Author: WTX Business Team

Council tax bills could rise by 5% after Labour keeps cap in place Labour has confirmed council tax rises will be kept at the 5% cap next year, which could mean a rise of £100 for the average family’s bills. The prime minister’s press secretary said on Wednesday that the threshold by which local authorities can increase bills would “remain the same”. Hours earlier Keir Starmer had dodged a question from Kemi Badenoch, the Conservative leader, at prime minister’s questions about whether he would keep the cap on council tax. Speaking in the Commons, he said MPs “will know what…

Pension ‘megafunds’ to be created to boost investment and economic growth Pension “megafunds” are set to be created to help unlock billions of pounds of investment in UK businesses and infrastructure. Rachel Reeves will use her first Mansion House speech on Thursday as chancellor to outline what is billed as the biggest pensions shake-up in decades. Consolidating assets into a handful of funds run by professional fund managers will allow them to invest more in infrastructure, supporting economic growth and local investment on behalf of the UK’s 6.7 million public servants, the government says. Source link

VW has partnered with Rivian in a $5.8 billion joint venture aimed at accelerating EV innovation. The move will see both companies sharing advanced technologies to address slowing global EV demand and increasing competition from Chinese manufacturers.

Wage growth comes in ahead of expectations despite loosening labour market Bank of England rate-setters received a mixed picture from the latest labour market figures, with progress on wage growth stalling even as unemployment crept up. According to the Office for National Statistics (ONS), pay growth excluding bonuses eased to 4.8 per cent in the three months to September, down from 4.9 per cent previously but slightly ahead of expectations. This confirmed that regular pay growth remained at its lowest level since June 2022. Including bonuses, however, annual wage growth rose to 4.3 per cent, up from 3.8 per cent…

London’s challenger stock market Aquis has accepted a £194m takeover offer from Swiss-based bourse operator SIX Group, CITY AM reports.

Tesla, bitcoin and dollar jump as investors pile into ‘Trump trades’ Bitcoin hit a fresh record, the US dollar rose to a four-month high and Tesla shares jumped, as investors raised bets on the big winners from Donald Trump’s US presidential election victory. The dollar was up 0.4 per cent against a basket of its peers on Monday, passing the level it hit the day after the election last week and taking it to its highest since July. The euro fell 0.5 per cent to $1.067, its lowest level since June.  Bitcoin, which has hit a series of record highs…

China, after decades of mostly export-based growth, must now deal with massive problems of industrial overcapacity. The country is now trying to encourage more domestic consumption and to diversify its trading partners.

In very traditional Republican terms, he’s talking about tax breaks and reduced regulation. In terms of some of his specific pledges on the economy, he’s talking about getting rid of income taxation on tips and overtime. These things combined have the potential to be quite domestically inflationary, I would say.

Underground air to heat London’s iconic buildings Excess heat from London’s Underground will power iconic buildings in a new £1bn net zero scheme. This low-carbon network will soon channel excess heat from the Underground to power several sites in central London, namely Downing Street and the National Gallery. This comes following last week’s Budget, in which chancellor Rachel Reeves announced significant investments in green energy, including a £2bn pour into UK’s hydrogen schemes. The initiative was recently launched by Hemiko and Vital Energi, who have partnered to transform Westminster’s heating infrastructure, marking a major step in the UK’s journey towards net zero.…

UK economy at risk of higher inflation and slower growth due to Trump tariffs Economists are concerned by the likely impact of Donald Trump’s economic policies on the UK following his historic election victory. During the campaign, Trump threatened to increase tariffs on foreign imports by between 10-20 per cent while also placing 60 per cent tariffs on Chinese goods. A tariff is a levy imposed on imports. By putting extra costs on businesses importing products from overseas, tariffs limit trade and lead to higher prices for consumers. If Trump went ahead with his threats to impose blanket tariffs, economists…

US Treasury yields jump and Bitcoin hits record as Trump wins election US Treasury yields jumped and Bitcoin surged to a new record as markets reacted to Donald Trump’s victory in the presidential election. Republicans have taken back control of the Senate, while Trump is due to return to the White House after winning the crucial battleground of Pennsylvania. Trump declared victory in a speech in Florida after having earlier won the key swing states of North Carolina and Georgia. The win was officially called by media outlets later in the morning. Walking up to the stage at 2.25am local…