Truss and Kwarteng face Tory backlash as they refuse to back down over tax plan September 28, 2022 Kwasi Kwarteng and Liz Truss are facing open rebellion from parts of the Tory backbenches as MPs call for the pair to make a dramatic U-turn on their tax plan. Some Conservative MPs are already anonymously briefing to media outlets that the chancellor should be sacked, while one, Simon Hoare, broke cover to say the [...]
Data watchdog takes action against Virgin Media and six public bodies over information request failings September 28, 2022 The UK’s information watchdog has taken action against Virgin Media and six public bodies over their repeated failures to respond to members of the public when asked to hand over personal information. The Information Commissioner’s Office (ICO) said the seven public and private sector bodies had repeatedly failed to respond to Subject Access Requests (SAR) [...]
Bank of England launches £65bn emergency care package to tame UK market carnage September 28, 2022 The Bank of England today scrambled to head off a “material risk to UK financial stability” driven by higher UK borrowing costs. In a mid-morning statement to the City, the Bank said it is launching an emergency, time-limited bond buying scheme amid market chaos triggered by investor concerns over the UK’s fiscal and economic credibility. [...]
Labour’s more corporate 2022 conference shows it’s closer to power September 28, 2022 An increasing sense of triumphalism descended on the Labour party conference the longer it went on. While the government’s mini-budget rattled financial markets, and the Tory party descended into factional warfare again, Labour leader Sir Keir Starmer delivered an impressive conference speech that electrified the party faithful. Every Labour staffer and activist I spoke to in [...]
Analysis: Don’t confuse symptoms with causes, the Bank’s hand was forced September 28, 2022 Today’s emergency Bank of England support package for the City was triggered by turmoil in a very specific segment of the gilt market. Since last Friday’s tax cutting and borrowing bonanza, rates on UK government debt have been going through the roof. That has pushed bond prices down. The two move inversely. That, in turn, [...]
France pulls out of Channel migrant deal over Truss ‘friend or foe’ comments September 28, 2022 France has reportedly pulled out of a deal to try and stop Channel migrant crossings, after comments made by Liz Truss on Emmanuel Macron. Truss said during the Tory leadership campaign that the “jury’s out” over whether the French President was “a friend or foe”. French government sources told the Daily Mail that the comments [...]
Pendragon suitor Hedin could consider withdrawing £400m bid if approached by 35p or above offer September 28, 2022 Pendragon’s suitor and majority stakeholder Hedin could consider withdrawing its £400m bid if approached by an offer of 35p per Pendragon share or above. This comes as Pendragon announced on Tuesday a review of its strategic options to maximise shareholder value. The Swedish group – which owns a 26 per cent share in the company [...]
Government has a second chance – it can’t fluff its lines yet again September 28, 2022 The UK Economy: Apocalypse Now? Black Wednesday, Mark 2? Not quite. But if social media’s hot takes on the state of the UK economy are wide of the mark, the pressure on Kwasi Kwarteng and the Bank to restore credibility is now immense. The good news is that will not be as difficult as some [...]
Project Thunderball! Wiesmann blasts back with electric sports car September 28, 2022 Reborn German marque Wiesmann has revealed a retro-look roadster with a carbon fibre body and 680hp from twin electric motors.
Whatsapp boss warns govt against changes to encryption in online safety September 28, 2022 The chief of Whatsapp has warned the government against making drastic changes to message encryption in the online safety bill. Speaking with the Financial Times, Will Cathcart said that there were other ways of protecting children on apps rather than threatening encryption and explained that any move to undermine security could endanger the government’s own [...]
