The FTSE 100 got off to a strong start, lifted by rumours of easing Covid rules in China. US jobs data will dominate the afternoon, but for now the index is up at seven-week highs of around 7,250 points.
Bank of England Governor Andrew Bailey has said that Britain was hours away from financial meltdown as a result of Liz Truss’s mini-budget, with crisis only averted by the swift action taken by the bank.
New Chancellor Jeremy Hunt is now planning a capital gains tax raid as he looks to plug a £50bn black hole in the public finances, according to reports.
Proposed nuclear plant Sizewell C may also be cut to pliug the black hole. The plant if built would generate up to 7% of the UK’s power but at a cost of £25bn, and wouldn’t be running until the next decade.
Twitter has confirmed it will lay off as many as 3,700 staff, around half the total workforce. half of its workforce, expected to be fired. New owner Elon Musk will let everyone who still has a job know by 4pm UK time.
Among small cap news, Thor Mining shares jumped after it reported high gold intercepts from drilling at Kelly's Ridge in Western Australia, and Botswana -based gas group Tlou Energy was also on the rise after a £1.1mln fundraise.