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Evening Standard
Kwasi Kwarteng insists vast tax cuts ‘not a gamble’ amid hostile reception
Chancellor Kwasi Kwarteng has denied suggestions he is gambling with the UK economy and insisted the biggest raft of tax cuts for half a century were “absolutely fair” as his mini-budget faced a hostile reception.The Institute of Fiscal Studies (IFS) said he was “betting the house” by putting Government debt on an “unsustainable rising path”.The …
Business
Sky News
Drivers paying extra £5 per tank of petrol due to falling value of the pound
Drivers are paying an extra £5 per tank of petrol due to the fall in the value of the pound, according to new analysis.Pump price savings from the cost of oil dropping back to where it was before Russia invaded Ukraine are being “severely undermined” by the weakness of sterling, the AA said. This week, …
Business
Evening Standard
Pound plummets to fresh 37-year low as markets are spooked as mini-budget unveiled
Britain was facing a full blown currency crisis on Friday as the pound went into free fall after Kwasi Kwarteng’s mini Budget.The value of sterling lurched downwards well over three and a half cents against the dollar during the day to a new 37 year low of $1.0899.City investors said the markets had lost all …
Business
Business Live
Rescue takeover for McColl’s by Morrisons on as competition concerns addressed
The UK competition watchdog has indicated it could push through the rescue takeover by Morrisons of convenience chain McColl’s after the supermarket firm offered to address competition concerns. Earlier this month, the Competition and Markets Authority (CMA) raised concerns over 35 locations where it saw the potential for reduced competition between McColl’s, Morrisons and Motor …
Business
Evening Standard
The pound is dropping – What will it mean for Britons?
The pound had its worst day since the early days of the pandemic on Friday after the Chancellor announced his mini-budget.It fell by more than 3%, yet again dropping to the lowest value against the US dollar for 37 years.It adds to a months-long fall in the value of the pound. Over the last month, …
Business
Business Live
Leading East Yorkshire housebuilder welcomes stamp duty cut that takes cost away for most in region
A leading East Yorkshire housebuilder has welcomed the changes to stamp duty in the new Chancellor’s mini Budget. The threshold at which it is charged has been doubled from £125,000 to £250,000, while first time buyers will be exempt up to £425,000. It comes into effect immediately, with the government claiming 200,000 people will be …
Business
Evening Standard
Chancellor on collision course with unions over strikes
The Chancellor has put himself on a collision course with trade unions by announcing plans to legislate to require them to put pay offers from employers to a vote of members.Amid a wave of industrial action by hundreds of thousands of workers, he told the Commons it is “unacceptable” that strike action is causing so …
Business
Business Live
Mini Budget: West Midlands projects on radar of new investment zones
A host of infrastructure and development projects across the West Midlands could benefit from government plans to introduce new so-called ‘investment zones’ across the country. Chancellor Kwasi Kwarteng said today in his Mini Budget that the Government was in discussions with 38 local councils and combined authorities about the possibility of introducing these new zones. …
Business
Business Live
Green Rock Group opens new Wrexham site creating 50 jobs and 100 more planned
Green Rock Group has opened a new manufacturing facility in Wrexham creating 50 jobs with plans to employ a further 100 staff. The fully recyclable paper cups and lids provider opened the facility in Whitegate Industrial Estate following a seven-figure investment. The firm has created 50 jobs in the past three months and now has …
Business
Business Live
First phase of £16m Brackenborough Lakes Resort launches as lodge development picks up pace
First lodges are welcoming guests and the second phase of development is about to start at the rebranded Brackenborough Lakes Resort. The luxury lifestyle additions at Cordeaux Corner, near Louth, are part of a £16 million scheme from the third generation family business. A total of 30 more holiday homes will be added to the …
Business
Sky News
Pound pummelled as investors take fright over mini-budget borrowing spree
The growth plan outlined by the chancellor to lift the UK from the depths of the cost of living crisis and back to prosperity has been met with horror on financial markets, with the pound taking a particular hammering late in the day.Sterling, bonds and share values all fell sharply in the wake of Kwasi …
Business
Sky News
Chancellor denies gambling with economy as pound sinks to near historic lows
The chancellor has denied suggestions he is gambling with the economy as his raft of tax cuts were met with a hostile reception – and sent the pound plummeting to a 37-year low.The Institute of Fiscal Studies (IFS) said he was “betting the house” by putting government debt on an “unsustainable rising path”. Only those …

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