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Real household disposable incomes to fall by 10% this year and next | Business News

British households are on course for the deepest living standards squeeze in a century, with real household disposable incomes expected to fall by 10% this year and the next.

The warning comes in a new report by the Resolution Foundation, which said that real earnings are falling at their fastest rate since 1997, meaning that by the middle of next year real pay growth since 2003 will be wiped out.

A 10% fall in disposable income will be equivalent to £3,000 for a typical household, sending the number of people in absolute poverty up by three million to 14 million.

Meanwhile, relative child poverty is projected to reach 33% in 2026-27 – its highest level since the 1990s – according to the report, which is called In At The Deep End: The Living Standards Crisis Facing The New Prime Minister.

The concern about child poverty is echoed by a briefing note issued to the Scottish parliament from Save The Children Scotland this week, which said urgent action is needed from Holyrood and Westminster to help the poorest families.

Fiona King, the charity’s policy manager, said: “We’re all worried about the sky high rises in the costs of living but it is not hitting us all equally.

“For many families we work with, there are no cost-cutting measures, there is simply nothing left to cut back on.

“We can’t overstate the simple fact that the coming months will be catastrophic for families and especially children who will go cold and hungry this winter, if urgent action isn’t taken now.”

More support could ‘radically reduce’ the problem facing households

The Resolution Foundation’s report took into account the latest forecasts from the Bank of England and the £30bn of policy support announced since March.

Britain’s rate of inflation hit a fresh 40-year high in July – the latest figure available – reaching 10.1% on an annual basis, up from 9.4% in June.

One of the major factors driving the increase is energy bills, which will rise around 80% from October when the latest price cap comes into effect.

Read more:
Food prices in August rose at the fastest rate since 2008
Energy bills to soar for millions as price cap hiked to £3,549
Explainer: Everything you need to know about higher bills
Analysis: Even those who’ve done the right thing won’t escape impact of energy bills rise

The report said that further support to help people pay energy bills, through a social tariff, universal bill reduction, price cap, or further targeted support, would cost tens of billions of pounds but would “radically reduce” the problem facing low and middle-income households.

Keeping the previous chancellor’s promise to raise benefits next year in line with September’s inflation rate is also “essential” to protect poorer households, the report said, adding that it would be improved even further if October’s inflation figure was used instead.

‘Frankly terrifying’

Lalitha Try, researcher at the Resolution Foundation, said that high inflation is likely to stay with us for much of next year, meaning the outlook for living standards is “frankly terrifying”.

“Typical households are on course to see their real incomes fall by £3,000 over the next two years – the biggest squeeze in at least a century – while three million extra people could fall into absolute poverty.

“No responsible government could accept such an outlook, so radical policy action is required to address it.

“We are going to need an energy support package worth tens of billions of pounds, coupled with increasing benefits next year by October’s inflation rate.

“The new prime minister also needs to improve Britain’s longer-term outlook, which can only be achieved by a new economic strategy that delivers higher productivity and strong growth.”

Other warnings about the cost of living on Thursday include:
• Some 400,000 households in England are not protected by the energy price cap and need urgent help, according to the National Housing Federation
• High fuel costs, rising poverty and government inaction could lead to a “significant humanitarian crisis with millions of children’s development blighted”, according to the UCL Institute of Health Equity
• Hospitals are bracing for massive increases in energy costs, according to the BMJ, which says Leeds Teaching Hospitals NHS is expecting to pay an extra £2m a month from next year, Nottingham University Hospitals NHS budgeting for a 214% increase, and Great Ormond Street Hospital in London expecting costs to almost double

BrewDog to close six pubs due to spiralling costs and ‘no prospect of help from clueless government’ | Business News

BrewDog has announced it will close six of its pubs, blaming spiralling costs and a “clueless government”.

The craft beer firm will shut the Hop and Anchor in Aberdeen, Smithfield Market Arms in London, Hop Hub in Motherwell and its BrewDog bars in Dalston, east London; Old Street, east London; and Peterhead, Scotland.

James Watt, founder and chief executive of the company, said in a LinkedIn post that the hospitality sector faces “sheer ‘rabbit in the headlights’ paralysis of this zombie government” as rocketing costs threaten the future of many pubs, restaurants and bars.

Cost of WFH v commuting outlined – cost of living latest

He said it was “heart-breaking” to lose the six pubs but added: “Reality in the hospitality space is starting to bite and bite hard. And the government needs to get a grip, now.

“If nothing happens, the UK looks set to lose half of its pubs and bars and all the millions of jobs these locations provide, as well as the vital role they play in local communities.”

A spokesman for the company said staff at the affected pubs had been redeployed in other venues, and no jobs would be lost.

It comes just two weeks after BrewDog opened its largest bar in London’s Waterloo station, with Mr Watt saying this location had received more than 20,000 visitors since then.

However, he said it was important not to let this success “blind us all to the reality we as a sector are facing”, adding that he had no choice but to close the six pubs.

Read more on Sky News:
‘Nobody expected to be hit with this crisis’: Hospitality businesses call for urgent VAT cut
Who is going on strike in August and September – and for how long

“I warned a few weeks ago, costs are rising to such a degree, with no prospect of any help from a clueless government, that these very difficult decisions have to be made,” he said.

“It was going to be simply impossible to get these bars even close to financial viability in the foreseeable future. We had no choice but to close them.

“I am so, so happy that due to the strength in other parts of our bar estate, every single person has been offered a role in a separate bar nearby, so there will be no job losses. But I pray this is not a sign of things to come.”

It comes a day after trade group UKHospitality called on the government for urgent support, including VAT cuts, to prevent “tens of thousands of job losses”.

The call was backed earlier in August by Manchester’s night time economy adviser Sacha Lord and chef Simon Wood, who both said government needed to cut VAT for hospitality businesses.

At the time, Mr Wood said the energy bill for his restaurant WOOD Manchester had gone from £6,000 a month to £16,000.

How much will this year’s Panini World Cup sticker album cost to complete? | UK News

The Panini World Cup 2022 sticker album has been released – but in order to fill it, football fans will likely have to spend a lot more than they think.

The popular pastime is reignited for every World Cup, and fans have been collecting stickers for more than 50 years.

The first World Cup edition in the UK was launched for the 1970 tournament in Mexico.

In the early days, a pack of four stickers would cost about 5p each, but now, with packs containing an extra sticker, they will set collectors back 90p.

According to author and football finance expert Kieran Maguire, there are 670 stickers to collect for this year’s album, which, assuming were all bought on the first go, would cost £120.60.

However, Mr Maguire explained that based on probability, it is more likely to set fans back £883.80.

“The Panini World Cup 2022 sticker album is out,” he wrote on Twitter.

“It’s 90p for five stickers and there are 670 to collect. That works out as £120.60 if you have to collect all and swap all spares, but if no swapping, then based on probability it will cost you £883.80.”

Speaking to Sky News, 60-year-old Mr Maguire said he first started collecting the stickers in 1970 and still does even now.

“I first collected in 1970 but did not have a full set as I did not have enough pocket money,” he said.

He explained that “there was a sharp rise in 2018 from 50p to 80p and a further one from 80p to 90p in 2022” for a pack of stickers.

Unfortunately, it doesn’t look as if the price is going to decrease any time soon, with Mr Maguire warning it could reach £1,500 in 2026.

“When the World Cup increases to 48 teams in 2026 from the current 32, the cost of filling an album will be at least £1,500 unless you resort to swaps,” he said.

“Fortunately, there are many online swap websites around these days that help to reduce costs.”

12 March 2018, Italy, Modena: German national team player Mario Goetze can be seen on a sticker sheet at a Panini sticker production facility. From 27 March, the stickers will be available in'German stores as part of the franchise for the upcoming World Cup in'Russia. Photo by: Lena Klimkeit/picture-alliance/dpa/AP Images

What did it cost during the last World Cup?

According to calculations by Professor Paul Harper, a mathematician at Cardiff University, the typical cost to fill the 2018 album was about £774.

That year, the cost of a pack of five stickers was increased from 50p to 80p and the album also included more stickers, with 682 to collect.

If a collector was extremely lucky and never had a duplicate in the packets they bought, Professor Harper explained that they would need a minimum of 137 packets to complete the entire book, costing £109.60.

Panini has also released a FIFA World Cup Qatar 2022 Adrenalyn XL official card collection, featuring several categories and the national teams which took part in the play-offs as well as those competing in the tournament.

Food prices in August rose at the fastest rate since 2008, says British Retail Consortium | Business News

Food prices rose at their fastest rate since 2008 in August – up 9.3% after a 7% increase last month.

The figure comes from the British Retail Consortium (BRC) and NielsenIQ index, which blamed the Ukraine war and its effect on the price of animal feed, fertiliser, wheat, and vegetable oils.

Fresh food prices were 10.5% higher than last August, up from the 8% annual increase recorded in July, with products such as milk and margarine seeing the biggest rises.

Shop price annual inflation also increased to 5.1% in August, up from 4.4% in July, and is now the highest since 2005 when the BRC index started.

The rise in food prices is one of the key drivers of inflation, which hit 10.1% in the 12 months to July, up from 9.4% in June, according to the Office for National Statistics (ONS).

Some analysts believe it could exceed 18% next year, when more huge energy price rises are set to kick in.

BRC chief executive Helen Dickinson said the outlook was “bleak for both consumers and retailers”, but that businesses would support people through “discounts to vulnerable groups, expanding value ranges, fixing prices of essentials, and raising staff pay”.

But she said mounting costs meant “there is only so much they can shoulder”.

“The new prime minister will have an opportunity to relieve some of the cost burden bearing down on retailers, like the upcoming increase in business rates, in order to help retailers do more to help their customers,” added Ms Dickinson.

Data earlier this month showed workers had suffered a record real-term wage slump, prompting millions of public sector employees to vote for what could be the biggest wave of strike action since the 1970s.

Mike Watkins, head of retailer and business insight at NielsenIQ, said: “Inflation continues to accelerate and shoppers are already cautious about how much they spend on groceries, with a fall in volume sales at supermarkets in recent months.

“We can expect this level of food inflation to be with us for at least another six months but hopefully some of the input cost pressures in the supply chain will eventually start to ease.

“However, with further falls in disposable incomes coming this autumn as energy costs rocket again, retail spend will come under pressure in the all-important final quarter of the year.”

Boy, believed to be 12, stabbed in Newham, east London and two men arrested | UK News

A boy believed to be 12 has been stabbed in Newham, east London

Metropolitan Police have said officers were called at 8.17pm to Brook’s Road in Plaistow after reporting of a stabbing.

The boy was found with a stab wound at the scene.

A Met spokesperson said: “He was treated at the scene, and we await an assessment of his condition.

“One male has been arrested on suspicion of GBH and another for affray.”

Police are continuing to investigate the incident.

TfL secures £1.2bn funding but mayor warns fare increases and bus service cuts still likely | Business News

Transport for London has secured around £1.2bn in funding from the government, but the city’s mayor has warned the agreement is “far from ideal”.

The funding package replaces TfL’s last bailout, which was the fourth since the beginning of the COVID-19 pandemic in early 2020.

Andy Byford, Transport for London commissioner, said the agreement, which lasts until the end of March 2024, would bring benefits for the whole country.

“There is no UK recovery without a London recovery, and no London recovery without a properly funded transport network,” he said.

Mr Byford added that the funding would help avoid large-scale cuts to services and would mean the company would commit £3.6bn to capital investment over the period.

Among the projects to benefit will be new Piccadilly line trains, the repair of Hammersmith Bridge and the extension of the Northern line.

Sadiq Khan, the mayor of London, said that the agreement brought “a number of key concessions from the government”, though he warned that it was “far from ideal”.

He said there would still be a £740m funding gap in TfL’s budget over the next 20 months, adding: “We will likely have to increase fares in the future and still proceed with some cuts to bus services.”

Read more:
Who is going on strike in August and September – and for how long
Inflation ‘could top 22% next year’ – cost of living latest

‘Onerous strings attached’

Mr Khan said: “There are also onerous strings attached, such as the government’s condition requiring TfL to come up with options for reform of TfL’s pension scheme at pace, which could well lead to more industrial action and more disruption for commuters.

“These are things we have had no choice but to accept in order to get the deal over the line to avoid TfL becoming bankrupt, to save the jobs of thousands of transport workers and to keep trains, tubes and buses running across our city.”

He added: “The sole cause of TfL’s financial crisis was the impact of the pandemic so it’s simply wrong to punish Londoners and transport workers in this way.

“Levelling up the country should not be about levelling down London.”

‘Put politics to one side and get on with the job’

Grant Shapps, the transport secretary, said: “For over two years now we’ve time and again shown our unwavering commitment to London and the transport network it depends on, but we have to be fair to taxpayers across the entire country.

“This deal more than delivers for Londoners and even matches the mayor’s own pre-pandemic spending plans, but for this to work the mayor must follow through on his promises to get TfL back on a steady financial footing, stop relying on government bailouts and take responsibility for his actions.

“Now is the time to put politics to one side and get on with the job – Londoners depend on it.”

Man stabbed to death at the Notting Hill Carnival was rapper TKorStretch from Bristol | News UK Video News

A man stabbed to death at the Notting Hill Carnival has been named as Takayo Nembhard, a 21-year-old rapper from Bristol.

Chris Patrick, who managed the rapper known as TKorStretch, said in a statement to the PA news agency: “As you can imagine we are all in shock.

“He went to Carnival with his younger sister and friends to have a good time.

“This is the worst possible ending for a talented kid.”

A murder investigation was launched after the stabbing on Monday night.

The 21-year-old had more than 300,000 plays on one of his songs on Spotify, and nearly 11,000 monthly listeners.

Mr Patrick, in a post on Instagram, recalled his first meeting with TKorStretch when the rapper was just 19.

More on Notting Hill Carnival

“That meeting took us on a journey…we recorded some great music together. His talent was endless and I can tell you guys he was close to greatness!”

He hailed his friend as a “good kid, a good guy” and said what happened “breaks my heart”.


Police and paramedics provided first aid treatment to TKorStretch and he was taken to hospital, where he later died.

Mayor of London Sadiq Khan said he was “sickened” by the stabbing.

“Violence has no place on our streets and we are doing everything in our power to root it out,” he added.

Several other stabbings and violent incidents were also reported, police say.

In a statement, the Metropolitan Police said that at about 8pm on Monday evening officers became aware of a stabbing in Ladbroke Grove, under the Westway flyover.

Families of serial killer Stephen Port’s victims get payouts from the Met over investigation failings | UK News

The families of three of the victims of serial killer Stephen Port have been given compensation by the Metropolitan Police over the force’s handling of the investigation into the killings.

The Met said it had settled civil claims with the relatives of Anthony Walgate and Gabriel Kovari and the partner of Daniel Whitworth.

Port was jailed in 2016 for the murders of the three men and a fourth victim, Jack Taylor.

He was given a whole life order, meaning he will never be released.

A spokesperson for the Met said in a statement: “The Metropolitan Police Service has settled civil claims from the families of Anthony Walgate and Gabriel Kovari as well as the partner of Daniel Whitworth.

“We have previously apologised to the families for the police failings in this matter and understand the impact these have had and the distress caused. We apologise again now.

“Our thoughts and sympathies are with the families as always.”

Port’s killing spree lasted between June 2014 and September 2015. He would arrange to meet his victims via online gay and bisexual social networks and dating or hook-up apps. They were then drugged, raped, murdered and their bodies dumped.

An inquest jury found that officers in Barking, east London missed repeated opportunities to catch Port after he plied his first victim, Anthony Walgate, with a fatal dose of the date-rape drug GHB.

Port struck three more times before he was caught, killing each victim in near-identical circumstances, with police failing to link him to the deaths despite detective work carried out by the victims’ family and friends that would lead to the culprit.

BEST QUALITY AVAILABLE Undated handout file photos issued by the Metropolitan Police of (left to right) Daniel Whitworth, Jack Taylor, Anthony Walgate and Gabriel Kovari. The long-awaited inquests into the deaths of the victims of Stephen Port will get under way on Tuesday. Over the next 10 weeks, an inquest jury will hear details of how four young gay man met their deaths at the hands of the serial killer between June 2014 and September 2015. Issue date: Tuesday October 5, 2021.
Port’s victims: (left to right) Daniel Whitworth, Jack Taylor, Anthony Walgate and Gabriel Kovari.

Read more: The missed chances to catch a serial killer

The Independent Office for Police Conduct (IOPC) is reinvestigating the Met over its initial handling of their cases.

The watchdog said there is evidence that the original probe into the conduct of officers was “materially flawed”.

It added that “new information” had come forward at inquests last year into the deaths of the four men.

In January, a coroner’s report on the deaths of Port’s victims identified a “large number of very serious and very basic investigative failings” by police.

This included a “lack of professional curiosity” about the cases.

Officers had denied accusations of prejudice and homophobia, blaming mistakes on being understaffed and lacking resources.

Notting Hill Carnival marred by serious stabbings and violent incidents, say police | UK News

There have been a number of serious stabbings and other violent incidents at the Notting Hill Carnival, police have said.

A Section 60 order was imposed in and around the area of the carnival at 9.24pm and will last until 1am.

It allows a police officer to stop and search someone without suspicion.

It comes on the final day of the west London carnival, which has been enjoying its first year back since the pandemic.

Close to a million people were at the event for Adults Day on Monday, as the streets were once again filled with the boom of sound systems and dancers in extravagant costumes.

Police earlier said there had been 76 arrests for “a variety of different offences” by 7am on Monday.

A police horse also died on duty during after collapsing at around 9pm on Sunday.

More on Notting Hill Carnival

A group of people also held 72 seconds of silence on Monday afternoon – to mark the 72 lives lost in the fire at nearby Grenfell Tower.

The carnival is Europe’s biggest street party and second only in size to the carnival in Rio de Janeiro in Brazil.

Liz Truss cancels BBC interview with a week to go until Boris Johnson’s successor is announced | Politics News

Liz Truss has cancelled a scheduled interview on the BBC with just a week to go before the next Conservative Party leader is announced.

A BBC spokesperson said: “Liz Truss has cancelled her BBC One interview with Nick Robinson which was due to air this Tuesday evening (30 August) at 7pm.

“Ms Truss’s team say she can no longer spare the time to appear on Our Next Prime Minister.

“The other candidate for the Conservative leadership, Rishi Sunak, was interviewed by Nick on 10 August.

“We regret that it has not been possible to do an in depth interview with both candidates despite having reached agreement to do so.”

Mr Sunak’s team suggested that Ms Truss is avoiding “proper scrutiny” as she “doesn’t have a plan” to help people manage their soaring energy bills.

A source from the former chancellor’s campaign said: “Its important that candidates face proper scrutiny so that members and the public know what they are offering.

“Avoiding that scrutiny suggests either Truss doesn’t have a plan at all or the plan she has falls far short of the challenges we face this winter.”

Labour shadow minister Conor McGinn added: “People will rightly conclude that she doesn’t want to answer questions about her plans for the country because she simply hasn’t got any serious answers to the big challenges facing our country.”

Mr Robinson said he was “disappointed and frustrated” that his interview with Ms Truss had been cancelled.

The winner of the leadership race – and next prime minister – will be announced on 5 September.

The contest was triggered after Boris Johnson was forced to resign following a number of scandals.

Foreign Secretary Ms Truss has been widely tipped as the frontrunner for much of the race.

The final Tory leadership hustings will take place this Wednesday in London.

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What’s the state of the Tory leadership race?

The victor will face growing pressure to announce further support to get households and businesses through the cost of living crisis as soon as they get the keys to Number 10.

It follows Friday’s announcement from Ofgem that the energy price cap would rise by 80% come October, leading to the average household paying £3,549 a year for their gas and electricity.

Mr Johnson has insisted it is up to his successor to decide what action to take.

A government spokesperson said the Civil Service is “making the appropriate preparations in order to ensure that any additional support or commitments on cost of living can be delivered as quickly as possible when the new prime minister is in place”.

Earlier on Monday, former Conservative cabinet minister Rory Stewart said Mr Johnson could try to force his way back into office.

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Johnson ‘profoundly unsuited’ to be PM

Mr Stewart – who stood against the PM for the Tory leadership in 2019 – told the BBC Mr Johnson was a “terrible prime minister”.

He likened the PM to former Italian premier Silvio Berlusconi and ex-US president Donald Trump who are both plotting comebacks.

Mr Stewart also accused the outgoing prime minister of having “an extraordinary ego” and said Mr Johnson “doesn’t see the reality, which is he was a terrible prime minister and that he lost his job because of deep flaws of character”.

“I fear we are going to end up with a second [Silvio] Berlusconi or a second [Donald] Trump trying to rock back in again,” he continued.

Meanwhile, polling has suggested Conservative voters would choose Mr Johnson to stay on over either candidate if they had the chance.