CMA and food safety regulators ‘struggling to recruit’ post-Brexit, says MPs October 12, 2022 British food safety and competition regulators are “struggling to recruit and retain the skills they need to regulate effectively” post-Brexit, according to a Westminster committee of MPs. A new report from the cross-party Public Accounts Committee (PAC) today said some regulators need more staff post-Brexit to handle new responsibilities, leading to labour shortages. This has [...]
City minister defends ‘safety valve’ call-in power over financial regulators October 11, 2022 A proposed new power that allows Whitehall to overrule financial regulators will only be a “safety valve”, City minister Andrew Griffith has said. Griffith told a Westminster committee today that the new call-in power would only be used “sparingly” in the face of concerns that it will reduce the independence of the UK’s regulators. The [...]
Nissan logs £613m hit as Japanese carmaker exits Russia and shuts factory October 11, 2022 Japanese carmaker Nissan has said it plans to sell its Russian operations to its local partner and withdraw from manufacturing there. The company said its executive committee approved the sale to Russia’s Central Research and Development Automobile and Engine Institute (NAMI). The sale includes Nissan’s factory and R&D facilities in St Petersburg and its sales [...]
Kwarteng promises ‘upbeat’ Halloween fiscal plan amid speculation of cuts October 11, 2022 Kwasi Kwarteng today promised his Halloween fiscal plan will be “upbeat” amid widespread speculation he will unveil spending cuts. The chancellor batted away a series of questions in the House of Commons around whether he will introduce real-terms cuts to benefits and promised more details would be unveiled on 31 October. The Treasury has said [...]
UK headed for stagnation on worst inflation crisis in G7, IMF warns October 11, 2022 A historic hit to Brits’ living standards from roaring inflation and rising interest rates has thrown the UK economy on course to stagnation, the world’s lender of last resort warned today. The UK economy will grow a better than expected 3.6 per cent this year, according to the International Monetary Fund’s (IMF) latest World Economic [...]
Astonishment as Liz Truss fails to mention today’s Bank of England emergency move during Cabinet meeting October 11, 2022 There is widespread astonishment among City analysts and Westminster insiders as Liz Truss failed to discuss the Bank of England’s latest emergency move with her Cabinet this morning. Downing Street said this afternoon the Bank of England’s latest intervention did not come up at Tuesday morning’s Cabinet meeting, nor did uprating benefits. Asked if the [...]
Number 10: BoE announcement will bring bond-buying scheme to ‘orderly end’ October 11, 2022 The Bank of England’s decision to extend its emergency bond-buying scheme today will bring the programme to an “orderly end”, according to Liz Truss’ official spokesperson. The Number 10 official told journalists today that today’s announcement was “in line with” the Bank’s “financial stability objective”. The central bank announced this morning it would purchase an [...]
London Labour MP Sam Tarry questions ‘integrity’ of deselection vote October 11, 2022 London Labour MP Sam Tarry has questioned the “integrity” of the vote to deselect him in his constituency and is reportedly considering challenging the process. Tarry, MP for Ilford South and boyfriend of Labour deputy leader Angela Rayner, today said he was “extremely concerned about the result” and is asking the party to share extensive [...]
Man charged over attempted robbery and multiple stabbings in Bishopsgate October 11, 2022 A man has been charged over an attempted robbery and knife attack in the heart of the city. Louis Parkinson, 25, has been formally accused over an incident last week in Bishopsgate, which led to three people being hospitalised with stab wounds The City of London Police responded to the incident last week at [...]
£62bn of spending cuts needed to balance books, IFS forecasts October 11, 2022 Liz Truss and Kwasi Kwarteng will need to slim the size of the state by £62bn to put the UK’s public finances on a stable footing, a top economic think tank said today. The prime minister and chancellor could be forced to reduce education and transport spending, which suffered deep cuts during the David Cameron [...]