Trade, City of London, sterling and EU markets
The draft SPS agreement would remove post-Brexit checks on food exports, potentially boosting the UK economy by £5.1bn a year. Small businesses like Bio&Me have welcomed the move after costly vet inspections made exports unprofitable.
Virgin Media O2 plans thousands of job cuts amid heavy debt and fierce competition. The union calls it ‘unsettling’ as the firm also weighs a major network deal with BT.
UK governments have tried many approaches to boost the economy, but none raised growth per person. Rebel economists say chasing growth is a fool’s dream.
Yorkshire Water boss Nicola Shaw has stepped down after the firm was rated the lowest for environmental performance. She will be replaced by Nicola Medalova in January.
Chancellor John Healey has announced a one-off £100 energy bill payment for millions of households, funded by a new tax on bank profits. But his first Budget drew sharp criticism from the opposition and economists.
John Healey has delivered his first budget as chancellor, promising fresh hope for Britain’s future amid global uncertainty. The budget includes help with energy bills, a fuel duty freeze, and business rates relief for small firms.
John Healey’s defence-style budget secrecy was meant to stop leaks, but many measures still emerged early. The chancellor now sees the value in managing expectations.
City economists say markets are wrong to predict the Bank of England will raise interest rates to 4.75% or higher by next summer, arguing that only limited hikes are actually priced in.
Retail sales in Great Britain fell 0.4% in September, worse than expected, as households cut back. Poor online clothing sales due to warm weather contributed to the decline.
Andy Burnham has been urged to take radical action on Thames Water, including emergency nationalisation. Experts say the company is financially insolvent and failing its duties.
