Here are the top business stories making the headlines in the morning newspapers.

Crisis for haulage industry

High fuel prices have put the haulage industry in crisis with the cost of running one lorry up £20,000 on last year, a freight boss has said.

Lesley O'Brien, director of Freight Link Europe, said "pretty much everything you buy comes on the back of a truck" so customers were paying more.

Her comments come as the RAC said it now costs £98 to fill the average car with petrol and £101.86 with diesel.

The BBC says the motoring group has called for "radical government intervention".

Latest figures from the RAC show the average cost of a litre of petrol rose from 177.88p on Sunday to 178.50p on Monday - a rise of 0.6p in 24 hours.

Over the same period, the average diesel price rose from 185.01p to 185.20p.

RAC fuel spokesperson Simon Williams said: "Drivers need to brace themselves for average fuel prices rocketing to £2 a litre, which would mean a fill-up would rise to an unbelievable £110.

"We strongly urge the Government to take drastic action to help soften the impact for drivers from these never-before-seen pump prices."

Call to ban gas boilers

Gas boilers should be banned from households to tackle the cost of living crisis and help Britain meet its green ambitions, Boris Johnson's infrastructure tsar has warned.

Sir John Armitt, chairman of the National Infrastructure Commission, said ministers should replicate the enforced ban on the sale of new petrol and diesel cars by 2030 to also apply to natural gas boilers to "provide certainty for investors in greener alternatives".

The Telegraph says the UK Government has thus far rejected calls for outright ban on natural gas boilers but has said it is aiming to phase out new installations from 2035 "to cheaper, more efficient alternatives".

But Sir John said the sale of all gas boilers should be completely outlawed by 2035, warning that the soaring price of gas has made the case for decarbonisation more urgent as households battle a cost of living crisis.

Doubts about impact of minimum pricing

Drinkers who suffered the worst effects of alcoholism did not change their habits when Scotland's minimum pricing was introduced, a study has shown.

Public Health Scotland (PHS) reported minimum unit pricing (MUP) led to some people cutting back on food and energy.

The BBC says all licensed premises have had to charge at least 50p per unit of alcohol since MUP was introduced in May 2018.

The Scottish Government said it would review the final evaluation report from PHS before drawing conclusions.

The level of alcohol MUP was initially set in 2012, with the introduction of the policy delayed until 2018 by a lengthy legal challenge in the years before its introduction.

In May 2021, a study found MUP had already had a lasting impact in Scotland, and that alcohol sales had fallen by 8%.

However, the latest study published by PHS found no clear evidence of a change in consumption or severity of dependence in those who suffered the worst affects of drinking alcohol.

The poorest groups experienced "increased financial strain" as the price rises meant they were spending more on drinks.

Some people then cut back on other expenditure, such as on food and utility bills.

Minimum-wage deal in Europe

An agreement for EU member states to ensure that minimum wages provide a decent standard of living has been struck by negotiators from the member states and Parliament.

Six of the EU's 27 member states do not have a minimum wage and will not be required to introduce one.

But under the deal the 21 that do would be required to follow common rules, though not the same rates.

The BBC says the agreement first needs to be voted on before it becomes law.

An estimated one in 10 workers across the EU earns the minimum wage, but the levels vary dramatically from country to country.

In Germany, the parliament has just backed a rise from the current rate of €9.82 (£8.40) an hour to €12 (£10.25) in October.

Luxembourg has by far the highest minimum wage of €13.05, followed by Ireland, the Netherlands, Germany and Belgium.

Bulgaria has the lowest at €2.19, followed by Hungary and Romania.

Slow progress on gender-diversity among energy sector bosses

An annual check on gender diversity at the top of the UK energy sector has found slow progress towards targets for women.

The Press and Journal says only about one in seven of executive director roles are now occupied by females - up by just 1% from a year ago.

Industry body POWERful Women (PfW), which teamed up with professional services firm PwC seven years ago to start tracking women's presence in energy company boardrooms, said the latest figure is also only halfway towards its target of 30% by 2030.

Recession fears around the world

Countries are facing recession as the Ukraine war hits economies already rocked by the Covid pandemic, the World Bank has warned.

Less-developed nations in Europe and east Asia face a "major recession", reports the BBC.

The risk of high inflation and low growth - so-called "stagflation" - is also higher, World Bank President David Malpass said.

Energy and food bills have been rising around the world.

"The war in Ukraine, lockdowns in China, supply-chain disruptions, and the risk of stagflation are hammering growth. For many countries, recession will be hard to avoid," Mr Malpass said.

He also warned in the World Bank's Global Economic Prospects report for June that the danger of stagflation was "considerable".

More like this…

View all