6:55 am, October 16, 2022
Mini-budget went ‘too far, too fast’, says new Chancellor
Jeremy Hunt said that Liz Truss’s mini-budget went ‘too far, too fast’ as the new Chancellor effectively signalled the demise of the Prime Minister’s economic vision.
Political and economic circles spent Saturday sizing up Mr Hunt after he used a series of broadcast interviews in the morning to suggest Ms Truss’s immediate economic plan is now largely defunct.
With all eyes on whether he can restore the UK’s financial credibility, Mr Hunt suggested tax rises could form part of a painful fiscal package designed to restore market confidence in the UK.
Bank of England Governor signals interest rates could rise again
Interest rates may have to be raised higher than initially expected to tackle inflation, the Governor of the Bank of England has suggested.
It comes as Andrew Bailey said that he spoke to the new Chancellor Jeremy Hunt on Friday and had an ‘immediate meeting of minds’.
In a speech in Washington, Mr Bailey reiterated that Bank officials will ‘not hesitate’ to raise interest rates if necessary to tackle inflation, while warning that a ‘stronger’ response than previously anticipated could be required.
Lotus Evija Fittipaldi celebrates 50 years since F1 racing victory
Lotus has unveiled the Evija Fittipaldi – an exclusive version of its new electric Evija hypercar that marks 50 years since the firm won the F1 title.
Emerson Fittiapaldi, a young Brazilian racing driver, worked his way up the motorsport rankings before making his debut in 1970. Two years later at the wheel of the Lotus Type 72, Fittapaldi secured the Drivers’ Championship for himself and the Constructors’ Championship for Lotus – winning five out of the 11 races in the 1972 season.
Exactly 50 years on from the race, Lotus is now marking the racing driver’s success, with the Evija Fittipaldi edition. Getting a range of elements that pay tribute to the Brazilian’s success, Fittapalidi – now, aged 75 – also had a hand in the model’s development.
History with a future: the Lotus Evija Fittipaldi. Read more: https://t.co/y2wFA7ZqV6 #evijafittipaldi #lotus #limitless pic.twitter.com/XFUTSuLajg
— Lotus Cars (@lotuscars) October 14, 2022
HS2 first phase total cost could be ‘many billions’ above estimate – report
The Government has insisted works on its major high speed rail line project are ‘within budget’, despite a claim that the first phase could run to ‘many billions’ more than estimated.
A report presented to the HS2 board by the project’s deputy chair Sir Jon Thompson said it was ‘very unlikely’ that the £40.3bn target cost for the London to Birmingham section would be met, the Financial Times reported.
Phase One has a target cost of £40.3bn, but the Government has previously said the “funding envelope” for it is £44.6 billion, which includes a contingency of £4.3bn.
Saturday’s Car Dealer headlines you might have missed
- Why I’m selling my classic Ford Fiesta XR2 in an online used car auction
- UK automotive industry dealt major blow as BMW moves Mini Electric production to China
- Lamborghini boss warns against ‘greenwashing’ as firm looks towards all-electric future
October fiscal plan effectively a full budget, says Hunt
The new Chancellor has admitted that the medium-term fiscal plan will now effectively amount to a full budget, as he signalled a major shift in the economic policies that brought Liz Truss to power.
In a series of interviews, Jeremy Hunt, who replaced Kwasi Kwarteng as Chancellor on Friday after a day of high drama in Westminster, warned of “difficult” decisions to come as he signalled the country could face tax rises and a tightening on spending.
Mr Hunt will meet with Treasury officials later on Saturday and with Ms Truss at Chequers on Sunday as he prepares to deliver a highly anticipated medium-term fiscal plan on October 31.
Labour ‘will turn Britain into green growth superpower’, Sir Keir Starmer says
Labour will invest in clean hydrogen power and ‘radically expand’ offshore wind as part of plans to turn Britain into a ‘green growth superpower’, Sir Keir Starmer said.
He promised more solar panels and home insulation during a speech to the party’s regional conference in Barnsley, South Yorkshire.
The Labour leader told members ‘the road to a fairer, greener Britain runs right through this region’ as he said Britain ‘cannot afford to miss out’ on investing in green industries.
Three climate activists appear in court after soup thrown over Van Gogh painting
Three Just Stop Oil climate activists have appeared in court over protests – which included soup being thrown over Van Gogh’s Sunflowers painting.
Two women are charged in relation to soup being thrown on the painting at the National Gallery, while a third is charged over paint sprayed on to the rotating New Scotland Yard sign – both during protests in London on Friday.
It comes after Just Stop Oil and Extinction Rebellion demonstrators descended on Westminster, central London, on Friday to protest against the Government’s approach to the environment.
Weather outlook…
Today, a few showers will linger in north-western areas, these easing through the day. Sunshine elsewhere, but cloud will gradually thicken from the south-west, with rain reaching in by the evening, the BBC reports.
Tonight, a band of rain will sweep through from the south-west, this falling heavy in places but clearing most areas by dawn. However, north-western areas will see a few further heavy showers.
Tomorrow, the northern half of the UK will see outbreaks of showery rain drifting eastwards. Dry and sunny to the south, with any lingering spots of rain soon clearing the far south-east.
