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5 Things You Need To Know, Today, on Tuesday 12th July 2022
5. India's top court has sentenced tycoon Vijay Mallya, who made his fortune selling beer under the Kingfisher brand, to four months in jail for disobeying an earlier court judgement linked to the collapse of his airline.
India has previously made efforts to extradite the former billionaire, who is believed to still be in London.
4. Rishi Sunak will set out his stall to be Britain's next prime minister today, vowing to tackle soaring inflation before joining his Conservative Party rivals in promising tax cuts.
According to his team, Sunak will promise to cut taxes once inflation, which hit a 40-year high of 9.1% in May, had been brought under control.
3. From traveling to the airport to the first serving of tapas, the costs British holidaymakers will pay abroad this summer are higher than before the pandemic.
The price of car hire for a week has, on average, more than doubled, according to the data compiled by travel comparison site Ice Travel Group.
2. Domestic energy bills will rise faster this winter than previously forecast by the energy regulator Ofgem, its chief executive has admitted to MPs.
Jonathan Brearley said in late May that a typical household would pay £800 a year more from October but one industry analyst has predicted a rise of more than £1,200 a year in October.
1. Retail sales are falling at a rate "not seen since the depths of the pandemic", as price rises hit household budgets.
Shoppers are cutting back on white goods as well as opting for cheaper brands, the British Retail Consortium added meaning sales in shops and online have dropped for three months in a row.