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Sky News
Five reasons why the pound’s ‘doom loop’ matters to you
The overnight fall in the value of the pound, descending to its lowest level against the dollar since decimalisation in 1971, matters because of what it says about global market confidence in the UK economy.The plunge in sterling’s value, against a backdrop of a strong dollar globally, gathered speed on Friday following the publication of …
Business
Sky News
Pound sinks to record low against the dollar leaving Bank of England facing pressure to act
The pound has fallen to a record low against the dollar, sparking market speculation that the Bank of England may be forced to intervene.A statement from the bank was expected later on Monday after sterling slipped by nearly 5% earlier in the day to $1.0327 – building on fresh 1985 lows seen on Friday after …
Business
Sky News
Bank of England ‘will not hesitate to change interest rates as necessary’ after pound’s fall
The Bank of England says it “will not hesitate to change interest rates as necessary” after markets reacted badly to the chancellor’s tax-cutting mini-budget.In a statement, the Bank said it was “monitoring developments in financial markets very closely in light of the significant repricing of financial assets”. It came after the pound fell to a …
Business
Evening Standard
Labour pledges to use state-owned investment fund to ‘build British industry’
A Labour government would set up a state-owned investment fund so the British state could invest directly in productive projects and create a return for taxpayers, the shadow chancellor has said.Ahead of her speech at the Labour conference, Rachel Reeves set out the party’s mission to “build British industry”, investing in national projects from battery …
Business
Evening Standard
Labour should be bold on energy policy, union boss says
A senior union leader has urged Labour to be more bold to press home the “clear blue water” that now exists between the party and the Government.Unite general secretary Sharon Graham spoke to union members in Scotland while Labour’s annual conference was being held in Liverpool.She said “trickle down” economics will fail, pointing to the …
Business
Sky News
Labour pledge to ‘build British industry’ through state-owned investment fund
Labour will pledge to “build British industry” through the use of a state-owned investment fund during the second day of the party’s conference in Liverpool.In her speech later today, Rachel Reeves, the shadow chancellor, will set out the party’s industrial strategy, which includes promises to invest in national projects from battery factories to clean steel …
Business
Sky News
Car dealer Pendragon gears up for £400m bid from top investor
Pendragon, the London-listed car dealer behind brands including Evans Halshaw and Stratstone, has received a fresh £400m takeover approach from its largest shareholder.Sky News has learnt that Hedin Group, which owns roughly 26% of Pendragon, has tabled a 29p-a-share offer for the company. The approach is expected to be confirmed in a stock exchange announcement …
Business
Evening Standard
SNP calls on Truss to match £500m Just Transition Fund
The SNP has urged Prime Minister Liz Truss to match Scotland’s Just Transition Fund in order to secure thousands of jobs in the North East.The party says it is time for the UK Government to “step up to the mark” amid the ongoing cost-of-living crisis, suggesting that a failure to do so is “extremely reckless”.The …
Business
Sky News
GSK poaches Burberry’s Brown to create all-female top team
GSK, the FTSE-100 pharmaceuticals giant, has poached Burberry Group’s finance chief to create a rare all-female executive leadership team in London’s blue-chip share index.Sky News has learnt that GSK could announce as soon as Monday morning that it has recruited Julie Brown to replace Iain Mackay, who has served as its chief financial officer since …
Business
Business Live
People on the Move: new appointments in the North East
Newcastle law firm Muckle LLP has appointed six new trainee solicitors, taking its total number of trainees to 13. The new intake of trainees will complete two years of training at Muckle, splitting their time into six-month stints across practice areas including corporate finance, commercial, property, employment, dispute resolution, banking, and construction. The new cohort …
Business
Business Live
New top team takes place at Newcastle tech accelerator Ignite
A business accelerator in the North East has appointed one of its former cohort members as its new CEO. Newcastle-based Ignite Accelerator – which was started by Tristan Watson and Paul Smith in 2011 – has announced that Jo York will be new CEO. Mr Watson will become chairman to support Ignite’s strategic direction. Ms …
Business
Business Live
Profits and turnover surge at Northumberland firm Simpsons Malt
A Northumberland malting company has reported big increases in turnover and profit after an acquisition boosted its earnings. Berwick firm Simpsons Malt has reported turnover of £214.2m in 2021, a big increase on the £123.5m reported a year earlier. For the same period, profit before tax went up from £4.7m to £7.1m. The financial year …

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