Households in Britain will see their spending power cut by an average £3,000 by the end of next year unless the new government acts to counter the biggest drop in living standards in at least a century, research has indicated. Adding to pressure on Boris Johnson’s successor as prime minister to tackle a worsening cost of living crisis, the Resolution Foundation thinktank said soaring energy bills would cut household incomes by 10% and push an extra 3 million people into poverty. – Guardian
Growing numbers of workers are cutting their workplace pension contributions or opting out of schemes entirely because they cannot afford payments – prompting calls for employers to increase the amounts they pay in. With real wages falling and bills rising sharply, people across the country are looking for ways to reduce spending and supplement their incomes, and the TUC said it was hearing about staff in both the public and private sectors who had concluded they could not afford to save for retirement at the moment. – Guardian
Business rates will be slashed to protect swathes of corporate Britain from surging energy prices under plans drawn up by Liz Truss, the Conservative leadership frontrunner. It is thought the government could extend business rates relief from premises with a rateable value of £15,000 to those valued at £25,000, meaning many thousands more companies would be spared from the tax. – Telegraph
A leading group of manufacturing and engineering companies is pressing ministers to introduce emergency measures on the scale of the depths of the pandemic to help to avert a severe recession. Make UK has called for a “shock and awe” budget to prevent permanent “economic scarring” and to stave off substantial insolvencies and job losses. – The Times
The British microchip designer Arm has sued Qualcomm over breach of licence agreements and trademark infringement, setting the stage for a legal battle between two of the industry’s most powerful companies. Qualcomm is accused of attempting to transfer licence agreements from Nuvia, a semiconductor business it acquired last year, without Arm’s consent. – The Times
