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5 Things You Need To Know, Today, on Tuesday 4th October 2022
5. British manufacturing output fell for a third month in a row in September and orders declined for a fourth consecutive month, hurt by falling foreign demand.
The S&P Global manufacturing Purchasing Managers' Index (PMI) rose to 48.4 from August's 27-month low of 47.3 but remained below the 50-level that separates growth from contraction and was a fraction weaker than the initial 'flash' estimate of 48.5.
4. More than eight million people will get a cost-of-living payment of £324 in November, the government has said.
It is the second part of a £650 grant to help low-income households cope with soaring food and energy prices.
3. Major mortgage lenders are increasing the cost of home loans, with the average two-year fixed rate now close to 6%.
A typical two-year fixed mortgage deal is currently 5.75%, up from 4.74% on the day of the mini-budget, financial information service Moneyfacts said.
2. The UK is facing "a significant risk" of gas shortages this winter, according to the industry regulator, which could impact electricity supplies.
Ofgem said due to Russia's war with Ukraine, there is a possibility the UK could enter a "gas supply emergency".
1. Chancellor Kwasi Kwarteng will set out his plan to get UK debt falling earlier than planned, after markets reacted badly to his package of tax cuts.
He is expected to publish details on how the cuts will be paid for later this month despite previously insisting he would wait until 23 November. The move follows a dramatic U-turn on scrapping the 45p rate of income tax for higher earners.