Thursday evening UK news briefing: Bank of England warns of full-year recession

The post-covid recovery has always led to economic disruption, and the war in Ukraine has caused energy prices to spike.

But could the Bank of England weather shocks better?

Tory leader Liz Truss is promised to “reexamine” the bank’s mandate “ensure that it is sufficiently tough on inflation”.

There is evidence of the impact of rising prices on the wider economy today, as UK builders have shown the worst since the start of the pandemic as recession fears dragged the sector into its first slowdown in 18 months.

Andrew Lilico suggests that it is time to revoke the bank’s independence.

Tax Cut Alert

Mrs Truss promised during the campaign to reverse the 1.25 percentage point rise in National Insurance which came into effect at the start of this tax year to immediately help families with the rising cost of living.

The chances of that happening are getting more and more likely survey results in favor of the foreign minister and today it is Telegraph people in her leadership campaign were said to be privately trying to persuade MPs to back her rival Rishi Sunak switch sides.

However, the Foreign Secretary’s tax-cutting strategy has met with opposition from the boss of high street retailer Next.

Lord Wolfson has the warned tax cuts will not solve the challenges facing the British economy.

Read it what each candidate’s cuts will save you when preparing for to battle it out in a televised leadership debate on Sky later.

How to get a salary increase

Pensioners are on the right track received a consecutive 10% increase in their state pension as high inflation is now forecast to remain in double digits for much of next year.

With the Bank of England predicting a 15-month recession, can workers do anything to protect their wealth?

Switching to the best savings rates, investing in businesses that can thrive when borrowing costs rise and locking in low mortgage rates while they last could have a big impact.

Read it ways to make money when interest rates rise.

Despite skyrocketing energy bills and skyrocketing rents, wage growth has failed to keep up.

Despite the fact that the number of vacancies is huge, we live in a heated employment market. Read it how to secure a 100% salary increase.

Commentary and analysis

Around the world: Missiles fired into Taiwanese waters

Chinese army fired several ballistic missiles today into the waters around Taiwan as China’s largest military exercises surrounding the island began. Taiwan’s Ministry of Defense confirmed that 11 missiles were fired, almost double the number fired in July 1995 during the third Taiwan Strait crisis. In response, Taiwan activated “appropriate defense systems”, a senior military official told a briefing. Japan said five ballistic missiles launched by China also landed in its exclusive economic zone in the first such incident. Watch out videos of rocket launches and a map they show where they landed.

Thursday big reading

New Premier League kits 2022-23: every shirt on the list