Analysts have pored over Sunak’s workings, and warn mortgage rates will soon increase while tax rises are to hit many middle-income workers.
Elsewhere, Facebook has revealed a new name and strategy, while New Zealand’s Auckland has been named the best city to visit in 2022.
Here are the key headlines concerning travel on Friday 29 October.
Red list move ’biggest sign travel is back’
The Telegraph has hailed the government’s decision to remove the remaining seven countries from the UK’s red list as "the biggest sign travel is back to pre-pandemic times". The paper said the move constituted a fundamental change in stance, one that would come as "big relief to the trade and consumers". (The Telegraph)
Mortgage rates ‘to increase next week’
Markets are predicting a base rate rise from 0.1% to 0.25% next Thursday. Millions of households face higher mortgage payments with interest rate rises expected next week as a result of Rishi Sunak’s spending splurge, City economists believe. In addition, high inflation and tax rises are likely to more than offset pay rises for most earners. (The Times)
Middle income earners ‘to be squeezed’
Around 1.3 million more working age adults are to be dragged into paying the higher rate of income tax. Almost six million will be paying 40% tax on at least some of their earnings by the end of this Parliament, more than double the number who paid the higher rate back in 2010. The move could raise almost £50 billion more in revenue for the Treasury. (The Daily Mail)
Auckland ‘best city to visit’
Auckland has taken top spot in Lonely Planet’s ‘best cities to visit’ rankings despite being in lockdown and cut off from the rest of the world. Auckland mayor Phil Goff said the ranking “will give a real boost to Auckland’s tourism and hospitality sectors as they start to recover from the Covid-19 lockdowns and borders reopen”. (The Guardian)
Wizz Air boss sacked over share deals
A leading executive at Wizz Air has been dismissed after it emerged he had been trading shares in the London-listed airline for more than a year and a half without informing the company. Andras Sebok, its chief supply chain officer, had his employment “terminated with immediate effect” after Wizz learnt of his dealings from the Financial Conduct Authority. (The Times)
Facebook rebrands as it diversifies
Facebook will now be known as “Meta”, founder Mark Zuckerberg announced in a bid to shift focus from its controversial social network to future technologies. The company’s “metaverse” project will attempt to combine social media, video calls, gaming, entertainment and working from home into an immersive virtual reality world. (The Telegraph)