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UK government borrowing reached £24.5bn last month, exceeding forecasts as rising inflation increased debt interest payments to a record £10.9bn, pressuring Chancellor John Healey before next week’s budget.
Prime Minister Andy Burnham has directed ministers to develop a plan to eliminate gas standing charges, fixed daily fees that households pay regardless of energy usage.
General Motors announced plans to halve vehicle development time to two years using AI and software, while developing autonomous highway driving capabilities and a new in-vehicle AI assistant.
Sainsbury’s warned of a challenging Christmas period as household spending pressures mount and food producers face rising costs, while interim sales growth slowed to 2.6%.
Oil prices reached a five-month high as attacks on Saudi Arabian infrastructure and tanker incidents in the Persian Gulf raised concerns about potential supply disruptions to global markets.
Australia’s treasurer projects weaker economic growth and higher unemployment in December’s budget update, as economists warn of difficult months ahead amid rising interest rates and inflation pressures.
