Making money: domestic concerns
● EV shock
So much for efforts to spur Britain’s green revolution, said City AM. Even as fuel prices continue to set new records, the Government has abruptly scrapped its £1,500 grants for purchases of new electric cars. The line taken is that the grant (which applies to cars costing less than £32,000) has been so successful in kickstarting sales that it’s time to “refocus” the cash on other vehicle types such as taxis and delivery vans. But the “shock” move angered the car industry. Motorists’ organisations have also taken a dim view. Although sales of new electric cars suggest they are “breaking into the mainstream”, the AA and RAC argue that ditching the grant is premature. For EVs to become “more accessible to everyone, we need prices to fall”, said the RAC’s Nicholas Lyes. “Having more on the road is one important way of making this happen.”
● Side hustles
In a sea of terrible economic news, it’s good to learn that the entrepreneurial spirit is still alive and kicking among ordinary Britons, said Vicky Shaw on PA Media. According to a survey by pension provider Aviva, the majority of people who started “side hustles” during the pandemic “are still keeping them up”. Nearly a fifth of those polled (19%) said they had started a venture since March 2020, and 63% of those are continuing to pursue them. “Many saw an opportunity to turn a hobby into an income.” Selling “handcrafted products” was the most popular activity, with general freelancing, taxi-driving and art and photography also scoring highly. Many younger people “tried their hand at being a social media influencer”. As Aviva observes: “the enterprise is to be admired”.
● Bags vs. bitcoin
“More fool you for buying bitcoin”, which has plummeted from a peak of $69,000 in November to around $21,000 early this week, said Alistair Osborne in The Times. According to Credit Suisse, “you should have gone for Chanel handbags, Chinese art and Rolex watches” – alternative assets that typically see “the biggest price rises when inflation is high”. The bank has found that the bags appreciate by 17% in high-inflation years, while Rolexes rise by 8%. It does rather beg one question: why don’t Credit Suisse bankers simply buy Chanel bags? It would have prevented a good deal of scandal.