Liz Truss has installed Jeremy Hunt in the driving seat and is in for a wild ride October 18, 2022 NICOLE Richie, the American reality TV star, once described getting an Uber as “going somewhere with a friend, just that friend doesn’t know you.” Last week, Liz Truss had a similar realisation as her government veered dramatically off the road.
Rees-Mogg opens talks with British Steel owner over bailout and jobs October 17, 2022 The business secretary has reportedly opened formal talks with the owner of British Steel about a taxpayer bailout and job cuts. As first reported by Mark Kleinman for Sky News, Jacob Rees-Mogg wrote to parent firm Jingye Group last week and agreed that British Steel would maintain its current operations and 4000-strong work force during the [...]
UK borrowing costs tumble after Hunt shreds Truss’s mini budget October 17, 2022 UK borrowing costs scaled lower today after new chancellor Jeremy Hunt ripped up prime minister Liz Truss’s tax cutting mini budget. The yield on the 30-year UK gilt, which has suffered heavy selling since the mini budget last month, fell around 40 basis points to 4.33 per cent. Rates on the 2-year and 10-year UK [...]
Pubs and brewers disappointed by alcohol duty reversal ahead of ‘toughest winter in history’ October 17, 2022 Pubs will be “hit extremely hard” this winter after the government scrapped an upcoming alcohol duty freeze, industry chiefs said. The duty freeze was one of many policies consigned to a bonfire of tax cuts from newly-appointed Chancellor Jeremy Hunt on Monday. Announced just a few weeks ago by Hunt’s predecessor Kwasi Kwarteng, the move would [...]
Lord Mayor’s show next month to combine 13th Century traditions with modern diversity of City October 17, 2022 Traditions dating back to the 13th century and a giant inflatable pig will feature in the historic 694th Lord Mayor’s Show next month. Up to 250,000 people are expected to cheer on a ceremony steeped in history on 12 November, as Nicholas Lyons marks the start of his time in office. The ceremony will bring [...]
Ethereum nears deflationary status, but crypto adoption grows as Bitcoin’s mining difficulty hits ATH October 17, 2022 CryptoCompare's Francisco Memoria takes a look at the last seven days in the crypto markets to see what narratives have driven price action.
Gold prices propped up by bullish demand in Asia despite hawkish Fed October 17, 2022 Gold prices are trapped in a narrow pricing corridor, with robust demand in Asia preventing a tumble in prices.
Furious En+ chairman hits back at Bloomberg for ‘wrong article’ on US sanctions October 17, 2022 Christopher Burnham, chairman of En+ Group, generally considered the world’s leading producer of low carbon aluminium and hydropower, has hit back at media giant Bloomberg. Its news site ran an article on 12 October making a series of allegations with regards to En+ Group’s relations to Russia and sanction compliance, which City A.M. won’t repeat [...]
Record 730,000 retirees returning to work to top up pension as living crisis pushes older Brits to the brink October 17, 2022 More than 733,000 retirees across the UK are preparing to return to work as the cost-of-living crisis escalates, according to new research shared with City A.M. this morning. For 12 per cent of those in retirement, rising inflation has “upended” their retirement plans. More than a third of UK retirees are worried they will no [...]
Exclusive: Over 50,000 small businesses in London collapse as SME bloodbath rages October 17, 2022 Swelling energy bills and a softening UK economy have sparked a surge in small business closures in London, exclusive figures shared with City A.M. reveal. The number of SMEs that have disappeared in the capital swelled to 53,880 this year, up sharply from 37,350 in 2017, according to analysis of Office for National Statistics figures [...]