Category Archives: Business

CBI urges Jeremy Hunt to relax immigration rules to ease UK staff shortages

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Lobby group says failure to tackle workforce shortages would be highly damaging for the economy

Britain’s foremost business lobby group has urged Jeremy Hunt to use this week’s autumn statement to shake up immigration rules to support companies struggling with chronic staff shortages and a looming recession.

The head of the Confederation of British Industry (CBI) said urgent action was required from the chancellor on Thursday to bolster the economy, including “tough political choices” to allow more overseas workers in Britain as employers struggle with a desperate lack of staff.

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Fund England’s bus network now or lose vital routes, campaigners warn

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Charities and transport groups say hundreds more routes face axe without targeted help and long-term funding

Bus services will not survive without sustained Treasury funding, campaigners and industry groups have warned the chancellor after the cutting of hundreds of routes in recent months.

Transport charities and trade bodies have written to Jeremy Hunt asking for support before this week’s autumn statement urging him to guarantee short-term funding, give targeted help to local authorities, and bring in better long-term financial settlements.

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Exodus of first-time buyers puts brakes on UK housing market

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Hike in mortgage costs after mini-budget cuts 20% off buyer demand in October

First-time buyers pulled back most from purchasing a home after the increase in mortgage costs following the mini-budget, according to a report showing a widespread slowdown in the property market.

Figures from the property platform Rightmove show buyer demand fell 20% in October compared with a year ago, as house-hunters put their property searches on hold in response to soaring borrowing costs and rising economic uncertainty.

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Energy bills: older Britons will pay more but youngest will struggle most, report finds

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Cost of living crisis affecting different generations in very different ways, says Resolution Foundation

Older people face a bigger income hit from surging energy costs this winter but younger households are more at risk of being unable to pay their bill or getting into debt amid the cost of living crisis, according to a report.

As households across Britain turn their heating on, the research by the Resolution Foundation thinktank found that older generations, in particular the over-75s, will spend a bigger share of their income, up from 5% to 8%, on their energy bills. For those under 50 the proportion is 5%.

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Sharing menus on the rise at UK restaurants as customers cut back

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Chefs are hoping the concept will tempt diners to spend a little more and fight the cost-of-living crisis

Linden Stores, in the Cheshire village of Audlem, has started a whole sharing menu of modern British food, with two people sharing seven dishes including charred pepper and Cornish Quartz cheddar croquettes, hake wrapped in wild boar pancetta and chocolate and peanut butter tart.

Laura Christie and her partner, Chris Boustead, relocated the restaurant to the village from London in 2020. She has been surprised by the reaction.

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Truss? Brexit? Covid? Who is really to blame for the Tories’ ‘fiscal hole’?

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The succession of PMs have all spoken out on who or what has caused the state of UK finances. They’re all partly right, but conveniently miss out one or two other key reasons

Covid-19 ripped a £400bn hole in the government’s finances. The money was used largely to support the economy and it succeeded in allowing industries and workers to bounce back once restrictions were lifted.

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Seasonal fruit pickers left thousands in debt after being sent home early from UK farms

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Nepali workers who quit jobs and borrowed cash to come to UK are out of work just weeks after arriving

Nepali workers hired to pick fruit on British farms say they have been left thousands of pounds in debt after being sent home only weeks after they arrived.

The fruit pickers were recruited under the government’s seasonal worker scheme and say they were offered work for six months. But less than two months after arriving, they were told they were no longer needed and instructed to book flights home.

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Russian oligarchs and companies under sanctions are among lobbyists at Cop27

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The heavy presence of lobbyists from Moscow suggests Russia is using the climate talks to drum up business

Russian oligarchs and executives from multiple companies under international sanctions are among the lobbyists currently attending Cop27 in Sharm el-Sheikh.

Among those at the pivotal climate talks are the billionaire and former aluminium magnate Oleg Deripaska, who is under UK sanctions, and the billionaire Andrey Melnichenko, the former head of the Russian fertiliser company the EuroChem group, who has been targeted with individual sanctions by the European Union which he disputed, calling them “absurd and nonsensical”.

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Revealed: UK local councils deposit taxpayers’ cash in Qatar state bank

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Town halls and finance firms say they support LGBT rights but send money to World Cup host where homosexuality is illegal

The rainbow flag flew above the Bourne Corn Exchange as South Kesteven council embraced LGBT history month.

A year after voting against such a gesture the Lincolnshire local authority declared itself pleased “to celebrate and recognise the […] rights of lesbian, gay, bisexual and transgender people”, hoisting the flag outside its headquarters in 2019.

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Truss allies challenge Kwarteng’s claim he tried to slow down tax cuts

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One backer of ex-PM says ‘that wasn’t what was going on’, as Jeremy Hunt also appears to dispute version of events

Kwasi Kwarteng’s claims that he tried to get Liz Truss to slow down her financial plans have been challenged by her allies.

In his first interview since he was sacked as chancellor by Truss, Kwarteng said he had told the then prime minister to be more cautious with their £45bn programme of tax cuts.

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Solar farm owner Toucan Energy enters administration amid Thurrock scandal

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Authority lent total of £655m over four years to owner of 53 solar parks across Britain

One of the country’s largest solar farm owners has entered administration amid the fallout from a scandal that forced an Essex council leader to resign.

Administrators at Interpath Advisory have been appointed to Toucan Energy Holdings, which owns a portfolio of 53 solar parks with a combined capacity of 513 megawatts across England, Wales and Northern Ireland.

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Energy bills: thousands of UK households in limbo over £400 support

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Concerns grow that people relying on communal heating may not receive state discount promised

Thousands of people living in homes with centrally supplied electricity are still waiting to hear if and when the UK government will pay them the £400 promised under the energy bills support scheme.

While those living in conventional homes with standard electricity meters are due to receive their second monthly payment of £66, concern is growing among some of the several hundred thousand households that receive their electricity via a communal supply that they will not see any of the money they have been promised.

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Inadequate US state unemployment systems leave millions vulnerable

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Unprepared system leaves unemployed Americans vulnerable to poverty, losing homes and struggling to pay bills or feed families

The onset of the Covid-19 pandemic left millions of Americans jobless in the US, overwhelmingly state unemployment benefit systems that did not have the staffing, technology or resources to handle the influx of those who lost their jobs.

Federal pandemic relief added an additional $600 a week to unemployment benefits which was cut to $300 a week, as most state benefits provide only a fraction of the value of weekly wages for the average worker.

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Decline of UK manufacturing accelerates as government ‘abandons’ sector

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Amid higher costs and worker shortages, British Chambers of Commerce says Brexit is another factor

When the minor ups and downs caused by the extra bank holiday for the Queen’s funeral are stripped out of the latest GDP figures, it is clear the long decline of Britain’s industrial base has accelerated.

Protected by the government through the coronavirus pandemic, this year, factory owners say ministers have abandoned them to cope with a long recession without so much as a glance in their direction.

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Heathrow ‘ready for Christmas rush’ after making plans to avoid disruption

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Airport vows passengers will not face daily cap during biggest festive getaway in three years

Heathrow airport has said it is prepared for the biggest Christmas getaway in three years and promised that passengers will not have to face a return of the daily cap that was introduced as summer holiday travel descended into chaos.

Europe’s busiest airport, which said last month that on the busiest travel days over the festive period travellers may have to fly outside peak times to manage the festive rush, said it was working on contingency plans for potential strike action over the period.

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FTX assets frozen by Bahamas regulator as crypto exchange fights for survival

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Founder Sam Bankman-Fried races to find funds to fill multibillion-dollar hole in exchange

The Bahamas securities regulator has frozen the assets of the Bahamas subsidiary of FTX, as the world’s second largest cryptocurrency exchange struggles for survival.

The Securities Commission of the Bahamas said on Thursday it had frozen the assets of FTX Digital Markets and related parties, as well appointing a liquidator for the unit.

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US inflation rate cools slightly as consumer prices rise 7.7% in October

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Bureau of Labor Statistics data represents decrease from September but core inflation rate remains high

Prices of goods and services in the US were up 7.7% in October compared with the same time last year, a sign that inflation is slowly starting to cool after reaching decades-high records over the last few months.

The US Bureau of Labor Statistics reported on Thursday that in October, the consumer price index showed a 7.7% rise in prices over the last 12 months, a 0.5 percentage-point decrease from September, which saw a rate of 8.2%. The October inflation rate is the lowest since January, when rates rose to 7.5%.

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Wall Street surges and dollar tumbles as US inflation rate drops to 7.7% – business live

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Dollar slides and stocks rally in New York on hopes that the Federal Reserve will slow its interest rate rises

The cost of living crisis is driving UK food banks to “breaking point” with almost 1.3m emergency parcels given to people over just six months.

The Trussell Trust charity has said families face record-breaking levels of need, with one in five individuals referred to its network now coming from working households.

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Rise in back pain and long-term sickness linked to home working – ONS

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Sharp rise in people leaving labour market in past three years could be related to home working since Covid

Back and neck injuries caused by working from home during the Covid pandemic has been identified by the UK’s official number crunchers as a possible factor contributing to a sharp rise in people leaving the labour market over the past three years.

The Office for National Statistics said there had been a marked increase in disabilities often associated by medical experts with excessive screen use, after the increase in the number of people home working while offices were shut during the pandemic.

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WH Smith investors to reap first dividend in three years as sales soar

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Firm reports £63m profit in year to August and prepares for strong Christmas sales at travel hubs

WH Smith will pay a dividend for the first time in three years as it expects a strong Christmas after a return to foreign holidays helped the books-to-stationery retailer return to the black.

The company reported a £63m profit in the year to August, after a loss of £116m a year earlier, as sales soared 58% to £1.4bn.

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