Poll shows millions of UK nationals skipping meals in cost of living crisis
October 20, 2022, 9:33 am

Poll shows millions of UK nationals skipping meals in cost of living crisis

Selection of vegetables in London market - Pixabay

Millions of Britons are skipping meals in current the cost-of-living crisis, a consumer group warned Thursday (Oct 20), having already forecast that many risk fuel poverty after the UK curbed its energy price freeze.

The news came after data showed UK inflation jumped back above 10 percent in September on rampant food prices, as economic troubles pile up for beleaguered Conservative Prime Minister Liz Truss.

Half of UK households are cutting back on the number of meals, consumer group Which? said citing a survey of 3,000 people.

A similar proportion are finding it harder to eat healthily compared with before the crisis, while almost 80 percent are finding it difficult financially.

“The devastating impact of the cost-of-living crisis is, worryingly, leading to millions of people skipping meals or struggling to put healthy meals on the table,” said Sue Davies, head of food policy at Which?.

Poll: Millions of UK nationals skipping meals in cost of living crisis - Photo. Pixabay

Separately, the consumer group stated Wednesday that the UK government’s decision this week to curb its energy price freeze would leave millions unable to adequately heat their homes.

In a series of humiliating budget U-turns, new finance minister Jeremy Hunt announced Monday that he would pull the plug on the flagship energy price freeze in April instead of late 2024.

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“The government’s decision to end universal energy support in April risks throwing millions of households across the country -- not just the most financially vulnerable -- into fuel poverty,” warned Rocio Concha, head of policy and advocacy at Which?.

“The government must clarify how they will support those struggling to make ends meet beyond the spring and ensure that as energy prices remain incredibly high, consumers are not left out in the cold.”

The price freeze was aimed at protecting consumers from sky-high domestic fuel costs, which have rocketed on key energy producer Russia’s war on Ukraine.

Britain has meanwhile been blighted by strikes this year, as workers protest over wages that has failed to keep pace with runaway inflation.

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The retail prices index -- an inflation measure which includes mortgage interest payments and is used by trade unions and employers when negotiating wage increases - leapt to 12.6 percent in September from 12.3 percent in August, data showed Wednesday.

Frances O’Grady, general secretary of umbrella grouping the Trades Union Congress (TUC), demanded this week that Truss step down.

She told the TUC’s annual gathering in the English seaside resort of Brighton: “I have a message for Liz Truss: Working people are proud of the jobs we do. We work hard. We work the longest hours in Europe."

“Yet thanks to your party’s 12 years in government, millions are struggling to make ends meet.”

Source: alarabiya

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BENEFIT, the Kingdom’s innovator and leading company in Fintech and electronic financial transactions service, held its Annual General Meeting (AGM) at the company’s headquarters in the Seef District.
During the meeting, shareholders approved all items listed on the agenda, including the ratification of the minutes of the previous AGM held on 26 March 2024. The session reviewed and approved the Board’s Annual Report on the company’s activities and financial performance for the fiscal year ended 31 December 2024, and the shareholders expressed their satisfaction with the company’s operational and financial results during the reporting period.
The meeting also reviewed the Independent External Auditor’s Report on the company’s consolidated financial statements for the year ended 31 December 2024. Subsequently, the shareholders approved the audited financial statements for the fiscal year. Based on the Board’s recommendation, the shareholders approved the distribution of a cash dividend equivalent to 10% of the paid-up share capital.
Furthermore, the shareholders endorsed the allocation of a total amount of BD 172,500 as remuneration to the members of the Board for the year ended 31 December 2024, subject to prior clearance by related authorities.
The extension of the current composition of the Board was approved, which includes ten members and one CBB observer, for a further six-month term, expiring in September 2025, pending no objection from the CBB.
The meeting reviewed and approved the Corporate Governance Report for 2024, which affirmed the company’s full compliance with the corporate governance directives issued by the CBB and other applicable regulatory frameworks. The AGM absolved the Board Members of liability for any of their actions during the year ending on 31st December 2024, in accordance with the Commercial Companies Law.
In alignment with regulatory requirements, the session approved the reappointment of Ernst & Young (EY) as the company’s External Auditors for the fiscal year 2025, covering both the parent company and its subsidiaries—Sinnad and Bahrain FinTech Bay. The Board was authorised to determine the external auditors’ professional fees, subject to approval from the CBB, and the meeting concluded with a discussion of any additional issues as per Article (207) of the Commercial Companies Law.
Speaking on the company’s performance, Mr. Mohamed Al Bastaki, Chairman BENEFIT , stated: “In terms of the financial results for 2024, I am pleased to say that the year gone by has also been proved to be a success in delivering tangible results. Growth rate for 2024 was 19 per cent. Revenue for the year was BD 17 M (US$ 45.3 Million) and net profit was 2 Million ($ 5.3 Million).

Mr. Al Bastaki also announced that the Board had formally adopted a new three-year strategic roadmap to commence in 2025. The strategy encompasses a phased international expansion, optimisation of internal operations, enhanced revenue diversification, long-term sustainability initiatives, and the advancement of innovation and digital transformation initiatives across all service lines.
“I extend my sincere appreciation to the CBB for its continued support of BENEFIT and its pivotal role in fostering a stable and progressive regulatory environment for the Kingdom’s banking and financial sector—an environment that has significantly reinforced Bahrain’s standing as a leading financial hub in the region,” said Mr. Al Bastaki. “I would also like to thank our partner banks and valued customers for their trust, and our shareholders for their ongoing encouragement. The achievements of 2024 set a strong precedent, and I am confident they will serve as a foundation for yet another successful and impactful year ahead.”
Chief Executive of BENEFIT; Mr. Abdulwahed AlJanahi commented, “The year 2024 represented another pivotal chapter in BENEFIT ’s evolution. We achieved substantial progress in advancing our digital strategy across multiple sectors, while reinforcing our long-term commitment to the development of Bahrain’s financial services and payments landscape. Throughout the year, we remained firmly aligned with our objective of delivering measurable value to our shareholders, strategic partners, and customers. At the same time, we continued to play an active role in enabling Bahrain’s digital economy by introducing innovative solutions and service enhancements that directly address market needs and future opportunities.”
Mr. AlJanahi affirmed that BENEFIT has successfully developed a robust and well-integrated payment network that connects individuals and businesses across Bahrain, accelerating the adoption of emerging technologies in the banking and financial services sector and reinforcing Bahrain’s position as a growing fintech hub, and added, “Our achievements of the past year reflect a long-term vision to establish a resilient electronic payment infrastructure that supports the Kingdom’s digital economy. Key developments in 2024 included the implementation of central authentication for open banking via BENEFIT Pay”
Mr. AlJanahi concluded by thanking the Board for its strategic direction, the company’s staff for their continued dedication, and the Central Bank of Bahrain, member banks, and shareholders for their valuable partnership and confidence in the company’s long-term vision.