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FirstFT: Rishi Sunak promises to ease cost of living crisis

This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe/Africa or America edition to get it straight to your inbox every weekday morning

Good morning. Former Chancellor Rishi Sunak, one of the contenders to become Britain’s next Prime Minister, has… promised more help for households struggling with the cost of living crisis.

The promise came as his allies stepped up attacks on foreign secretary Liz Truss and his rival in the conservative party leadership race. Justice Secretary Dominic Raab claimed that if Truss went through with an emergency budget for tax cuts, it would be an “electoral suicide note” for the Tories.

Boris Johnson has rejected calls for a quick response to the cost of living in his final weeks as prime minister, with Downing Street insisting major tax decisions should be left to his successor.

Sunak declined to give details on how much support he would provide to households, suggesting that he should first know the revised level of the UK energy price ceiling that will come into effect this autumn.

Who do you think should be responsible for introducing cost of living crisis measures, Johnson or his successor? Tell me what you think firstft@ft.com. Thanks for reading FirstFT Europe/Africa — Jennifer

1. US pledges another $1 billion in military aid to Ukraine The new package, the largest take-up since the beginning of the Russian invasion, includes ammunition for highly mobile artillery rocket systems (Himars) and will bring total US security assistance to Ukraine since President Joe Biden took office to about $9.8 billion.

2. Masayoshi Son ‘ashamed’ of focus on profit Huge losses at SoftBank’s flagship Vision Funds will force the Japanese investment group into “dramatic” cost cuts after technology valuations plummeted and a weak yen drove the conglomerate to a record loss of $23 billion per quarter.

“If we had been a little more selective and invested well, it wouldn’t have hurt so much” – Masayoshi Son

3. London tenants face ‘becoming unaffordable’ rents Private tenants in the British capital are being forced to bid on properties or bid up to 12 months’ rent in advance, according to homeless charity Shelter has warned, as high demand and property shortages grow fierce competition for accommodation.

4. UK nurses vote on industrial action NHS nurses across England and Wales will be next month vote on whether or not to strike over wagesin what the Royal College of Nursing described as a “defining” moment for the industry.

  • More disruption: One of the country’s busiest intercity rail routes, Avanti West Coast, will greatly reduce services blaming “serious” staff shortages and “the current climate of industrial relations” from Sunday.

5. Donald Trump: FBI Agents Invaded Mar-a-Lago Home Federal agents searched Trump’s Florida residence last night, a major move by prosecutors over the former president’s handling of classified information from his time in the White House that could compound his legal troubles.

the next day

Kenya general elections In one of Africa’s most important elections of the year, Kenyan voters will elect the president, the deputy, the MPs and the delegated government members. Presidential candidates Raila Odinga and William Ruto are stuck in polls.

UK exam results The return of school exams begins, with thousands of Scottish students taking the National 5, Higher and Advanced Higher exams finding out if they have the grades to secure a university and college place.

Economic data The Hungarian consumer price index for July is expected to rise as inflation remains above the central bank’s 3 percent target. The British Retail Consortium-KPMG July retail sales report is out. US labor productivity is expected to have fallen for a second quarter. (WSJ)

Rudy Giuliani to give evidence Former New York City mayor, who has become Donald Trump’s personal attorney, has been ordered by a judge to testify before a Georgia Grand Jury over attempts by supporters of the former president to hold the state’s 2020 presidential election. to undo.

Corporate Profits Half year results are in for InterContinental Hotels, Continental, IWG, Legal and General, Munich Re and Standard Life Aberdeen, while Ralph Lauren reports first quarter results.

What else do we read

How corporate raiders became teams of rivals The private equity industry was founded by mercenary dealmakers who clubbed opponents to death to gain control of major corporations such as RJR Nabisco, Alliance Boots and Phillips Semiconductor. Now companies nurture complex relationships with their competitors. How did they get here?

Chart showing that private equity firms are selling more and more assets to each other

Where have the self-employed in the UK gone? When the pandemic hit, the ranks of the self-employed plummeted and showed no signs of recovery. Why is this abrupt change important? Because an increase in the number of self-employed has been one of the defining characteristics of the job market for decades, writes Sarah O’Connor.

It’s too early to explain beyond the risk of a US recession Some believe the recent jobs report implies the US will avoid a recession. While he hopes this is correct, Mohamed El-Erian writes that it is too early to put a hold on — something the government bond market appears to be geared towards.

We must regulate the exploitation of resources in space The possibilities offered by the space are almost endless. As a shared resource that must remain available to all nations, no private company should dominate it for its own benefit. We need to tackle the proliferation of satellite waste, writes Mark Dankberg, chief executive of ViaSat.

Demography is not fate Improvements in public health and medicine extend lifespans by about two years per post-war decade. But fertility is dropping, fast. Government policy must be informed by recognizing the effects of such a decline, writes Ian Goldin, a professor at Oxford University.

House home

The winner of this year’s Davidson Prize, a £10,000 annual prize for design ideas that seek to tackle housing problems, has proposed a radical project for a tenement community in East Sussex featuring quirky, colorful homes for diverse, non-residential communities. nuclear households.

This article is an on-site version of our FirstFT newsletter. Subscribe to our Asia, Europe/Africa or America edition to get it straight to your inbox every weekday morning

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