UK

The energy regulator has warned the UK is facing a “significant risk” of gas shortages this winter. The information, which was revealed in a letter sent from Ofgem last week and first revealed by The Times, spoke of the possibility of “gas supply emergency” measures to help preserve stocks due to the impact of Russia’s

Liz Truss is to delay the vote on cutting the 45p rate of tax for higher earners, a cabinet minister has told Sky News. The policy was announced in last Friday’s mini-budget, but would have to go to a vote of MPs before it could be approved. On Sunday, the party said any Tory MP

Liz Truss has admitted that she “should have laid the ground better” for the government’s tax-cutting mini-budget after the pound slumped to a record low. The prime minister said she has “learnt from that” and “will make sure in future we will do a better job of laying the ground”. Ms Truss also doubled down

A man has been charged with the murder of nine-year-old Olivia Pratt-Korbel who was shot dead in her home in Liverpool. The Crown Prosecution Service said 34-year-old Thomas Cashman has been charged with the girl’s murder and the attempted murder of her mother Cheryl. Cashman has also been charged with the attempted murder of convicted

The devolved governments of the UK want an urgent meeting with Chancellor Kwasi Kwarteng to discuss immediate action to reverse the damaging effects of the mini-budget. In a joint letter, the finance ministers of Wales, Scotland and Northern Ireland are warning that the government’s spending plans are a “huge gamble” that will mean another decade

Consumers are being warned they may be targeted by scammers as the government’s energy price guarantee comes into effect. Messages asking for people to provide personal or financial details to receive support should be treated as fraudulent activity, as no applications are required, the business secretary has said. The £400 Energy Bill Support Scheme will

Detectives have made another arrest in connection with the murder of nine-year-old Olivia Pratt-Korbel in Liverpool. The 40-year-old man from Dovecot was arrested on suspicion of assisting an offender on Friday. It comes a day after a 34-year-old man was arrested on suspicion of her murder. The arrest of the 40-year-old is the eleventh arrest

A 34-year-old man has been arrested on suspicion of the murder of nine-year-old Olivia Pratt-Korbel. Olivia was killed in Dovecot, Liverpool on 22 August after a gunman fired shots into her home at about 10pm as he chased convicted burglar Joseph Nee. She was hit in the chest as she stood behind her mother who

Liz Truss has insisted “decisive action” by the government over its economic policies will help the UK going forward. Speaking to reporters, the prime minister said: “We have to look at what situation this country would be in if we hadn’t acted – people were facing fuel bills of up to £6,000, we had very

Prime Minister Liz Truss’s external adviser on the economy has told Sky News that the chancellor had “taken his eye off the ball” and “overstepped the mark” with his mini-budget. Gerard Lyons, who is often referred to as Ms Truss’s ‘favourite’ economist, said Chancellor Kwasi Kwarteng failed to adequately prepare the financial markets ahead of

The Bank of England has launched a temporary bond-buying programme as it takes emergency action to prevent “material risk” to UK financial stability. It revealed that it would buy as many long-dated government bonds as needed between now and 14 October in a bid to stabilise financial markets in the wake of the mayhem that

Shoppers are paying a record 10.6% more for food than they were a year ago, figures show. Overall shop price inflation accelerated to 5.7% in September, up from 5.1% in August, in another record since the British Retail Consortium-Nielson IQ index began in 2005. Food price inflation rocketed past last month’s 9.3% to 10.6%, driven

The collapse of the value of the pound in the wake of Friday’s mini-budget appears to have stalled, for now, but only thanks to market expectations that the Bank of England will still be forced to intervene. The rout for sterling, which began after Chancellor Kwasi Kwarteng revealed a £45bn tax cut plan on top

The Bank of England says it “will not hesitate to change interest rates as necessary” after markets reacted badly to the chancellor’s tax-cutting mini-budget. In a statement, the Bank said it was “monitoring developments in financial markets very closely in light of the significant repricing of financial assets”. It came after the pound fell to

The pound fell to a record low against the dollar overnight, sparking market speculation that the Bank of England may be forced to intervene. A statement from the bank was expected later on Monday after sterling slipped by nearly 5% earlier in the day to $1.0327 – building on fresh 1985 lows seen on Friday

A freed British prisoner of war who was held by Russian-backed separatists has told Sky News how he was tortured over several days. John Harding said he was used as a “punching bag” by the guards in a holding facility in the self-declared Donetsk People’s Republic in eastern Ukraine. The centre was run by the

Labour will reverse the cut in the higher rate of income tax if it wins power at the next election, Sir Keir Starmer has said. Around 660,000 of the highest earners on more than £150,000 will benefit from the scrapping of the 45p rate, getting back on average £10,000 a year. Asked if Labour would

The Labour Party’s annual conference begins today – and policies on neighbourhood policing and clean energy are among those on the agenda. The Labour leader is seeking to set out the dividing lines between his party and the new Tory government during the four-day event. Speaking at a London Labour reception on Friday evening, Sir

This article was supposed to be a considered look at whether or not this mini-budget will generate the growth it was promising. It was supposed to be about whether it made sense to borrow so much money to finance tax cuts and whether this economic gamble (for a gamble it is) will actually work out.

The chancellor has denied suggestions he is gambling with the economy as his raft of tax cuts were met with a hostile reception – and sent the pound plummeting to a 37-year low. The Institute of Fiscal Studies (IFS) said he was “betting the house” by putting government debt on an “unsustainable rising path”. Only