Conservative leadership candidate Liz Truss has said she is "determined to reform the economy and keep taxes low", as she vowed to reverse the National Insurance hike introduced under Boris Johnson.
"The most important thing is getting the economy going so we avoid a recession and the business-as-usual policies aren't working. We need to do more," she said. Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Labour frontbencher Jonathan Ashworth has leapt to Sir Keir Starmer's defence, after the party leader was found to have breached the MP's code of conduct by failing to register eight separate interests on time.
The shadow work and pensions secretary said: "The commissioner herself has said these were minor or inadvertent … it was not lying about something or trying to cover something up - that's what Boris Johnson did." Report by Buseld. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Brandon Lewis defends Liz Truss’ U-turn on her proposal to cut public sector wages outside London and the South East. The former Northern Ireland secretary said, “What Liz was outlining yesterday was a wider package around dealing with Whitehall reform.” Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Labour leader Sir Keir Starmer meets German Chancellor Olaf Scholz in Berlin. The opposition leader says he spoke to Mr Scholz about strengthening relations between the UK and Germany as well other issues such as making Brexit work, energy and more. Report by Czubalam. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Bank of England Makes , Biggest Interest Rate Hike in 27 Years.
On August 4, the Bank of England raised
interest rates by half a percentage point.
'The New York Times' reports that it
was the largest increase since 1995.
The move comes as policymakers attempt
to combat inflation while also warning Britain
that a long recession is forecast for later this year.
The bank predicted that the annual rate
of inflation would rise above 13% when
household energy costs climb higher in October.
If that increase comes to pass,
it would be the highest level
of inflation in over forty years.
The bank attributes much of the surge
in prices to the global energy market.
The price of wholesale
natural gas has nearly doubled
in the past three months. .
Meanwhile, incomes adjusted
for inflation and taxes are predicted
to drop sharply in 2022 and 2023.
It would mark the worst decline
since the 1960s.
In June, consumer prices rose 9.4%,
faster than inflation in the United States
and the European Union.
According to the bank, these factors are forecast
to combine and bring about a recession in the last
quarter of 2022 that will last through the end of 2023
Credit: Wibbitz Top Stories Duration: 01:31Published
Prime Minister Boris Johnson claims there are "good, common sense" solutions to issues posed by the Northern Ireland Protocol and that he wants to work with "our EU friends" to "fix it, not nix it". He..
Members of Boris Johnson's cabinet arrive at Downing Street for a meeting ahead of an expected announcement from Foreign Secretary Liz Truss setting out plans to override parts of the Northern Ireland..