Author: WTX Business Team

UK house prices see biggest fall for two years – Nationwide According to Nationwide, rising interest rates discouraged buyers, leading to the largest monthly decline in house prices in the UK in more than two years in November. The largest month-over-month decrease in prices since June 2020 was 1.4 per cent in comparison to October. Nationwide says annual house price growth experienced a “sharp slowdown,” falling to 4.4% from 7.2% in October. The lender also stated that the housing market appeared to “remain subdued” for the foreseeable future. As affordability issues weigh on demand, the official forecaster for the government…

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‘We are looking at energy difficulties this winter,’ MoneySavingExpert founder says

Apple and Musk are at odds over advertising on Twitter Elon Musk has said Apple has ended the vast majority of its advertising on Twitter and accused the company of threatening to remove the social media platform from its app store. Due to concerns over Musk’s plans for the social media platform’s content moderation, numerous businesses have stopped spending money on Twitter. Musk blames activists for massive drop in revenue Elon Musk, the world’s richest man, has blamed activists for pressuring advertisers, claiming that Twitter has experienced a “massive” drop in revenue. He wrote a series of tweets on Monday…

Number of homes at high risk likely to almost double by 2055, warns report by infrastructure commission In England more than 600,000 properties face flooding in the future without investment in drainage, a report from the National Infrastructure Commission (NIC) has found. At the moment, 325,000 English properties have a 60% risk of flooding in the next decade, according to calculations by the NIC, due to a lack of investment in infrastructure. Continue reading… ​Number of homes at high risk likely to almost double by 2055, warns report by infrastructure commissionIn England more than 600,000 properties face flooding in the…

‘We are looking at energy difficulties this winter,’ MoneySavingExpert founder says

Black Friday: Cost of living crisis may hit sales rush The cost of living crisis is set to dampen this year’s Black Friday sales rush, according to retail experts. The number of people heading out to the shops is set to be up on 2021 – the first festive season without Covid rules in place in three years. But due to the cost of living crisis prices are rising at their fastest rate in 41 years. Experts predict sales and profits are expected to be lower compared with 2021 as a result. Not only does the sales have to contend…

Elon Musk says Twitter will offer ‘amnesty’ to suspended accounts Billionaire and Twitter boss Elon Musk says the social media platform will provide a “general amnesty” to some suspended accounts from next week. Musk had started a poll on Wednesday on Twitter – asking user whether accounts that had “not broken the law or engaged in egregious spam” should be let back on the social media platform. Several accounts, such as Donald Trump’s, have already been reinstated by Mr Musk. Elon Musk bought Twitter for $44bn last month. More than 3.1m Twitter users responded to Mr Musk’s poll, with 72.4%…

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The double standards of Western morality are on show at the World Cup Telegraph says When it comes to rank hypocrisy, the Cop climate jamboree is always hard to beat. Last year, it was Jeff Bezos who set a high bar with the news that he had realised that “the world is finite and fragile” albeit only after spending an estimated $5.5bn (£4.7bn) on an 11-minute trip to space with a squadron of other super-rich galactic explorers. This time around, it’s hard to know where to start. There was the usual sight of delegates and world dignitaries arriving in their…

Company says cryptocurrency allegedly stolen in collapse being transferred to other exchanges The collapsed cryptocurrency exchange FTX owes its 50 biggest creditors nearly $3.1bn (£2.6bn), according to a filing in a US bankruptcy court. The exchange owes about $1.45bn to its top 10 creditors, it said in a court filing over the weekend, without naming them. The largest creditor is owed $226m. Continue reading… ​Company says cryptocurrency allegedly stolen in collapse being transferred to other exchangesThe collapsed cryptocurrency exchange FTX owes its 50 biggest creditors nearly $3.1bn (£2.6bn), according to a filing in a US bankruptcy court.The exchange owes about…

Solve worker shortages with immigration – CBI boss Tony Danker, boss of the UK’s biggest business group, will call on politicians on Monday to use immigration to solve worker shortages and boost economic growth. He is expected to tell politicians to be “practical” about immigration at the CBI’s conference in Birmingham. Many firms are struggling to recruit staff and job vacancies are near record levels. Immigration Minister Robert Jenrick said bosses should turn to the “domestic workforce” to fill shortages. Official figures show the UK’s unemployment rate has gone up and the Bank of England expects it to nearly double…

Spending watchdog confirms UK now in recession with worst fall in living standards since records began Business live – autumn statement updates and analysisAutumn statement – key points at a glance£6bn to insulate UK’s homes and a green light for Sizewell CElectric car owners to pay road tax from 2025Chancellor extends energy windfall tax to ‘low carbon’ generators The UK has fallen into a recession which will last more than a year and push half a million people out of work, according to a fresh forecast from the Office for Budget Responsibility (OBR). There will be the biggest fall in…

Made.com customers given 25 November delivery deadline The furniture retailer Made.com – which has fallen into administration, have told customers that unless an outstanding order arrives by 25 November, they should submit a claim to get their money back. Administrators PwC says nearly 4,500 orders in the UK and Europe are ready with carriers. But a large proportion of orders will not be fulfilled as they are still in production in Asia or are not ready to be sent out. High Street giant Next said it would buy Made.com’s brand name and intellectual property for £3.4m but not any of…

Elon Musk not above the law – US regulator A US regular has said Twitter boss Elon Musk is “not above the law” and is watching events at the social media company unfold with “deep concern.”  The comments from The Federal Trade Commission (FTC) come after Twitter’s top privacy and compliance officers reportedly quit.  It has also been reported that Mr Musk told employees bankruptcy is not out of the question for Twitter. The company has gone through massive changes since Musk took over – including firing thousands of employees last week. He announced that users could buy verified status…

Brexit-backing fashion boss says UK needs more foreign workers Lord Wolfson, a prominent backer of Brexit and chief executive of the High Street chain Next, is urging the government to let more foreign workers into the UK to ease the labour shortages. He says the UK’s current immigration policy was crippling economic growth. Speaking to the BBC, he said firms should pay a tax to employ foreign workers, to encourage them to recruit from the UK first. “We have got people queuing up to come to this country to pick crops that are rotting in fields, to work in warehouses…

Breaking – Facebook, Instagram, WhatsApp owner Meta to cut 13% of its workforce  Meta – the company that owns Facebook, Instagram and WhatsApp, will cut 13% of its workforce – the company has announced.  That’s around 11,000 jobs about to be axed from its worldwide headcount of 87,000 people. In a statement, Meta chief executive Mark Zuckerberg said the cuts were “some of the most difficult changes we’ve made in Meta’s history”. The shocking announcement comes just days after Twitter, under new boss Elon Musk, announced mass lay-offs  – around half its staff and other tech firms. 

Made goes bust, no information on customer refunds Made.com – the online furniture retailer has gone into administration, leading to hundreds of job losses and no communication over refunds for customers. There will be 399 job losses, most of which are redundancies. 79 employees who had resigned and were working their notice have also been let go. Next has spent £3.4 million on buying Made’s brand name, website and intellectual property. The furniture company had experienced a boom over the Covid lockdowns but hit problems as the cost of living crisis soars and households cut back on spending. Thousands of…

Millions to receive latest cost-of-living payment Millions of people on low incomes who receive certain benefits will start getting the second instalment of a targeted cost-of-living payment.  The £324 payment would be made directly into bank accounts between now and 23 November, the Department for Work and Pensions said, Anyone who qualifies via tax credits will receive it by the end of the month. The first grant of £326 was paid earlier in the year and together they are designed to assist with rising bills. The money is for those across the UK on certain benefits, including Universal credit and…

Interest rates are now 3 per cent – the highest level since 2008 – in a bid to tackle soaring inflation Interest rates are now 3 per cent – the highest level since 2008 – in a bid to tackle soaring inflation

Elon Musk faces lawsuit as Twitter is sued for mass layoffs over his plan to get rid of about half of its workforce The Sun says TWITTER has been sued over Elon Musk’s plans to axe around half of its workforce. The lawsuit was filed in a San Francisco court – just days after the Tesla mogul completed the $44billion takeover. Twitter employs around 7,500 workers, so it’s feared that up to 3,700 could be laid off. Staffers are claiming that they’ve not been given enough notice – which they say is in violation of state and federal law, according…

Elon Musk denies reports he plans to fire workers to avoid payouts Billionaire Elon Musk – who recently bought Twitter – has denied a report that he plans to lay off Twitter workers before the start of next month to avoid having to make payouts. Replying to a Twitter user asking about the report, he said: “This is false.” Mr Musk – the world’s richest man, completed his $44bn Twitter takeover after months of back and forth. Following the buyout, top Twitter bosses were fired.The New York Times reported that Elon Musk had ordered major job cuts across Twitter’s workforce. …

US throws out charges against interest rate ‘rigger’ The US has thrown out criminal charges against former UBS trader Tom Hayes – the first trader to be jailed for “rigging” interest rates. Hayes was the first of 38 people to be prosecuted. He was charged in both the US and UK, tried in London in 2015 and sentenced to 14 years. It was reduced on appeal to 11 and he severed a total of five and a half years. But earlier this year, US courts ruled the prosecutions were misconceived. It brings an end to a decade-long ordeal facing criminal…

  Mortgage rates soared after the mini-Budget, with many lenders pulling products from the market Mortgage rates soared after the mini-Budget, with many lenders pulling products from the market 

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