Tag: News

Oct 21

Elon Musk ‘planning to fire’ 75% of Twitter workers as $44 billion takeover edges closer

Elon Musk is considering cutting Twitter’s workforce by almost 75 per cent, as the deadline for his $44 billion takeover of the social media group edges closer. The world’s richest man has proposed drastic cuts to the San Francisco-based company’s 7,500 workforce, reducing it to just over 2,000, during conversations with prospective investors, The Washington […]
Oct 21

Economy set for 5% hit if interest rates spiral

Raising interest rates to 5.25 per cent next year would knock nearly 5 per cent, or £114 billion, off the economy, the deputy governor of the Bank of England has warned. Markets had anticipated British interest rates would peak at that level before Ben Broadbent’s speech yesterday. Rates stand at 2.25 per cent but are […]
Oct 20

Leisure and tourism suffer ‘sharpest fall in output’

Tourism and recreation businesses suffered their sharpest fall in output in September as cash-strapped consumers tightened their belts. Output in the sector, which includes pubs, hotels, restaurants and leisure facilities, contracted by a measure of 36.3, the fastest pace since February last year, when Britain was last in lockdown, according to the latest monthly Lloyds […]
Oct 20

Liz Truss resigns as prime minister

Liz Truss has announced she is resigning after 44 days in office, becoming the shortest-serving prime minister in British history. She announced that she would stand down after losing the confidence of Tory MPs and cabinet ministers. She said a successor would be chosen within a week “to deliver our fiscal plans and maintain our […]