{"id":8848,"date":"2022-10-26T13:02:20","date_gmt":"2022-10-26T12:02:20","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/10\/26\/news-in-review-78\/"},"modified":"2022-10-26T13:34:54","modified_gmt":"2022-10-26T12:34:54","slug":"news-in-review-78","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/10\/26\/news-in-review-78\/","title":{"rendered":"News in Review"},"content":{"rendered":"
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\u201cWe now need stability and unity\u201d<\/em><\/strong><\/em><\/strong><\/p>\n<\/div>\n\n

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In another whirlwind\nweek in UK politics, <\/strong>Liz Truss resigned last Thursday,\nthe shortest serving Prime Minister in British history. Speaking outside\nDowning Street she said she could not deliver the mandate on which she was\nelected. Her resignation after just 44\ndays kickstarted a contest to find the next Conservative leader and PM.<\/strong> <\/p>\n<\/div>\n\n

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A fast-tracked leadership contest saw the benchmark set high, with hopefuls needing to receive the backing of 100 MPs by 2pm on Monday. Sir Graham Brady, 1922 Committee Chair commented on the urgent need for stability, \u201cWe\u2019re deeply conscious of the imperative of the national interest of resolving this clearly and quickly.\u201d <\/em><\/p>\n<\/div>\n\n

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Boris Johnson, Penny\nMordaunt and Rishi Sunak threw their hats in the ring. Johnson pulled out of the race on Sunday, and with Mordaunt seemingly unable\nto get the backing of 100 MPs, Mr Sunak was named the next Prime Minister, the\nUK’s first British Asian PM and the youngest leader in over two centuries. <\/p>\n<\/div>\n\n

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In a brief address on Monday afternoon, Mr Sunak warned the country faced “profound economic challenges”<\/em> adding, \u201cWe now need stability and unity, and I will make it my upmost priority to bring our party and our country together because that is the only way we will overcome the challenges we face and build a better more prosperous future\u2026I pledge that I will serve you with integrity and humility and I will work day in day out to deliver for the British people.\u201d<\/em><\/p>\n<\/div>\n\n

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After meeting King Charles, Mr Sunak gave a speech outside Number 10, saying\nthat he would restore\ntrust, rebuild confidence and lead the UK through “a profound economic\ncrisis<\/em>” before he set to work on appointing his cabinet. <\/p>\n<\/div>\n\n

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Dominic Raab has been confirmed as Deputy PM, Grant Shapps was\nappointed business secretary and Jeremy Hunt remains as Chancellor. <\/p>\n<\/div>\n\n

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Inflation continues its ascent<\/strong><\/p>\n<\/div>\n\n

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According to the most recent data from the Office for National\nStatistics (ONS), food and non-alcoholic beverage prices in the UK are increasing\nat their fastest pace in over forty years, since April 1980. In the 12 months to\nSeptember, food costs leapt by 14.6%, up from 13.1% in the 12 months to August.\nKey drivers to the rise were price increases in meat, cereal, bread and dairy\nproducts.<\/p>\n<\/div>\n\n

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As food price rises continue their ascent and\npeople struggle with the cost of key household staples, Karen Betts, Chief Executive\nof the Food and Drink Federation commented on the rise, “Food and drink\nmanufacturers continue to do everything they can to keep product prices down,\nbut huge rises in ingredient, raw material, energy and other costs mean they\nhave no choice but to pass some price rises on.”<\/em><\/p>\n<\/div>\n\n

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She continued, “Recent economic\nturbulence in the UK has made a difficult operating environment for businesses\nin our sector worse.  Companies urgently need a stable economic outlook\nand a coherent policy framework to enable them to make investment and other\ncritical decisions that are central to their businesses and to the prosperity\nof their local communities.”<\/em><\/p>\n<\/div>\n\n

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IHT receipts<\/strong><\/p>\n<\/div>\n\n

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The latest Inheritance Tax (IHT) figures released last week have\nintensified the debate over government intentions. Total HM Revenue and Customs (HMRC) receipts for April 2022 to September 2022 were \u00a33.5bn, which is \u00a30.4bn higher than in the\nsame period last year. Government\nIHT receipts were bolstered by \u00a3557m taken during September, and high receipts\nin June were attributed to a \u2018small number of higher-value payments than\nusual.\u2019<\/em><\/p>\n<\/div>\n\n

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Markets<\/strong><\/strong><\/p>\n<\/div>\n\n

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The markets reacted positively to the departure of Liz\nTruss, with European stocks closing higher on Thursday. On the same day, in the\nUK, the FTSE 100\nclosed up 0.3% and sterling rose 0.7% to reach\n$1.13 against the dollar. On Tuesday, following Mr Sunak\u2019s first speech, the pound\nhit its highest level against the dollar since 15 September at $1.14. The FTSE\n100 ended the session down 0.07% to close on 7,013.48 and the FTSE 250 was up 2.85%\nto close on 17,831.63 <\/p>\n<\/div>\n\n

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Here to help<\/strong><\/p>\n<\/div>\n\n

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Financial\nadvice is key, so please do not hesitate to get in contact with any questions\nor concerns you may have.<\/p>\n<\/div>\n\n

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The value of investments can go down as well\nas up and you may not get back the full amount you invested. The past is not a\nguide to future performance and past performance may not necessarily be\nrepeated.<\/strong><\/strong><\/p>\n<\/div>\n\n

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All\ndetails are correct at time of writing (26 October 2022)<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"

\u201cWe now need stability and unity\u201d In another whirlwind week in UK politics, Liz Truss resigned last Thursday, the shortest serving Prime Minister in British history. Speaking outside Downing Street she said she could not deliver the mandate on which she was elected. Her resignation after just 44 days kickstarted a contest to find the […]<\/p>\n","protected":false},"author":12,"featured_media":8849,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,112],"tags":[],"hd_content_source":[116],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8848"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=8848"}],"version-history":[{"count":1,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8848\/revisions"}],"predecessor-version":[{"id":8850,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/8848\/revisions\/8850"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/8849"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=8848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=8848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=8848"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=8848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}