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5 Things You Need To Know, Today, on Thursday 18th August 2022
5. The US has announced that they will begin formal trade negotiations with Taiwan, weeks after a controversial visit by US House Speaker Nancy Pelosi.
The first round of talks are expected to begin in "early fall", said the Office of US Trade Representative.
4. Pledges to slash taxes by Conservative leadership candidates are "unrealistic" unless they are matched by spending cuts, a think tank has warned.
The Institute for Fiscal Studies (IFS) said large, permanent tax cuts could add to pressures on the public purse as the economic outlook deteriorates.
3. Chancellor Nadhim Zahawi said his department was working on options to help consumers meet rising energy costs, ready for the country's next prime minister to assess when the new leader is announced on Sept. 5.
He said the Treasury was looking at what could be done in January, when further price rises are expected to come into effect and when already-announced support packages have been fully implemented.
2. A non-executive director at energy regulator Ofgem has quit over changes to the way the energy price cap is set.
Christine Farnish she felt the regulator had not "struck the right balance between the interests of consumers and interests of suppliers".
1. Train passengers are facing more disruption, with only 20% of services running due to strike action.
Half of Britain's lines will close on Thursday and Saturday, as more than 45,000 rail workers walk out in a dispute over pay and terms.