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Friday newspaper round-up: Grocery inflation, income tax, rail strikes, landlord rules

(Sharecast News) - Supermarkets have told ministers that food prices have peaked and will start falling significantly in the coming months. The Treasury held a call with leading supermarkets after Andrew Bailey, governor of the Bank of England, blamed the "very big underlying shock" for stubbornly high inflation. - The Times The Treasury will be able to slash the basic rate of income tax by 2p if Britons who left jobs during the pandemic return to work, a Cabinet minister has declared. Mel Stride, the Work and Pensions Secretary, who is responsible for overseeing the Government's drive to boost employment numbers, said there were still 400,000 fewer workers than before Covid. A 2p cut in the basic rate of income tax would mean a fall from 20 per cent to 18 per cent. - Telegraph

Rail services across Britain will be severely disrupted on Friday as train drivers stage the first of the latest wave of planned strikes in a long-running pay dispute. Members of the drivers' union Aslef will strike for 24 hours across virtually all the big passenger operators in England, stopping some major intercity and commuter services entirely. - Guardian

President Zelensky has been blocked by the BBC and other international broadcasters from addressing the world at the Eurovision Song Contest. A request by the Ukrainian leader to make a surprise video appearance during the final, in which he was expected to urge the global audience of 160 million to continue their support for his country in the face of Russian aggression, was turned down by event owners. - The Times

Landlords in England will be able to evict tenants for antisocial behaviour more easily as part of a wider package of reforms to the rental market, after heavy lobbying by industry organisations and Conservative backbenchers. Michael Gove will use the renters' reform bill, which could be introduced to the Commons as soon as next week, to strengthen landlords' rights when it comes to dealing with alleged antisocial behaviour. - Guardian

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Thursday newspaper round-up: Asda, Post Office, M&S, Frasers Group
(Sharecast News) - The owners of Asda are facing mounting pressure after figures showed the struggling supermarket chain's share of the grocery market reached a "new nadir" as sales fell sharply this summer. The grocer's sales fell 6.4% in the three months to 10 August, equivalent to more than £2bn in annual lost revenues, as it became the only member of the traditional "big four" supermarkets to see sales shrink, according to analysts at NIQ. - Guardian
Wednesday newspaper round-up: Waitrose, McDonald's, Crown Agents
(Sharecast News) - Waitrose is planning to open 100 convenience stores over the next five years as part of a £1bn-plus investment in new outlets and shop refurbishments. The upmarket grocery chain is planning to unveil a revamped outlet in Finchley Road, north London, on Wednesday. This will kick off a new phase of expansion with its first new store in six years in Hampton Hill, west London, by the end of this year. - Guardian
Tuesday newspaper round-up: Missing yacht, City Airport, energy bills
(Sharecast News) - Morgan Stanley International chairman Jonathan Bloomer is among those missing after a yacht carrying UK tech entrepreneur Mike Lynch sank off the coast of Sicily during a violent storm, an Italian official has said. Salvatore Cocina, head of the civil protection agency in Sicily, said Bloomer and Chris Morvillo, a lawyer at Clifford Chance, were among the six people missing. Lynch and his 18-year-old daughter, Hannah, were also unaccounted for as of late Monday. - Guardian
Monday newspaper round-up: Ted Baker, banks, Boohoo
(Sharecast News) - Fashion brand Ted Baker's remaining 31 stores in the UK are to close this week, putting more than 500 jobs at risk. Started as a men's clothing label in Glasgow in 1988 by entrepreneur Ray Kelvin and becoming known for its quirky advertising and floral prints, Ted Baker's UK arm entered administration in March after racking up losses. - Guardian

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

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