Concerns over fuel prices, zero growth in January’s economy, and could Project Gigabit speed up your broadband?
Today’s blog post covers some bleak news regarding the soaring fuel costs and how the UK’s economy showed zero growth in January. But, the government are answering the pleas of rural areas by addressing slow broadband connections, with a new tool to check if your area may see improvements.
CMA Steps Up Plans to Monitor Petrol and Diesel Prices
In response to the Middle East conflict, the Competition and Markets Authority (CMA) is stepping up its monitoring of petrol and diesel prices.
Formal requirements for fuel stations to supply revenue, costs and sales data are being brought forward. The CMA will then review the fuel margins made since the conflict began.
The CMA have also said that they will be looking at how quickly prices rise and fall as wholesale costs change. They will be looking for ‘rocket and feather’ pricing, which is where prices increase rapidly but come down slowly.
It is hoped that bringing forward these measures will help ensure that petrol stations are not exploiting the current situation.
Executive Director for Markets Juliette Enser said: “Whilst price increases might be inevitable because of rising wholesale costs, it is important that those increases reflect genuine cost pressures. We will be closely scrutinising and reporting on what’s happening with fuel prices and call out any concerning behaviour.
See: https://www.gov.uk/government/news/cma-steps-up-monitoring-of-petrol-and-diesel-prices
UK Economy: Zero Growth in January
The Office for National Statistics (ONS) has reported that gross domestic product (GDP), a measure of how the economy is doing, showed zero growth in January, following growth of 0.1% in December 2025.
The ONS said that there was no growth in the services sector in January. It noted that food and drink service activities fell by 2.7%. January is often a tough month for hospitality businesses.
The production sector fell by 0.1%, while the construction sector grew by 0.2%.
Interestingly, GDP has grown by 0.2% over the three months to January. Looking at GDP on a three-monthly basis can be a less volatile measure to compare against than the monthly figures.
The Prime Minister Keir Starmer has already warned that the longer the Middle East conflict continues, the more likely the UK economy will be affected. Increases in oil prices are already being felt and added pressure on inflation is likely to delay interest rate cuts that were otherwise expected.
See: https://www.bbc.co.uk/news/articles/c75e06e0kd7o
FCA Tells Second Charge Mortgage Firms to Raise Standards
The Financial Conduct Authority (FCA) has told lenders and brokers in the second charge mortgage market that they need to look at how they advise customers, assess affordability and charge fees.
A recent review by the FCA found issues that raise concerns about whether firms are meeting expectations under the Consumer Duty. Issues identified include:
- Overlooking key living expenses when doing affordability assessments.
- Advising customers to consolidate debt when it was not appropriate for them.
- Record keeping that is inadequate.
- Fees, often added to loans, that are unclear.
While second charge mortgages are a small proportion of the total mortgage market, it is often those who have high existing levels of debt and low financial resilience who are looking for this type of finance.
The FCA’s executive director of payments and digital finance, David Geale, said: “The second charge market is relied on by people often already heavily in debt. It’s vital it works well, but we’ve found that standards are not always where they need to be. This needs to change.”
The FCA is continuing to work with the businesses it reviewed to improve their standards. However, they are calling for all lenders and brokers who deal with second charge mortgages to take note of the review’s findings.
Is Faster Broadband Coming to your Premises?
A new GOV.UK service allows businesses and individuals to find out whether their address is due a broadband upgrade. By entering your postcode, you can see whether your premises or home is covered by rollout plans.
The government’s Project Gigabit initiative is aiming to achieve 99% gigabit coverage by 2032. Rural communities, in particular, have to deal with slow internet speeds and this can make doing business in those areas challenging.
If your premises are not covered by a current plan, the checker will redirect you to Ofcom so that you can see which broadband suppliers are active in your area. You could then contact them to register your interest in an upgrade, which may help them to assess demand in your area and inform future rollout plans.
If you struggle with a slow internet connection, it could be worth using the checker to find out whether upgrades are available in your area.
To use the checker, see: https://www.gov.uk/guidance/check-your-gigabit-broadband-availability