Related: When is the Autumn Budget and what to expect?
Jeremy Hunt is likely to lift the cap on bankers’ bonuses when he delivers his autumn budget tomorrow, part of a range of measures designed to restore the UK’s economic credibility.
The Financial Times first reported the chancellor will make the lifting of the cap one of the few measures to survive from Kwasi Kwarteng’s disastrous mini-budget, amid speculation about the “difficult decisions” that Mr Hunt and the prime minister are likely to take as they try to find up to £60bn from a combination of hikes and spending cuts.
Earlier, Rishi Sunak urged banking executives “to embrace pay restraint” in order not to exacerbate inflation.
The budget is widely expected to raise finances through stealth taxes by freezing the rates at which workers begin paying higher rates of tax, with inflation and pay increases dragging more people into higher bands.
But tough spending cuts are likely too, with Mr Hunt reportedly eyeing up plans to cut funding for the government’s homes for Ukrainian refugees scheme and planning to reduce funds received by councils for some of the services for refugees hosted by UK families.
Reverse poverty crisis by boosting child benefit and scrapping cap, says report
The government must “begin reversing the family poverty crisis” by increasing child benefit and making changes to ensure children in larger families are not penalised, a new report warns.
Even if benefits are uprated in line with inflation, more families will fall into debt as costs rise over the winter, according to a joint warning by three groups.
The Institute for Public Policy Research (IPPR), the Trades Union Congress (TUC) and Child Poverty Action Group (CPAG) are calling for three changes to the social security system ahead of tomorrow’s budget.
Namita Singh16 November 2022 06:00
Inflation set to leap to New 40-year high after eye-watering energy bill hike
Painful gas and electricity bill rises in October are expected to send UK inflation surging to a fresh 40-year high in official figures today, but experts predict this is likely to mark the peak in the cost-of-living crisis.
Most economists forecast that the latest data from the Office for National Statistics (ONS) will show Consumer Prices Index (CPI) inflation jumping to 10.7 per cent last month from 10.1 per cent in September.
It would mark the highest level of inflation since January 1982.
The sharp rise comes after the hike in the energy price cap in October as a result of sky-high wholesale prices amid Russia’s war on Ukraine.
Read the details in this report:
Namita Singh16 November 2022 05:50
Hancock offers political opinions amid criticism from Rishi Sunak and public
Matt Hancock has shared his views on the state of UK politics on I’m A Celebrity…Get Me Out Of Here!, as he continues to face criticism from campaigners and Rishi Sunak about appearing on the ITV show.
The former health secretary, 44, who previously said he “does not expect to serve in government again” after his stint on the show, told campmates that ex-prime minister Liz Truss’s political career was “over”.
During a discussion among the contestants about missing the news back in the UK, Sue Cleaver asked mr Hancock about his opinion on Ms Truss’s short-lived premiership, saying: “What do you think went wrong, Matt?”
Read his response in this report:
Namita Singh16 November 2022 05:48
London mayor to face questions over Cressida Dick’s resignation as Met chief
Mayor of London Sadiq Khan is to face questions over the resignation of Britain’s most senior police officer.
A report found that Dame Cressida Dick, who quit as Metropolitan Police commissioner earlier this year, felt intimidated into leaving her job and that due process was not followed before her departure.
Mr Khan dismissed the findings as “clearly biased” and claimed they ignored “the facts”.
Namita Singh16 November 2022 05:40
Sunak describe US as UK’s ‘closest ally’
Rishi Sunak described the US as the UK’s “closest ally” as he met Joe Biden for bilateral talks on the sidelines of the G20 summit in Bali.
In brief remarks, the US president said: “This morning we’ve already met with our fellow Nato and G7 leaders to address Russia’s latest missile strikes against Kyiv and Western Ukraine – it’s merciless.
“I mean it’s borders on – it’s way over the top.
“At the moment where world leaders meeting here in Bali are seeking progress on world peace, Putin’s striking civilian targets – children, and women. I mean, it’s just, It’s almost – in my words, not yours – barbaric.”
US president Joe Biden, Britain prime minister Rishi Sunak, Canada’s prime minister Justin Trudeau, German chancellor Olaf Scholz, French president Emmanuel Macron, Italian prime minister Giorgia Meloni, Japan prime minister Kishida Fumio, European Commission president Ursula von der Leyen, European Council president Charles Michel, Spain’s prime minister Pedro Sanchez and Netherlands’ prime minister Mark Rutte gather to hold an ‘emergency’ meeting to discuss a missile strike on Polish territory near the border with Ukraine, on the side line of the G20 leaders’ summit in Nusa Dua
(AFP via Getty Images)
The British prime minister said: “It’s a great honour to have the opportunity to sit down with you. I think the partnership between our countries is unique and enduring. And of course, it’s bigger than any two individuals. I’m proud to have stewardship of it at the moment.”
And as you said, the United States is our closest ally, biggest trading partner, closest security partner. And I’m glad to see that partnership in action doing good whether it’s standing up to – and I agree with your words – barbaric activity by Russia in Ukraine, but also tackling climate change, stabilising the global economy. Our values are aligned, our interests are aligned and there’s much good we can do working together.
Rishi Sunak
The pair and their delegations met in an open-air room in a luxury resort hotel on the Indonesian island, surrounded by a carp pond and tropical plants.
Namita Singh16 November 2022 05:33
Conflict of interest warning as Osborne ‘advises’ on Budget
Labour has warned of a possible conflict of interest following reports that George Osborne has been advising the chancellor on his Budget while working for a City investment bank.
Mr Osborne, who served as chancellor between 2010 and 2016, held a meeting with Jeremy Hunt ahead of Thursday’s key autumn statement.
Labour said Mr Osborne should not be given access to “market-sensitive” information and urged the Treasury to disclose exactly what discussions he had been privy to.
Our policy correspondent Jon Stone has more:
Namita Singh16 November 2022 05:20
G7 leader pledge ‘full support’ to Poland in missile explosion probe
Nato and G7 leaders who met for an emergency meeting on the sidelines of the G20 summit in Bali offered their “full support for and assistance” with Poland’s investigation into the explosion that killed two people in the country’s east.
An official read-out of the gathering said: “Today, the leaders of Canada, the European Union, France, Germany, Italy, Japan, the Netherlands, Spain, the United Kingdom and the United States met on the margins of the G20 Summit in Bali and released the following statement:
“We condemn the barbaric missile attacks that Russia perpetrated on Ukrainian cities and civilian infrastructure on Tuesday.
“We discussed the explosion that took place in the eastern part of Poland near the border with Ukraine. We offer our full support for and assistance with Poland’s ongoing investigation. We agree to remain in close touch to determine appropriate next steps as the investigation proceeds.
Rishi Sunak was attending an emergency meeting at the Bali G20 summit with G7 and Nato leaders, following reports that Russian missiles crossed into Poland on Tuesday
(PA)
“We reaffirm our steadfast support for Ukraine and the Ukrainian people in the face of ongoing Russian aggression, as well as our continued readiness to hold Russia accountable for its brazen attacks on Ukrainian communities, even as the G20 meets to deal with the wider impacts of the war.
“We all express our condolences to the families of the victims in Poland and Ukraine.”
Namita Singh16 November 2022 05:18
UK working with allies after Russian-made missiles ‘cross into Poland’, says Sunak
Rishi Sunak said the UK would “support our allies” as Joe Biden pledged US support for Poland but stated it was “unlikely” a missile that killed two people there was fired from Russia.
The prime minister joined an emergency morning meeting on the incident at the G20 summit in Bali.
He was pictured sitting next to the US president, who called the roundtable of likeminded G7 and Nato leaders.
Namita Singh16 November 2022 05:15
Sunak must not ‘drift into appeasement’ in talks with China’s Xi, warns former Tory leader
Rishi Sunak has been accused of “drifting into appeasement” after hastily arranging last-minute face-to-face talks with Chinese leader Xi Jinping at the G20 summit.
The meeting on the margins of the leaders’ gathering in Indonesia on Wednesday was organised after Mr Sunak signalled he was softening his position on China, describing the Far Eastern giant as a “challenge” rather than a “threat” to UK national security. Their encounter comes a day after meetings between Mr Xi and both Joe Biden and Emmanuel Macron.
Downing Street insisted the prime minister will be “clear-eyed” in his interactions with Mr Xi and continues to view Beijing as an economic threat to the UK, reports Andrew Woodcock:
Namita Singh16 November 2022 05:10
Sunak offers Poland assistance from UK after strike by suspected Russian missiles
Prime minister Rishi Sunak has offered Poland “any assistance needed” to establish responsbility for a missile strike on its territory.
Mr Sunak, who is attending the G20 summit in Indonesia, spoke by phone with Polish president Andrzej Duda shortly after reports emerged that Russian missiles had landed in the Nato member close to its border with Ukraine.
The prime minister said the UK was co-ordinating with Nato partners and stands ready to support its allies as they seek to establish the facts behind the incident, believed to have killed at least two people.
Our political editor Andrew Woodcock reports from Bali:
Namita Singh16 November 2022 05:00
Kaynak: briturkish.com
