(Sharecast News) – Tesco is leaning on its suppliers so that they pass on savings from falling costs so that it can reduce prices more quickly than rivals and thus lead on price cuts. Among other factors, on Thursday Tesco pointed to a halviing in wholesale electricity prices, a 22% reduction in PET packaging and an 84% fall in the cost of freight. Suppliers however said that other costs had continued to rise – not least wages. And in response to prodding by MPs, Asda co-owner, Mohsin Issa, has cautioned that fixed-term contracts meants that three to nine more month would be needed before customers benefitted from falling prices. – The Sunday Times
More than one hundred of the UK’s largest energy outfits will write to the Prime Minister this week so that he does not back off the green agenda. The initiative follows a report from the Officce for Budget Responsibility warning of the catastrophic consequences for the economy of overreliance on gas. On Saturday, former ministers Alok Sharma and Chris Skidmore said that failing to fully embrace the net zero agenda could result in an environmental crisis as well and severe economic fallout for the UK. OBR estimated that £327bn needed to be invested to reach net zero by 2050, whereas only £22.5bn had been committed thus far. – Guardian
EasyJet and British Airways may be forced to pay at least £100m in compensation to millions of passengers whose flights were cancelled or delayed between 2016 and 2022. Over 100,000 flights were disrupted over that time period. Current regulations stipulate that passengers can claim up to £520 if a flight is delayed by more than three hours and if they contact the airlines directly. However, one of the goals of the class action is to force airlines themselves to automatically contact and offer compensation. – The Financial Mail on Sunday
