Pound surges and UK debt costs tumble on Sunak’s first day as PM October 25, 2022 Rishi Sunak on his first day as prime minister promised “hope” everyday after addressing the UK’s economic challenges, but it already seemed that way for the pound today. Sterling surged as much as 1.8 per cent against the US dollar, pushing it far above the $1.03 record it reached after former PM Liz Truss’s disastrous [...]
Sunak appoints unity Cabinet as Hunt stays and Braverman returns October 25, 2022 Jeremy Hunt will remain as chancellor under Rishi Sunak as the new Prime Minister picked a top team which finely balanced the different wings of the Tory party. Hunt is expected to deliver the planned Halloween fiscal statement next Monday, which is set to include a series of tax hikes and spending cuts. Close Boris [...]
Ryanair’s Michael O’Leary: Worldwide inflation good for our growth October 25, 2022 The world’s surge in inflation rates will help Ryanair’s growth as people will not stop flying altogether, but will rely instead on budget airlines. “We think recession [and] price inflation is very good for our growth,” chief executive Michael O’Leary told journalists today in Lisbon. European countries have in fact been hit by soaring inflation [...]
Modi, Biden, Zelensky and Macron lead global congratulations for PM Rishi Sunak October 25, 2022 World leaders including President Joe Biden, India’s Narendra Modi and France’s Emanuel Macron have congratulated Rishi Sunak on his rise to be Prime Minister. Presidents and prime ministers committed to continue working with the new PM to tackle chaos caused by the war in Ukraine. In India, where Sunak’s family originated from, there was elation [...]
Rishi Sunak: I will fix Truss ‘mistakes’ and win trust of the UK October 25, 2022 The UK’s new Prime Minister Rishi Sunak has vowed to fix the “mistakes” made by Liz Truss and to earn the trust of the British people after the past month of chaos. Sunak said outside Number 10 that the country was “facing a profound economic crisis”, but promised that “we will create a future worthy [...]
Ryan Reynolds-owned Wrexham AFC criticises player for boots with ‘f*** the Tories’ on October 25, 2022 One of the oldest football clubs in the world has criticised one of its players for printing football boots with “f*** the Tories” on. Wrexham AFC, which was sensationally bought by US actors Ryan Reynolds and Rob McElhenney, said the boots “will not be worn tonight, or in any other” fixture, after striker Paul Mullin [...]
Sinking fast: Jeremy Hunt to ditch Boris Johnson’s £250m Brexit Britain ship October 25, 2022 A £250m national flagship proposed by former prime minister Boris Johnson while in office will be cancelled by the new chancellor, Jeremy Hunt, according to various news reports. In an upcoming round of deep spending cuts, most likely to be announced next week, Hunt reportedly plans to drop the Ministry of Defence project. So far, [...]
Liz Truss defends tax-cutting agenda as outgoing PM leaves Number 10 October 25, 2022 Liz Truss has said the UK “cannot afford to be a low growth country” and defended her tax-cutting agenda in her final speech outside Number 10. The outgoing Prime Minister said “our country continues to battle through a storm” but that “I believe in Britain, I believe in the British people and I know that [...]
WhatsApp down globally, 40m Brits and hundreds of millions impacted around the world October 25, 2022 Meta-owned messaging app WhatsApp went down for over an hour this morning in dozens of countries around the world, including the UK, Netherlands, Germany, Italy, Malaysia, Kenya, India, France and most of the United States and Canada. City A.M. can confirm that the outage was for both personal chats as well as group chats and hundreds [...]
Falling yields take edge off UK borrowing costs but City’s eyes are on Rishi Sunak October 25, 2022 The rebound seen over the course of the last couple of days appears to be being driven by a sharp fall in bond yields, at least in European markets with the sharp drop in UK gilt yields marking the unwind in premium that we saw in the aftermath of the market turmoil post the UK [...]