Train passengers have been warned to expect disruption on rail networks as a strike hits services on some of Britain’s busiest routes today. Members of the Rail, Maritime and Transport (RMT) union working for Avanti West Coast are staging a 24-hour walk-out in a dispute over rosters. Commuters have been warned to expect a “significantly
Business
Moody’s rating agency has cut its UK’s financial outlook to negative but maintained its sovereign rating at Aa3. On Friday, the agency lowered the UK’s outlook to negative from stable, citing policy uncertainty amid high inflation and weaker growth prospects. Moody’s said the government’s “ability to engender confidence in its commitment to fiscal prudence” will
Just when you thought it was safe to step back into the gilts market… things are getting nervy again. Around lunchtime on Friday the odds on Boris Johnson winning the Conservative leadership battle rapidly shortened. For a moment, the former prime minister was favourite, on Betfair’s betting markets, to become the next PM. Johnson backed
The country’s biggest supermarket chain has raised the price for its popular lunchtime meal deal for the first time in more than a decade as costs soar. Tesco revealed that the package, typically a sandwich, packet of crisps and a soft drink, would rise from £3.50 to £3.90 for customers who are not Clubcard holders.
The latest official data on the state of the public finances and consumer spending makes for grim reading as the country awaits its next leader. The Office for National Statistics (ONS) reported that public sector net borrowing came in at £20bn last month – £3bn more than economists had expected. The report pointed to a
Almost six in 10 UK adults are struggling to keep up with their bills, according to new research from the City regulator. The Financial Conduct Authority (FCA) estimated that 7.8 million people were struggling to keep up with their bills – an increase of around 2.5 million people since 2020 – when around 5.3 million
The final straw for Liz Truss’s premiership was a collapse of confidence among Conservative MPs, but the underlying cause is an economic crisis she first ignored, then deepened, and will now define her successor’s time in office. The Conservatives are about to discover that they can change leaders but not the economic hole they have
Naked Wines has made around 6% of its workforce redundant after a failed growth strategy forced a restructuring. The online retailer, which connects its subscribers with products from independent winemakers, said 30 staff had gone as it looked to create a “leaner and more focused organisation”, saving around £18m. Naked had spent big on marketing
More rail strikes have been announced for 3 and 5 November – this time involving 14 train operating companies. The Rail, Maritime and Transport union (RMT) has announced the strikes at the train operating companies – which run the trains – on the same days as other members of the union are planning walk outs
September’s inflation figure confirms what consumers already knew and the chancellor feared. Consumer Price Inflation increased to 10.1% last month, matching July’s 40-year-high and largely reflecting rising food prices, driven significantly by the squeeze on staple commodities and energy triggered by the war in Ukraine. That impacts every household in the country. Millions who have
Rail workers’ union RMT has announced more strikes next month following what it said was a pay offer “U-turn” from Network Rail. Three days of strike action are set to take place on 3, 5 and 7 November. Negotiations had been under way between the union and the rail operator. The Railway, Maritime and Transport
The head of Britain’s electricity and gas systems’ operator has told households to prepare for blackouts between 4pm and 7pm on weekdays during “really, really cold” days in January and February if gas imports are reduced. John Pettigrew, the National Grid chief, said blackouts would have to be imposed during the “deepest darkest evenings” in
Jeremy Hunt has revealed he is reversing “almost all” of the tax cuts announced in his predecessor’s mini-budget and is scaling back support for energy bills. In an emergency statement, the chancellor said a 1p cut to income tax will be delayed “indefinitely” until the UK’s finances improve instead of being introduced in April 2023
The pound and UK government bond yields have recovered in anticipation of a key statement from the new chancellor tasked with sorting out the fallout from the government’s disastrous mini-budget. Sterling had fallen to a record low against the dollar at the end of September, after the short-lived then chancellor Kwasi Kwarteng unveiled the biggest
Unions are close to organising co-ordinated strike action “very soon” following the “horror story” of the past few weeks, a union boss has told Sky News. Sharon Graham, general secretary of Unite, accused the government of “aiding and abetting” employers earning millions in profits but not handing that to workers. She confirmed Unite, the UK’s
Interest rates will have to be raised higher than initially hoped in the face of inflationary pressures, the Bank of England (BoE) governor has suggested. Speaking at an International Monetary Fund event in Washington, Andrew Bailey also said there had been “a very clear and immediate meeting of minds” with new Chancellor Jeremy Hunt on
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