Business

The pound hit a six-week high as Rishi Sunak became prime minister today, another sign of the markets welcoming the country’s new leader. Sterling was up 1.8% against the dollar at $1.147, having risen by 1.92% to $1.150 earlier in the day – the highest level since 15 September. On Friday afternoon the pound had

The price of low-cost everyday grocery items has increased 17% in the 12 months to September, data from the Office of National Statistics (ONS) has shown, more than the average rate of food and drink inflation. The figures, based on web-scraped supermarket data for 30 everyday grocery items, showed the cost of items had already

The financial markets appear to have welcomed news that Rishi Sunak will be the UK’s next prime minister. The pound was up 0.15% against the US dollar just moments after Sir Graham Brady, chairman of the 1922 committee, said that only one valid nomination had been received for the top job. On Friday afternoon, the

The financial markets have enjoyed a rebound as Boris Johnson dropped out of the leadership race, leaving Rishi Sunak as the favourite to become prime minister. On Monday morning, the FTSE 100 started the day with a 0.5% rise, pushing it above the 7,000-point mark for the first time in a week. And the pound

Train passengers have been warned to expect disruption on rail networks as a strike hits services on some of Britain’s busiest routes today. Members of the Rail, Maritime and Transport (RMT) union working for Avanti West Coast are staging a 24-hour walk-out in a dispute over rosters. Commuters have been warned to expect a “significantly

Moody’s rating agency has cut its UK’s financial outlook to negative but maintained its sovereign rating at Aa3. On Friday, the agency lowered the UK’s outlook to negative from stable, citing policy uncertainty amid high inflation and weaker growth prospects. Moody’s said the government’s “ability to engender confidence in its commitment to fiscal prudence” will

Elon Musk is finally buying Twitter, promising – or to some, threatening – sweeping changes for one of the world’s biggest social media platforms. With a self-proclaimed remit to ensure everyone’s timeline becomes the ultimate home of free speech, and a vague long-term goal to transform it into “X, the everything app”, the billionaire is

Just when you thought it was safe to step back into the gilts market… things are getting nervy again. Around lunchtime on Friday the odds on Boris Johnson winning the Conservative leadership battle rapidly shortened. For a moment, the former prime minister was favourite, on Betfair’s betting markets, to become the next PM. Johnson backed

The country’s biggest supermarket chain has raised the price for its popular lunchtime meal deal for the first time in more than a decade as costs soar. Tesco revealed that the package, typically a sandwich, packet of crisps and a soft drink, would rise from £3.50 to £3.90 for customers who are not Clubcard holders.

The latest official data on the state of the public finances and consumer spending makes for grim reading as the country awaits its next leader, with financial markets reflecting renewed jitters over the economy. The Office for National Statistics (ONS) reported that public sector net borrowing came in at £20bn last month – £3bn more

Almost six in 10 UK adults are struggling to keep up with their bills, according to new research from the City regulator. The Financial Conduct Authority (FCA) estimated that 7.8 million people were struggling to keep up with their bills – an increase of around 2.5 million people since 2020 – when around 5.3 million

The value of energy discounts given to households that cut their peak time electricity used will be raised, the National Grid ESO has said, in a bid to turn homes into “individual power plants”. Households will now be paid £3 per kilowatt hour instead of 52p if they avoid high-power activities – such as cooking

Sales of Spam and fish heads have risen a third as people seek out cheaper meals amid the cost of living crisis. The famously unfashionable canned meat, made of ground-up pork shoulder and ham, is up 36%, according to Waitrose’s annual food and drink report. It’s been around since 1937 but the supermarket calls it

More rail strikes have been announced for 3 and 5 November – this time involving 14 train operating companies. The Rail, Maritime and Transport union (RMT) has announced the strikes at the train operating companies – which run the trains – on the same days as other members of the union are planning walk outs

The rate of inflation rose to 10.1% in September, according to official figures, as the economy reels from the effects of rising prices and the fallout from the mini-budget. The Office for National Statistics (ONS) said the consumer prices index (CPI) measure rose from an annual rate of 9.9% in August to match the recent

Rail workers’ union RMT has announced more strikes next month following what it said was a pay offer “U-turn” from Network Rail. Three days of strike action are set to take place on 3, 5 and 7 November. Negotiations had been under way between the union and the rail operator. The Railway, Maritime and Transport

Pubs and clubs are facing the prospect of beer shortages while fast food firms including Burger King, KFC and Pizza Hut are also under threat of disruption from industrial disputes. It was announced early on Tuesday that the GMB union was launching a strike vote among its near-600 members at Best Food Logistics, which delivers

Nearly all the tax cuts announced in the government’s mini-budget are being reversed – here are seven things you need to know about the U-turn. 1. Let’s start with the fact that actually it wasn’t just a U-turn. It was more. Not only did it reverse the majority of policies in the mini-budget, it went

Financial markets have reacted positively to the new chancellor’s cull of more costly measures in his predecessor’s disastrous mini-budget. Jeremy Hunt revealed in a televised statement that he would no longer be proceeding with almost all the controversial package, including the reduction in the basic rate of income tax from 20% to 19% from next

Unions are close to organising co-ordinated strike action “very soon” following the “horror story” of the past few weeks, a union boss has told Sky News. Sharon Graham, general secretary of Unite, accused the government of “aiding and abetting” employers earning millions in profits but not handing that to workers. She confirmed Unite, the UK’s