Glasgow congestion charge risks ‘displacement of business'
Stuart Patrick, chief executive of Glasgow Chamber of Commerce, warned over the move.
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He said: "We cannot support a city-wide congestion charge until public transport improvements have been made in line with the conclusions of the Connectivity Commission.
"We are very concerned about the possible displacement of business out of Glasgow.
'We believe the City Council needs support from the Scottish Government to deliver priority transport projects such as the Clyde Metro and the Glasgow City Region Bus Partnership improvement plan."
Japanese restaurant in Glasgow to close
A Japanese bar and restaurant in Glasgow has announced that it will close its doors next month.
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Reuters
an hour ago
- Reuters
Dollar falls as Trump calls on Fed's Cook to resign
NEW YORK, Aug 20 (Reuters) - The dollar fell on Wednesday after U.S. President Donald Trump called on Federal Reserve Governor Lisa Cook to resign, as investors also waited on a speech by Fed Chair Jerome Powell on Friday for clues on interest rate policy. Trump cited a call by the head of the U.S. Federal Housing Finance Agency urging the Department of Justice to probe Cook over alleged mortgage fraud. Spokespeople for Cook and the Fed did not immediately respond to requests for comment. 'The market has voted with its pocketbook that it doesn't like when the president interferes with the Federal Reserve,' said Marc Chandler, chief market strategist at Bannockburn Global Forex in New York. Trump has been critical of Powell for being to slow to cut rates, and traders expect he will replace the Fed Chair with a more dovish appointment when his term ends in May. But Powell may stay on the board of governors, which would limit how many appointments Trump may make and could crimp plans to form a more dovish composition of policymakers. 'This is just a thinly veiled attempt to get control of the Federal Reserve, because if Powell doesn't step down as Governor when his chair ends, Trump's only appointment is the Kugler seat that he gave to Miran temporarily,' Chandler said. Trump earlier this month said he would nominate Council of Economic Advisers Chairman Stephen Miran to serve out the final few months of a vacant Fed seat after Fed Governor Adriana Kugler unexpectedly resigned. The dollar index , which measures the greenback against a basket of currencies including the yen and the euro, was last down 0.16% on the day at 98.16, with the euro up 0.15% at $1.1664. The Japanese yen strengthened 0.21% against the greenback to 147.37 per dollar. Traders are focused this week on whether Powell will push back against market expectations for a rate cut at the Fed's September 16-17 meeting when he speaks at the U.S. central bank's Jackson Hole meeting on Friday, following a weak jobs report for July. Powell has said he is reluctant to cut rates on expectations that Trump's tariff policies will increase inflation this summer. Consumer price inflation data for July showed limited impact from tariffs but hotter than expected producer price inflation has tempered expectations for how many cuts are likely this year. Fed funds futures traders are currently pricing in 85% odds of a cut next month, and 54 basis points of cuts by year-end. Later on Wednesday, the Fed will issue the minutes of its July 29–30 meeting, when it held rates steady, although they may offer limited insight as the meeting came before the weak jobs numbers. The New Zealand dollar dropped 1.04% to $0.5831, a four month low, after the country's central bank cut its policy rate by 25 basis points to a three-year low of 3.00% and flagged further reductions in coming months as policymakers warned of domestic and global headwinds to growth. The Swedish crown strengthened 0.1% to 9.59 after Sweden's central bank held its key interest rate at 2.00% as expected. Sterling weakened 0.07% to $1.3481 after British inflation hit its highest in 18 months in July, but was not seen as swaying Bank of England policy. "The BoE is more concerned about food inflation, which hasn't changed much in today's release," ING's head of research Chris Turner said. In cryptocurrencies, bitcoin fell 0.22% to $113,324.
North Wales Chronicle
an hour ago
- North Wales Chronicle
Key questions answered on potential rail fares rise
Fare rises are a controversial issue. Here, the PA news agency answers 10 key questions about what could happen. – When will train fares rise? Fares are likely to increase next year, on dates to be determined. This year, prices rose in England and Wales on March 2, and in Scotland on April 1. – Who determines how much more expensive my train ticket will be? The cap on regulated fare rises in England, Scotland and Wales is controlled by the UK, Scottish and Welsh governments respectively. – Which tickets are regulated? Some season tickets, off-peak return tickets and flexible tickets for travel around major cities. Here's our response to the news that RPI hit 4.8% last month, the figure the Government usually uses to set the following year's annual rail fare rise. This year the fare rise was RPI+1%…could a 5.8% fare rise be on the cards for 2026? — Campaign for Better Transport (@CBTransport) August 20, 2025 – What about unregulated fares? These fares are set by operators, but rises are expected to be similar as their finances are closely controlled by governments. – What was the increase in regulated fares in England this year? It was capped at 4.6%, which was one percentage point above Retail Price Index (RPI) inflation in July 2024. – What will be the cap if that formula is used to set next year's increase? 5.8%. – What has the Department for Transport said? There will be an update on changes to regulated fares later this year, and no decisions have been made on 2026 rail fares. – What about public transport campaigners? Railfuture recently warned a 5.5% increase would be 'outrageous', while Campaign for Better Transport urged the Government to 'deliver a more affordable rail network'. – Is there any way of avoiding the rise in fares? Savvy commuters renewed their season tickets in the days before the annual increase. – Any other tips on limiting the cost of train travel? Passengers can save money by getting a railcard, travelling off-peak, and booking in advance – although these options are not available for many journeys, particularly those made by commuters.
North Wales Chronicle
an hour ago
- North Wales Chronicle
Train passengers face potential 5.8% fares hike
The potential rise is based on the Office for National Statistics announcing that Retail Price Index (RPI) inflation rose to 4.8% in July. The Government has not confirmed how it will determine the cap on regulated fare rises in 2026, but this year's 4.6% hike was one percentage point above RPI in July 2024. If that formula is used to set next year's fare increase, the cost of train travel will jump by 5.8%. That would mean an annual season ticket from Woking to London rising by £247 to £4,507. A flexi ticket for travel two days per week over a year from Liverpool to Manchester would increase by £120.30 to £2,195.10. Train punctuality in Britain is at its lowest level in more than five years. Ben Plowden, chief executive of lobby group Campaign for Better Transport, said: 'Today's inflation figure could mean a big fare rise for rail passengers next year, especially if the Government decides to go with an above-inflation increase like we saw this year. 'With the railways now moving under public control, the fundamental question for the Government is how to use its role in setting fares policy to deliver a more affordable rail network and encourage more people to travel on it. 'Next year's annual rise represents the first real opportunity for the Government to show passengers – both current and future – just how it plans to do this.' About 45% of fares on Britain's railways are regulated by the Westminster, Scottish and Welsh Governments. They include season tickets on most commuter journeys, some off-peak return tickets on long-distance routes, and flexible tickets for travel around major cities. Paul Kohler, the Liberal Democrats' transport spokesman, said using the same formula again would be 'nothing short of ludicrous', adding: 'Commuters are simply being taken for a ride. 'We simply cannot allow the current rate of inflation to set rail fares while services get worse. 'To increase rail fares at all in the midst of a cost-of-living crisis would be nothing other than a slap in the face to ordinary people.' Mr Kohler urged the Government to scrap any plan for a rail fare rise to 'get more people onto the trains', while Conservative shadow transport secretary Richard Holden accused Labour of 'turning a blind eye to fare dodging'. He said: 'Labour's election promises ring hollow as passengers are hit with inflation-busting rises on top of cancelled trains, driver shortages and chaos across the network. 'These fare rises are a direct result of Labour's disastrous economic mismanagement.' The Department for Transport (DfT) said there will be an update on changes to regulated fares later this year. Operators set rises in unregulated fares, although these are likely to be very close to regulated ticket increases because their decisions are heavily influenced by governments. Office of Rail and Road figures show trains in Britain reached 66.7% of scheduled stops within a minute of the timetable in the year to July 19. That is the worst performance since the year to May 30 2020. Some operators are currently struggling with dry weather. A lack of moisture in clay soil embankments has disturbed track levels, preventing trains from safely travelling at full speed in parts of south-west and south-east England. A DfT spokesperson said: 'The Transport Secretary has made clear her number one priority is getting the railways back to a place where people can rely on them. 'The Government is putting passengers at the heart of its plans for public ownership and Great British Railways (GBR), delivering the services they deserve and driving growth. 'No decisions have been made on next year's rail fares but our aim is that prices balance affordability for both passengers and taxpayers.' The Government is nationalising train operators as their contracts expire. GBR is an upcoming public sector body that will oversee Britain's rail infrastructure and train operation.
