Mental health patients harmed by being sent to units far from home, report finds
Royal Mail owner considering job cuts and price hikes on stamps and parcels
The company that owns Royal Mail is considering job cuts and price rises on stamps and parcels as it blamed the Labour government’s first budget in 14 years for adding £120m to its costs.International Distribution Services (IDS) said the government’s decision to raise employers’ national insurance contributions (NICs) compounded challenges for the business as it faces one of the most turbulent periods in the history of its 508-year-old subsidiary, the Royal Mail.The group, which is the subject of a takeover bid, took a £134m writedown on the value of Royal Mail and said the NICs changes would cost the business about £120m a year from 2025-26. Royal Mail is one of the UK’s largest employers, with 130,000 staff.Martin Seidenberg, its chief executive, said: “We’re seeing quite a massive burden coming our way in terms of the national insurance increase
UK government borrowing in October tops forecasts at £17.4bn
The UK government borrowed more than expected in October as debt interest payments pushed the public finances deeper into the red, piling pressure on Rachel Reeves as she attempts to grow the economy.Borrowing rose to £17.4bn last month, the second highest October figure since monthly records began in 1993. City economists had expected a smaller figure, of about £12.3bn for October, after the UK borrowed more than £16bn in September
Australia took its interest rate medicine – and it has poisoned our living standards | Greg Jericho
I always worry when I hear politicians or economists talk about how the economy needs to be administered some painful medicine. Inevitably it means people suffering for no good reason. Right now the medicine of interest rate rises is poisoning the economy as living standards collapse.If ever there was an example of the disconnect between “the economy” and what people actually experience, it came with the release of the annual gross state product (GSP) figures, which measure state economies much like GDP measures Australia’s economy.The news was announced by the Bureau of Statistics, which told us “gross state product rose in all states and territories”
UK inflation rises to 2.3%, increasing pressure to delay interest rate cut
Inflation could rise above 3% next year after it increased to 2.3% in October, heaping pressure on the Bank of England to delay further interest rate cuts until the spring.Figures released by the Office for National Statistics (ONS) on Wednesday showed that a rise in energy bills pushed up the consumer prices index (CPI), reversing a downward trend this year in inflation, which was 1.7% in September.The figure for the year to October was slightly above the 2
Lidl warns of price rises and HMV of job cuts amid backlash over UK budget
Lidl has warned of potential price rises, with HMV predicting job cuts as a result of cost increases caused by the UK government’s budget.Doug Putman, the owner of the British entertainment retailer HMV, said the budget was “bad news in general” and “most retailers would be on a pause” in their expansion plans as the cost of employing staff rose. “We won’t open, we will wait,” he said.“I would be surprised if we could find a way to get through this without cutting jobs,” he added. He said retailers took on extra staff for Christmas and often kept some on permanently, but the industry was “probably not going to see as much of that this year”
Ford cuts 4,000 jobs in Europe, including 800 in UK, after slowdown in EV sales
Ford has said it will cut 4,000 jobs in Europe, becoming the latest carmaker to try to reduce costs amid slowing growth in electric car sales and competition from China.The American carmaker said on Wednesday it would axe 800 jobs in the UK and 2,900 in Germany. The company’s UK factories in Dagenham and Halewood will not be affected.The cuts represent about 14% of Ford’s 28,000 workforce in Europe and will be completed by the end of 2027.Ford is the latest in a series of global carmakers to aim for cost savings as the industry struggles with waning demand while also trying to invest in the transition to electric cars
US justice department plans to push Google to sell off Chrome browser
TechScape: Betting markets come for everything – and the FBI comes for a betting market
Meta pushes AI bid for UK public sector forward with technology aimed at NHS
AI cloning of celebrity voices outpacing the law, experts warn
Roblox to give parents more control over children’s activity after warnings over grooming
AI could cause ‘social ruptures’ between people who disagree on its sentience