Services economy stalls as UK ‘drifts’ toward recession October 5, 2022 Britain’s all important services economy is stagnating, driven by consumers cutting spending in response to soaring inflation, a closely watched survey out today shows. S&P Global and the Chartered Institute for Procurement and Supply’s (CIPS) purchasing managers’ index (PMI) fell to 50 last month from 50.9 in August. The reading means the UK services economy [...]
Quantum investments buoyed by government interest despite shaky markets October 5, 2022 Investments in quantum startups have been buoyed by increasing government support worldwide, despite a worsening economic climate, the boss of the UK’s only listed quantum investor has said today. The London-listed fund, which floated at the end of 2021, has also seen a “significant” uptick in the quality and number of potential investee companies coming [...]
Truss to vow a new era of growth as she tries to steady her premiership October 4, 2022 Liz Truss will tomorrow promise a new era of growth and try to reset her already faltering premiership, just 24 hours after the Tory party descended into all-out civil war at its annual conference. The Prime Minister suffered another damaging day as very public splits emerged within her cabinet, backbench MPs briefed against her and [...]
Kwarteng trashes market bets on earlier OBR report and fiscal plan October 4, 2022 The pound today climbed to its highest level against the US dollar in two weeks despite chancellor Kwasi Kwarteng trashing market expectations of a sooner-than-expected fiscal plan. Sterling surged 0.78 per cent against the greenback to buy $1.141. It has now regained all its losses since Kwarteng’s mini-budget rocked the currency last month. UK borrowing [...]
Cabinet rift deepens as Braverman hits out against Truss’ tax U-turn October 4, 2022 Liz Truss is facing very public cabinet splits just a month into her premiership, with two senior ministers today hitting out against her tax cut U-turn. Home secretary Suella Braverman today said she was “disappointed by the subsequent reversal” in the decision to cut the top 45p rate of Income tax and housing secretary Simon [...]
999 call handlers to strike on Thursday over BT pay row October 4, 2022 999 emergency call handlers are set to walk out for the first time this Thursday as the strike over pay for BT Group workers continues. Members of the Communication Workers Union – the union for BT workers – will be walking out on Thursday 6 October, with further strikes planned for Monday 10 , Thursday 20 and [...]
Truss and Kwarteng mini-budget to ‘deepen’ UK recession October 4, 2022 Liz Truss and Kwasi Kwarteng’s decision to slash taxes and ramp up borrowing without costing their plans will make the looming UK recession worse, City economists predicted today. Soaring mortgage rates driven by lenders passing on higher market yields pushed up by a lack of confidence in prime minister Liz Truss and chancellor Kwasi Kwarteng’s [...]
Explainer: Bank of England hasn’t lost £65bn of UK’s money October 4, 2022 Let’s get one thing straight: the Bank of England is not going to lose £65bn on buying government debt. There’ve been a few social media posts (and a few newspaper headlines) whipping up this point. It’s untrue. Last week, the Bank said it will buy up to £65bn worth of long-dated government debt until 14 [...]
Tramlink Croydon workers to strike on 10 and 11 October following offer rejection October 4, 2022 Train drivers working at Tramlink in Croydon will strike on 10 and 11 October after they rejected a below-inflation pay rise. The union Aslef accused Tramlink’s management of giving workers “real terms pay cuts” as their 4.75 per cent pay increase is well below the current inflation rate of 9.9 per cent. “But what’s especially [...]
Truss: Cancelled 45p tax cut was never a ‘priority policy’ October 4, 2022 Liz Truss has said the cancelled tax cut for people paying the top 45p rate of Income Tax was never a “priority policy” as she seeks to defend the U-turn. The Prime Minister said she does “support a lower, simpler tax system”, but that “what we couldn’t allow is a fairly minor part of the [...]