Tesco chair says Labour the ‘only team on the field’ on economic policy October 16, 2022 The chair of the UK’s largest retailer has praised Labour’s economic plans and said “there’s only one team on the field” – Sir Keir Starmer’s party. Tesco chair John Allan today said “I don’t think we’ve seen a growth plan from the Conservatives”, but that “we’ve seen the beginnings, I think, of a quite plausible [...]
Gazprom boss threatens to halt gas supplies if Europe backs price cap October 16, 2022 Russia would halt gas supplies into Europe if the price of its gas exports was capped warned Gazprom boss Alexei Miller.
BMW goes east moving electric Mini production from UK to China October 16, 2022 BMW has decided to move its electric Mini production from the UK to China, in what can be seen as a blow to Britain’s ambitions to become a global EV maker. According to Stefanie Wurst – who’s been at the brand’s helm since February – Mini production was moved away from its historic home in [...]
Recession fears outweigh OPEC+ cuts amid oil price slump October 16, 2022 Oil markets will open tomorrow with prices weighed down by global recession fears and weakening oil demand.
City braces for fresh inflation and borrowing figures October 16, 2022 The City is bracing for another busy week of new data illustrating the health of the UK economy. Last week, the FTSE 100 index fell 1.89 per cent to finish at 6,858.79 points after it was rocked by prime minister Liz Truss ditching chancellor Kwasi Kwarteng. The domestically-focused mid-cap FTSE 250 index, which is more [...]
HS2: ‘Very unlikely’ to meet budget for first phase October 16, 2022 The total cost of HS2’s London-Birmingham section is set to exceed the government’s budget by several billions, according to a leaked report. A research presented to the HS2 board by Sir Jon Thompson, the project’s deputy chair, said it was “very unlikely” the £40.3bn target would be met. The document concluded that the government’s contingency [...]
Biden says Truss tax cuts were ‘a mistake’ and U-turn was ‘predictable’ October 16, 2022 US President Joe Biden has criticised Liz Truss’ tax plans as “a mistake” and said he “wasn’t the only one” who thought so. The President said the Prime Minister’s embarrassing U-turns were “predictable” when he was asked about it during a visit to an ice cream shop in Portland, Oregon. Biden said earlier this year [...]
Hunt says Truss has ‘changed’ as he warns of spending cuts and tax rises October 16, 2022 Jeremy Hunt has claimed Liz Truss has “changed” after the bruising last month as he warns of coming spending cuts and tax rises. The new chancellor said “spending is not going to increase by as much as people hoped” and that “taxes are not going to go down as quickly as people thought and some [...]
Asos confirms £350m credit facility as shoppers dial back spending October 15, 2022 Troubled fashion retailer Asos has today confirmed it is in the final stages of arranging a £350m credit facility with financial backers, as consumers dial back spending during the cost of living crisis. In a statement today, Asos said the credit facility, which matures in July 2024, would “significantly” boost its financial flexibility against the [...]
Truss and Kwarteng were ‘gamblers in a casino’ with UK economy, says Labour October 15, 2022 Prime minister Liz Truss and former chancellor Kwasi Kwarteng “behaved like two gamblers in a casino” over the UK economy, shadow chancellor Rachel Reeves has said today. Kwarteng was yesterday ousted by the new prime minister, making him the second shortest-running chancellor in the UK’s history. Succeeding Kwarteng is Jeremy Hunt, who this morning [...]
