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5 Things You Need To Know, Today, on Thursday 20th October 2022
5. Shares in Hong Kong have slumped to the lowest level since the global financial crisis, after a major speech by the city's leader on Wednesday.
The benchmark Hang Seng index fell by more than 3% to its lowest level since May 2009, before regaining some ground.
4. The government did not tell the Bank of England about its tax cut plans before the mini-budget, one of its deputy governors has said.
In the event, the mini-budget sparked market turmoil, with the Bank having to step in to stabilise pension funds.
3. People are planning for smaller Christmases this year as prices soar, with a survey uncovering growing concern about the squeeze on finances.
Three in five (62%) people polled said their Christmas and festive spending plans will be smaller than usual.
2. A plan to ensure a minimum level of service on transport networks during strikes has been called "doomed" by unions.
The government said the Transport Strikes Bill, which will be presented to MPs TOday, aims to avoid further disruption from staff walkouts. Further strikes are planned on 3, 5 and 7 November.
1. UK food prices are rising at their fastest rate in 42 years as the cost of living crisis continues to squeeze household budgets as overall inflation rose to 10.1% last month and is expected to climb further.
Food costs jumped 14.6% in the year to September - the biggest rise since 1980 - with bread, cereal, meat and dairy prices all climbing.