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 […]
Households with smart meters could earn hundreds of pounds by using less electricity at peak times this winter as part of efforts to avoid blackouts. National Grid, the company responsible for keeping the lights on, is starting a scheme that pays householders if they shift energy-intensive activities, such as using the washing machine, to when […]
One of Britain’s most exciting automotive zero-emission start-ups is to quit the country for the United States, where it says incentives are better for industry. Arrival has scrapped plans to build electric vans for groups including UPS and electric buses for FirstGroup at its Oxfordshire microfactory. Instead, it is to divert assembly to America. The […]
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 […]
Boris Johnson is flying back from the Caribbean as he attempts to make an extraordinary comeback with Rishi Sunak said to be keen to reach a reconciliation with former prime minister. Appointing Boris Johnson as Conservative leader would catapult the party “straight back into the pickle we were in when he was in office”, a […]
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 […]
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 […]
Just Eat Takeaway returned to the black earlier than expected in the third quarter, although orders fell sharply as customers reacted to the rising cost of living. Jitse Groen, the group’s chief executive, said restaurants had put up prices “by a lot”, contributing to a 15 per cent fall in orders in the UK and […]
Britain’s four biggest banks are set to report combined annual profits of about £33 billion this year thanks to rising interest rates as speculation mounts that Jeremy Hunt will raise taxes on the industry to repair the public finances. Third-quarter results next week from HSBC, Lloyds Banking Group, NatWest and Barclays are expected to show […]
Liz Truss has been forced to abandon plans to raise pensions by average earnings alone next year, which could have saved the government as much as £5 billion a year. The prime minister and Jeremy Hunt, the chancellor, confirmed earlier this week that they were considering scrapping the “triple lock”, which raises pensions in line […]