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Sky News
Interest rate rise will be higher than expected next month, Bank of England chief suggests
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 the …
Business
Sky News
Asos troubles deepen as lenders fashion balance sheet talks
Asos, the online fashion retailer, is facing deepening troubles after its biggest lenders hired advisers in a move that could pave the way for a formal financial restructuring.Sky News has learnt that the London-listed company, which is due to report its full-year results to the City on Wednesday, recently approached the banks behind its £350m …
Business
Evening Standard
Hunt: Tax rises and spending cuts on cards with ‘difficult’ decisions ahead
Liz Truss’s new Chancellor signalled on Saturday his plan to up-end the Prime Minister’s entire economic strategy, in an extraordinary rebuke of the pledges that brought her into office.Jeremy Hunt, widely seen now as the most powerful figure in Government, used a series of broadcast interviews on Saturday morning to signal that Ms Truss’s immediate …
Business
Business Live
People on the move: key North East appointments and promotions of the week
Karen Wheatley has joined Barratt Developments North East’s board as the region’s new commercial director, becoming the first ever female on the board of directors. Her role will cover the growth and development of the business, while helping to identify new commercial opportunities. Ms Wheatley began her career in construction in 1987 as a surveyor …
Press Release
Pressat
Kwarteng’s out – but are the problems of the mini budget over?
Kwasi Kwarteng has been sacked as Chancellor of the Exchequer. While he, and Downing Street, insist it was an amicable departure, that this is the fourth Chancellor this year leaves much up in the air. Kwarteng’s tenure as Chancellor was in fact the second shortest in modern British history. Right on the heels of Kwarteng’s …
Business
Sky News
Millions to see annual mortgage payments rise by more than £5,000 in next two years
More than five million households could see their annual mortgage payments rise by an average of £5,100 between now and the end of 2024, a leading think tank has warned. In total, mortgage payments are set to rise annually by £26bn over the next two years, according to the Resolution Foundation. Affected households in London …
Business
Evening Standard
Truss fighting to stay in power after day of chaos in Westminster
Liz Truss’s premiership remains in peril this weekend, after she sacked her chancellor and ditched a major chunk of her mini-budget in an extraordinary gamble to stay in power.It was unclear late on Friday whether such drastic actions could be enough to keep her in Downing Street, with the markets remaining jittery and reports of …
Business
Sky News
Having sealed her chancellor’s fate, the markets could seal the prime minister’s fate | Ed Conway
So farewell, then, Trussonomics.The demise of the country’s second shortest-lived chancellor also brings with it the demise of the country’s shortest-lived economic movement. Liz Truss came into office promising to boost the country’s growth rate through a forensic combination of tax cuts, reforms to the country’s supply side (for which read: things like planning reform) …
Business
Evening Standard
New chancellor will be ‘chief executive’ in Government, says ally
An ally of new Chancellor Jeremy Hunt has said that he will be a “chief executive” inside Liz Truss’s ailing Government.Steve Brine, a Tory MP who worked with the former health secretary, suggested that he would be the “chief executive” to Ms Truss’s “chairman” as she seeks to steady her administration after a brutal day …
Business
Evening Standard
FTSE 100 rises but tax policy reversal a ‘sticking plaster’ on market turmoil
London markets have closed in the green after an extraordinarily turbulent week that ended with the Chancellor ousted and the Prime Minister reversing a key policy in their fiscal plan.It has been a difficult week for the FTSE 100 which closed at an 18-month low on Wednesday that shaved off 0.9% of the index’s value.But …
Business
Evening Standard
Pound falls further and bonds under pressure despite Government tax U-turn
The Bank of England bought just £1.5 billion in gilts on Friday as its intervention to prop up the markets after the chancellor’s mini- budget came to an end on the same day as he lost his job.The pound and UK Government bonds also came back under pressure despite the Prime Minister’s decision to reverse …
Business
Business Live
Eight sites put forward for Investment Zone status by North East Lincolnshire Council
Eight sites in North East Lincolnshire have been submitted to the Government for Investment Zone status consideration. The local authority has outlined how they reflect priorities of business growth and urban regeneration, with the opportunity having emerged as part of the highly controversial mini-budget that has ultimately cost Kwasi Kwarteng his position as Chancellor. While …

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