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After weeks of dry weather, heavy rain has hit large parts of the UK (central London's Millennium Bridge is pictured below) and caused flooding. Plus, we analyse how the Bank of England has failed to get a grip on inflation. Evening briefing: Today's essential headlines UK floods | The Met Office has warned of dangerous floods that are set to hit parts of the UK, amid thunderstorms lashing the country after weeks of dry weather. Video showed central London station staff in ankle-deep water today as heavy rain hit the capital . Across the world, the lack of rain has seen submerged wonders rediscovered , from Second World War shipwrecks to medieval bridges. In Iraq, pictures show how the reputed home of the Garden of Eden has been turned into a "desert" . Manchester United | Glazer family 'consider selling stake in club' Mobility scooter stabbing | Man with knife pictured fleeing scene Ryan Giggs | Ex-footballer called 'team meetings' over dishwasher … [Read more...] about Wednesday evening news briefing: How Bank failed to grip inflation

The cost of food and drink increased by more than any other type of good over the past month. Another set of staggering inflation figures from the Office for National Statistics (ONS) has revealed that food and drink accounted for almost half (44%) of inflation from June to July. Some good news beneath today's figures - cost of living latest Basic goods such as milk, butter, pasta and cooking oils are among some of the steepest price hikes - along with toothbrushes and toilet roll. But why has food and drink gone up so much now - and what about the energy crisis? Here Sky News takes a closer look at this month's inflation figures and the explanation behind them. Which food and drink has gone up the most? The soaring price of food and non-alcoholic drink was the biggest contributor to CPIH inflation (the Consumer Price Index including owner occupiers' housing costs) from June to July. CPIH increased by 0.59 percentage points from one month to the next - of … [Read more...] about Cost of living crisis: Why have food prices gone up so much in a month?

By Noor Nanji Published 10 minutes ago Share close Share page Copy link About sharing Related Topics Tory leadership Pledges to slash taxes by Conservative leadership candidates are "unrealistic" unless they are matched by spending cuts, a think tank has warned. The Institute for Fiscal Studies (IFS) said large, permanent tax cuts could add to pressures on the public purse as the economic outlook deteriorates. Both Rishi Sunak and Liz Truss have promised tax cuts but say their plans are affordable. The UK will find out who its next prime minister is on 5 September. The soaring cost of living will be among the biggest challenges facing whoever succeeds Boris Johnson, with calls for more help growing louder. What taxes would Liz Truss and Rishi Sunak cut? Cutting UK taxes now would be a mistake, says IMF UK economy shrinks as outlook on recession … [Read more...] about Tory leadership race: Tax cut pledges are unrealistic, says IFS

Live Updates Inflation in the United States has reached a 40-year high. The consumer price index rose 9.1 percent in a year, according to the U.S. Bureau of Labor Statistics. This is the biggest yearly increase since the 8.6 percent jump in 1981. This inflation rate is ahead of the Federal Reserve's annual two percent target for inflation and may lead the Fed to raise interest rates again later this month. Republican lawmakers are blaming President Joe Biden, calling the latest economy report the "Biden Price Hike." This comes as average gas prices have dropped to $4.63. While prices have fallen in recent weeks, they remain much higher than this time last year. Live Updates Have Ended. 16:55 PM EDT Chile Expects Inflation to Hit 11.1 Percent Chile anticipates inflation will rise above 10 percent this year, a higher estimation than the country previously made in the wake of inflation surges around the world. Chile is already facing higher … [Read more...] about Inflation Report Updates: Chile expects inflation to hit 11.1 percent

By Natalie Sherman Published 1 day ago Share close Share page Copy link About sharing Adam Neumann left WeWork, the once globally-hyped, now much-diminished, office space sharing company, under a cloud of questions about his management. Less than three years later, he appears poised for a comeback. The long-haired entrepreneur, whose staggering rise and fall has inspired reams of articles, several books and a television drama starring Anne Hathaway and Jared Leto, made headlines this week for winning hundreds of millions of dollars in backing for a new property venture - this time focused on apartments. In the process, he also ignited another firestorm. Details about Mr Neumann's new company, called Flow, are scant. In January the Wall Street Journal reported that Mr Neumann had purchased stakes in more than 4,000 apartments in the US, with an aim to create a "widely … [Read more...] about Backing for Adam Neumann’s new firm prompts outrage