Inflation creeps above UK target
UK inflation rose by more than expected to 2.3% for October, exceeding the official 2% target. This rise, up from 1.7% in September, reflects increased energy costs following a 10% hike in the energy price cap and higher prices for food and products like stamps. This news comes amid concerns about inflationary pressures, potentially influenced by global factors such as Donald Trump’s trade policies. The Bank of England’s monetary policy committee (MPC) will weigh these figures in December to decide whether to adjust interest rates further. In early November, the MPC cut the base rate to 4.75%. Additional government spending and tax adjustments from chancellor Rachel Reeves' recent budget may also drive up short-term inflation. One commentator thinks that the impact of Trump’s policies will likely have limited effects on UK GDP and inflation, even under extreme scenarios. Analysts predict the UK base rate could drop to 3.75% by late 2025.
Ford to cut 800 jobs as it reacts to EV challenges
Ford plans to eliminate 800 jobs in the UK as part of a broader restructuring of its European operations, citing 'lower-than-expected' demand for electric vehicles (EVs). Ford has to meet the Government's zero-emission vehicle (ZEV) mandate, which requires 22% of car production to be zero-emission in 2024, rising to 80% by 2030. A ban on new petrol and diesel car sales will follow that year, with hybrids allowed until 2035. The financial penalties for exceeding non-ZEV limits - £15,000 per car - are adding pressure on manufacturers. Ford's EV chief had already warned of challenges in meeting these targets; and now workforce reductions have become part of the response. The cuts are part of 4,000 job losses across Europe, including significant layoffs in Germany. Ford's European vice president said that the decision is aimed at securing the company’s future competitiveness in the region.
Journalists strike over planned sale of Observer
Journalists at The Guardian and The Observer will stage two 48-hour strikes in December to protest the proposed sale of The Observer to Tortoise Media. The National Union of Journalists (NUJ) announced the industrial action after members overwhelmingly voted in favour of striking. The NUJ has criticised the Guardian Media Group (GMG) for acting in 'poor faith’, revealing during negotiations that the sale recommendation had already been agreed upon despite earlier assurances to the contrary. The NUJ general secretary said that members had no choice but to act in defence of The Observer’s heritage and its commitment to public-interest journalism. A Guardian spokesperson acknowledged the concerns but defended their approach, stating that talks with the NUJ continue and emphasising their priority to sustain liberal journalism amidst a challenging media landscape. The union insists GMG must pause the sale and address journalists' and readers' concerns.
Britain soars to third in climate change action league table
The UK has surged to third place globally in the Climate Change Performance Index, up from eighth last year. Experts at the COP29 conference in Baku attribute this leap to Labour’s plans to ban new oil and gas projects, promote onshore wind turbines, and close the country’s last coal power station. Britain now trails only Denmark and the Netherlands, with analysts calling it a 'winner this year’. The NewClimate Institute praised Labour leader Keir Starmer's commitment to an 81% emissions cut by 2035. Meanwhile, energy secretary Ed Miliband has played a pivotal role at COP29, urging nations to halt new coal power projects and building alliances with countries like Brazil. Despite the UK's progress, challenges remain as the success of COP29 hinges on a finalised climate finance plan for developing nations. Britain’s tangible influence at the conference has revitalised its global leadership on climate change, with hopes high for lasting impact.
