Financial news

• Warner Bros studios in Leavesden to expand, creating 4,000 UK jobs

  21-09-2023 23:30
  
  Studios behind Harry Potter films to undergo 400,000 sq ft expansion by 2027, in boost to struggling industryThe Warner Bros studios behind the Harry Potter film series are to undergo a major expansion, creating 4,000 jobs and providing a boost to Britain’s beleaguered film and TV production industry.The development in Hertfordshire, expected to be complete in 2027, will add 400,000 sq ft (37,000 sq metres) to Warner Bros Studios Leavesden (WBSL). Continue reading...
  
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• What does Rupert Murdoch’s resignation mean for his UK media outlets?

  21-09-2023 20:35
  
  Lachlan Murdoch doesn’t share his father’s interest in Britain but Rupert is still deemed ‘very much in control’Rupert Murdoch’s decision to put his son Lachlan in sole charge of his media business was met with surprise by staff at his company’s London Bridge headquarters, who had expected the 92-year-old to be carried out of the building in a coffin.As a result, two questions are being asked: is Lachlan committed to the company’s British media outlets,
  
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• Post Office knew legal case was likely to bankrupt Horizon IT victim, lawyer says

  21-09-2023 19:58
  
  Inquiry into scandal told company wanted to use Lee Castleton’s case to dissuade others from pursuing claimsThe Post Office knew a post office operator would probably be bankrupted by a legal case he brought but wanted to send a warning message to others, a solicitor who worked for the company has admitted.Lee Castleton was made bankrupt by the Post Office after a two-year legal battle. His case is one of the most high-profile in the Horizon IT scandal, which has been described as the most
  
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• Bank of England’s interest rate pause raises hopes peak has been reached

  21-09-2023 19:45
  
  Relief for mortgage holders after 14 consecutive rises as UK economy comes under growing pressureJudging by state of economy, Bank is done with rate hikesMortgage holders have been offered relief after the Bank of England kept interest rates on hold for the first time in almost two years, raising the prospect that a peak in borrowing costs has been reached in the battle against inflation.In a knife-edge decision as the economy comes under growing pressure, the Bank’s monetary policy commit
  
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• Bargain bus trips save the pennies and the planet | Letters

  21-09-2023 19:04
  
  It isn’t as good as a Luxembourg-style free pass, but the £2 cap on bus tickets in England and Wales has been a boon for Nicola Baird. Plus letters from Tim Mansfield and Simon FowlerI loved reading Steve Rose’s article (All aboard! Can Luxembourg’s free public transport help save the world?, 20 September) as he travelled 62 miles across Luxembourg on public transport for free. It’s not quite the same in generosity or vision, but, since the spring, English and Welsh
  
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• Russia temporarily bans export of petrol and diesel to stabilise domestic market

  21-09-2023 19:02
  
  Four ex-Soviet states excepted from ban, which has been prompted by railway bottlenecks and weak roubleRussia has temporarily banned exports of petrol and diesel to all countries outside a circle of four ex-Soviet states with immediate effect, in order to stabilise the domestic market.“Temporary restrictions will help saturate the fuel market, which in turn will reduce prices for consumers,” the Kremlin said in a statement. Continue reading...
  
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• Co-op boss urges police to take shoplifting more seriously after £33m cost

  21-09-2023 19:00
  
  Matt Hood says shoplifting increasingly seen as crime with no consequences with rise in organised gangs looting storesThe boss of the Co-op grocery chain has called on the police to take shoplifting more seriously and says he is frustrated by a lack of action against thieves who cost the business £33m in the first half of 2023.Matt Hood, the chain’s managing director, said shoplifting was becoming a major issue for UK communities and cited a rise in what he called “shop looting
  
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• Saudi Arabia's Mohammed bin Salman 'will continue sportswashing' – video

  21-09-2023 18:45
  
  In an interview with Fox News, Saudi Arabia's Crown Prince Mohammed bin Salman said he 'doesn’t care' about accusations of sportswashing against his country. Bin Salman, known as MBS, has presided over unprecedented spending on sport since becoming Saudi’s de facto ruler in 2017. Critics argue the investment is intended to distract attention from his country’s human rights abusesMohammed bin Salman says he will ‘continue doing sport washing’ for Saudi Arabia Continu
  
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• What does keeping UK interest rates on hold mean for homeowners and savers?

  21-09-2023 18:29
  
  Decision not to increase rates from 5.25% will be relief for many but some mortgage holders are already paying moreThe Bank of England kept interest rates on hold on Thursday – to the relief of many homeowners and would-be buyers.So what does this mean for your finances, and what are experts advising borrowers and others to do? Continue reading...
  
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• Improve the world we live in, the departing Rupert Murdoch urged staff today. So why didn’t he? | Jane Martinson

  21-09-2023 18:27
  
  This is a media and political age that he himself has shaped. It’s hardly a legacyto be proud of It should come as no surprise that Rupert Murdoch has decided to step down from the top of his media empire. Yet the news that the 92-year-old, no longer in the best of health, will not die in the job, as he always suggested he would, came as a huge shock.After a lifetime spent transforming the relatively small Australian print newspaper business he inherited from his father into a global corpo
  
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• Next raises profit outlook again and says prices could fall in spring

  21-09-2023 18:09
  
  Retailer ups full-year expectations for third time in four months as it signals prices could fall for first time in at least two yearsNext has raised its full-year profit expectations for the third time in four months and signalled that prices could start to fall next spring for the first time in three years.The fashion and homewares retailer upped its annual profit guidance by £30m to £875m as it said better ranges, the sunny spring and pay rises for many of its customers had helped
  
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• ‘It’s an insult’: drivers react to Rishi Sunak’s electric car U-turn

  21-09-2023 18:04
  
  Many feel decision to delay ban of petrol and diesel cars flies in face of environment and industry alike, while some see it as pragmatismRishi Sunak’s announcement that he will delay banning the sale of new petrol and diesel cars by five years to 2035 in a U-turn on the government’s climate commitments has triggered international condemnation and anger from industry.The policy shift came on Wednesday, as the prime minister stated that there would also be a slowdown in the phasing ou
  
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• Hamleys targets ‘kidults’ as it reveals top 10 toys for Christmas

  21-09-2023 16:46
  
  £150 radio-controlled van among toys store hopes will tap into £1.2bn trend of adults buying for themselvesHamleys is usually thinking about what will feature on the Christmas lists of children but for the first time this year the retailer has served up toy-buying ideas for “kidults” too, and they include a £150 kit for a cult radio-controlled car from the 80s.Lifestyle changes during the pandemic led to a big rise in demand from adults for games, building sets and
  
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• Mortgage lenders cut rates below 5% as Bank of England base rate held at 5.25%

  21-09-2023 16:43 via express.co.uk
  
  Brokers are confident a mortgage rate war is "well and truly underway" as high street lenders cut their rates.
  
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• UK still on track to hit climate targets despite net zero rollback, says Rishi Sunak – video

  21-09-2023 16:28
  
  The prime minister said the UK was still on course to hit net zero targets despite announcements on Wednesday that he was rolling back key policies. Rishi Sunak said the UK was adopting a more 'proportionate and pragmatic way' to reach its climate goals and that he was 'absolutely confident that we are on track to hit all our international and domestic targets'Rishi Sunak defies critics and presses on with net zero U-turn'You're making claims that aren't true': Sunak pressed on scrapping 'meat t
  
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• Top UK cities where debts have shot up over past year as average increases by 19%

  21-09-2023 16:10 via express.co.uk
  
  Average unsecured debts are at more than £18,000 with many Britons struggling to cover their daily costs.
  
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• Now is best time to lock in savings rate in 15 years - here are the top deals today

  21-09-2023 16:03 via express.co.uk
  
  The Bank of England's pause on interest rate hikes could see savings providers drop deals, an expert warns.
  
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• UK carmakers will have to meet electric car sales targets despite Sunak U-turn

  21-09-2023 16:01
  
  Firms call for support as government presses ahead with plan to impose minimum sales quotas in 2024Carmakers in the UK will still be mandated to sell electric vehicles from 1 January or face fines, despite Rishi Sunak’s U-turn on banning new petrol and diesel vehicles, under plans expected to be confirmed by ministers this week.Manufacturers are calling for clarity and support, as the decision to press ahead with a mandate on car sales appears to clash with plans outlined on Wednesday by t
  
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• Landlords in Yorkshire abandon buy-to-let market over high interest rates

  21-09-2023 15:59
  
  What was once a lucrative investment for those with spare funds has become a headache amid higher borrowing costsBusiness live – latest updatesAfter years of witnessing landlords piling into the Yorkshire buy-to-let market, Bruce Collinson’s estate agency has seen an exodus of late.What was once a lucrative investment for those with spare funds has become a headache as higher borrowing costs due to rising interest rates have added to a long list of pressures – from the withdraw
  
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• Rupert Murdoch stepping down as chair of Fox and News Corp

  21-09-2023 15:45
  
  Lachlan Murdoch, Murdoch’s eldest son, now seems to be his successor after seven-decade run as controversial media mogulRupert Murdoch is stepping down as chair of Fox and News Corp – ending a seven-decade run as one of the world’s most transformative and controversial media moguls.In a note to staff first reported in the Murdoch-controlled Wall Street Journal, he wrote: “For my entire professional life, I have been engaged daily with news and ideas, and that will not cha
  
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• Tesla is the next biggest union target in the United States. Sorry, Elon Musk | Hamilton Nolan

  21-09-2023 15:34
  
  The carmaker is now US labor’s most important target. If Musk doesn’t like that, he’s welcome to settle it with an auto worker by cage matchThe massive United Auto Workers strike against the big three automakers is, first and foremost, an awesome demonstration of labor power – the act of a powerful, longstanding industrial union, with newly radical leadership, determined to wage one big fight to reset a playing field that has been slowly tilting in the wrong direction for
  
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• What is Rupert Murdoch's net worth?

  21-09-2023 15:32 via express.co.uk
  
  Rupert Murdoch is stepping down as chairman of Fox Corporation and News Corp
  
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• Interest rate rise return fears as Andrew Bailey told hikes must 'stop not pause'

  21-09-2023 14:45 via express.co.uk
  
  The Bank of England base rate has remained at 5.25 percent today, pressing pause on rate hikes after rising relentlessly since December 2021.
  
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• Judging by the state of the UK economy, the Bank is done with interest rate hikes

  21-09-2023 14:35
  
  Decision to hold rate at 5.25% will be good news for mortgage holders and firms but reflects dramatic weakening of economic activity• Business live – latest updates
  • Bank keeps interest rates on hold at 5.25%The economy is slowing by more than the Bank of England expected only a few months ago and this trend warrants the first pause in a cycle of interest rate rises going back to December 2021.This was the message from the Bank’s monetary policy committee (MPC) on Thursday
  
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• BoE interest rate freeze is a 'financial lifesaver'. So when can we expect a cut?

  21-09-2023 14:29 via express.co.uk
  
  I've been crying out for the Bank of England to call a halt to repeated interest rate hikes and today it came to its senses and gave us all a break. Now let's cross our fingers and hope the misery is over.
  
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• 'You're making claims that aren't true': Sunak pressed on scrapping 'meat tax' proposal – audio

  21-09-2023 13:26
  
  The BBC's Nick Robinson criticised the prime minister for announcing he had scrapped policies, including a tax on meat, that were never included in government policy. Rishi Sunak has said he is confident the UK will meet net zero by 2050, despite announcing delays to a number of green policies initially set out by the government. Sunak announced there would be a delay to banning petrol and diesel cars, which has sparked outrage from manufacturing companies for the government's lack of consistenc
  
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• Mapped: The millions receiving £300 payment - check how many are in your area

  21-09-2023 13:24 via express.co.uk
  
  More than eight million households on means-tested benefits are set to get the £300 payment.
  
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• Jeremy Hunt urged to spend on public services after inflation bolsters finances

  21-09-2023 13:08
  
  Resolution Foundation says cuts earmarked for after election are ‘even less tenable’ now Treasury is £11.4bn better off than forecastHigh inflation boosted the government’s finances in August, putting pressure on the chancellor, Jeremy Hunt, to increase support for state services, a thinktank has said.Government borrowing was £11.6bn in August and almost £70bn in the first five months of the current financial year. This left the chancellor £11.4bn better
  
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• Interest rate rises 'not at an end' despite Bank of England freeze

  21-09-2023 12:34 via express.co.uk
  
  EXCLUSIVE: While the Bank of England has gone back on expectations by holding interest rates, there may yet be more rises to come, an expert warns.
  
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• Nationwide launches new 'market-leading' 8% regular savings account

  21-09-2023 11:41 via express.co.uk
  
  Nationwide is also offering a £200 incentive to new customers looking to switch banks.
  
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• Holiday Autos scuppered my airport car hire: it’s time for a refund

  21-09-2023 09:30
  
  It failed to pass on my flight number, so Hertz’s office had closed – and I had to rent the last car on a competitor’s lotI hired a car through Holiday Autos and paid £186.95. It was to be collected from the Hertz office at Inverness Airport and I provided my flight number.The confirmation document stated that I would be escorted from the arrivals terminal to the Hertz office by a courtesy driver. This did not happen.Continue reading...
  
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• Your pension or your life! How to make your savings last as long as you do

  21-09-2023 08:00 via express.co.uk
  
  Living to the grand old age of 100 used to be a rarity but more of us will achieve that milestone as life expectancy rises. Unfortunately, our pensions may not have the same longevity.
  
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• Green target delay will lead to higher bills for low-income tenants, say experts

  21-09-2023 07:00
  
  Requirement for landlords to meet stricter energy efficiency standards has been droppedLow-income tenants will face higher energy bills as a result of the government’s decision to scrap plans to force private landlords to upgrade their properties to make them more energy efficient, experts have said.The requirement for landlords to meet stricter energy efficiency standards, put out for consultation by the government two years ago, was dropped by the prime minister, Rishi Sunak, on Wednesda
  
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• Nationwide launches 8% account as battle for UK’s savings intensifies

  21-09-2023 01:01
  
  Building society’s regular saver for current account holders is one of a growing number paying 6% interest or moreCompetition among financial firms for a slice of the nation’s savings is intensifying, with Nationwide launching an account paying a “market-leading” 8% interest.A string of Bank of England interest rate rises since late 2021 have pushed up savings rates across the board. The Bank voted to leave interest rates on hold on Thursday at 5.25%, but that is still we
  
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