Business Update – 26 October 2022
Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.
How to make your money work as inflation soars
The price of everything is higher than it was a year ago. The Guardian explains where to put whatever money you have left to see the best returns.
Rishi Sunak calls for stability and unity
It’s official – Rishi Sunak will be the next prime minister. Liz Truss’ replacement is asking for us all to pull together to face a time of “profound economic challenge”.
MPs call for answers regarding pensions crisis
Following last month’s ill-fated mini-budget, the Bank of England was forced to intervene with a £65bn emergency scheme in order to avoid a complete collapse of pension funds. MPs have launched an inquiry regarding the fiasco.
Rail union announces widespread strikes
Members at South Western Rail, Southeastern, West Midlands Trains, Northern and Great Western will all start job action and strike starting from 3 November. The dispute is centred around pay, job security, and conditions.
Financial markets seemingly calmed by Sunak announcement
Upon trade opening on Monday, government bonds rallied and the pound strengthened. Mr Sunak, who previously worked in finance, is seen as a safer choice than his predecessor Liz Truss.
Far fewer low-deposit mortgages available
Banks have pulled the number of low-deposit 95% mortgage products available by more than half. Such mortgages are often the only way that first-time buyers can enter the housing market.
5 ways the lower pound affects you
Though there are signs of hope this week that the pound is making a resurgence, BBC News has rounded up some ways that our still weaker-than-usual currency might affect you.
Spending calculator: how to get by this winter
Almost all aspects of life are currently more expensive, with inflation reaching heights we haven’t seen since 1982. Sky News created a spending calculator to help you see how much your groceries, clothing, and leisure activities have increased in cost over the past year.
100 days left to use old stamps
Royal Mail is reminding us to use up any older stamps without a barcode before they will no longer be valid for postage. You may still use themed, commemorative, and non-barcoded Christmas stamps after the deadline, and can trade in regular stamps without a barcode for new ones with a barcode free of charge.
Toys R Us to return to high streets next year
Following a model that recently launched in the US, the nostalgic toy store will open locations inside of WH Smith stores. It’s a triumphant return for Toys R Us, which shuttered all of its US and UK stores in 2018.
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