Subterms
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Awarding multimillion pound government contracts to the Japanese firm at the heart of the Post Office’s IT scandal is “morally wrong”, the government has been told. Critics in […] More
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Goldman Sachs analysts forecast Britain’s recession to be more than twice as deep as previously expected after Liz Truss removed Kwasi Kwarteng as chancellor and reversed a freeze […] More
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails The Bank of England has announced an expansion of its emergency gilt-buying programme, launched after chancellor Kwasi Kwarteng’s mini-Budget sparked market turmoil which left the UK on the brink of a financial crisis. The Bank said […] More
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails The pound has plummeted to its lowest level against the dollar in history, falling more than 4 per cent, as the markets responded to the announcement of Britain’s […] More
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails I can’t bear the idea of more people falling into poverty. It is disgusting that in a rich country we have loads of children on the breadline. This […] More
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Business leaders have called on the new prime minister to urgently tackle the economic crisis as new estimates suggest the looming recession will last longer than forecast. “Action […] More
For free real time breaking news alerts sent straight to your inbox sign up to our breaking news emails Sign up to our free breaking news emails Britons face an even bigger hit to livings standards and a longer recession than the Bank of England predicts as Russia further threatens gas supplies to Europe, economists […] More
The pound rose against the dollar after Boris Johnson announced he is to be replaced as prime minister. Sterling gained more than 0.4 per cent to $1.2 as traders priced in the prospect of an end to months of chaos under Mr Johnson’s leadership. He will remain in place while the Conservative Party selects a new leader.As markets reacted to the news, sterling regained some of the ground it lost this week but remains more than 10 per cent down against the US currency.The pound hit a two-year low against the dollar on Tuesday amid growing fears for the future of Britain’s economy.The dollar has strengthened in response to a series of large interest rate increases by the US Federal Reserve.RecommendedA weak pound is serving to push up prices for goods that the UK imports, such as energy, food and manufactured products.Consumer price inflation hit 9.1 per cent in May and is expected to surge to 11 per cent later this year, meaning households face big falls in living standards as wages fail to keep up with the rising cost of essential goods.While new leadership of the country promises to bring some measure of political stability, the new prime minister will still face a long list of economic problems. Consumer confidence has hit its lowest level on record according to a long-running survey by Growth from Knowledge (GfK), while car sales fell to their lowest level for any June since 1996. The construction industry is also slowing down, new industry figures show.The Bank of England said on Tuesday that the prospects for the UK economy had “deteriorated materially” since Russia invaded Ukraine. More
