5 Things You Need To Know, Today, on Tuesday 11th October 2022
Episode 947, Oct 11, 2022, 05:30 AM
5 Things You Need To Know, Today, on Tuesday 11th October 2022
5. Fitch the ratings agency, which last week downgraded its credit outlook on the UK to ‘negative’ from ‘stable’, citing the mini-budget - now expects UK GDP to shrink 1% in 2023, having forecast a 0.2% contraction in September.
It cited "“extreme volatility" in UK financial markets and the prospect of sharply higher interest rates.
(Click here to read more)
4. British consumer spending grew last month at a rate that lagged behind inflation by a long way, that underlined the risk of recession as the cost-of-living crisis rumbles on.
Barclaycard said spending on its credit and debit cards rose 1.8% year-on-year in September, the weakest reading since February 2021 and far behind the annual 9.9% increase in consumer prices in August.
(Click here to read more)
3. The number of care workers in England has fallen for the first time, leaving more people without the support they need.
Unfilled care jobs rose by 52% in a year, the fastest rate on record, says industry body, Skills for Care.
(Click here to read more)
2. People are stocking up on blankets and air fryers as they try to keep their energy bills down this winter.
Other energy-efficient appliances, such as air dryers, and warm clothing have also been selling well, the British Retail Consortium (BRC) said.
(Click here to read more)
1. The chancellor will need to make "big and painful" spending cuts to put the country's finances on a sustainable path, the Institute for Fiscal Studies think tank has warned.
With a weaker economy and promised tax cuts, it calculates the government would have to spend £60bn a year less by 2026-27.
(Click here to read more)
5. Fitch the ratings agency, which last week downgraded its credit outlook on the UK to ‘negative’ from ‘stable’, citing the mini-budget - now expects UK GDP to shrink 1% in 2023, having forecast a 0.2% contraction in September.
It cited "“extreme volatility" in UK financial markets and the prospect of sharply higher interest rates.
(Click here to read more)
4. British consumer spending grew last month at a rate that lagged behind inflation by a long way, that underlined the risk of recession as the cost-of-living crisis rumbles on.
Barclaycard said spending on its credit and debit cards rose 1.8% year-on-year in September, the weakest reading since February 2021 and far behind the annual 9.9% increase in consumer prices in August.
(Click here to read more)
3. The number of care workers in England has fallen for the first time, leaving more people without the support they need.
Unfilled care jobs rose by 52% in a year, the fastest rate on record, says industry body, Skills for Care.
(Click here to read more)
2. People are stocking up on blankets and air fryers as they try to keep their energy bills down this winter.
Other energy-efficient appliances, such as air dryers, and warm clothing have also been selling well, the British Retail Consortium (BRC) said.
(Click here to read more)
1. The chancellor will need to make "big and painful" spending cuts to put the country's finances on a sustainable path, the Institute for Fiscal Studies think tank has warned.
With a weaker economy and promised tax cuts, it calculates the government would have to spend £60bn a year less by 2026-27.
(Click here to read more)