Chatting to strangers on the tube...🚩😬
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Tom Boadle
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McBride says CBI "failed to filter out culturally toxic people during the hiring... failed to conduct proper cultural onboarding... paid more attention to competence than to behaviour... tried to find resolution in sexual harassment cases when we should have removed...offenders"
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Brian McBride says the culture "allowed that very small minority of staff with regressive – and, in some cases, abhorrent - attitudes towards their female colleagues to feel more assured in their behaviour, and more confident of not being detected"
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NEW: CBI President tells members he does not know whether they will ever trust the organisation again
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Revealed: More than 20 government ministers, including six members of the Cabinet, will attend a business summit tomorrow as Rishi Sunak woos corporate chiefs amid a concerted attempt from Sir Keir Starmer to present Labour as the new party of business.
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A rare glimpse inside a private meeting between the UK delegation and IMF top team.
The IMF has forecast the UK will have the worst economic growth in the G7 this year. Our cameras captured the moment responded directly to the IMF managing director…
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NEW: UK GDP flatlines in February with 0% growth as teacher and civil service strikes dampen economic growth in the services sector, according to the
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⚙️STEEL🧵
Pretty 👀 statistic: no other country save Venezuela has seen steel output contract as quickly as UK.
Tempting as it is to cast this as “normal” it’s anything but…
If u want to understand the nature of Britain’s economy right now u can’t do it without pondering steel…
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The government is cutting benefit payments to millions of people to recoup overpayments that in some cases are decades old & no fault of the claimants. 29k cases have been passed to debt collectors. Charities say It’s plunging people into poverty
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Amazon is eager to point out this represents a 10% pay rise since they're last hike in August. Their Coventry workers were asking for 15% though and it certainly hasn't placated Darren Westwood who's leading the action there and who says it's not “remotely enough to live on."
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NEW: Amazon increases the minimum starting pay for UK workers from £10.50-£11.45 to £11-£12 per hour (depending on location)
GMB union says the new rate is an "insult" and they'll "be consulting over the next few days and announcing a new wave of action”.
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Woolworths collapsed into administration in 2009 because it was laden with debt and couldn't adapt in a rapidly-evolving world
815 stores were closed between 2008-2009 and 27,000 people were left jobless
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Jacob Rees Mogg tells me he would like to be the “Woolworths of Nigel Farages” pic.twitter.com/kJhF7NVPKH twitter.com/SamCoatesSky/s…
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It’s taken a long time for me to get these thoughts out of my head and on to paper. But after the year we’ve had and with today’s anniversary, it seemed the right moment.
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📈 BREAKING: A surprise leap in inflation from 10.1% in January to 10.4% in February
Food price rises have hit a record 18%, driven in part by shortages of salad caused by bad weather in southern Europe and Africa and high energy prices on produce grown out of season in the UK
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A five-stop tour through the banking panic of 2023.
A fuller piece on what we might be going through, on the website:
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"These two are the Coca-Cola and Pepsi of the Swiss banking world, the Liverpool and Manchester United, the McDonald's and Burger King."
gives his analysis on the UBS-Credit Suisse takeover 👇
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🚂 NEW: RMT members have accepted a pay offer from Network Rail, voting 76% in favour on a turnout of nearly 90%
The rail dispute isn't over though as there's still no agreement between RMT members and the 14 big train operating companies
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Revealed: Ministers are pursuing an overhaul of the UK senior managers regime, which certifies and regulates bank executives, as part of efforts to bolster the City's international competitiveness - even as the sector faces its biggest crisis since 2008.
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📉 UK wholesale natural gas prices are back down below £1 per therm for the first time since August 2021 - largely bc of the relatively mild winter, high storage levels in Europe and additional supply from the US. Good news for the West in its economic war against Putin.
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To put today's FTSE 100 fall into perspective, the market dropped more than it did either after the mini-budget or the invasion of Ukraine.
Amid the travails of Credit Suisse, fears about the financial system are getting very serious...
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The UK economy won't be back to its pre-pandemic level until mid-2023, a year after every other G7 economy
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We expect a shorter and shallower economic downturn, with GDP falling by 0.6% in total, down from the over 2% forecast in November.
GDP recovers from mid-2023 and regains its pre-pandemic peak in mid-2024.
#SpringBudget #Budget2023
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The economy may well avoid a recession this year but the hit to living standards remains...
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Living standards are expected to fall by 6% over this fiscal year and next as inflation outstrips income growth. This is less than the 7% fall we expected in November but still the largest two-year fall since ONS records began in the 1950s.
#SpringBudget #Budget2023
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Chancellor: the OBR report today that inflation in the UK will fall from 10.7% in the final quarter of last year to 2.9% by the end of 2023
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Chancellor: OBR now forecasting that the UK will not now enter a technical recession (two quarters of negative growth) this year
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BREAKING: The chancellor will promise to provide 30 hours of childcare a week to parents of one and two-year-olds, Sky News has learned
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How the and came within a whisker of allowing Silicon Valley Bank's UK arm to implode.
My long read with the inside story of what insiders codenamed "Operation Cork"
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EXCLUSIVE: HSBC Holdings has emerged as a potential white knight as the government races to secure an eleventh-hour rescue of Silicon Valley Bank UK. A deal is not yet certain but I understand that both HSBC and JP Morgan are exploring buying the stricken lender. More soon.
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Revealed: Britain's biggest high street lenders including Barclays and Lloyds have been given a 24-hour deadline to rescue Silicon Valley Bank UK as it teeters on the brink of an insolvency process overseen by the Bank of England.
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🚄 Govt also says it's prioritising HS2’s services between Old Oak Common in London and Birmingham Curzon Street - delaying introduction of services to Euston
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🚄 NEW: The government delays HS2 Phase 2a between Birmingham and Crewe by two years citing "significant inflationary pressure and increased project costs"
High speed services had been due to start operating between Birmingham and Crewe from 2029 and 2033
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Another thought on the childcare situation in this country right now.
It was cheaper for me to fly two relatives down from Newcastle to London to stay a week with us than it was to pay for my two children to spend TWO days at nursery during half term.
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🛢️ Company adds that "given the fiscal instability and outlook for investment in the country, it has also reinforced our strategic goal to grow and diversify internationally"
No doubt this will further fuel the debate about how pro-business the UK is ahead of next week's Budget
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🛢️ Harbour Energy made $8m in profit after tax in 2022 (versus $101m in 2021) due to "a $1.5bn one off non-cash deferred tax charge" from the Energy Profits Levy
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🛢️ The North Sea's biggest oil and gas producer - - says the UK Energy Profits Levy has "all but wiped out our profit for the year" and "has driven us to reduce our UK investment and staffing levels"
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🚂 Worth reiterating that the RMT dispute with 14 train operating companies shows no signs of resolution with strikes still scheduled for 16, 18 and 30 March, and 1 April
The most recent offer was rejected in February without a ballot of the members
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🚂 Significant moment in the rail dispute that's been rumbling since June. The RMT is to put Network Rail's new offer to members without a recommendation to accept or reject
The last offer members were advised to reject and they did so by just 64%
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🚘 Good news for the UK car industry as it struggles to make the transition to electric
💷 The £500m investment includes a £75m sweetener from the UK Govt’s Automotive Transformation Fund
🔋 Follows news that Jaguar Land Rover is asking for £500m in aid for new battery factory
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Exclusive: BMW, the German car manufacturer, is close to finalising plans to invest close to £500m at its Mini plant at Cowley, Oxfordshire, guaranteeing future production there of the iconic vehicles. The funding will include £75m of government money. news.sky.com/story/bmw-revs
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❄️ NEW: The National Grid is using two coal-fired emergency units for the first time ever as temperatures plunge, pushing up demand
eager to point out it doesn't mean the electricity supply is in jeopardy
Here's the "System Warning" if you're into these things
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👪The govt can borrow to invest in physical infrastructure such as roads and rail, but should childcare be treated the same?
Hundreds of thousands of parents are leaving the workforce bc of the growing cost of childcare - it's costing families and the economy billions.
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Exclusive figures from @CentreProPolicy show the hours of work missed by mothers is estimated to be worth up to £38bn annually - equivalent to 1% of the UK’s economic growth per year.
It highlights the economic potential of women who want to work extra hours but can’t afford to
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NEW: Govt has asked energy suppliers to prepare for bills to be held at the current level from April
It means bills for typical households will remain capped at £2,500, rather than rising to £3,000
Expected cost: £3bn
Announcement expected in the Budget