Bank of England urged to raise rates as markets bet on 6pc by next year

Gerard Lyons, economist at NetWealth and a backer of Liz Truss, said it is “down to the central bank to try and get ahead of the curve, to try and address the market concern”. I have added that Mr Kwarteng also needs to act. “He needs to reaffirm that tax cuts are only part of … Read more

What the falling pound means for your wallet

Further price rises in the UK could occur for future launches, should the dollar maintain or increase its strength. Prices that companies have to pay for essential ingredients will also climb, pushing higher costs on to consumers. Paul Davies, chief executive officer at Carlsberg Marston’s Brewing Company, suggested the fall of the pound may cause … Read more

Britain runs low on ammo as Ukraine bombards Kremlin forces

As she prepared to address the United Nations, Liz Truss last week committed the UK to spending at least £2.3bn next year on military aid to help Ukraine repel the Kremlin forces. The promise came as Vladimir Putin sought to mobilize 300,000 reservists in hope sheer numbers can overcome the combination of Ukrainian determination and … Read more

Mini-budget latest LIVE: Kwasi Kwarteng set to announce tax cuts for millions

K wasi Kwarteng has unveiled a mini-budget that delivers billions of pound worth of tax cuts – including a surprise move to scrap the 45% top rate of income tax paid by the UK’s wealthiest. The Chancellor announced sweeping moves intended to rev up the economy in the eagerly-awaited “fiscal event” on Friday morning. The … Read more

Kwarteng to announce biggest tax cuts since Thatcher in push for growth

However, despite the binge deficit, households will still feel worse off this year due to rampant inflation, analysts warned. On top of this, the economy has slowed to a crawl and may already be in recession, undermining tax revenues and so further tipping the public finances into the red. “The economy is set to grow … Read more

German and Italian industry will struggle to recover from loss of Russian gas, warns Barclays

Europe’s economies face a permanent blow from higher energy costs as the Continent weans itself off cheap Russian energy, Barclays’ chief economist for the region has warned. Silvia Ardagna at the bank said the bloc’s push for “independence from Russian gas” will pull down growth, push up inflation and drag down the euro. “Costlier sources … Read more

Kwarteng considers blanket discount on business energy bills

However, a similar package for businesses is far more difficult to draw up because they have individual arrangements with energy suppliers in which the price they pay can vary widely depending on their contract. The proposal being considered would not cap these charges, but offers a discount of a set number of pence per kilowatt … Read more

Tencent Guts Gaming News Site Fanbyte, Fired With No Warning

picture: fanbyte Today layoffs hit the respected video game and entertainment website fanbyte, with the site’s editor-in-chief and head of media among the list of staff who are now out of work. According to fanbyte employees, the layoffs were a total shock, with some reporting that they had just worked with some of the laid-off … Read more

EU plans to cap Russian gas price as Putin issues warning | European Union News

‘We must cut Russia’s revenues which Putin uses to finance this atrocious war in Ukraine,’ European Commission President Ursula von der Leyen told reporters on Wednesday. The European Union has proposed a price cap on Russian gas just as Russia’s President Vladimir Putin warned that such a move would cause Moscow to cut off all … Read more

China agrees to pay for Russian gas in roubles and yuan: Gazprom | Russia-Ukraine war News

Russia is pushing to reduce reliance on the US dollar and boost economic ties with China amid Western sanctions. Russia’s energy giant Gazprom says it has signed an agreement with China to start payments for gas supplies to China in yuan and roubles instead of US dollars, in a sign of warming relations between Beijing … Read more