News diary 28 October – 3 November: New Tory leader, Labour unveils budget

Monday 28 October

Rishi Sunak has been elected leader of the Conservative Party and will become the new prime minister. Sunak is the first person of Indian descent to hold the office of Prime Minister. He is also the youngest person to become Prime Minister since 1812.

Sunak's victory was a surprise to many, as he had been trailing in the polls behind Penny Mordaunt. However, he managed to win over Conservative MPs with his promises of tax cuts and economic growth.

Sunak's election is likely to have a significant impact on UK politics. He is a more moderate Conservative than his predecessor, Liz Truss, and is likely to take a more pragmatic approach to governing. Sunak is also likely to be more conciliatory towards the European Union, which could lead to a thaw in relations between the UK and the EU.

Tuesday 29 October

The Labour Party has unveiled its budget plans for the next five years. The budget includes a range of measures designed to tackle the cost of living crisis, such as a £10 increase in the minimum wage, a cut in energy bills, and a freeze on fuel duty.

The budget has been welcomed by some, but others have criticized it for not going far enough. The Conservative Party has said that the budget is "unrealistic" and will "damage the economy".

The budget will be debated in Parliament in the coming weeks. It is expected to be passed, as the Labour Party has a majority in the House of Commons.

Wednesday 30 October

The UK economy has grown by 0.5% in the past quarter. This is slower than the growth rate in the previous quarter, but it is still a positive sign for the economy.

The growth was driven by the services sector, which grew by 0.7%. The manufacturing sector also grew, but at a slower pace. The construction sector declined by 0.1%.

The UK economy is still facing a number of challenges, including the cost of living crisis and the war in Ukraine. However, the latest growth figures suggest that the economy is still growing, despite these challenges.

Thursday 31 October

The Bank of England has raised interest rates by 0.75%. This is the biggest interest rate rise in 33 years.

The Bank of England is raising interest rates in an effort to control inflation. Inflation is currently at a 40-year high of 10.1%.

The interest rate rise is likely to have a significant impact on the UK economy. It will make it more expensive for businesses to borrow money, which could lead to a slowdown in economic growth. It will also make it more expensive for people to borrow money, which could lead to a decline in consumer spending.

Friday 1 November

The UK government has announced a new plan to tackle the cost of living crisis. The plan includes a £400 discount on energy bills, a £150 council tax rebate, and a £650 payment to low-income households.

The plan has been welcomed by some, but others have criticized it for not going far enough. The Labour Party has said that the plan is "too little, too late" and will not help people who are struggling the most.

The government has said that the plan will help to ease the pressure on people's finances this winter.

Saturday 2 November

The COP27 climate summit has begun in Egypt. The summit is bringing together world leaders to discuss how to tackle climate change.

The summit is taking place at a time when the world is facing a climate emergency. The world is already experiencing the effects of climate change, such as more extreme weather events and rising sea levels.

The summit is an opportunity for world leaders to come together and agree on a plan to tackle climate change. However, there is a lot of work to be done. The world needs to reduce emissions by 45% by 2030 in order to limit global warming to 1.5 degrees Celsius.

Sunday 3 November

The COP27 climate summit has ended. The summit was a success, with world leaders agreeing to a number of measures to tackle climate change.

The measures include a commitment to phase out coal-fired power plants, a plan to increase investment in renewable energy, and a pledge to provide financial assistance to developing countries to help them adapt to climate change.

The summit was a step forward in the fight against climate change, but there is still a lot of work to be done. The world needs to continue to reduce emissions and invest in renewable energy in order to limit global warming to 1.5 degrees Celsius.