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5 Things You Need To Know, Today, on Thursday 29th September 2022
5. The number of people complaining to HMRC about companies claiming tax repayments on their behalf has more than tripled in two years, a Money Box investigation has discovered.
Many say this is happening without their knowledge or permission.
4. A record 935 mortgage products were pulled in Britain overnight, as deepening turmoil in financial markets pushed more lenders to temporarily withdraw products for new customers.
The volatility comes after the new UK government announced huge tax cuts funded by borrowing, leading to a plunge in sterling and a surge in government bond yields as concerns mounted over its ability to fund the plan.
3. British car production rose for a fourth straight month in August, compared with a year earlier, although record input costs cast a shadow over the sectors' recovery, the Society of Motor Manufacturers and Traders (SMMT) said on Thursday.
The industry body warned that almost seven in 10 of its members have expressed concern about future business operations as they fret over rising energy bills.
2. The government will not abandon its mini-budget despite the Bank of England having to step in amid market turmoil, a Treasury minister has said.
Labour called for the tax-cutting measures to be ditched after they sparked a fall in the pound and a surge in borrowing costs.
1. The Bank of England stepped in to calm markets after some types of pension funds were at risk of collapse when the price bonds dropped meaning they were was forced to sell gilts and assets, further forcing down their price.
The bank pledged to buy £65bn of government bonds after Friday's mini-budget sparked turmoil on financial markets and the pound plunged.