The increase in social security introduced by Boris Johnson’s government will be reversed from November 6, Chancellor Kwasi Kwarteng has announced.
Ahead of his mini-budget today, Kwarteng confirmed he would cancel the 1.25 percentage point increase imposed by Rishi Sunak as Chancellor to pay for Social Care and deal with the NHS backlog.
Kwarteng said he would also abolish the planned health and welfare tax that was due to take effect next April to replace the increase in social security.
The Bank of England has announced it will hike interest rates to the highest level in more than 13 years and indicated it believes the economy is already in recession.
The central bank previously forecast the economy would grow in the current financial quarter but said it now expects gross domestic product (GDP) to fall 0.1 percent.
It comes after a reported 0.2 percent fall in GDP in the second quarter and would mean the economy is currently in recession.
Energy support will be available to businesses over the next year, with the current “broad brush” policy being replaced by a more targeted approach, the economy minister said.
Jacob Rees-Mogg insisted there would be more support after April 1 after announcing the government would absorb some of the skyrocketing energy bills facing businesses, charities, schools and hospitals for the next six months are.
In the Commons, the Business Secretary said a planned three-month review of the measures will be an opportunity to decide which organizations need further support after April.
Young drivers face an annual increase in operating costs of £385
The cost of running a car for young drivers has risen by an average of £385 over the past year, according to new figures.
On average, a 17-24-year-old motorist now pays £2,488 a year to run their car, with increases attributed to higher fuel and insurance costs, according to Comparethemarket’s Young Drivers study.
The typical annual fuel cost for young drivers has increased by £244 in 12 months, from £748 to £992.
Markets are in the red as rate hikes add to economic concerns
Markets in London and across Europe slid on Thursday as a series of rate hikes added to the economic gloom facing traders.
The FTSE 100 ended the day down 78.12 points, or 1.08 percent, at 7,159.62.
Germany’s Dax fell 1.78 percent by the end of the session and France’s Cac closed 1.79 percent lower.
Thursday’s Auto Dealership Headlines You May Have Missed
Most electric car owners are dissatisfied with public charging infrastructure – survey
Nearly three in four electric vehicle (EV) owners are dissatisfied with the public charging system in the UK, according to a survey.
The survey of nearly 1,500 members of the consumer group Which? driving a pure electric or plug-in hybrid vehicle illustrates the difficulties many drivers have in finding a working charger.
Around 74 percent of those surveyed stated that they were dissatisfied with the charging infrastructure.
40,000 railway workers go on strike again
Another rail strike has been announced for next month, continuing the wave of industrial action sweeping the country.
The Rail, Maritime and Transport Union (RMT) announced that 40,000 of its Network Rail members and 15 rail operators will retire on October 8th.
Rail strikes are already planned for October 1st and 5th, which threaten new travel chaos for passengers.
Boy, 15, fatally stabbed outside school gate identified by police
A 15-year-old boy who was fatally stabbed outside his school gate has been identified by police as Khayri McLean.
The teenager died in hospital at 2.45pm on Wednesday after an attack near the entrance of North Huddersfield Trust School (NHTS) in Woodhouse Hill, West Yorkshire Police said.
A 16-year-old boy remains in police custody after he was arrested on suspicion of murder at an address in Huddersfield just before 5am on Thursday.
Britons liberated by Russian-backed forces have been hailed as “defenders of democracy”.
Three Britons released from captivity by Russian-backed forces have been hailed as defenders of “democracy and freedom” by their former commander in Ukraine.
John Harding, Dylan Healy and Andrew Hill are understood to have been released on Wednesday along with Shaun Pinner and Aiden Aslin and landed in the UK in the early hours of Thursday morning.
Three of the five – Mr Harding, Mr Pinner and Mr Aslin – are said to have served in the Georgian Legion, a pro-Ukrainian volunteer unit, under Mamuka Mamulashvili.
Citroen wants to bring Ami Buggy to Great Britain
Citroen UK wants to make the successful Ami Buggy available to British buyers.
The off-road-inspired version of the quirky Ami electric four-wheeler went on sale in France earlier this year, and all 50 units sold out in less than 18 minutes.
Now Citroen UK is keen to add the Buggy model to its Ami range – but first it needs to convince Citroen France bosses.
Today the southeast is largely cloudy with occasional heavy rain showers. There will be a mix of sunshine and isolated showers for the rest of the UK, the BBC reports.
Tonight the extreme southeast will remain cloudy and wet through dawn. More showers will develop in south-east Scotland, north-east England, Northern Ireland and North Wales. Elsewhere it will be dry.
Tomorrow Scotland and Northern Ireland will be dry with sunshine throughout. England and Wales will see a mix of sunny spells and scattered showers for many. Towards evening the showers will subside.