E-waste is a significant global issue, which the UK plays an enormous part in. This blog is part 2 in a 2-part blog series where we discuss all things e-waste.
E-Waste Harms
Many nations, including the UK, export electronic waste material to other countries to deal with, where a lack of labour laws and health and safety requirements mean those who process the waste for metal and mineral extraction are not adequately protected.
In fact, Uswitch estimated that around 40% of the UK’s e-waste is illegally exported to be disposed in other countries.
“What we need is to be manufacturing products here and keeping a better handle on where materials are within particular products. We should be designing them so they are more readily recyclable – better labelling and construction would allow componentry to be more readily reused and precious minerals, rescued from landfill” – Professor Richard Herrington, Head of Earth Sciences at the National History Museum
E-waste puts both the environment and workers in danger.
“E-waste can be toxic, is not biodegradable and accumulates in the environment, in the soil, air, water and living things. For example, open-air burning and acid baths being used to recover valuable materials from electronic components release toxic materials leaching into the environment. These practices can also expose workers to high levels of contaminants such as lead, mercury, beryllium, thallium, cadmium and arsenic, and also brominated flame retardants (BFRs) and polychlorinated biphenyls, which can lead to irreversible health effects, including cancers, miscarriages, neurological damage and diminished IQs” – Geneva Environment Network
When improperly disposed in things like landfills, heavy metals from e-waste can contaminate the soil, reaching through to groundwater and making their way into streams, rivers and lakes. This creates acidification and toxification in the water which can lead to the deaths of plants and animals, and makes the water unsafe for human consumption too.
E-waste is fast-growing and complex; it massively affects our environment and also has a negative impact on human health, as well as contributing to a loss of valuable raw materials.
What Can We Do?
Here, we can see a new circular vision for electronics, taken from ‘A New Circular Vision for Electronics – Time for a Global Reboot’. With this, we can see how e-waste is an issue that encompasses the entire lifecycle of electronic devices, meaning that we have a role we can play in this system to do our own part in reducing the harms of e-waste.
Some easy steps you can take are to:
Opt for a SIM only deal – consider whether you really need the latest phone model or whether the one you have now works just fine. This will help you extend the lifespan of your phone, which is important because mobiles are a huge contributor to e-waste
If you want to get rid of an old phone, TV, laptop, games console, or other electronic device you can give it to a friend or family member, donate it to charity, or sell it online
Dispose of e-waste responsibly – electronic items should not be put in the bin. Click here to find out whether you can recycle your item at home, and where to find your nearest recycling point if not
by Red Star Wealth
E-waste is a significant global issue, which the UK plays an enormous part in. This blog is part 1 in a 2-part blog series where we discuss all things e-waste.
What is E-Waste?
E-waste, short for electronic waste, is all electronic and electrical equipment and its parts that have been discarded as waste without the intent of re-use. This includes any items with plugs, cords, or electrical components, such as home appliances, children’s toys, electric toothbrushes, computers, and more.
E-waste is not biodegradable, and causes both human and environmental harm, which will be discussed further in part 2 of this blog series next week.
Some Statistics
According to Uswitch’s 2022 figures, the UK is the second largest producer of e-waste in the entire world, with 23.9kg of e-waste produced per capita.
Norway led the figures with 26kg produced per capita, but Uswitch predicted that the UK will overtake them to become the world’s biggest contributor of e-waste this year.
The Global E-Waste Monitor 2017 found that in one year, 44.7 million metric tonnes of e-waste is generated, with Europe and the US alone contributing to almost half of this.
Despite being the world-leader in e-waste recycling, the EU still only properly collects and recycles 35% of e-waste, with an even lower global average of 20%.
The Impact of Consumerism
Capitalist consumerism is hugely contributing to the issue of e-waste, as we are encouraged to crave more and more, with adverts pushing us to buy the latest phone, and special deals like Black Friday encouraging us to splash out on new TVs or laptops.
We live in a culture where we are never fully satisfied with what we have, and there is always something better and newer round the corner. And we are often shielded from the true cost of this consumerism, given that a lot of e-waste is shipped to third world countries, where other people will be the ones putting their lives in danger to sort through the parts of our old mobile phone.
For example, the total recovery rates for cobalt (used in batteries) are only 30% despite technology existing that could recycle 95%.
They also found that mining discarded electronics produces 80% less emissions of carbon dioxide per unit of gold compared to mining it from the ground.
Therefore, we are missing out on opportunities to reclaim valuable raw materials just from failing to properly process our electronic waste.
Join us for part 2 of this blog series next week, where we discuss the various harms of e-waste and steps we can take to reduce our contribution to the problem.
by Red Star Wealth
Earlier this week, a new sub-1% mortgage was launched for new build buyers.
Own New’s Rate Reducer
As of Monday, Virgin Money and Halifax are offering mortgages with rates potentially below 1% for those with high deposits or equity who are buying new build homes.
These new low rates come from Own New, who teamed up with housebuilder, Barratt Developments to introduce their ‘Rate Reducer’ scheme.
More housebuilders are due to join the scheme this coming Monday, with more mortgage providers also set to offer mortgages through Own New.
How Does it Work?
The Rate Reducer works by using incentive budgets offered by housebuilders to customers to reduce their monthly mortgage payments over a fixed term. Buyers can choose to spread the incentive over the first 2 or 5 years of the mortgage term depending on their lender’s criteria.
These mortgages will still require lenders to carry out affordability assessments to ensure that borrowers will still be able to meet repayments once this fixed term benefit ends and they face higher interest rates.
-Map from ‘Own New’ showing properties eligible for a Rate Reducer mortgage
What Have People Had to Say?
There appear to be mixed opinions when it comes to these new low rates, with some commentators noting that the Rate Reducer will help make mortgages more affordable, stepping in to fill the gap left by Help to Buy… whilst others believe that it could lead to rises in house prices and could leave homebuyers worse off.
“Our ethos is to make home ownership and mortgage lending in this country open to more people and we are confident that the launch of the Own New Rate Reducer will achieve that” – Elliot Darcy, founder of One New
“This will help target one of the key barriers for many and give buyers more breathing space in their monthly payments” – David Hollingworth, associate director at L&C Mortgages
“This product gives customers more choice in the way they can benefit from builder incentives and is especially helpful to those who want to see a lower initial mortgage payment as they get set up in their new home.” – Amanda Bryden, head of Halifax Intermediaries
“Since the demise of Help to Buy, the market has been crying out for a scheme to help get people onto the property ladder.” – Terry Higgins, managing director at The New Homes Group
“this is a dangerous scheme in that buyers will get used to the lower payments and when that initial product ends they will be faced with a large increase in their payments.
Ultimately, though, like the Help to Buy scheme that preceded it, this scheme will see developers just increasing their house prices leaving the potential buyers no better off at all, whilst also sacrificing the other incentives they would have been able to secure” – Stephen Perkins, MD at Yellow Brick Mortgages
“Without a doubt developers will use these affordable mortgages to increase house prices, meaning a premium will be paid for own new stock, and the payment shock at the end of the product will be enormous.
Will the buyer be advised correctly? Doubtful. This has disaster written all over it” – Matthew Jackson, director at Mint FS
Ofgem has released their new Energy Price Cap, which will see the typical energy bill fall by £238 a year from 1st April, with a 12.3% cut to the price cap.
Does the Energy Price Cap Apply to Me?
Every three months, Ofgem reviews and sets a new level on how much energy suppliers can charge for each unit of energy for those on a standard variable tariff in England, Scotland or Wales.
The price cap will apply to you if you’re on a default energy tariff. The price cap is not the maximum amount that anyone can be charged for energy, because what you pay will also be determined by where you live, how you pay your bill, and the type of meter you have.
Instead of acting as a maximum bill, the price cap represents an average bill by limiting the amount you pay per unit of gas and electricity, along with a maximum daily standing charge.
The daily standing charge is what you pay in order to stay connected to the grid to access energy, even if you don’t use it.
How is the Price Cap Calculated?
The Energy Price Cap changes every three months, with changes mainly based on the costs that energy suppliers face (mostly wholesale energy costs).
The price cap is based on typical household energy use, calculated by looking at the average amount of gas and electricity used by households across England, Scotland and Wales.
“We estimate that the medium usage figure is about the same amount of energy used by a household with 2-to-3-bedrooms and where 2 to 3 people live” – Ofgem
The Latest Energy Price Cap
Cornwall Insight predicted the cap to fall by 14% to £1,656 per year for a typical dual fuel household.
The fall has not been quite as large as predicted, but is still a significant drop of 12.3%, meaning the typical annual energy bill for those on standard variable tariffs will fall to £1,690 from April.
Cornwall Insight has further forecasted that the cap will continue to decline in July before rising by a small amount in October.
Martin Lewis on Prepay Standing Charges
Martin Lewis has stated that for typical users, prepay unit rates will be about 3% cheaper.
“Prepay, which many of the vulnerable use, was always the rip off, so this is a staggering turn around. And this is unlikely to be a flash in the pan – this pricing structure is likely to continue for the foreseeable future. (To be fair, even on the current Price Cap prepay is fractionally cheaper, but that is due to a small Government subsidy. On 1st April the gap will grow, and all due to real pricing).” – Martin Lewis, Money Saving Expert
He predicts that direct debit will remain the overall cheapest option for anyone making a switch, but for those already on a prepay deal, this will be the cheapest option.
If you are unsure what type of tariff you’re on, you can contact your energy provider to find out. Alternatively, you can check your energy bill or online energy account if you have one.
by Red Star Wealth
Forex trading is legal in the UK and is FCA regulated, but that doesn’t mean it’s free from risk – far from it.
What is Forex Trading?
Forex trading is short for ‘foreign exchange’ trading. It’s the process of trading in currencies, where people buy one currency and sell another with the aim of making a profit. With forex trading, you’re essentially betting on what you think will happen to each currency.
For example, if you think that the US Dollar will increase in value against Pound Sterling, you might buy US Dollars with the Pound, in the hopes that your prediction will prove true. If you’re correct, you can then sell your Dollars back for more Pounds than you originally bought them with.
High Risk
Forex trading is a high risk investment, as currency prices are very volatile and their values shoot up or down rather quickly.
Additionally, with forex trading, you can use something called leverage, wherein investors can borrow a certain amount of money from a broker to trade more than they actually have available themselves. So, you can put down a proportion of the full trade amount and the broker will cover the rest, allowing you to make bigger trades. This means that losses can be greatly magnified.
“While out margin requirements, closeout levels and real-time margin system are designed to limit your trading losses, you do risk incurring losses greater than your account balance, especially during periods of extreme market volatility.” –Forex
Forex Scams
Forex scams have become increasingly widespread, with unauthorised forex trading and brokerage firms offering opportunities to trade in foreign exchange, cryptoassets, and other commodities. These unregulated firms often falsely promise high returns and guaranteed profits.
Many people who have fallen victim to forex scams have reported to the FCA that they initially received some returns on their investments with these scam firms. These returns help these scammers solidify their position as legitimate firms, and gives the impression to victims that their trading has been, and will continue to be, a success.
This technique from scammers helps them to encourage victims to invest even more of their money into the scheme, as they are now more trusted to bring profits. At this point, the investor stops receiving returns, their account is suspended, and they are unable to get in contact with the firm.
Oftentimes, we are advised that if something seems too good to be true, it usually is, i.e, if an investment opportunity is offering guaranteed profit, or claims that it will make you rich quickly, it’s probably not a legitimate investment.
This is a good rule of thumb to follow. However, some scammers have become wise to this, and have adapted their techniques, with some making more realistic offers in order to make themselves seem more legitimate.
Additionally, you should check that they appear on the financial services register, and that the contact details and website information are the exact same as they appear on this register. The reason you should do this is because of the existence of clone firms.
Clone firms are a technique used by scammers, where they pose as a pre-existing, legitimate, FCA authorised firm. They may use the legitimate firm’s name, firm registration number, and address.
In the last quarter of 2023, the FCA issued 793 alerts about unauthorised firms and individuals, 6% of which were related to clone scams, showing that this is now a widely-used scamming technique.
by Red Star Wealth
The government has announced an NHS Dental Recovery Plan, aimed at improving access to dental care across England, but are the measures enough?
Reports of Ukrainian refugees returning to Ukraine for dental treatment as they’re unable to find treatment in the UK
People turning to DIY dentistry, pulling out their own teeth or creating home-made fillings and dentures
Tooth decay is the leading cause of hospital admissions for 6-10 year olds
In 2021-22, 83,000 people attended A&E for dental problems
Around 12 million adults in England haven’t seen an NHS dentist in the last two years
“They [people in England] are becoming so desperate that they are taking matters into their own hands. You’re then seeing the spillover into general medical practice, because people can’t get access to dental practice. And so doctors are becoming overwhelmed, A&E is becoming overwhelmed with dental problems. I think broadly the word ‘crisis’ is overused but we have been in a crisis situation for many years.” – Shawn Charlwood, chairman of the general dental practice committee at the British Dental Association
A 2022 BBC investigation found that 9/10 NHS dental practices across the UK aren’t accepting new patients for treatments. This is creating a huge oral health disparity between those who can afford to seek private dental treatment as an alternative, and those who can’t. Private dental care can be very expensive, and for many people in England, this simply is not a viable alternative.
NHS dentists will be given a ‘new patient’ payment of £15-£50 to treat patients who haven’t seen an NHS dentist in 2 or more years
Around 240 dentists (about 1% of the workforce) will be offered one-off payments of up to £20,000 for working in under-served areas for 3 years
‘Dental vans’ to be used to help reach the most isolated communities
NHS work made more attractive to dentists, with the minimum value of activity being raised from £23 to £28
Water fluoridation programme to be consulted on to attempt to reduce the number of tooth extractions from decay in the most deprived areas, starting in the North East
‘Smile for Life’ programme will offer advice to parents for baby gums and milk teeth and aims for children to see tooth brushing as a normal part of their daily routine
“Backed by £200 million, this new recovery plan will deliver millions more NHS dental appointments and provide easier and faster access to care for people right across the country” – Rishi Sunak
Criticism
The plan has been criticised by Labour’s shadow health secretary, Wes Streeting, for being a “temporary measure.” Streeting has also drawn attention to the £400 million underspend in the NHS dentistry budget last year. Given that the new proposal is only backed by £200 million of funding, there are concerns that it may not be enough to drive the reform we so desperately need.
There was also strong criticism from the British Dental Association…
“Our recent surveys show over 8 in 10 dentists have treated patients who’ve undertaken some form of ‘DIY’ dental work since lockdown. It’s a national disgrace.
Ministers need to take some responsibility. A wealthy 21st Century nation is slipping back to the Victorian era on their watch.
The Government keeps saying it wants everyone to be able to access NHS dentistry. But there’s no sign of a credible plan to make that a reality, and no willingness to break from the failed contract” – British Dental Association
“This ‘Recovery Plan’ is not worthy of the title. It won’t halt the exodus from the workforce or offer hope to millions struggling to access care” –Shawn Charlwood
