Raising interest rates to 5.25 per cent next year would knock nearly 5 per cent, or £114 billion, off the economy, the deputy governor of the Bank of England has warned.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Boris Johnson and Rishi Sunak favourites as leadership race begins in earnest
Boris Johnson is flying back from the Caribbean as he attempts to make an extraordinary comeback with Rishi Sunak said to be keen to reach a reconciliation with former prime minister.
Shetland is cut off from mainland as phones and internet are hit by blackout after subsea cable cut
Communications in Shetland have been completely shut down with phones, internet and computers in a total blackout after the south subsea cable between the islands and the mainland was cut.
Leisure and tourism suffer ‘sharpest fall in output’
Tourism and recreation businesses suffered their sharpest fall in output in September as cash-strapped consumers tightened their belts.
Liz Truss resigns as prime minister
Liz Truss has announced she is resigning after 44 days in office, becoming the shortest-serving prime minister in British history.
Rising prices and cost of living crisis hit orders but restore profit at Just Eat
Just Eat Takeaway returned to the black earlier than expected in the third quarter, although orders fell sharply as customers reacted to the rising cost of living.
Profits at UK banks to hit £33bn thanks to rising interest rates
Britain’s four biggest banks are set to report combined annual profits of about £33 billion this year thanks to rising interest rates as speculation mounts that Jeremy Hunt will raise taxes on the industry to repair the public finances.
Truss U-turn on pension triple lock will provide extra £400 per benefactor and cost £5bn a year
Liz Truss has been forced to abandon plans to raise pensions by average earnings alone next year, which could have saved the government as much as £5 billion a year.
Growing number of UK shops and taxis refusing to let guide dogs in
Growing numbers of shops, taxis and other premises are denying entry or challenging customers with guide dogs amid widespread confusion over the law, according to a charity for the blind.
Waitrose shoppers survey shows fish heads and spam on the menu as belts tighten
Fish heads and Spam are flying off the shelves at Waitrose as even its affluent shoppers feel the cost of living squeeze.
Amazon facing £900m payout to shoppers over online ‘manipulation’
Millions of Amazon customers could receive a share of £900 million in compensation after the launch of a legal claim against the internet retailer for “abusing its dominant position”.
Bank of England to launch record rate rise to step up fight against 40-year high inflation
The Bank of England will have to hike interest rates by a record whole percentage point at its meeting on 3 November
Whisky and visas mean £27bn trade deal between UK and India goes unsigned at deadline
The 24 October deadline set by Boris Johnson for finalising the UK–India trade deal will be missed after both parties have hit a roadblock in discussions.
Revolut launches Homes feature to take on Airbnb in the travel market
Fintech giant Revolut has unveiled a new holiday home rental feature today as it looks to broaden its reach in the travel market and snap up market share from Airbnb.
Asos to write off stock and cut costs as shoppers rein in spending on fashion
Asos is to write off more than £100m of stock and cut costs after diving into the red after its annual sales growth almost halted as shoppers hit by the cost of living crisis reined in spending on fashion.
