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‘People were facing fuel bills of £6k – we had to act’: Truss defends economic strategy
Liz Truss has insisted “decisive action” by the government over its economic policies will help the UK going forward.Speaking to reporters, the prime minister said: “We have to look at what situation this country would be in if we hadn’t acted – people were facing fuel bills of up to £6,000, we had very high …
Business
Evening Standard
Bank of Ireland fined more than 100m euro over tracker mortgage breaches
Bank of Ireland has been fined more than 100m euro by the Central Bank for regulatory breaches affecting tracker mortgage customers.The fine of 100,520,000 euro is the largest ever imposed by the Central Bank.It said the penalty was imposed for a series of “significant and long-running failings” in respect of 15,910 tracker mortgage customer accounts …
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Business Live
Deal worth £105m agreed for landmark government building
A deal worth £105m has been agreed to build a landmark building in Manchester which is expected to host 2,500 civil servants. Ask Real Estate (Ask) and joint venture partner The Richardson Family have completed the transaction with Pension Insurance Corporation plc (PIC). Work on the First Street site will start immediately and see a …
Business
Sky News
City watchdog wants answers on savings rates as 70 firms investigated over customer treatment
The City regulator has revealed that it is seeking answers from banks about how they decide on savings rates after complaints that they are failing to reflect the increases in the Bank of England’s base rate.The Financial Conduct Authority’s executive director for competition and consumers, Sheldon Mills, also told a conference that it was investigating …
Business
Evening Standard
Heatwave and rail strikes disrupt trade at All Bar One owner M&B
Pub and bars giant Mitchells & Butlers (M&B) has revealed that sales were “disrupted” by the summer heatwave and rail strikes in recent months.Nevertheless, the group said sales still grew over the past quarter following strong demand for food.Shares in the company slipped in early trading as Phil Urban, chief executive of the All Bar …
Business
Evening Standard
Holiday Inn owner says booking systems fully restored after cyberattack
Holiday Inn owner InterContinental Hotels Group (IHG) said it has fully restored service on its systems after it was the subject of a cyberattack earlier this month.The UK-based hotel group said on September 6 that it had been targeted by hackers who had disrupted its booking systems.In an update on the incident, the company said …
Business
Evening Standard
Next slashes guidance after inflation bites for customers
Fashion giant Next has said it witnessed weak sales in August as customers saw the cost of living surge and is now set to miss sales and profit targets.The high street retailer told investors on Thursday that August was “below our expectations” and cost-of-living pressures on customers are expected to “rise” in the coming months, …
Business
Sky News
UK stock markets tumble as cost of living crisis sees Next cut sales and profit guidance
Shares in companies that depend on consumer spending have plunged after Next, the fashion to homewares retailer, cut its sales forecast for the second half of its financial year and annual profit guidance.The company used the publication of its half-year results to the end of July to say that there were too many variables at …
Business
Sky News
Pension funds would have faced ‘mass defaults’ today without BoE action
The Bank of England’s dramatic intervention today was in response to a “run dynamic” emerging in the British pensions system which could have resulted in the collapse of a swathe of institutions within hours, Sky News understands.Bank staff worked through the night on Tuesday and into Wednesday morning to prepare the unprecedented package, which will …
Business
Sky News
What are bonds, how are they different to gilts and where do they fit in the mini-budget crisis?
The Bank of England has made the very unusual move of buying ‘long-dated gilts’ to restore stability after Liz Truss and Kwasi Kwarteng’s mini-budget sent the markets plummeting.Long-dated gilts are a type of government bond that make up a large proportion of pension pots. Pension funds would have collapsed -follow economy latestHave we lost you? …
Business
Sky News
Bank’s extraordinary response to government policy is almost unthinkable | Ed Conway
This is an extraordinary moment.We’ll get to the details in a moment but before we do let’s not lose sight of the big picture. The Bank of England has just stepped in to fix a part of the financial market which had broken following the government’s mini-budget last Friday.It has intervened – not with interest …
Business
Business Live
From ‘pandemic winner’ to investors ‘crying into their cornflakes’: Analysts on Boohoo’s changing fortunes
Analysts have reacted to the “disappointing” half-year results published by fashion giant Boohoo this morning. The Manchester-headquartered group, which also includes the PrettyLittleThing and Karen Millen brands, made a pre-tax loss of £15.2m for the six months to August 31, 2022, compared to a £24.6m profit during the same period in 2021. Boohoo also reported …

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