Ditching the triple lock would be unpopular – and deeply worthwhile October 19, 2022 Liz Truss said she wanted to be unpopular. She’s certainly achieved that over the past few weeks, and to not much obvious benefit to either her party or the country. But if, as suggested, she takes aim at the triple lock on pensions we may finally be looking at an unpopular decision worth making. The [...]
To triple lock or unlock: Pensioners risk losing out on hundreds of pounds per year if inflation-link is dropped October 19, 2022 This morning’s inflation figures mean that retirees could see their state pension boosted by a whopping 10.1 per cent in 2023/24, but only if Chancellor Jeremy Hunt doesn’t ditch the triple-lock. The increase would be in line with September’s Consumer Prices Index (CPI) inflation figure, which is usually used for benefits uprating Increasing the state pension by inflation rather [...]
UK house prices rise by an average £36,000 in just 12-months October 19, 2022 The average cost of a home in the UK has risen by £36,000 in just 12-months, according to official figures, as homeownership falls further out of reach for many. The jump is more than the average Brits’ annual salary, and comes at a time when rising mortgage rates are acting as yet another barrier to [...]
Foreign secretary: PM Liz Truss made mistakes but has also learnt lessons October 19, 2022 Foreign Secretary James Cleverly has come out fighting for Liz Truss, saying she has “learnt lessons” and had the “humility to make changes.” Speaking on Sky News this morning, he batted down talk of a new prime minister amid speculation backbenchers are plotting behind the scenes. “What I’m far from convinced by is that going [...]
Hunt has killed off Trussonomics but his next steps vary from bad to worse October 19, 2022 This week, new chancellor Jeremy Hunt delivered a damning eulogy of Trussonomics right in front of its creator.
Small business confidence tumbles on swelling costs and weaker demand October 19, 2022 Intensifying cost pressures and a slowdown in consumer spending as a result of cost of living crunch squeezing Brits has led to a collapse in confidence among small firms, a new survey out today shows. Net confidence plummeted to minus 35.9 in the three months to October, down by 11.2 points over the last quarter, [...]
No Brexit karma in Delhi: Whisky and visas increasingly complicate £27bn trade deal between UK and India October 18, 2022 The 24 October deadline set by Boris Johnson for finalising the UK–India trade deal will be missed after both parties have hit a roadblock in discussions. Although a detailed reason hasn’t been given by both sides, sticking points include a steep import duty on British whisky for sale in India, and demands for more visas for [...]
US prepares to sell from emergency reserves to dampen oil prices October 18, 2022 The White House is preparing to offload oil from its strategic reserves in a late bid to dampen fuel prices and ease the cost of living.
Pension triple lock at risk as Truss warns of ‘difficult decisions’ October 18, 2022 Number 10 has refused to commit to the state pension triple lock, after Liz Truss promised to keep the measure just weeks ago. Truss’ spokesperson refused four times to say Truss would uphold the triple lock, which would ensure state pension payments stay in line with inflation next year. New chancellor Jeremy Hunt warned yesterday [...]
Truss mini-budget sparked five worst days on UK debt market on record, Bank of England says October 18, 2022 Prime minister Liz Truss’s botched mini-budget triggered the five most volatile days on the UK debt market since records began 22 years ago, the Bank of England said today. Financial markets were rocked by Truss and her former chancellor Kwasi Kwarteng launching £45bn worth of unfunded tax cuts and raising borrowing to fund a two-year [...]