Just when you thought it was safe to step back into the gilts market… things are getting nervy again. Around lunchtime on Friday the odds on Boris Johnson winning the Conservative leadership battle rapidly shortened. For a moment, the former prime minister was favourite, on Betfair’s betting markets, to become the next PM. Johnson backed
Business
The iPhone and iPad are both getting a bunch of new features courtesy of a software update today. Apple is releasing iOS 16.1 – adding to the functionality which arrived with the iPhone 14 range last month – and iPadOS 16, which comes ahead of the launch of new tablets this week. Starting with the
The country’s biggest supermarket chain has raised the price for its popular lunchtime meal deal for the first time in more than a decade as costs soar. Tesco revealed that the package, typically a sandwich, packet of crisps and a soft drink, would rise from £3.50 to £3.90 for customers who are not Clubcard holders.
The latest official data on the state of the public finances and consumer spending makes for grim reading as the country awaits its next leader, with financial markets reflecting renewed jitters over the economy. The Office for National Statistics (ONS) reported that public sector net borrowing came in at £20bn last month – £3bn more
Almost six in 10 UK adults are struggling to keep up with their bills, according to new research from the City regulator. The Financial Conduct Authority (FCA) estimated that 7.8 million people were struggling to keep up with their bills – an increase of around 2.5 million people since 2020 – when around 5.3 million
The value of energy discounts given to households that cut their peak time electricity used will be raised, the National Grid ESO has said, in a bid to turn homes into “individual power plants”. Households will now be paid £3 per kilowatt hour instead of 52p if they avoid high-power activities – such as cooking
Naked Wines has made around 6% of its workforce redundant after a failed growth strategy forced a restructuring. The online retailer, which connects its subscribers with products from independent winemakers, said 30 staff had gone as it looked to create a “leaner and more focused organisation”, saving around £18m. Naked had spent big on marketing
More rail strikes have been announced for 3 and 5 November – this time involving 14 train operating companies. The Rail, Maritime and Transport union (RMT) has announced the strikes at the train operating companies – which run the trains – on the same days as other members of the union are planning walk outs
September’s inflation figure confirms what consumers already knew and the chancellor feared. Consumer Price Inflation increased to 10.1% last month, matching July’s 40-year-high and largely reflecting rising food prices, driven significantly by the squeeze on staple commodities and energy triggered by the war in Ukraine. That impacts every household in the country. Millions who have
Rail workers’ union RMT has announced more strikes next month following what it said was a pay offer “U-turn” from Network Rail. Three days of strike action are set to take place on 3, 5 and 7 November. Negotiations had been under way between the union and the rail operator. The Railway, Maritime and Transport
Pubs, and clubs are facing the prospect of beer shortages while fast food firms including Burger King, KFC and Pizza Hut are also under threat of disruption from industrial disputes. It was announced early on Tuesday that the GMB union was launching a strike vote among its near-600 members at Best Food Logistics, which delivers
Jeremy Hunt has revealed he is reversing “almost all” of the tax cuts announced in his predecessor’s mini-budget and is scaling back support for energy bills. In an emergency statement, the chancellor said a 1p cut to income tax will be delayed “indefinitely” until the UK’s finances improve instead of being introduced in April 2023
The pound and UK government bond yields have recovered in anticipation of a key statement from the new chancellor tasked with sorting out the fallout from the government’s disastrous mini-budget. Sterling had fallen to a record low against the dollar at the end of September, after the short-lived then chancellor Kwasi Kwarteng unveiled the biggest
Unions are close to organising co-ordinated strike action “very soon” following the “horror story” of the past few weeks, a union boss has told Sky News. Sharon Graham, general secretary of Unite, accused the government of “aiding and abetting” employers earning millions in profits but not handing that to workers. She confirmed Unite, the UK’s
The government is pressing ahead to introduce legislation which will require transport workers to run a minimum service when strikes are taking place. It comes after commuters have been plagued by months of travel chaos caused by industrial action by railway workers, who are calling for better pay, working conditions and job security. But trade
Interest rates will have to be raised higher than initially hoped in the face of inflationary pressures, the Bank of England (BoE) governor has suggested. Speaking at an International Monetary Fund event in Washington, Andrew Bailey also said there had been “a very clear and immediate meeting of minds” with new Chancellor Jeremy Hunt on
So farewell, then, Trussonomics. The demise of the country’s second shortest-lived chancellor also brings with it the demise of the country’s shortest-lived economic movement. Liz Truss came into office promising to boost the country’s growth rate through a forensic combination of tax cuts, reforms to the country’s supply side (for which read: things like planning
The financial markets have responded negatively following Liz Truss’s announcement of a U-turn on corporation tax in a bid to reassure investors. As was widely predicted, the prime minister said she was abandoning the government’s commitment to drop the planned tax increase from 19% to 25% – even though it was a central plank of
The Bank of England is set to stop its government bond-buying scheme today after attempting to reassure the UK’s financial markets. The Bank launched the unprecedented intervention after the chancellor’s mini-budget caused chaos within the markets, as well as a potential pension pots crisis. It promised to buy up to £65bn in government bonds –
The head of the International Monetary Fund has delivered a blunt condemnation of the UK government’s mini-budget – pointing out government and Bank of England policies should not be working against each other. Kristalina Georgieva was speaking at a news conference in Washington after the government’s mini-budget unleashed chaos in the markets when it was
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