Author: SKYNEWS

Government borrowing was higher than expected and consumers tightened their belts, spending less than anticipated, official figures show. Government borrowing rose to the third-highest October level since records began in 1993, though less than a year ago, according to the Office for National Statistics (ONS). Money blog: Three reasons why unexpected rise in energy bills comingIt’s the last assessment of public finances we’ll get before Chancellor Rachel Reeves makes her budget announcement next week. It showed spending on benefits and public services was up, which was offset by higher tax takes.Expensive borrowing Billions were spent on borrowing money last month,…

The Stone Roses bassist Gary “Mani” Mounfield has died at the age of 63, his family has said. Mani’s brother, Greg, said in a post on Facebook: “It is with the heaviest of hearts that I have to announce the sad passing of my brother.” “RIP RKID,” he added. Image: Gary “Mani” Mounfield and his wife Imelda at the world premiere of “The Stone Roses : Made Of Stone” in 2013. Pic: Reuters Mr Mounfield joined the Manchester band in 1987 and played on both their albums, remaining with the group until their split in 1996.He subsequently joined Primal Scream,…

The world’s most valuable company has reported another series of expectation-beating results, heading off fears of the AI bubble bursting for now. Nvidia’s revenue reached $57bn in the three months to October, higher than Wall Street estimates and the company’s own guidance. That’s up 62% on the same time last year, and has been described by the business as an “outstanding” quarter.Money blog: Ryanair flights to EU banned in ‘unprecedented’ decisionA profit measure called earnings per share was also better than expected at $1.30. It matters as Nvidia has powered the artificial intelligence (AI) boom through its computer chips, which…

Consumer confidence has tumbled amid rampant speculation about what the chancellor will announce in the budget, figures show.The British Retail Consortium (BRC) blamed “strong hints” from the government of income tax hikes for the public’s falling expectations of how much they’ll spend over the next three months – even as Christmas beckons. While a planned increase in income tax rates was scrapped last week, Sir Keir Starmer has refused to rule out freezing income tax thresholds – which the Conservatives argue amounts to a tax rise by stealth because it drags people into paying higher rates even if their wages…

A painting that helped save the life of its Jewish subject during the Holocaust has become the most expensive piece of modern art and the second most expensive painting ever sold at auction.The Portrait of Elisabeth Lederer, by Austrian artist Gustav Klimt, was bought for $236.4m (£180m) by an unnamed buyer after a 20-minute bidding war at Sotheby’s in New York on Tuesday. Its sale price beat the previous record for 20th-century art set by Andy Warhol’s Shot Sage Blue Marilyn, a portrait of Marilyn Monroe bought for $195m (£148m) in 2022. Image: Shot Sage Blue Marilyn by Andy Warhol.…

Ultra-processed foods (UPFs) are a leading cause of a “chronic disease pandemic” linked to worsening diets, experts have warned.UPFs include items such as processed meats, some ready meals and cereals, ice cream, crisps, biscuits, mass-produced bread and fizzy drinks. They often contain a high level of saturated fat, salt and sugar – as well as additives such as sweeteners and preservatives.UPFs leave less room for more nutritious foods and are also believed to negatively affect gut health.Forty-three scientists and researchers have now sounded the alarm and accused food companies of putting “profitability above all else”. Writing in The Lancet, they…

The rate of inflation has eased to 3.6%, according to official figures that make for better reading for the economy and chancellor ahead of the budget.The Office for National Statistics (ONS) said the slowdown in the consumer prices index (CPI) measure, from the annual 3.8% rate recorded the previous month, was largely down to weaker housing effects, especially from energy bills. ONS chief economist Grant Fitzner said: “Inflation eased in October, driven mainly by gas and electricity prices, which increased less than this time last year following changes in the Ofgem energy price cap.Money latest: Delivery not arrived? Here’s what…

Do you feel like you know Alan Carr and what he would say or do? What about Taylor Swift, or even Donald Trump?The new Cambridge Dictionary word of the year for 2025 has been revealed: “parasocial” – defined as involving or relating to a connection that someone feels between themselves and a famous person they do not know. Psychologists have studied how the rise of one-sided parasocial relationships has redefined fame, fandom and celebrity.For example, when pop star Taylor Swift and American footballer Travis Kelce announced their engagement, many fans felt a strong connection to them despite most not having…

A British man who hacked the X accounts of celebrities in a bid to con people out of Bitcoin, has been ordered to repay £4.1m-worth of the cryptocurrency, prosecutors say.Joseph James O’Connor, 26, was jailed in the United States for five years in 2023 after he pleaded guilty to charges including computer intrusion, wire fraud and extortion. He was arrested in Spain in 2021 and extradited after the country’s high court ruled the US was best placed to prosecute because the evidence and victims were there.The Crown Prosecution Service (CPS) said on Monday it had obtained a civil recovery order…

A crackdown on online pricing has seen investigations opened into eight companies, with a further 100 facing warnings over their conduct.The competition watchdog said it was formally examining practices at StubHub, viagogo, AA Driving School, BSM Driving School, Gold’s Gym, Wayfair, Appliances Direct and Marks Electrical. The Competition and Markets Authority (CMA) said the 100 other companies, which it did not identify, were getting letters outlining concerns about additional fees and sales tactics.Money latest: Nationwide ‘lost my £70k’ The action against StubHub and viagogo – part of the same company after a 2021 merger – was revealed as the government…