Energy crisis: Kwasi Kwarteng rows with Treasury over heavy industry bailout talks October 10, 2021 Kwasi Kwarteng has been slapped down by the Treasury over emergency funding for struggling industrial firms, with the business and energy secretary accused of “making things up”. Kwarteng said he was speaking with the Treasury about a solution to help struggling manufacturers that are on the brink, however the Treasury has anonymously briefed to Sky [...]
UK’s big five banks set to pay out £7bn in dividends as their earnings soar October 10, 2021 The UK’s largest banks are preparing to hand out a collective £7bn in dividends this year, on the back of earnings hitting their highest level for the sector since 2008. The £7bn payout would be more than double the £3.3bn handed out in dividends by the UK’s big five in 2020. The UK’s five largest [...]
Bank of England rate-setter: Brace yourself for interest rate rises very soon October 10, 2021 One of the key rate-setters on the Bank of England’s Monetary Policy Committee has today said UK households should be primed for an interest rate rise “significantly sooner” than first thought. Michael Saunders, the former Citigroup economist turned Threadneedle St wonk, noted that financial markets had already priced in a pending rate rise as economies [...]
Brexit: UK set to renew EU hostilities with call for courts overhaul in Northern Ireland Protocol October 10, 2021 The UK is set to reignite hostilities with the EU over the Northern Ireland Protocol, with Boris Johnson’s Brexit minister to call for an overhaul of how the treaty is legally overseen. Lord David Frost will say removing the European Union of Justice’s (CJEU) jurisdiction over the post-Brexit protocol will be a new “red line” [...]
Pure Planet near collapse, as gas crisis claims another victim October 10, 2021 Energy supplier Pure Planet is reportedly near collapse, becoming the latest victim of the UK gas crisis. As reported by Sky News, the company – which is partially owned by BP – is in talks with government regulator Ofgem to initiate the Supplier of Last Resort (SLR) process and transfer its 250,000 clients to other [...]
Kraft Heinz boss: Businesses should try to minimise food price increases for customers October 10, 2021 Businesses should try to minimise price increases for consumers, according to the boss of Kraft Heinz. Miguel Patricio – who oversees the ketchup and baked beans producer – told the BBC that the firm was hiking prices in several countries. He said consumers would be forced to get used to higher food prices. Inflation was [...]
High street bosses plead Chancellor to slash business rates October 10, 2021 Around 20 retail leaders have called for a cut to business rates to ensure the high street’s pandemic recovery. Some 21 bosses – including leaders of Iceland and MossBros – have written to Chancellor Rishi Sunak and said urgent intervention is needed to protect businesses. “There are many views on precisely how the business rates [...]
Government buys 100,000 doses of Covid antibody treatment October 10, 2021 The UK government has bought 100,000 doses of a new coronavirus antibody treatment from GlaxoSmithKline. The treatment will help coronavirus patients and provide extra protection from virus mutations that make vaccines ineffective. The Department for Health and Social Care has bought 100,000 doses of the sotrovimab treatment, according to The Telegraph. Regulators have approved the [...]
Mike Lynch extradition decision over $5bn fraud trial delayed October 10, 2021 The decision to extradite British entrepreneur Mike Lynch has been pushed to the end of the year after a judge delayed his decision in the separate $5bn (£3.7bn) case against Lynch by Hewlett-Packard. A draft decision, spanning over 1,000 pages, had been expected to be distributed to both Hewlett-Packard and Lynch by 24 September, according [...]
Tory manifesto pledge to build 300,000 new homes a year ‘almost impossible’, say analysts October 10, 2021 Boris Johnson’s pledge at the last election to build 300,000 new home a year by the middle of this decade is now “almost impossible” due to labour and material shortages, according to industry groups. The Conservative party’s election winning 2019 manifesto included a promise to build “300,000 homes a year by the mid-2020s” and that [...]
