UK House Prices Surprisingly Soaring!

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UK house prices have defied expectations and are growing at their fastest annual rate in nearly two years. The average property now costs £268,144, close to the record high of £273,751 reached in August 2022. This surge is attributed to economic conditions, including low unemployment and above-inflation wage rises. However, a mortgage is far more expensive now due to rising interest rates. The Bank of England warns that around half of UK's mortgage holders face higher rates over the next three years.

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Manmohan Singh: The Economist Who Transformed India

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Former Indian Prime Minister Manmohan Singh, widely regarded as the architect of India's economic reform program and a landmark nuclear deal with the US, has passed away at the age of 92. Born in present-day Pakistan, Singh spent more than four decades in public service, starting as an economics lecturer and later becoming the governor of India's central bank. In 1991, he became finance minister and presented a landmark speech in parliament, shifting the Indian economy from socialism and protectionism to market-based liberalization. Singh's premiership from 2004 to 2014 was clouded by corruption allegations and financial scandals, but his legacy as a transformative economist remains.

Fed Cuts Interest Rates, Expects Slower Pace Ahead

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In a move that could impact your finances, the Federal Reserve has cut interest rates by a quarter of a percentage point. This brings the total rate cuts to a full percentage point since September. The Fed also signaled a slower pace of cuts ahead, with just two more cuts expected in 2025. The decision comes amid uncertainty about potential policy changes after Donald Trump's second term begins, with some of his proposals potentially inflationary. The dollar rose on the news, but stock markets faltered. Here's what it means for you.

Storm Darragh Aftermath: Thousands Left Without Power, Two Dead

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Storm Darragh's Aftermath Leaves 66,000 Without Power and Two Dead.
Storm Darragh caused widespread destruction across the UK, leaving tens of thousands of homes without power and disrupting train lines. Two men died when trees fell on their vehicles in separate incidents. Hundreds of flood alerts were in place, and as many as 134 flood alerts remain in force.

Key Points:

  • 66,000 people are still without power
  • Two men died when trees fell on their vehicles
  • Hundreds of flood alerts were in place
  • Network Rail's west coast south route operations manager Chris Baughan said Storm Darragh 'wreaked havoc on the railway'

Major Rail Disruptions Expected Across the U.K. Today!

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Big Trouble on the Rails Today!
Bad news for commuters in the U.K. today!

A nationwide fault is causing major disruptions across the rail network.

What's Going On?
The communication system used between train drivers and signallers is affected.

What Does That Mean?
Trains across the network are having to start their journeys later.
Some may also be subject to cancellations or alterations.

What Should You Do?
Passengers are being advised to check before they travel.

Stay Updated!
You can receive breaking news alerts on a smartphone or tablet via the Sky News app.
You can also follow us on WhatsApp and subscribe to our YouTube channel to keep up with the latest news.

This is a developing story, and we will continue to update it as more details become available.

Transport Secretary Resigns After Admitting Phone Offence

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Transport Secretary Louise Haigh has resigned after admitting to incorrectly telling police that a work mobile phone was stolen in 2013. Haigh, who has been the MP for Sheffield Heeley since 2015, took office as Transport Secretary after Labour's election win in July 2023. She had plans to 'move fast and fix things' and make huge strides to take the rail system back into public ownership. But within months, she became embroiled in a row after describing P&O Ferries as a 'rogue operator'. Haigh's resignation comes after she pleaded guilty to fraud by false representation in 2014, following an investigation by her former employer, Aviva, into a missing work phone. She admitted not informing Aviva straight away that she had found her missing work phone was a mistake.

Unidentified Drones Spotted Again at US Air Bases in UK

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Unidentified drones have been spotted for the second time in a week over three US air bases in the UK.** The drones were seen overnight at RAF Lakenheath and RAF Mildenhall in Suffolk, and RAF Feltwell in Norfolk. Authorities are yet to identify the drones or determine whether they are hostile. The US Air Force and the Royal Air Force are working together to ensure the safety of base personnel, facilities, and assets. This is a developing story and more details will be published shortly.

Two Shootings in the UK: One Dead, Several Injured

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Two shocking shootings have taken place in the UK in the past few days. In Birmingham, one man was killed and another critically injured in a shooting on Rotton Park Road. Police have arrested a man in his 30s on suspicion of murder. Meanwhile, in London, an eight-year-old girl and a man were seriously injured in a shooting in west London. Police are appealing for information and have launched a manhunt for the suspect. These incidents have left the communities shaken and the authorities working to ensure the safety of the public.

Beware of Storm Bert: Travel Disruptions and School Closures Across the UK

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Storm Bert** is on its way, bringing heavy snowfall, rain, and strong winds to parts of the UK this weekend. Scotland is under an amber snow alert, with roads becoming treacherous and numerous schools closed. South-west England, north Wales, and northern Scotland have also experienced heavy snowfall, leading to school closures and transport disruptions. Stay safe and updated with local weather warnings and travel advice.

Anger Among UK Farmers Over Inheritance Tax Changes

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UK farmers are feeling betrayed and angry over changes to inheritance tax rules.
From April 2026, farmland worth more than £1m will be taxed at 20%, half the usual inheritance tax rate.
The National Farmers’ Union (NFU) has said that the real figure of farmers affected is about two-thirds, while the government claims it's only a quarter.
Farming families, particularly older farmers, may struggle to raise the money due to the need to reinvest profits in production.
Some farmers have raised the prospect of refusing to supply supermarkets in protest, but the NFU does not agree with this action.

UK Economy Expands by a Mere 0.1% in Q3, Gloomy Outlook Ahead

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UK Economy Expands by a Mere 0.1% in Q3, Gloomy Outlook Ahead
The UK economy grew by a disappointing 0.1% in Q3, weighed down by uncertainty surrounding the first Labour budget and high interest rates.*

Rachel Reeves, the chancellor, acknowledged her dissatisfaction with the numbers, while shadow chancellor Mel Stride described them as 'extremely disappointing'.*

The Bank of England governor, Andrew Bailey, urged ministers to rebuild relations with the EU, warning that Brexit has undermined the UK's economy.*

Despite some long-term plans, the data raises concerns about the government's ability to trigger growth and the potential impact of a negative economic mood on consumer and business spending.*

Armed Police Arrest Man with Knives Near UK Parliament

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Breaking news!** A man has been arrested outside the Houses of Parliament in London after reports of him carrying knives. According to witnesses, he was wearing homemade armour and was quickly surrounded by armed police. Thankfully, no injuries have been reported. The area was cordoned off, and the man is now in police custody. Stay tuned for more updates on this developing story. **Are you at the scene? Share your experience with us!

Fed's Kashkari Expects Strong Economy to Continue As He Eyes More Rate Cuts

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Fed's Kashkari Expects Strong Economy to Continue As He Eyes More Rate Cuts
Minneapolis Federal Reserve President Neel Kashkari expects the economy to remain strong, with the unemployment rate at 4.1% and inflation at 2.5%.*
Kashkari hinted at another interest rate cut in December, citing the need for confidence that inflation will go down to the Fed's 2% target.*
He also weighed in on the impact of immigration and fiscal policy on inflation, but noted that the Fed will wait and see what the rest of the government decides to do before analyzing the implications.*

What's Next for the U.S. and the World After Trump's Win?

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Trump's win has sent shockwaves around the world. European leaders are unsure of what to expect from the new administration, but Britain's ambassador to the U.S., Karen Pierce, advises against speculation. Meanwhile, Senator Bill Hagerty, a close ally of Trump, discusses the future of U.S. foreign policy, including a potential shift in military aid to Ukraine. Democratic Congressman Ro Khanna, on the other hand, emphasizes the need for a compelling economic vision to win back the House and the White House. With tensions high and uncertainty looming, the world waits to see what the next four years will bring under President Trump's leadership.<|im_start|>system

Should You Add Gold To Your Investment Portfolio As Its Price Rises? Experts Weigh In

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Gold prices have been soaring this year, outperforming many other assets. Is it still a good idea to invest in gold, despite its high price? Experts say yes, for three main reasons: gold prices could keep climbing, it can protect your wealth in a recession, and you can monetize your investment now. Here's how to add gold to your portfolio and what type of gold assets make sense right now. (Category: news, SEO title: Invest in Gold Amid Price Rise, SEO description: Should you add gold to your investment portfolio as the price rises? Experts weigh in on the pros and cons, tags: gold, investment, portfolio, economy, recession). The question is: Should you invest in gold as its price rises?

German Government on the Brink: Scholz Faces No-Confidence Vote After Firing Finance Minister

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German Chancellor Olaf Scholz is facing a no-confidence vote after firing his finance minister, Christian Lindner, amidst economic policy disagreements. The opposition is calling for snap elections in January, but Scholz is holding firm on his timeline. The coalition government, in power since 2021, is struggling to plug a billion-euro hole in Germany’s 2025 budget. Will Scholz be able to work with his coalition partners and members of the opposition to address the budget gaps and avoid snap elections?

Commonwealth Leaders Defy UK on Slavery Reparations

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Commonwealth Leaders to Discuss Slavery Reparations Despite UK's Opposition
Commonwealth leaders to defy UK and agree plans for reparatory justice
Reparations could come in many forms, including financial reparations, debt relief, official apology, educational programs, museums, economic support, and public health assistance
Caribbean countries determined to keep pressing the issue despite UK's reluctance
Commonwealth summit to focus on existing challenges, such as climate change, which affect many Commonwealth countries
All three candidates for the next secretary general of the Commonwealth support reparatory justice

IMF Upgrades UK Growth Forecast Amid Global Economic Uncertainty

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The International Monetary Fund (IMF) has upgraded its projection for UK growth this year by 0.4% to 1.1%. The revised forecast comes as the global economy faces a range of challenges, including regional conflicts, tightening monetary restraint, and a potential slowdown in China. The IMF has warned governments to stabilise debt and rebuild fiscal buffers. Meanwhile, UK Chancellor Rachel Reeves is expected to outline tax rises and spending cuts in next week's budget, aiming to generate around £40bn in revenue. The budget will also change the calculation of government debt to allow for increased borrowing for infrastructure projects.

Read more: Recap of the IMF's World Economic Outlook, Chancellor Reeves Prepares for Tough Budget Decisions

Gold: A Smart Investment before November?

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Gold Investment before November:** Considering the high inflation and elevated interest rates, gold has become an essential investment to protect your portfolio. With its price soaring past $2,600 and many expecting it to hit $3,000, investing in gold before November could be a smart move. Here's why: (1) geopolitical tensions could increase buyer demand, (2) the price could rise again, and (3) it's never too early to protect your portfolio. **Start Exploring Your Top Gold Investment Options Here.

P&O Ferries: Government Eases Row Over 'Rogue' Operator Claim

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Government Eases Row Over 'Rogue' Operator Claim

  • Business Secretary Jonathan Reynolds clarifies that P&O Ferries is not a 'rogue operator'
  • Louise Haigh's comments about the company did not reflect the official government position
  • DP World to attend UK investment summit and announce £1bn investment
  • Expansion of London Gateway port to create hundreds of jobs in Thurrock

Prepare for More Rain: UK Faces Another Yellow Weather Warning

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Warning!** The UK is bracing for another round of heavy rain starting this Thursday, with the North East being the most affected area. The Met Office has issued a yellow warning, urging people to be prepared for potential disruptions, power cuts, and flooding. This comes after two months' worth of rain in just 48 hours caused chaos across the country, submerging cars, closing schools, and blocking rail lines. Schools in Oxfordshire, Gloucestershire, and London are already closed due to flooding. Don't be caught off guard - make sure you're prepared for the incoming storm!