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5 Things You Need To Know, Today, on Monday 8th August 2022
5. Democrats cried with joy and pumped their fists in the air after the US Senate finally approved a key plank of President Joe Biden's domestic agenda.
The Inflation Reduction Act includes $369bn (£305bn) for climate action - the largest investment in US history & its authors say it will reduce US carbon emissions by 40% by 2030.
4. Scotland's business leaders have called for more support in the face of the bleak economic outlook as the Bank of England increased interest rates to 1.75% and warned inflation is now set to hit more than 13%.
Retail and licence trade associations said more UK and Scottish government support is needed ahead of an expected recession.
3. House prices in Britain fell the first time in more than a year in July in monthly terms and the market is likely to weaken further as interest rates go up and the cost-of-living squeeze tightens, mortgage lender Halifax said.
Prices, which recently hit record highs, edged down by 0.1% from June when they had risen by 1.4%.
2. People are being warned of the consequences of not paying their energy bills, as a campaign to refuse payment gathers supporters.
The Don't Pay group, which is demanding a reduction of bills to an affordable level, says more than 80,000 people have pledged to cancel their direct debit payments from 1 October.
1. People are going back to cash to keep tighter control on their spending as living costs soar, according to new research by the Post Office.
Post offices handled £801m in personal cash withdrawals in July, the most since records began five years ago up more than 20% from a year earlier.