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 [...]
Nissan confirms full exit from Russia and takes ‘one-off impact’ of £620m loss October 11, 2022 Nissan has announced its full exit from Russia eight months after the invasion of Ukraine, taking a “one-off impact” of around £620m. Signalling its “imminent” departure from the country, the Japanese car giant approved the sale of Nissan Manufacturing Russia’s operations to NAMI, the Central Research and Development Automobile and Engine Institute. Nissan said it [...]
UK faces £100bn bill to fix water system, warns watchdog chief October 11, 2022 It would cost hundreds of billions of pounds to develop a modern water system, warned the chief executive of the Environment Agency.
Sofa seller ScS: Shoppers may splurge on home makeovers instead of moving amid high mortgage rates October 11, 2022 Sofa seller ScS has suggested that some consumers may invest in home makeovers instead of opting to move house amid historically high mortgage rates. The furniture firm posted record sales growth on Tuesday morning but warned of “subdued” trading in recent weeks against a backdrop of household bills increasing. Revenue rose 8.6 per cent from [...]
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 [...]
Bank of England urged to extend emergency action to manage market volatility October 11, 2022 A pensions industry body is urging the Bank of England to extend its emergency action to calm the markets and to manage volatility. After the Bank made fresh moves, widening the scope of its bond-buying programme, the Pensions and Lifetime Savings Association (PLSA) said a “key concern” of pension funds had been that the period [...]
City regulator FCA extends guidance for banks that look to permanently shut more branches October 11, 2022 The Financial Conduct Authority (FCA) guidance, which already sets out expectations for banks to carry out thorough checks on the impact that permanent closures will have on customers, has been extended. Alternatives to bank branches should be delivered quickly and as a priority, according to the City regulator, which has published new guidance for those [...]
Fine wine investors toast Kwarteng as sterling crash boosts market October 11, 2022 Fine wine investors have been toasting the tumbling pound in the past weeks as they capitalise on depressed sterling prices to snap up premium tipples at cut-prices.
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 [...]
Virgin Media O2 slashes social tariff broadband price for struggling Brits October 11, 2022 Virgin Media O2 has slashed the price of its social tariff as the telecom giant follows calls to support the hardest hit by macroeconomic headwinds. The price of the basic band, which is specifically targeted at those receiving Universal Credit, will drop by 16 per cent to £12.50 per month for all new and existing customers, making [...]