Bank of England urged to raise rates as markets bet on 6pc by next year

Gerard Lyons, economist at NetWealth and a backer of Liz Truss, said it is “down to the central bank to try and get ahead of the curve, to try and address the market concern”. He added that Mr Kwarteng also needs to act. “He needs to reaffirm that tax cuts are only part of the … Read more

What the falling pound means for your wallet

Further price rises in the UK could occur for future launches, should the dollar maintain or increase its strength. Prices that companies have to pay for essential ingredients will also climb, pushing higher costs on to consumers. Paul Davies, chief executive officer at Carlsberg Marston’s Brewing Company, suggested the fall of the pound may cause … Read more

Scottish fund managers and US bankers to flock to London as Kwarteng fires up the City

Meanwhile the tax disparity has sparked consternation in Scotland about the effect on Edinburgh, the major financial centre north of the border. Benny Higgins, a Scottish banker and former business adviser to Nicola Sturgeon, said: “A 1p gap may be seen by me and my peers as tolerable and understandable, but a 6p gap would … Read more

Mini-budget latest LIVE: Kwasi Kwarteng set to announce tax cuts for millions

K wasi Kwarteng has unveiled a mini-budget that delivers billions of pound worth of tax cuts – including a surprise move to scrap the 45% top rate of income tax paid by the UK’s wealthiest. The Chancellor announced sweeping moves intended to rev up the economy in the eagerly-awaited “fiscal event” on Friday morning. The … Read more

German and Italian industry will struggle to recover from loss of Russian gas, warns Barclays

Europe’s economies face a permanent blow from higher energy costs as the Continent weans itself off cheap Russian energy, Barclays’ chief economist for the region has warned. Silvia Ardagna at the bank said the bloc’s push for “independence from Russian gas” will pull down growth, push up inflation and drag down the euro. “Costlier sources … Read more