16 minutes ago UK private sector is contracting as firms give ‘thumbs down’ to the budget, hitting pound – business live

Rolling coverage of the latest economic and financial newsAverage annual energy bill to rise to £1,738 in Great Britain from JanuaryWhat is the energy price cap and can I cut my bill?The pound has dropped to a six-month low against the US dollar, after this morning’s weaker-than-expected retail sales report.Sterling fell as low as $1.255, its weakest level since 14 May, extending recent losses as economic worries have risen. Continue reading...

Economics

5 hours ago FTSE 100 Live 22 November: Games Workshop surges on strong update, retail sales disappoint

Household budgets are in focus after October’s retail sales figures showed a sharp fall and Ofgem increased the energy price cap.

Economics

7 hours ago FTSE 100 Live 22 November: Budget jitters hit retail sales, Games Workshop shares surge

Household budgets are in focus after October’s retail sales figures showed a sharp fall and Ofgem increased the energy price cap.

Economics

7 hours ago Government urged to help struggling households with rising energy bills; budget uncertainty hits retail sales – business live

Rolling coverage of the latest economic and financial newsAverage annual energy bill to rise to £1,738 in Great Britain from JanuaryWhat is the energy price cap and can I cut my bill?The pound has dropped to a six-month low against the US dollar, after this morning’s weaker-than-expected retail sales report.Sterling fell as low as $1.255, its weakest level since 14 May, extending recent losses as economic worries have risen. Continue reading...

Economics

8 hours ago British households’ energy bills will rise by 1.2% in January – business live

Rolling coverage of the latest economic and financial newsWhat is the energy price cap and can I cut my bill?Citizens Advice fears that households with children and those on lower incomes will struggle to keep warm this winter:Alex Belsham-Harris, head of energy policy at Citizens Advice says: “Energy prices remaining relatively stable over winter will offer cold comfort to millions across the country already struggling to afford bills. It comes as people are falling further and further behind on their energy bills, with the amount owed to suppliers now a record £3.7 billion.“As colder weather sets in, we’re particularly worried about households with children and those on lower incomes, who are most likely to struggle with their heating costs.“The decision to introduce a price cap chang...

Society

29 hours ago Public sector pay rises and debt interest costs push up UK government borrowing; Bitcoin nearing $100,000 – business live

UK records the second highest October borrowing since 1993, while crypto-friendly Trump pushes bitcoin towards $100kThe jump in UK borrowing last month (see opening post) makes it hard for Rachel Reeves to reverse any of the unpopular tax decisions in last month’s budget, says Sandra Horsfield, economist at Investec:Certainly, the pressure on public finances looks here to stay, unless the Chancellor receives unexpectedly good news on growth and therefore tax revenues in future.Tempting though it may be politically to reverse some of the more unpopular decisions taken in the Budget, Labour’s hands to do so, without offsetting other unpalatable choices, look tied for now.“After a good start to the period, helped by strong back-to-school sales, we saw increased trading volatility in Octobe...

Economics

30 hours ago FTSE 100 Live 21 November: JD Sports Fashion shares skid, Nvidia lower as Bitcoin nears $100k

The shares of JD Sports Fashion today skidded after the retailer said trading conditions toughened in October.

Politics

31 hours ago UK government borrowing jumps to £17.4bn in October; Bitcoin nears $100,000 for first time – business live

Rolling coverage of the latest economic and financial news, as UK records the second highest October borrowing since 1993Inheritance tax has brought in £5bn so far this financial year, even before the government hits farmers with the levy.New figures from HMRC this morning show that inheritance tax receipts for April to October 2024 have risen by £500m year-on-year, to £5bn.“Inheritance tax is on track for another record year with receipts so far hitting £5bn. With five months of the tax year yet to go it should easily outstrip last year’s £7.5bn.It may be a tax that so far only hits a small proportion of the population but, after last month’s Budget, it’s about to be an issue for a lot more people, after the decision was taken to make pensions part of someone’s estate for inheritance t...

Economics