Truss says she’s ‘committed’ to state pension triple lock October 19, 2022 Liz Truss has said she is “committed” to increasing the state pension by the rate of inflation, after Number 10 just yesterday refused to back the triple lock. Truss said during Prime Minister’s Questions (PMQs) that “I am completely committed to the triple lock and so is the chancellor”. Truss’ spokesperson and Jeremy Hunt both refused [...]
Analysis: Keeping Triple Lock still requires £550k pension for ‘comfortable’ retirement October 19, 2022 Even if the State Pension was uprated in line with September’s inflation figure of 10.1 per cent, pension savers would still need to build up a pot of around £550,000 to ensure a comfortable standard of living in retirement, according to new figures shared with City A.M. this morning. The data comes amid the increased uncertainty over whether the [...]
Bank of England to launch record rate rise to step up fight against 40-year high inflation October 19, 2022 The Bank of England will have to hike interest rates by a record whole percentage point at its meeting on 3 November, City economists are betting today after inflation returned to a 40 year high of 10.1 per cent last month. Prices are still rising sharply despite the Bank already lifting borrowing costs seven times [...]
Exclusive: MPs will get vote on how local consent is given to fracking projects October 19, 2022 MPs will be given a say on how local communities can approve or block new fracking sites, business secretary Jacob Rees-Mogg has told Tory MPs today. Rees-Mogg said in a letter to all Conservative MPs, seen by City A.M., that a consultation on how to establish local consent for new fracking projects will begin next [...]
Tory whips say Labour fracking motion is vote of confidence in Truss government October 19, 2022 Conservative whips have told their own MPs that a Labour vote opposing fracking is an effective confidence motion in the Liz Truss government and that they must follow the party line. Truss’ chief whip Wendy Morton told Tory backbenchers, in an email leaked to Huffpost, that “this is not a motion on fracking … this [...]
Roads reopen around Bank after police resolve report of ‘suspicious package’ – station reopens October 19, 2022 The City of London Police have reopened roads around Bank station after resolving a situation surrounding a “suspicious package”. The City of London Police closed Queen Victoria St Queen St Princes St Lothbury Threadneedle St this morning, after reports of an an unattended item at Mansion House. Bank Station was also temporarily shut. Just before [...]
Ditching the triple lock would be unpopular – and deeply worthwhile October 19, 2022 Liz Truss said she wanted to be unpopular. She’s certainly achieved that over the past few weeks, and to not much obvious benefit to either her party or the country. But if, as suggested, she takes aim at the triple lock on pensions we may finally be looking at an unpopular decision worth making. The [...]
To triple lock or unlock: Pensioners risk losing out on hundreds of pounds per year if inflation-link is dropped October 19, 2022 This morning’s inflation figures mean that retirees could see their state pension boosted by a whopping 10.1 per cent in 2023/24, but only if Chancellor Jeremy Hunt doesn’t ditch the triple-lock. The increase would be in line with September’s Consumer Prices Index (CPI) inflation figure, which is usually used for benefits uprating Increasing the state pension by inflation rather [...]
Foreign secretary: PM Liz Truss made mistakes but has also learnt lessons October 19, 2022 Foreign Secretary James Cleverly has come out fighting for Liz Truss, saying she has “learnt lessons” and had the “humility to make changes.” Speaking on Sky News this morning, he batted down talk of a new prime minister amid speculation backbenchers are plotting behind the scenes. “What I’m far from convinced by is that going [...]
Sadiq Khan: Tax “confusion” could hit London’s investment appeal October 19, 2022 SADIQ KHAN has warned that instability at the top of British politics could hit London’s status as a desirable investment destination. Investors are “not sure that the stability and certainty that existed in London will be there going forward,” the Mayor of London told City A.M. yesterday. “Instability is good for no-one,” he added. A [...]