1. Pound at record low against dollar
The pound has fallen to a record low against the dollar as markets continue to react to the UK’s biggest tax cuts in 50 years. In early trade in Asia, sterling slipped just below $1.04 – the lowest level since decimalisation in 1971 – before regaining some ground to stand at about $1.05, the BBC reported. If sterling falls to parity with the US dollar, it could trigger a rebellion among Tory backbenchers who could refuse to vote for the government’s finance bill or even submit letters of no confidence in PM Liz Truss, said The Telegraph.
Mini-budget 2022: Kwasi Kwarteng’s ‘growth plan’ in seven bullet points
2. Far-right claims Italy victory
The far-right leader Giorgia Meloni has claimed victory in Italy’s general election and is on course to become the country’s first female PM. The right-wing coalition is thought to have won 41-45% of the vote, according to a Consorzio Opinio Italia exit poll, causing alarm in other European capitals. Speaking after the vote, Meloni said her Brothers of Italy party would “govern for everyone” and would not betray people’s trust. Sunday’s election could see the country’s politics “leap sharply to the right”, said Sky News.
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Giorgia Meloni: who is Italy’s potential prime minister?
3. US issues nuclear warning
The US has told Russia that the West’s reaction would be “catastrophic” if Vladimir Putin decides to employ the use of nuclear weapons. “If Russia crosses this line, there will be catastrophic consequences. The United States will respond decisively,” US national security adviser Jake Sullivan told NBC’s public affairs programme Meet the Press. Meanwhile, said the FT, capital cities in the West are making contingency plans in case the Russian president moves to use nuclear weapons against Kyiv.
Vladimir Putin’s dilemma: can he turn the tide in Ukraine?
4. Poll predicts easy Labour win
Labour is on course to win a 56-seat majority at the next election, according to a major new poll from Savanta ComRes. Voting intention shows Labour in the lead with 45%, the Conservatives at 33%, the Lib Dems at 10%, the Greens at 4% and Reform at 3%. The modelling suggested that with such a lead, Labour would regain many so-called Red Wall seats. The i news site said the results will “pile pressure” on Liz Truss and Kwasi Kwarteng to demonstrate that their plans for the economy will work.
What does Liz Truss win mean for Labour?
5. Truss chief of staff promised election gig
Liz Truss promised her chief of staff Mark Fullbrook that his company would run the Conservatives’ next general election campaign if he joined her No. 10 operation. According to sources, a “quid pro quo” arrangement, which could be highly lucrative for his lobbying company, Fullbrook Associates, was a condition of the strategist taking the job. The news followed the revelation that Fullbrook will receive his salary through his company, “which may help him minimise tax” and is a “highly unusual move”, said The Guardian.
6. Clashes at Iranian embassy demo
Demonstrators have clashed with police officers at protests outside the Iranian embassy in London. The Met Police said members of the crowd threw missiles at officers and breached police lines in Princes Gate, Knightsbridge, on Sunday afternoon. Protesters chanted “Death to the Islamic republic” and waved Iran’s national flag from before 1979, when the Shah of Iran was overthrown in a revolution by religious hardliners. The protest was sparked by the death of 22-year-old Mahsa Amini in custody after she was arrested by the country’s morality police.
How Mahsa Amini’s death sparked days of protests in Iran
7. Starmer will reverse tax reform
Keir Starmer is expected to pledge today to reinstate the top rate of income tax and inject the “ensuing billions” into the NHS and other public services, said The Guardian. On the first day of the Labour party conference, the Labour leader said it was “‘hugely divisive’ of ministers to hand out a tax cut to the extremely well paid”, added the paper. Andy Burnham, the mayor of Greater Manchester, said Labour should also reverse Kwasi Kwarteng’s decision to cut the basic rate of income tax from 20-19%.
8. Travel ‘booming’ despite crisis
Demand for travel is still “booming” despite concern over the global economy and cost of living, said the FT. Hotel bookings for the fourth quarter have outpaced 2019 levels, according to figures compiled by travel company Amadeus, which collates data from 35,000 global hotel properties. Henrik Kjellberg, the boss of a European holiday rentals company, told the paper that bookings were “holding up well over winter both in terms of volume and price”, adding that “even in the event of a recession, I expect the travel industry will still perform well”.
9. Black people face medical prejudice
A study has found that the majority of black people living in Britain have reported being discriminated against by healthcare professionals because of their race. The research, commissioned by the national civil rights group Black Equity Organisation, found that 75% of black people aged between 18-34 have experienced prejudice while visiting doctors and hospitals. The Independent said the study is “thought to be the most comprehensive piece of research into black people’s lived experiences of racism in the UK to be produced in the past ten years”.
10. Electric vehicle charges soar
The RAC said that the cost of charging an electric car using public charge points on a pay-as-you-go basis has risen by 42% in just four months. The average price for using the chargers has increased by 18.75p per kilowatt hour (kWh) since May, reaching 63.29p per kWh, according to the motoring group. “However,” said the AA, “the reality is that even with the hike in domestic electricity costs, running an [electric vehicle] is considerably cheaper than a petrol or diesel car”.
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