Pound falls to all-time low
The pound fell to its lowest level against the dollar since decimalization in 1971 after the Chancellor indicated more tax cuts would follow those he announced last week.
Sterling fell more than four percent in early Asian trade to just $1.0327 before regaining some ground to around $1.05 early Monday as the euro also posted a fresh 20-year amid recession and energy security fears. reached deep.
Kwasi Kwarteng has previously brushed off questions about the markets reaction to his mini-budget – which outlined the biggest program of tax cuts in 50 years – after it was announced on Friday and used more than £70bn in increased borrowing. On Sunday, he claimed that the cuts “benefit people across the income spectrum,” citing they mostly help the wealthy.
Italy’s voters are rewarding Giorgia Meloni’s far-right party, partial results show
Italian voters rewarded Giorgia Meloni’s Eurosceptic party with neo-fascist roots, propelling the country towards what is likely to be the first far-right government since World War II, based on partial general election results.
In a victory speech, Meloni struck a moderate tone after projections based on votes counted in about two-thirds of the polling stations showed her party, the Brothers of Italy, ahead of other candidates in Sunday’s vote.
Forming a ruling coalition with the help of Meloni’s right-wing and center-right allies could take weeks. If Meloni, 45, succeeds, she would become the first woman to hold the post of prime minister in the country.
Russia’s call-up splits EU as Ukraine says it’s showing weakness
Russia’s rush to mobilize hundreds of thousands of recruits to stem stabbing losses in Ukraine is a tacit admission that its “army is incapable of fighting,” Ukraine’s president said Sunday, as divisions deepened in Europe over it whether to welcome or reject fleeing Russians.
Speaking to US broadcaster CBS, Ukrainian President Volodymyr Zelenskyy also said he was preparing for more Russian attacks on Ukraine’s electrical infrastructure as the Kremlin seeks to increase pressure on Ukraine and its Western backers if the weather is getting colder.
Zelenskyy warned that this winter “will be very difficult”.
Ofgem should lower the base charge, energy chief says
Ofgem should help bring down base charges for energy billpayers across the UK, the head of one of the country’s biggest suppliers has said.
Greg Jackson, chief executive of Octopus Energy, said many customers can’t understand why the subscription fee, the part of a bill you pay regardless of how much energy you use, is so high.
It comes after the company announced it would cut four percent of the base fee for customers whose bills are regulated by the energy price cap.
Gordon Brown is nearing the conclusion of Labor’s report on the future of Britain
A blueprint for the future of the UK being drawn up by former Prime Minister Gordon Brown will be both a ‘safer’ and ‘more radical’ alternative to Scottish independence, the Labor conference is told.
Scotland’s Shadow Secretary Ian Murray will tell the Liverpool Assembly that Brown’s proposals are “close to completion” and the document is due to be published “in the coming months”. It comes after Labor leader Sir Keir Starmer asked the former Prime Minister to head a special commission looking at Britain’s future.
With reports suggesting the proposed reforms will include the abolition of the House of Lords – something Labor had previously touched on – the SNP dubbed it “Broon’s Brigadoon” and claimed it was a plan that “magically came out of the fog emerges before disappearing as quickly as he appeared’.
Grocery bank interest surges with 250 percent surge in online searches: labor analysis
Interest in food bank services has risen dramatically – with online searches for “food banks near me” up 250 per cent since March 2020, Labor Party analysis shows.
Ahead of his speech at the conference party, Shadow Work and Pensions Secretary Jonathan Ashworth visited Liverpool’s Big Help community group, which provides comprehensive services including food, employment and debt support.
During his visit, Ashworth revealed Labour’s analysis of Google trending data showing that searches for ‘food bank near me’ have increased by 250 per cent compared to the first week of March 2020, just before the pandemic.
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RMT’s Mick Lynch describes first meeting with Transport Secretary as ‘positive’
RMT Secretary General Mick Lynch has described his first meeting with new Transport Secretary Anne-Marie Trevelyan as “a good meeting with a positive attitude”.
Rail strikes are planned for October 1, 5 and 8, threatening travel chaos for passengers.
Just days after taking on her new role, Trevelyan met Lynch. Speaking to Sophy Ridge on Sky News on Sunday, Lynch said it was a “good meeting,” adding, “What we need to see from the new Secretary of State is the ability to resolve the issues at stake.”
University lecturers go on strike over wage disputes
Thousands of lecturers and other employees will start a strike campaign over salary starting Monday.
Around 4,000 University and College Union (UCU) members at 31 colleges in England will go on strike for up to 10 days in the coming weeks. The union said the scale of industrial action taken was “unprecedented” in England.
The union said that salaries in further education have lagged inflation by 35 per cent since 2009 and the pay gap between school and college teachers is around £9,000.
A windy day for most of the UK today, BBC Weather reports, with a mix of sunshine and showers, particularly in western areas. Cloudy with frequent showers in Scotland and East England.
A breezy night but drier for most, however some parts of England and Scotland will be wet.