{"id":215436,"date":"2025-10-21T12:28:08","date_gmt":"2025-10-21T12:28:08","guid":{"rendered":"https:\/\/www.newsbeep.com\/uk\/215436\/"},"modified":"2025-10-21T12:28:08","modified_gmt":"2025-10-21T12:28:08","slug":"business-news-live-government-borrowing-in-september-hits-highest-level-since-covid","status":"publish","type":"post","link":"https:\/\/www.newsbeep.com\/uk\/215436\/","title":{"rendered":"Business news live – Government borrowing in September hits highest level since Covid"},"content":{"rendered":"

<\/a>Cutting cash ISA limits would be a ‘huge blow to millions’<\/p>\n

Rachel Reeves is reportedly back on the hunt to cut cash ISA allowances – a proposed move which got a lot of flack earlier this year.<\/p>\n

Same again now, in truth.<\/p>\n

Derence Lee, chief finance officer at Shepherds Friendly, said:<\/p>\n

\u201cCash ISAs have long been an extremely useful tool for many people to save money effectively, and one of the core reasons is the annual \u00a320,000 tax-free allowance. If implemented, a reduction to a limit of just \u00a34,000 would deal a huge blow to the millions of people across the UK who rely on Cash ISAs for building their savings, particularly during this period of economic uncertainty.<\/p>\n

\u201cThe ability to save tax-free helps people build emergency funds, plan for major life expenses, such as buying a first home, as well as secure their financial future without the burden of taxation eating away at their savings. Cutting the allowance so drastically could potentially discourage saving, and with the Bank of England revealing that over \u00a349.8bn was deposited into Cash ISAs in 2024, it\u2019s clear to see that savers value the security and benefits of these accounts.\u201d<\/p>\n

Karl Matchett21 October 2025 12:30<\/p>\n

<\/a>Pension tax raid incoming, says finance CEO<\/p>\n

The CEO of financial advisory firm deVere Group, Nigel Green, says a pension tax raid in the upcoming Budget is inevitable.<\/p>\n

\u201cThe numbers speak for themselves. Borrowing has surged far beyond expectations while growth remains flat and debt servicing costs are swallowing a larger share of national income,\u201d he explains.<\/p>\n

\u201cWhen the Treasury finds itself under this kind of pressure, pensions are often first in line. They\u2019re seen as an easy source of revenue that can be tapped quickly, even if the long-term consequences are severe.\u201d<\/p>\n

Karl Matchett21 October 2025 11:53<\/p>\n

<\/a>Pizza Hut is dying. Your favourite diner will be next<\/p>\n

The pizza giant, which at the height of its powers opened a new branch every week, has now collapsed into administration \u2013 and Salt Bae is on his knees, says James Moore. But it\u2019s not just struggling restaurants that are in trouble.<\/p>\n

\"\"Pizza Hut is dying. Your favourite diner will be next<\/a><\/p>\n

The pizza giant, which at the height of its powers opened a new branch every week, has now collapsed into administration \u2013 and Salt Bae is on his knees, says James Moore. But it\u2019s not just struggling restaurants that are in trouble <\/p>\n

Karl Matchett21 October 2025 11:00<\/p>\n

<\/a>Four million face debt concern as costs outweigh incomes<\/p>\n

Citizens Advice say four million people across England and Wales are in a \u201cnegative budget\u201d, with their essential costs outweighing their monthly income.<\/p>\n

An additional 300,000 were \u00a350 away from such a negative budget, the charity said.<\/p>\n

People with negative budget have an average of more than \u00a39,900 debt per household, CA reported.<\/p>\n

For those near or in a negative budget, a single unexpected bill or cost can push them into debt which becomes increasingly difficult to get out of.<\/p>\n

Karl Matchett21 October 2025 10:40<\/p>\n

<\/a>FTSE 100 climbs despite borrowing costs rising<\/p>\n

A quick look at the stock market this morning now.<\/p>\n

The FTSE 100 is up 0.18 per cent, down slightly from a fast start early on, while most European markets are flat or slightly down for the day.<\/p>\n

Segro is up 2.8 per cent as the leader of the index, with data firm RELX, bank HSBC and AutoTrader Group the others up more than 1.5 per cent for the day.<\/p>\n

At the other end it\u2019s a day of red for miners – Antofagasta, Fresnillo and Endeavour are the three worst-performing stocks of the morning, the latter down 3 per cent.<\/p>\n

Karl Matchett21 October 2025 10:22<\/p>\n

<\/a>Autumn house price bounce lower than usual in October<\/p>\n

The autumn asking price bounce among home sellers was lower in October than usual, according to a property website.<\/p>\n

Across Britain<\/a>, the average price of a property coming to the market for sale increased by 0.3% or \u00a31,165 in October to reach \u00a3371,422, Rightmove<\/a> said.<\/p>\n

But the rise is below the 10-year average October bounce of 1.1%, as the high number of homes for sale limits sellers\u2019 pricing power, the website added.<\/p>\n

October typically sees a seasonal increase in activity and new seller asking prices as the market bounces back from a quieter summer period, but activity has not been strong enough to drive the usual autumn bounce in prices, the report said.<\/p>\n

Karl Matchett21 October 2025 10:00<\/p>\n

<\/a>Nearly \u00a310bn in interest on debt<\/p>\n

More now on those borrowing numbers.<\/p>\n

Times figures show interest payments on government borrowing rose to \u00a39.7bn in September.<\/p>\n

Shown as a percentage of GDP, the overall total debt is 95.3 per cent.<\/p>\n

Karl Matchett21 October 2025 09:40<\/p>\n

<\/a>The UK locations of all 68 Pizza Hut restaurants set to close<\/p>\n

Pizza Hut has revealed the locations of 68 restaurants which will close after the company behind its UK venues fell into administration.<\/p>\n

It will also shut 11 delivery sites as part of a restructuring which will put 1,210 workers at risk of redundancy.<\/p>\n

DC London Pie, the firm running Pizza Hut\u2019s UK dine-in restaurants under a franchise deal, appointed administrators from corporate finance firm FTI on Monday.<\/p>\n

American hospitality giant Yum! Brands, which owns the global Pizza Hut business, said it has now bought the UK restaurant operation in a pre-pack administration deal, saving 64 sites.<\/p>\n

Here are the locations set to close:<\/p>\n

Karl Matchett21 October 2025 09:20<\/p>\n

<\/a>Reeves faces “tough job” to balance books, says expert<\/p>\n

More comment on the government borrowing numbers, with Danni Hewson, AJ Bell\u2019s head of financial analysis, suggesting the government still has work to do to stimulate growth despite \u201cadmirably long term\u201d changes already made.<\/p>\n

\u201cThis set of government borrowing figures lays bare the tough job Rachel Reeves faces to try and balance the country\u2019s books.<\/p>\n

\u201cThe chancellor has hiked taxes on employers, announced infrastructure investments and planning reforms, and today promises to cut red tape for businesses. But all those tax-raising, growth-inducing measures haven\u2019t been able to offset the weight piling up on the other end of the seesaw.<\/p>\n

\u201cToday\u2019s world demands instant gratification and finding a magic money tree is a plot twist normally reserved for fairytales. In the real world this Budget is likely to be dry, difficult and divisive.\u201d<\/p>\n

Karl Matchett21 October 2025 09:04<\/p>\n

<\/a>Trade talks about \u2018hard yards\u2019 rather than photo opportunities, says Starmer<\/p>\n

Whisky negotiations with the US are about \u201cthe hard yards\u201d rather than \u201cone-off photo opportunities\u201d, the Prime Minister has said in a rebuke to First Minister John Swinney.<\/p>\n

Mr Swinney has made securing a deal to cut whisky tariffs with the US a key part of his premiership in recent months, meeting President Donald Trump on a number of occasions this year in the hopes of reducing the levies.<\/p>\n

The First Minister\u2019s involvement in the talks comes despite international trade being a reserved issue, with the UK Government in the lead.<\/p>\n

Speaking to a group of Scottish journalists in Downing Street on Monday, Prime Minister Sir Keir Starmer said: \u201cNegotiations and getting the trade deals you want\u2026 is about the hard yards of negotiation and that\u2019s what we\u2019ve been up to.\u201d<\/p>\n

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