Author: SKYNEWS

How soon is too soon? That’s the question exercising members of the Bank of England’s monetary policy committee (MPC) at the moment. All nine members know that interest rates, currently at 5.25%, will have to be cut in the coming months. After all, high interest rates represent a brake on the economy and it’s becoming clear that keeping the brake pedal down is causing economic pain.Money latest: Reaction as Bank of England holds off on rate cutUnemployment is beginning to rise; the strength of consumer demand is dropping and, most of all, inflation is coming down too. For Bank insiders,…

The team behind the Lord Of The Rings trilogy will work on two new films, Warner Bros has announced.Peter Jackson, the mastermind behind the epic Oscar-winning films released in 2001, 2002 and 2006, will produce the films alongside Fran Walsh and Philippa Boyens. Andy Serkis, known for playing Gollum in the original trilogy based on JRR Tolkien’s fantasy novels set in the world of Middle Earth, will again star as the character and direct the first of the new movies, Lord Of The Rings: The Hunt For Gollum.In a statement sure to excite fans, Serkis used Gollum’s catchphrase, saying: “Yesssss,…

The prospect of a strike across Tata Steel’s UK operations has gained further traction after a key union secured support for industrial action.Community, which has more than 3,000 members, said 85% voted in favour of fighting the India-owned company’s plans for up to 2,800 job losses, the majority of them at the country’s biggest steelworks in Port Talbot, South Wales. Tata confirmed last month it was to press ahead with the closure of the blast furnaces at the plant, replacing them with electric arc furnaces to reduce emissions and costs.In doing so, the company rejected an alternative plan put forward…

“Boycott Eurovision” a man shouts into a microphone, “shame on Eurovision”.For a song contest striving to avoid politics, Eurovision 2024 is proving challenging.Thousands of pro-Palestinian protestors gathered in Malmo today to demonstrate against Israel’s inclusion in the contest as the war in Gaza rages on.Read more: Everything you need to know about this year’s showTonight, Israeli entrant Eden Golan will find out if she’s through to the final.A decision to allow Israel to participate has been contentious, prompting some to boo during Golan’s dress rehearsal. Image: Pic: AP The outcry follows months of demonstrations and calls for a boycott.Among the…

A recommendation that a new body be appointed to handle financial claims by victims of the Post Office scandal, has been rejected by the government.A report by the Business and Trade Committee of MPs in March had called for an independent intermediary to handle every stage of the sub-postmasters’ claims amid anger over red tape and delays to payments. It had described the current redress process as an “abject failure” and demanded too that the Post Office was removed from involvement in the three main compensation schemes altogether.Money latest: Gordon Ramsay opening four new restaurantsBut in its response to the…

AstraZeneca has begun the worldwide withdrawal of its COVID vaccine – ending an era in which it saved millions of lives while being dogged by controversy.The jab, developed at Oxford University, was once hailed as “the vaccine for the world” because it could be stored in fridges rather than the ultra-cold freezer temperatures originally required for alternative mRNA shots, making it more suitable for developing countries. But AstraZeneca (AZ) said demand for the jab had tailed off as more up-to-date vaccines target newer variants of the virus. It no longer manufactures nor supplies the vaccine.The voluntary withdrawal has started in…

Lorraine Kelly says it has become “almost impossible” for working-class youngsters to break into TV.The ITV presenter spoke candidly about the financial barriers preventing some from accepting a job in the media. She criticised a London-centric approach from the TV industry and media that often priced out many people due to the capital’s sky-high rent prices and cost of living compared to other parts of the country.Kelly said: “The high cost of living and working now makes it almost impossible for working-class kids from the rest of the country to accept a job in London.”That has to change.” The presenter…

An online marketplace which had been considered a prime candidate to float on the London stock market has hired bankers to pursue a sale.Sky News has learnt that Fruugo, which counts the former Marks & Spencer chairman Lord Rose of Monewden among its shareholders, is working with DC Advisory on options for its future. Fruugo, which helps consumer brands localise themselves when selling to international audiences, was founded in 2006.An outright sale is said to be the likeliest outcome, although the sale of a minority stake is also expected to be considered.Money latest: Reaction as Bank of England holds off…

Apple’s ad for its latest iPad Pro has sparked outrage, with Hugh Grant saying it represents the “destruction of the human experience”.The ad promoting the thinnest ever iPad features creative tools including cameras, books, paint cans and musical instruments being crushed in an industrial press. Once an arcade game machine, old-model TV, record player, metronome and array of other symbols of creativity have been reduced to smithereens between two slabs of metal, the top of the machine is raised to reveal the new iPad.All of this is set to the tune of Sonny & Cher’s 1972 single All I Ever…

The Bank of England has edged closer to a cut in interest rates, with another member of its nine-person Monetary Policy Committee (MPC) voting for lower borrowing costs this month.While the MPC voted 7-2 to leave UK interest rates on hold at 5.25%, the change in the vote will be seen as a further sign that they could be coming down soon – perhaps as soon as next month. Money latest: Reaction to interest rates announcementForecastsAlongside its rate decision, the Bank published new forecasts for the UK economy, which show that gross domestic product (GDP) is projected to be stronger…