Today's business and finance round up 1st August 2022

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1st August 2022

Bite-sized business news from the UK and beyond

Good morning Congratulations to the Lionesses who gave England its first major football trophy since 1966 after beating Germany 2-1 in the final of the 2022 Women’s Euros last night. 

Today's stories

• Octopus Energy’s £1bn request to buy failed rival

• Fast fashion giants investigated over eco claims

ENERGYOctopus Energy’s £1bn request to buy failed rival

Other stories to keep you in the loop

• British Airways owner reports first profit since pandemic began

• UK government in line for £1bn payout from NatWest stake

• Mortgage affordability test scrapped by Bank of England

• Britons are borrowing more and saving less as cost of living crisis starts to hurt

• Details of £400 energy payment to households revealed

• Instagram announces U-turn on TikTok-style changes after massive backlash

RETAILFast fashion giants investigated over eco claims

What happened?On Friday the UK competition regulator, the CMA, announced it was launching an investigation over the environmental claims made over the fashion by Asos, Boohoo and Asda.How did we get here?Fashion – from material sourcing, through supply chains to washing and waste -  is one of the most polluting industries. It’s estimated that it is responsible for 10% of global carbon emissions.  In recent years fast fashion has come under heavy criticism for the role it plays in encouraging high and unsustainable consumption.As a result, brands are trying to highlight the eco-friendly credentials of their products, for example, by claiming they are made from recycled materials.However the CMA is concerned that consumers are being misled with false claims, so called ‘greenwashing’.The CMA’s focus on Asos, Boohoo and Asda is all part of a wider review into the UK sector worth £54bn. In January the watchdog identified concerns around potentially misleading sustainability claims including companies that were creating the impression that their products were better for the environment but with little evidence.The CMA isn’t alone in shining a light on the fashion greenwashing. In June industry publication, The Business of Fashion, released its annual survey of sustainability efforts at the 30 biggest listed companies and found that no company scored more than 49 out of 100 on measures such as emissions, waste, chemicals and transparency.

Stat of the day

The final of 2022 Women’s Euros at Wembley was watched by 87,192 fans - a men’s and women’s Euro record

Interesting links from around the web

• How to work from your bedroom without ruining your sleep

• Tips for getting maximum cooling powers from your electric fan

• Vardy v Rooney: 10 things we learned at the Wagatha Christie libel trial

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