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5 Things You Need To Know, Today, on Thursday 7th July 2022
5. Britain's new Chancellor Nadhim Zahawi pledged on Wednesday to rebuild and grow the struggling economy and said he would look at all policy options, including possible tax cuts.
Zahawi, who took over the Treasury on Tuesday after the resignation of Rishi Sunak in protest against embattled Prime Minister Boris Johnson, said "nothing is off the table".
4. The pound has fallen to two-year lows against the dollar amid rising concerns about recession around the world as energy prices continue to soar.
Analysts said sterling - which was trading below $1.19 at one point - is also weak because markets are worried about future UK economic growth.
3. British Airways (IAG ) is to cut 10,300 more short-haul flights due to feature in its schedule between August and the end of October.
This latest announcement means nearly 30,000 flights will have been removed from BA's schedule between April and October this year.
2. The Bank of England has hinted at further interest rate rises as it vows to bring inflation back down to 2%.
The central bank's focus was getting prices down and making life more affordable again, according to chief economist Huw Pill who also said he was open to voting for an interest rate rise above 0.25%.
1. Boris Johnson defied pressure to quit on Wednesday from senior ministers and a mounting rebellion within the Conservative Party, saying he will fight off any attempts to oust him over a series of scandals.
After more than 40 resignations from within the government and with many Conservative lawmakers in open revolt, some cabinet ministers went to Downing Street to tell Johnson he needed to go.