EU fears trade war with US in row over Biden’s green subsidies

EU ministers are trying to head off a trade war with the US as Brussels and Washington lock horns over $369bn (£304.8bn) of green subsidies being pushed by Joe Biden. Officials on the two continents have set up a taskforce to assess the impact of the US’s ambitious climate legislation – the Inflation Reduction Act … Read more

Winter energy bills support to cost taxpayers £1,800 per household – latest updates

Ofgem has increased the energy price cap this morning, which means nothing for British households in the short term but a lot for the Treasury. The price cap will rise to £4,279 from January, meaning the Government must would pay nearly £1,800 per house over the course of the year after limiting household bills to … Read more

Christmas strikes: workers warn over ‘end of Royal Mail as we know it’ – latest updates

Sam Bankman-Fried has issued a mea culpa in a letter apologising to FTX staff for the collapse of his crypt empire. It comes as US bankruptcy proceedings have revealed that tens of thousands of British traders have been left out of pocket by the implosion of the cryptocurrency exchange FTX. Some 8pc of FTX’s users … Read more

Rail union expected to announce more train strikes – latest updates

Rail union bosses will meet today to agree on whether to stage more walkouts on Britain’s railways after talks with industry bosses collapsed. The Rail, Maritime and Transport Union (RMT) had called off industrial action at the eleventh hour shortly before the Bonfire Night weekend, although the last-minute decision still caused heavy disruption on trains. … Read more

Middle England to suffer biggest hit from Jeremy Hunt’s tax rises, says IFS

We already knew that Jeremy Hunt’s Autumn Statement was paving the way for years of pain but the Resolution Foundation’s report makes for worrying reading. The scaling back of the energy price guarantee, which will keep average bills at £2,500 until April, means the typical household will only have 30pc of the rise in their … Read more

Record fall in household incomes erases a decade of growth – latest updates

Welcome to Autumn Statement day. This morning Chancellor Jeremy Hunt will be announcing the government’s financial plans, the first such financial statements made under Rishi Sunak’s premiership. Mr Hunt’s statement comes after inflation hit its highest level for 41 years, driven mainly by increases in gas and electricity bills. “We aren’t immune to these global … Read more

Andrew Bailey: I will not take a pay rise

The soaring cost of dairy products, pasta, and energy boosted inflation to a fresh four-decade high in October despite government help to slash bills. Prices rose by 11.1pc last month as the cost of living crisis deepened for households, up from an increase of 10.1pc the previous month, according to the Office for National Statistics. … Read more

Major crypto exchange reassures investors over fears of contagion

Investors fear cryptocurrency’s equivalent of a run on the banks as the head of another popular exchange tries to reassure investors following the dramatic collapse of FTX. Crypto.com tweeted that its chief executive Kris Marszalek will go live on YouTube to answer questions around some transactions on the platform that had sparked speculation and fund … Read more

Economy shrinks as UK heads for recession – live updates

The UK economy shrank in the third quarter, marking the latest sign that Britain is heading into a recession. GDP fell 0.2pc in the three months to the end of September, according to the Office for National Statistics. That was down from a 0.2pc expansion in the previous three months, but not as severe as … Read more