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Business

Business

£1bn Serco pension scheme seeks loan from outsourcer amid markets turmoil

The pension schemes of Serco, the government contractor, have approached their sponsor to seek financial support amid a funding crunch triggered by this week’s...

by admin September 30, 2022
  £1bn Serco pension scheme seeks loan from outsourcer amid markets turmoil
Business

Truss and Kwarteng to meet fiscal watchdog tomorrow after MPs demand full economic forecast

Liz Truss will meet the head of the UK’s independent fiscal watchdog tomorrow after a powerful group of cross-party MPs demanded the chancellor release...

by admin September 29, 2022
Truss and Kwarteng to meet fiscal watchdog tomorrow after MPs demand full economic forecast
Business

‘UK-specific component’ of post-mini-budget market turmoil, Bank of England chief economist says, contradicting government defence

The Bank of England’s chief economist has contradicted the government by saying there is “undoubtedly a UK-specific component” to the market reaction of the...

by admin September 29, 2022
'UK-specific component' of post-mini-budget market turmoil, Bank of England chief economist says, contradicting government defence
Business

Chancellor Kwasi Kwarteng insists government ‘protecting people across UK’ with mini-budget

Chancellor Kwasi Kwarteng has insisted the government is focusing on “delivering the growth plan” and “protecting people right across the country” despite a week...

by admin September 29, 2022
Chancellor Kwasi Kwarteng insists government 'protecting people across UK' with mini-budget
Business

Pension funds would have faced ‘mass defaults’ today without BoE action

The Bank of England’s dramatic intervention today was in response to a “run dynamic” emerging in the British pensions system which could have resulted...

by admin September 28, 2022
Business

Bank’s extraordinary response to government policy is almost unthinkable | Ed Conway

This is an extraordinary moment. We’ll get to the details in a moment but before we do let’s not lose sight of the big...

by admin September 28, 2022
Business

IMF warns UK against mini-budget that will ‘likely increase inequality’

The International Monetary Fund (IMF) has criticised the UK government’s mini-budget, saying the plans for tax cuts and spending will increase inequality and counteract...

by admin September 27, 2022
Business

King Charles banknote design revealed by end of year – but when can you get your hands on the real thing?

Images of banknotes featuring a portrait of the King will be revealed by the end of this year – but the public won’t be...

by admin September 26, 2022
Business

Mortgages withdrawn from sale as market reels after mini-budget

The market turmoil caused by Friday’s seismic mini-budget has hit mortgage offerings as providers withdrew partial and entire lending ranges. Virgin Money and Skipton...

by admin September 26, 2022
Business

Five reasons why the pound’s ‘doom loop’ matters to you

The overnight fall in the value of the pound, descending to its lowest level against the dollar since decimalisation in 1971, matters because of...

by admin September 26, 2022
Business

Car dealer Pendragon gears up for £400m bid from top investor

Pendragon, the London-listed car dealer behind brands including Evans Halshaw and Stratstone, has received a fresh £400m takeover approach from its largest shareholder. Sky...

by admin September 25, 2022
Business

GSK poaches Burberry’s Brown to create all-female top team

GSK, the FTSE-100 pharmaceuticals giant, has poached Burberry Group’s finance chief to create a rare all-female executive leadership team in London’s blue-chip share index....

by admin September 24, 2022
Business

Hoseasons owner Awaze picks banks to oversee £2bn sale

The owner of Hoseasons and some of Europe’s biggest holiday rental operations has hired banks to oversee a sale that could value it at...

by admin September 24, 2022
Business

Drivers paying extra £5 per tank of petrol due to falling value of the pound

Drivers are paying an extra £5 per tank of petrol due to the fall in the value of the pound, according to new analysis....

by admin September 23, 2022
Business

Pound pummelled as investors take fright over mini-budget borrowing spree

The growth plan outlined by the chancellor to lift the UK from the depths of the cost of living crisis and back to prosperity...

by admin September 23, 2022
Business

Raft of tax cuts ‘for a new era’ include stamp duty cut for homebuyers

Income tax will be cut by one penny, Chancellor Kwasi Kwarteng has announced, as part of a raft of measures aimed at boosting economic...

by admin September 23, 2022
Business

Top Morrisons executive feels Strain with exit after 10 years

A top executive at Morrisons is in talks to leave, days after it emerged that the Bradford-based grocer had been displaced as Britain’s fourth-biggest...

by admin September 22, 2022
Business

Interest rates are high enough to dampen demand and cause financial pain for millions | Ed Conway

Before we get on to the Bank of England’s decision today we urgently need to clear something up. There’s a misconception which sometimes floats...

by admin September 22, 2022
Business

London transport chief Byford quits after securing long-term funding deal

Andy Byford, the Transport for London (TfL) chief who helped steer the capital’s bus and Tube networks through the most financially precarious periods in...

by admin September 21, 2022
Business

Pound falls to 37-year low as cost of servicing government debt hits August record

The pound has fallen to a 37-year low against the dollar after figures showed that the cost of servicing UK government debt last month...

by admin September 21, 2022
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