SSE is a winner in the great grid upgrade. Who is looking out for consumers and small businesses? | Nils Pratley

It is a “once-in-a-generation opportunity to upgrade the UK electricity network”, gushed Martin Pibworth, the chief executive of SSE, and you can understand his excitement. The great grid upgrade has put a rocket under his share price. SSE’s shares soared 17% on Wednesday as the group laid out plans to spend the phenomenal sum of £33bn – more than the company’s current stock market value – over the next five years.That’s terrific news for SSE shareholders, but the stock market’s enthusiasm will do nothing to quiet two big worries about the sprint to upgrade the electricity grid. Has the regulator Ofgem – under orders from the government to get the upgrade done by 2030 – had to throw gold in the path of SSE, Scottish Power and National Grid Group, the trio behind the overall £80bn network investment programme? And what does it all mean for electricity consumers – households and businesses – who will fund this upgrade through their bills?From the point of view of SSE’s shareholders, the worry was that the mighty step up in spending, including £27bn alone on electricity networks, would have to be backed by a hefty issue of new shares

Atlanta Fed chair steps down as Trump attacks central bank’s independence

The head of the Federal Reserve Bank of Atlanta announced plans to step down amid an extraordinary campaign by Donald Trump to exert influence over the US central bank.Raphael W Bostic, president of the Atlanta Fed, will retire from the role in February – creating another vacancy on the Fed’s powerful policy committee.As the Trump administration continues to demand interest rate cuts, and even target some Fed officials, Bostic is the latest senior figure to depart.After Adriana Kugler resigned in August from the Fed’s board of governors, Trump replaced her on interim basis with Stephen Miran, one of his top advisers.The US president will not pick Bostic’s successor, however

UK gets record demand at government debt auction; FTSE 100 index sets new closing high – as it happened

Britain has not lost the support of the bond markets, despite the turmoil in Westminster and uncertainty over this month’s budget.A new auction of inflation-linked UK debt, which matures in 2038, has attracted record demand from investors keen to buy the bonds.According to Reuters, demand for the UK debt broke the previous record.They say:Orders for the 1.75% September 2038 inflation-linked bond topped £69bn, a bookrunner said, beating a previous record of £67

‘Part of the joy economy’: bumper year for UK toys as Wicked dolls and Pokémon appeal to ‘kidults’

There could be tug of war under the Christmas tree this year owing to the growing trend of adult toy collectors, a rundown of the season’s must-haves suggests.Singing Wicked 2 dolls, manga-themed Lego, a Pokémon game and a mini-fridge playset are among the items on the annual DreamToys selection that experts say are as likely to feature on the wishlists of adults as children.In recent years, the industry has been bolstered by the passions of “kidults” (buyers aged 12 and over) who spend their spare cash on expensive Lego sets and collectible figurines. This group is behind £1 in every £3 spent on toys in the UK.Almost half of adults (43%) have bought a toy for themselves or another adult this year – a figure that rises to 76% among gen Z (aged 18 to 28) shoppers, according to figures from the data company Circana

Housebuilder Taylor Wimpey hit by sales fall amid budget uncertainty

The British housebuilder Taylor Wimpey has reported a drop in sales in the key autumn period, blaming uncertainty in the run-up to this month’s budget for potential buyers holding back purchases.The company, the latest home construction business to report softer sales growth, reported that its weekly average for the number of private sales per site fell 11% to 0.63 between 30 June and 9 November compared with 0.71 in the same period last year.“Market conditions remain challenging, impacted by uncertainty ahead of the upcoming UK budget and continued affordability pressures,” said Jennie Daly, its chief executive

Menulog closing in Australia, affecting thousands of delivery drivers and 120 employees

Menulog is closing its Australian operations, becoming the latest casualty in the competitive delivery service app sector that will affect thousands of delivery riders, as well as about 120 direct employees.The owner, Dutch multinational Just Eat Takeaway.com, announced on Wednesday that the Australian-founded service will no longer take orders from 26 November.“While Menulog has a proud 20 year history, it has been navigating challenging circumstances,” the company said.The Transport Workers’ Union national secretary, Michael Kaine, said the closure would come as a “shock to the thousands of food delivery riders who rely on Menulog for income”