At noon today, the Bank of England is expected to announce a 0.75 interest rate increase in a move to curb inflation. This hike will put the base interest rate at 3%, the highest level since 2008. Increased interest rates will see millions of mortgage holders face additional monthly costs on top of escalating food […]
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The UK’s new prime minister Rishi Sunak has warned the country that “there is no doubt we face a profound economic challenge.” In his first comments after being named PM Sunak said: “We now need stability and unity, and I will make it my utmost priority to bring our party and our country together.” Behind […]
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New chancellor Jeremy Hunt has announced almost every part of his predecessor’s mini-budget and fiscal policy will be reversed, including the two year £2,500 energy price cap, which will now only last for six months. Hunt said the government will end the cap on energy prices in April and “will reverse almost all the tax […]
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Britons will not be told to use less energy this winter because “we’re not a nanny state”, climate minister Graham Stuart said in response to news the UK faces blackouts this winter. Households and businesses have been warned of rolling blackouts by the National Grid if gas imports fail to keep up with demand in […]
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Enough is Enough protests against the spiralling cost of living crisis will be held in 50 of the UK’s biggest cities and towns tomorrow (October 1) – the same day the new energy bill price cap begins. The campaign group’s first “national day of action” will see simultaneous events in London, Edinburgh, Cardiff, Birmingham, Glasgow, […]
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The pound has plummeted to its lowest ever level against the US dollar after the new Conservative government’s mini-budget collapsed confidence in the UK’s economic management. Early trading on Monday saw the pound plunge 5% against the dollar to just $1.03 before it managed to claw back two cents when London’s markets opened. Further turmoil […]
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The pound and UK stock markets have plummeted providing an immediate reaction to chancellor Kwasi Kwarteng’s mini-budget aimed to stimulate economic growth. The £45 billion package of tax cuts announced today (September 23) is the biggest tax give-away for 50 years – but experts say that half the cuts in personal tax will line the […]
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Chancellor Kwasi Kwarteng will announce tax cuts worth £30 billion in an emergency budget focused on boosting economic growth. Prime minister Liz Truss vowed to make tax cuts during the Conservative leadership campaign to provide “immediate” help for families and business struggling with inflation and the cost of living crisis. The Times reports that her […]
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The disparity in pay across the UK is growing. For many workers, pay increases have failed to keep up with rising costs, but for many people on high wages, the last two and a half years have been very lucrative. The incoming Chancellor of the Exchequer is likely to face criticism over his move to […]
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UK inflation unexpectedly dipped last month to 9.9% after petrol prices finally reflected the recent drop in oil prices. The slight relief has been tempered by the 13 month consecutive rise in food prices coming on top of warnings the upward trend in underlying inflationary pressures will likely see another interest rate rise by the […]
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