Weekly Digest – 19 October 2022

Welcome back to our Weekly Digest. Read on for the latest updates and some ideas to help us all move forward.

Kwarteng’s out, Hunt’s in, and the mini-budget is completely different

Days after replacing Kwasi Kwarteng as chancellor, Jeremy Hunt cancelled all the remaining measures in the controversial mini-budget that had not yet been legislated for. The changes are regarded as a huge U-turn in economic policy.

6 ways the mini-budget changes may affect you

BBC News has put together a list to explain the dramatic changes to our economic policy and how it may affect you. Find it here.

Prime Minister Truss is in trouble after rocky start

Heads are still spinning following chancellor Kwarteng’s ousting and the dramatic changes to our economic plans. The Guardian provides an opinion piece on the state of the Conservative party and what might be next.

Pound rises and UK borrowing costs go down following announcements

The effects of Jeremy Hunt’s new policies, namely cutting short the emergency price freeze on consumer energy bills and cancelling most of the yet-unfunded tax cuts, has resulted in a bit of a rebound for the pound.

Blackouts possible this winter, but plans are in place

An updated report from the National Grid’s Electricity System Operator suggests there is an increased risk of blackouts this winter, but there are contingency plans for three-hour blackouts in areas where gas-fuelled power falls short of demand.

Next interest rate hike likely to be larger than originally thought

Bank of England chief Andrew Bailey suggested this week that interest rates will have to be raised higher than initially hoped in the face of inflationary pressures.

Massive coordinated strikes likely this winter

Unite union boss Sharon Graham said a million people could be striking this winter, including doctors and nurses. She pointed to the Conservative government helping bosses pocket massive profits while workers are not benefitting as a main factor.

A guide to your pension during market mayhem

Pension funds are having a particularly hard time in the wake of the government’s mini-budget. Sky News provides an analysis on what that could mean for you.

The electric Mini moves to China

BMW announced that its hatchback and small SUV electric Minis will start being built in China. They maintain that employees at the Oxford plant, where the first electric Mini rolled off the line in 2020, will not be affected by the change.