Category: News

Credit is at its most expensive in more than a decade, finance chiefs have said as they forecast that revenues will fall over the next year.

Britain will be in recession until next summer, according to an influential forecaster, as Whitehall officials battle to restore the UK’s credibility in global markets after weeks of turmoil.

Jeremy Hunt, the new chancellor, is to make a statement today to fast-track new budget measures following crisis talks at Chequers with the prime minister over the weekend.

More than five million families are set to see their annual mortgage payments rise by an average of £5,100 by the end of 2024, a think tank has predicted.

Jeremy Hunt is to delay a penny cut in income tax, the flagship announcement in the disastrous mini-budget, to help plug a black hole in the public finances that had reached £72 billion.

Electric Mini production is to be shifted from the UK to China in a fresh blow to Britain’s ambitions for a green car industry.

Troubled battery start-up Britishvolt could collapse within the next two months if emergency funding is not found, according to a report.

Liverpool dock workers will stage two more weeks of strikes in a long-running row over pay and jobs.

The government will raise corporation tax despite promising not to do so in the mini-budget.

Jeremy Hunt has been appointed as Liz Truss’s new chancellor, in a stunning reversal of political fortune and a sign that the beleaguered prime minister wants to reach out to other sections of the Conservative party.

A cryptocurrency firm that employs the former chancellor Philip Hammond as an adviser has withdrawn its application to operate in the UK, after struggling to win approval from the financial regulator.

Liz Truss is poised to sack her chancellor Kwasi Kwarteng and announce plans to raise corporation tax as she abandons key parts of her mini-budget in a bid to reassure the markets.

Senior Conservatives are holding talks about replacing Liz Truss with a joint ticket of Rishi Sunak and Penny Mordaunt as part of a “coronation” by MPs.

The sharp rise in borrowing costs since Kwasi Kwarteng’s “mini-budget” means that most of Britain’s warehouses, offices and shopping centres will lose as much as a fifth of their value over the coming two years.

Lenders expect the availability of mortgages and consumer and corporate credit to shrink as more people and businesses default on loans.