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5 Things You Need To Know, Today, on Thursday 10th November 2022
5. Binance, the world's biggest cryptocurrency exchange, has walked away from a bailout deal of its smaller rival FTX doing after due diligence.
It said reports of "mishandled customer funds and alleged US agency investigations" had swayed its decision.
4. British house prices fell for the first time in 28 months in October and rising mortgage costs threatened to put further pressure on the property market.
The Royal Institution of Chartered Surveyors (RICS) house price balance, which measures the difference between the percentage of surveyors reporting price rises and those seeing a fall, tumbled to -2 in October from +30 in September.
3. A group of economists has questioned UK assertions that a "black hole" in the public finances will need to be filled with austerity measures and tax rises.
The Progressive Economy Forum said the £50bn "hole" disappears entirely if the debts are calculated differently.
2. British employers cut their hiring of permanent staff via recruitment firms for the first time in nearly two years in October as the country's political upheaval added to concerns about the economy.
With the Bank of England now warning of the risk of the longest recession in at least a century, permanent placements fell for the first time since February 2021, the Recruitment and Employment Confederation (REC) said.
1. The chief executive of High Street chain NEXT NXT is urging the government to let more foreign workers into the UK to alleviate chronic labour shortages.
Lord Wolfson, who was a prominent advocate of Brexit, said the UK's current immigration policy was crippling economic growth.