Chancellor insists govt are acting to combat rising inflation
Video Credit: ODN - Duration: 01:04s - Published
Chancellor insists govt are acting to combat rising inflation
Chancellor Rishi Sunak insists the government and Bank of England are acting to combat rising inflation, saying "I want people to be reassured that we have all the tools we need and the determination to reduce inflation and to bring it back down".
Report by Blairm.
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Tory leadership candidate Rishi Sunak says inflation "is the enemy" and the "greatest challenge" the new prime minister faces.
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Rishi Sunak promised Tory members he would "fix the Northern Ireland Protocol and protect Northern Ireland's place" in the UK in his opening remarks at the leadership hustings event in Belfast on Wednesday. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Liz Truss rejected a plea to restore the abortion ban in Northern Ireland while Rishi Sunak vowed to be "much tougher" on the benefits system in the latest.. Sky News
In his opening remarks at Tuesday's Tory leadership hustings in Perth, Rishi Sunak hits out at Nicola Sturgeon, saying the SNP's priority should be on rising costs of living "not another divisive, unnecessary constitutional referendum". Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Tory leadership candidates Liz Truss and Rishi Sunak arrive at the leadership hustings venue in Perth, Scotland. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Business Minister Greg Hands insists the government has given "enormous" support for vulnerable households, as the Bank of England announces a 0.5 per cent growth in interest rates, its biggest hike since 1995. He also claims Russia's invasion of Ukraine is to blame for soaring energy costs across most Western countries.
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Governor of the Bank of England, Andrew Bailey, says the "actions of Russia" are to blame for UK's soaring gas and energy costs. Andrew Bailey also claims that if inflation is not returned to target levels, struggling, lower income households "will suffer more".
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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
The Bank of England has announced 0.5 per cent increase in interest rates, the biggest hike since 1995. It has also predicted a 15-month recession, with living standards falling by 5 per cent.
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Suella Braverman has welomed rising interest rates, as the Bank of England is expected to increase rates by 0.5 per cent, to their highest level since 1995, to "challenge global inflation".The attorney general backs Liz Truss' plan to cut taxes in a bid to help families and businesses during the cost-of-living crisis.
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The parents of 22 year-old Jack Fenton who was killed by a helicopter blade while on holiday in Greece, have told ITV News they will never get over the hole left in their lives by his loss. His parents' agony has been made worse by an ongoing dispute over exactly how the tragedy unfolded, with Greek authorities still investigating. 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 calls the Conservatives a "zombie government" and says they need to "get a grip" after having "completely lost control of the economy".
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Former Spurs striker Jermain Defoe, and former captain Michael Dawson help out at the 'Summer of Spurs' programme. The community project aims to keep children healthy with a range of activities and reduce anti-social behaviour in the process. Report by Brooksl. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Liz Truss refuses to comment on whether British workers are working hard enough after she was heard saying Britsh workers needed "more graft" in a leaked audio clip from several years ago. Report by Jonesia. Like us on Facebook at http://www.facebook.com/itn and follow us on Twitter at http://twitter.com/itn
Chancellor of the Duchy of Lancaster Kit Malthouse says "the idea that a prime minister ever has a moment off is not right", adding that secretaries of state are "beavering away" to implement a plan..
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