1. The cost of living is rising

Since early 2021, the cost of living has been going up, which has affected households to purchase goods and services. Due to the increased inflation rate in the UK, the prices of goods have increased by 6.9% in December. Energy prices have also contributed to inflation with petrol costs going up by 28% and domestic electricity prices by 19% between January and November 2021.

Furthermore, the Resolution Foundation has commented on this matter stating, “the peak of the squeeze will be in April as families face a £1,200 income hit from soaring energy bills and tax rises.”                                                                                                                  

2. Klarna to launch interest-free credit card

The global payment and shopping service, Klarna has made plans to expand its “buy now, pay later” services through developing physical credit cards in the UK. Founded in 2005 in Stockholm, Sweden, Klarna has provided convenient and flexible ways allowing users to pay for online items. Payments can be made directly to the merchant, after delivery and in monthly instalments.

The new credit card, available in the UK will allow consumers to pay 30 days later after the date of purchase. Another reason as to why Klarna is a popular method of payment is that users are not charged any interest or late fees. This product may be used in shops as well as online retailers that aren’t partnered with Klarna.

3. Netflix faces a defamation lawsuit

Nona Gaprindashvili, the first woman to become a chess grandmaster, has sued Netflix for falsely portraying her character in the hit series The Queen’s Gambit. This show follows the life of a fictional American chest player, Beth Harmon, who is on a journey to become a world-renowned chess player whilst overcoming many personal struggles.

Gaprindashvili has claimed Netflix has undermined and degraded her accomplishments after a character has stated that she did not challenge any male opponents. The streaming company has asked for the defamation claim to be dismissed as the series is fiction and based on a 1983 American novel by Walter Trevis.

By Rukiyya Shah