle to find where in government” there was a focus on ageing and the “transformational effects” it was going to have on people.
“Ageing is something that we’re just watching happening”, he told BBC Radio 4’s Today programme, adding: “We know that adaptation is the way forward”.
Policies governments have used to address the impact of declining fertility and rising life expectancy in the UK – raising the state pension age or increasing immigration for example – were not adequate solutions on their own, the report said.
Getting more people in their 50s and 60s to stay in or return to work “is key”, the committee said, and the government must prioritise incentives to do so.
It found that while age discrimination may reduce the number of over 50s working, it heard evidence that its most damaging form may be self-directed, with older workers mistaken about the extent they faced and then limiting their own decisions.
It also said an ageing population will need more care workers, leaving fewer workers for other parts of the economy.
There is “widespread ignorance” of how much it costs to retire, it said, and the government should consider an education campaign – as well as finding out if the UK’s financial services sector is equipped to provide for the population as it ages.
Lord Wood said that the government and financial services industry needs to devise “more innovative ways of getting younger people to think about lives frankly they can’t conceive of at the moment – when they’re in their eighties and early nineties.”
“There’s a long time for them to be financially planning for at a time when we know young people are doing less financial planning,” he added.
“Raising the state pension age, which saves the government money, but increases pensioner poverty as many people have already stopped working by their sixties, is a red herring.
“To successfully confront this challenge, the approach to financial management of today’s and tomorrow’s young people will need to change.”
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