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5 Things You Need To Know, Today, on Tuesday 27th September 2022
5. Sir Stuart Rose, chairman of Asda and former chief executive of Marks and Spencer, has said the government is gambling with the UK's economic future, likening the government's mini-budget to a bet on a horse race.
He cast doubt on the UK economy's ability to grow, as he pointed to Asda's closely followed income tracker which shows that the poorest 20% of households are already spending £60 more than they are earning every month.
4. Apple says it has started making its iPhone 14 in India as it diversifies its supply chains away from China.
The company makes most of its phones in China but has shifted some production outside the country as tensions rise between Washington and Beijing.
3. Millions of workers have been forced to take on additional jobs as living costs soar, new research suggests.
The report by insurer Royal London, found that 5.2 million workers have turned to second or multiple jobs to help pay for the increased cost of living, while another 10 million plan to.
2. The Bank of England has said it will "not hesitate" to hike interest rates to curb inflation after the pound fell to a record low against the US dollar.
The Bank said it was "monitoring developments closely" and would make a decision on any action in November.
1. Some mortgage deals have been withdrawn by banks and building societies due to volatility in the pound following the government's mini-budget.
Virgin Money and Skipton Building Society halted mortgage offers for new customers, but said submitted applications would still be processed.