Weekly Digest – 5 October 2022

Weekly Digest – 5 October 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

The pound, the economy, and mortgages – what happened

It was a dramatic week in business and economy news. The BBC created this explainer to help us get a grasp on all that happened.

Chancellor Kwarteng U-turns on 45p tax cut

The proposed tax cut was for people earning more than £150,000 a year, and was part of a package of broader cuts. It’s being called a “humiliating climb-down” for Prime Minister Liz Truss, after several Tory MPs criticised the plan.

Truss admits disruption, but carries on

Prime Minister Liz Truss has admitted there has been “disruption” in the UK economy following the mini-budget. After the announcement, the pound slumped as investors grew worried.

Pound and bonds begin to recover after frightening week

Both the pound and government bond yields have recovered since the government abolished the proposed income tax rate cut. Investors hope it’s a good sign after a volatile week.

South West Water customers will have money taken off bills

Eleven water companies across England and Wales will collectively be fined £150m for missing targets on water supply interruptions, pollution incidents and sewer floodings. The result will be money taken off bills for affected customers.

Gas shortages may lead to electricity disruptions this winter

Energy regulator Ofgem said this week that the UK is at significant risk of gas shortages this winter due to Russia’s war with Ukraine. It’s not clear if this could result in electricity blackouts or energy rationing.

Medium-sized businesses set to deal with less red tape

Thousands of the UK’s fastest-growing businesses will be released from current reporting requirements, as part of the Prime Minister’s drive to simplify reporting requirements.

Mortgage rates rise sharply since the mini-budget

Major mortgage lenders are increasing the cost of home loans, with the average two-year fixed rate now close to 6%. Brokers say there is still money available for mortgage providers to lend, but the days of ultra-low rates are over.

Quality Street going green by ditching colourful plastic wrappers

Chocolate historian Alex Hutchinson said that the move is “a huge deal” and “a bit sad”. Chocolates will now be wrapped in a wax paper wrapper with a more muted tone. The move comes before the Christmas rush on the iconic treat.

Get your junk food deals while you can

Products that are high in fat, salt, and sugar can no longer be placed in prominent locations such as shop entrances and tills as of this week – but displays offering “buy one, get one” deals are still allowed until 2023.

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