Boris Johnson has asked his ministers to lay off 90,000 civil servants to fund his proposed tax cuts. Will Johnson's tax cuts ease the cost-of-living crisis in Britain? Palki Sharma tells you.

Gravitas: Boris Johnson plans to cut 90,000 government jobs

A poll has shown that there is increase in the number of people in UK who think that the queen should retire rather than stay a monarch for life. The poll analysis was carried out by YouGov for Times Radio.

The poll reportedly shows that one in three respondents thinks that the queen should retire.

Polling for this study started two years ago. At that time, more than half of the people were of the opinion that the queen should remain on the throne for the rest of her life.

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EXCLUSIVE: New <a href="https://twitter.com/YouGov?ref_src=twsrc%5Etfw">@YouGov</a> poll for <a href="https://twitter.com/TimesRadio?ref_src=twsrc%5Etfw">@TimesRadio</a> reveals sharp rise in number who think the Queen should retire. 
 
Comes after Prince Charles stood in at state opening of parliament 
 
34% say Queen should retire 
49% say she should remain Queen for life 
 
More on <a href="https://twitter.com/TimesRadio?ref_src=twsrc%5Etfw">@TimesRadio</a> now <a href="https://t.co/kFPaZyg4tN">pic.twitter.com/kFPaZyg4tN</a>
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However, latest survey shows a different picture. 34 per cent are saying that the queen should retire while 49 per cent, in other words, less than half think that she should continue.

Queen Elizabeth made a rare public appearance on Friday (May 13) just few days after she pulled out of opening of the parliament due to bad health. She pulled out from the ceremony for the first time in 60 years.

The 96-year-old monarch, in a white blouse, blue cardigan and tinted glasses, was seen smiling as she arrived at the Royal Windsor Horse Show.

She spoke to a group of people through the open window of her Range Rover, and later donned a headscarf and used a walking stick to make her way to the royal box.

British media reports said the lifelong horse lover spent almost an hour at the parade ring at the show, which is near her Windsor Castle home west of London.

Buckingham Palace announced on Monday night that the queen would not officially open parliament on Tuesday -- the first time she had missed the event since 1963.

(With inputs from agencies)

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A poll has shown that there is increase in the number of people in UK who think that the queen should retire rather than stay a monarch for life. The poll analysis was carried out by YouGov for Times Radio.

A poll has shown that there is increase in the number of people in UK who think that the queen should retire rather than stay a monarch for life. The poll analysis was carried out by YouGov for Times Radio. The poll reportedly shows that one in three respondents thinks that the queen should retire. Polling for this study started two years ago. At that time, more than half of the people were of the opinion that the queen should remain on the throne for the rest of her life. EXCLUSIVE: New @YouGov poll for @TimesRadio reveals sharp rise in number who think the Queen should retire. Comes after Prince Charles stood in at state opening of parliament 34% say Queen should retire 49% say she should remain Queen for life More on @TimesRadio now pic.twitter.com/kFPaZyg4tN — Matt Chorley (@MattChorley) May 13, 2022 × However, latest survey shows a different picture. 34 per cent are saying that the queen should retire while 49 per cent, in other words, less than half think that she should continue. Queen Elizabeth made a rare public appearance on Friday (May 13) just few days after she pulled out of opening of the parliament due to bad health. She pulled out from the ceremony for the first time in 60 years. The 96-year-old monarch, in a white blouse, blue cardigan and tinted glasses, was seen smiling as she arrived at the Royal Windsor Horse Show. She spoke to a group of people through the open window of her Range Rover, and later donned a headscarf and used a walking stick to make her way to the royal box. British media reports said the lifelong horse lover spent almost an hour at the parade ring at the show, which is near her Windsor Castle home west of London. Buckingham Palace announced on Monday night that the queen would not officially open parliament on Tuesday -- the first time she had missed the event since 1963. (With inputs from agencies) WATCH WION LIVE HERE ×

One in three Britishers thinks Queen Elizabeth should retire

As inflationary pressures continue to weigh on the common man, pushed higher by the Ukrainian crisis according to reports, UK PM Boris Johnson has now asked his ministers to slash civil service jobs to free up billions for tax cuts.

UK PM Boris Johnson orders ministers to cut 91,000 civil service jobs

UK Prime Minister Boris Johnson has ordered ministers to cut around 90,000 Civil Service jobs to free up cash for measures to ease the cost of living crisis.

UK PM Boris Johnson plans to axe 90,000 civil service jobs to save money for tax cuts

There is no shortage of bizarre news on the internet and almost every week, one comes across an oddly shaped food item being sold for eyewatering prices. The latest to join this long line of oddly shaped, extremely expensive food item is a single Sour Cream and Onion Pringle potato chip.

Finding a weirdly shaped chip is not quite rare considering the amount of chips being consumed around the world on a daily basis but a seller in the United Kingdom has demanded £2,000 for that particular Pringle potato chip on eBay as he believes that the shape is "extremely rare".

Also read |&nbsp;<a href="https://www.wionews.com/world/ukraine-pushing-back-russians-from-kharkiv-zelensky-478089" hreflang="en">Ukraine pushing back Russians from Kharkiv: Zelensky</a>

According to a report on The Mirror, the seller from High Wycombe, Buckinghamshire described the chip as "brand-new, unused, unopened and undamaged item” on the site and the picture showed that the top edges folded perfectly to line up with the rest of the chip to create an interesting shape.

While there were not many bids on the product, the seller has also included finance options for buying the snack. As a result, any potential buyer can pay £95 every month for two years – taking the price of the chip to a massive £2,280.

Also read |&nbsp;<a href="https://www.wionews.com/world/thailand-plans-to-distribute-1-million-cannabis-trees-to-people-to-promote-it-as-household-crop-478083" hreflang="en">Thailand plans to distribute 1 million cannabis trees to people to promote it as 'household crop'</a>

For reference, a packet of Pringles chips is available for around £1.65 in the United Kingdom.

Incidentally, there is another seller who is offering is offering two Sour Cream and Onion snacks for £50 while one in Manchester have decided to ask for £65 for a Honey Glazed Ham flavour Pringle which was described as “Folded back Pringle with a slight crack in it but holding together strongly”.

There is no shortage of bizarre news on the internet and almost every week, one comes across an oddly shaped food item being sold for eyewatering prices. The latest to join this long line of oddly shaped, extremely expensive food item is a single Sour Cream and Onion Pringle potato chip.

There is no shortage of bizarre news on the internet and almost every week, one comes across an oddly shaped food item being sold for eyewatering prices. The latest to join this long line of oddly shaped, extremely expensive food item is a single Sour Cream and Onion Pringle potato chip. Finding a weirdly shaped chip is not quite rare considering the amount of chips being consumed around the world on a daily basis but a seller in the United Kingdom has demanded £2,000 for that particular Pringle potato chip on eBay as he believes that the shape is "extremely rare". Also read | Ukraine pushing back Russians from Kharkiv: Zelensky According to a report on The Mirror, the seller from High Wycombe, Buckinghamshire described the chip as "brand-new, unused, unopened and undamaged item” on the site and the picture showed that the top edges folded perfectly to line up with the rest of the chip to create an interesting shape. While there were not many bids on the product, the seller has also included finance options for buying the snack. As a result, any potential buyer can pay £95 every month for two years – taking the price of the chip to a massive £2,280. Also read | Thailand plans to distribute 1 million cannabis trees to people to promote it as 'household crop' For reference, a packet of Pringles chips is available for around £1.65 in the United Kingdom. Incidentally, there is another seller who is offering is offering two Sour Cream and Onion snacks for £50 while one in Manchester have decided to ask for £65 for a Honey Glazed Ham flavour Pringle which was described as “Folded back Pringle with a slight crack in it but holding together strongly”.

'One of a kind': UK man sells single 'extremely rare' potato chip for £2,000

UK is on course to enter a technical recession in second half of this year, it also faces a big hit to living standards from surging prices, states an economic think tank.

UK to enter recession this year: Think Tank forecast

Queen Elizabeth II misses UK parliament opening session since 1963

The United Kingdom Prime Minister Boris Johnson said that, post-Brexit trading arrangements in Northern Ireland are unviable and need urgent reform to unblock the province's power-sharing assembly.

Post-Brexit Northern Ireland trade agreement unviable, says UK PM Boris Johnson

British Prime Minister Boris Johnson is set to host his Japanese counterpart for Fumio Kishida in London today. The two leaders are expected to agree on a new defense agreement measures to reduce dependency on Russian energy supplies.

UK PM will host Japanese leader Fumio Kishida in London

Keir Starmer has vowed to resign if he is fined for breaching lockdown rules, as the Labour leader looks to regain his footing amid a brewing row over so-called "beergate."

Keir Starmer pledge to resign over ‘Beergate’ if police find he broke Covid rules

Britain’s Parliament opens a new year-long session on Tuesday with a mix of royal pomp and raw politics, but without Queen Elizabeth II, who was absent for the first time in six decades.

UK parliament opens with pomp, Queen pulls out of ceremony due to 'mobility issues'

Labour Party has rejected claims that a leaked document about Keir Starmer’s visit to Durham last year undermined his assertion he did not break lockdown laws.

UK: Labour denies Keir Starmer broke COVID-19 lockdown rules

In pics: UK's first LGBTQ+ museum opens in London

UK Home Secretary Priti Patel's speech at Conservative Party dinner was disrupted by six youngsters on Friday. The group was removed from the venue but not before they filmed themselves causing the disruption.

The group of six included a cameraperson.

The Basset Bassetlaw Conservatives Spring Dinner, 40 pounds-a-head event was taking place and Patel's speech was beginning when the group started shouting. They demanded end to Patel's controversial Rwanda immigration policy.

Notably, the group even clicked selfies earlier during the event and then went on to disrupt the speech in what has been reported in British media as "highly planned plot".

The group included a grammar school girl turned vegan 'ethical influencer', a union activist and a decolonial activist.

Priti Patel's Rwanda plan includes thousands of asylum seekers to the east African country.

The plan, unveiled by Prime Minister Boris Johnson last month, seeks to act as a deterrent to migrants who make illegal boat crossings to Britain from France. It has drawn heavy criticism from political opponents and campaigners.

In an exchange of letters with Patel, the top official in the Home Office highlighted uncertainty over the scheme's value to the taxpayer.

The government has said it would contribute an initial 120 million pounds ($156 million) to the scheme.

"I do not believe sufficient evidence can be obtained to demonstrate that the policy will have a deterrent effect significant enough to make the policy value for money," Home Office Permanent Secretary Matthew Rycroft said.

(With inputs from agencies)

Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION.

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UK Home Secretary Priti Patel's speech at Conservative Party dinner was disrupted by six youngsters on Friday. The group was removed from the venue but not before they filmed themselves causing the disruption.

UK Home Secretary Priti Patel's speech at Conservative Party dinner was disrupted by six youngsters on Friday. The group was removed from the venue but not before they filmed themselves causing the disruption. The group of six included a cameraperson. The Basset Bassetlaw Conservatives Spring Dinner, 40 pounds-a-head event was taking place and Patel's speech was beginning when the group started shouting. They demanded end to Patel's controversial Rwanda immigration policy. Notably, the group even clicked selfies earlier during the event and then went on to disrupt the speech in what has been reported in British media as "highly planned plot". The group included a grammar school girl turned vegan 'ethical influencer', a union activist and a decolonial activist. Priti Patel's Rwanda plan includes thousands of asylum seekers to the east African country. The plan, unveiled by Prime Minister Boris Johnson last month, seeks to act as a deterrent to migrants who make illegal boat crossings to Britain from France. It has drawn heavy criticism from political opponents and campaigners. In an exchange of letters with Patel, the top official in the Home Office highlighted uncertainty over the scheme's value to the taxpayer. The government has said it would contribute an initial 120 million pounds ($156 million) to the scheme. "I do not believe sufficient evidence can be obtained to demonstrate that the policy will have a deterrent effect significant enough to make the policy value for money," Home Office Permanent Secretary Matthew Rycroft said. (With inputs from agencies) Decode the geostrategy, diplomacy, and ideologies of the world’s unending wars. Catch our special series ‘World at War’ every Saturday at 8:30 PM IST and Sunday at 10:30 PM IST only on WION. WATCH WION LIVE HERE ×

Young activists disrupt UK Home Secretary Priti Patel's speech over Rwanda plan

The UK government said Friday it was deploying about 8,000&nbsp;troops&nbsp;for exercises across eastern&nbsp;Europe&nbsp;in a show of strength after&nbsp;Russia's invasion of Ukraine.

The months-long drills in countries stretching from Finland to North Macedonia also involve allies including France and the United States, defence officials said in a statement.

Also read |&nbsp;<a href="https://www.wionews.com/world/nearly-25-million-tonnes-of-grain-stuck-in-ukraine-un-food-agency-476870">Nearly 25 million tonnes of grain stuck in Ukraine: UN food agency</a>

Britain&nbsp;is deploying 72 Challenger 2&nbsp;tanks&nbsp;and 120 armoured fighting vehicles along with artillery guns, helicopters and drones for the exercises, some of which are already underway.

Watch |&nbsp;Gravitas: European Union states block sanctions on Russia oil

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"The security of&nbsp;Europe&nbsp;has never been more important," Defence Secretary Ben Wallace said, calling it "one of the largest shared deployments since the Cold War".

The officer in command, Lieutenant General Ralph Wooddisse, said&nbsp;Britain&nbsp;was making "a significant contribution to the defence of&nbsp;Europe&nbsp;and the deterrence of Russian aggression".&nbsp;

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"The British Army's series of exercises is fundamental to both."

Also read |&nbsp;<a href="https://www.wionews.com/world/russia-assures-it-wont-use-nuclear-weapons-in-ongoing-war-against-ukraine-476897">Russia assures it won’t use nuclear weapons in ongoing war against Ukraine</a>

Britain&nbsp;has been supplying missiles to Ukraine to fight back against&nbsp;Russia, and says it is ready to help with&nbsp;tanks&nbsp;and planes via partners such as Poland.

Foreign Secretary Liz Truss said Wednesday that "the whole of Ukraine" must be liberated, including Crimea, after the peninsula was seized by&nbsp;Russia&nbsp;in 2014.

The UK government said Friday it was deploying about 8,000 troops for exercises across eastern Europe in a show of strength after Russia's invasion of Ukraine. The months-long drills in countries stretching from Finland to North Macedonia also involve allies including France and the United States, defence officials said in a statement.

The UK government said Friday it was deploying about 8,000 troops for exercises across eastern Europe in a show of strength after Russia's invasion of Ukraine. The months-long drills in countries stretching from Finland to North Macedonia also involve allies including France and the United States, defence officials said in a statement. Also read | Nearly 25 million tonnes of grain stuck in Ukraine: UN food agency Britain is deploying 72 Challenger 2 tanks and 120 armoured fighting vehicles along with artillery guns, helicopters and drones for the exercises, some of which are already underway. Watch | Gravitas: European Union states block sanctions on Russia oil "The security of Europe has never been more important," Defence Secretary Ben Wallace said, calling it "one of the largest shared deployments since the Cold War". The officer in command, Lieutenant General Ralph Wooddisse, said Britain was making "a significant contribution to the defence of Europe and the deterrence of Russian aggression". WATCH WION LIVE HERE: "The British Army's series of exercises is fundamental to both." Also read | Russia assures it won’t use nuclear weapons in ongoing war against Ukraine Britain has been supplying missiles to Ukraine to fight back against Russia, and says it is ready to help with tanks and planes via partners such as Poland. Foreign Secretary Liz Truss said Wednesday that "the whole of Ukraine" must be liberated, including Crimea, after the peninsula was seized by Russia in 2014.

UK deploys 8,000 troops to Europe to deter 'Russian aggression'

The number of flying insects has fallen drastically in UK by as much as 60 per cent between 2004 and 2021, a recent survey has revealed,&nbsp;warning of dire consequences for crop pollination and natural food chains.

The scientists who took out this survey warned that the drop was “terrifying”, as life on Earth depends on insects, The Guardian reported.

According to a survey by Kent Wildlife Trust and Buglife, moths, flies, aphids, bees and flying beetles declined by almost 60 per cent in less than 20 years.

The drop was also witnessed among pollinators—the insects who perform natural pest control, break down organic matter and return nutrients to the soil—the survey noted.

The study has raised fears that a loss of pollinators could cause a shortage of food crops.

The aim of the survey was to count bug splats on car registration plates. For this, they created an app called Bugs Matter&nbsp;for use by ordinary citizens.

Users were asked to clean their license plates before heading out in their vehicle and then click pictures of the number of bugs they found splattered on the plates when they returned.

Those records were then sent to the team at Buglife, and they collated the data into a count of bug splats over a given time period for the entire UK—in this instance from 2004 to 2021.

It was later found that the fall was highest in England at 65 per cent with Wales recording 55 per cent fewer insects and Scotland 28 per cent.

“This vital study suggests that the number of flying insects is declining by an average of 34% per decade – this is terrifying,” The Guardian quoted Matt Shardlow of Buglife as saying.

“We cannot put off action any longer, for the health and wellbeing of future generations this demands a political and a societal response. It is essential that we halt biodiversity decline now.”

(With inputs from agencies)

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The number of flying insects has fallen drastically in UK by as much as 60 per cent between 2004 and 2021, a recent survey has revealed, warning of dire consequences for crop pollination and natural food chains.

The number of flying insects has fallen drastically in UK by as much as 60 per cent between 2004 and 2021, a recent survey has revealed, warning of dire consequences for crop pollination and natural food chains. The scientists who took out this survey warned that the drop was “terrifying”, as life on Earth depends on insects, The Guardian reported. According to a survey by Kent Wildlife Trust and Buglife, moths, flies, aphids, bees and flying beetles declined by almost 60 per cent in less than 20 years. The drop was also witnessed among pollinators—the insects who perform natural pest control, break down organic matter and return nutrients to the soil—the survey noted. The study has raised fears that a loss of pollinators could cause a shortage of food crops. The aim of the survey was to count bug splats on car registration plates. For this, they created an app called Bugs Matter for use by ordinary citizens. Users were asked to clean their license plates before heading out in their vehicle and then click pictures of the number of bugs they found splattered on the plates when they returned. Those records were then sent to the team at Buglife, and they collated the data into a count of bug splats over a given time period for the entire UK—in this instance from 2004 to 2021. It was later found that the fall was highest in England at 65 per cent with Wales recording 55 per cent fewer insects and Scotland 28 per cent. “This vital study suggests that the number of flying insects is declining by an average of 34% per decade – this is terrifying,” The Guardian quoted Matt Shardlow of Buglife as saying. “We cannot put off action any longer, for the health and wellbeing of future generations this demands a political and a societal response. It is essential that we halt biodiversity decline now.” (With inputs from agencies) WATCH WION LIVE

Number of flying insects fell by almost 60% in 20 years in UK, reveals survey, warns of consequences

The UK PM Boris Johnson has lost Tory 'Crown Jewels' in local polls. The elections were overshadowed by scandals and partygate controversy.

UK Local Polls: PM Boris Johnson loses Tory 'Crown Jewels'

A man from the UK was handed a hefty fine for eating McDonald's meal at the parking zone of Starbucks.

Bob Spink, a 50-year-old diver, left fumed when he received a letter to his residence informing him about his 100 pounds&nbsp;(US $123) fine, despite not even leaving his car while having his meal, The Metro newspaper reported.

“We had only bought a £12 order from McDonald’s and the car park was entirely full, so we parked in Starbucks to eat as there was plenty of space,’ Spink was quoted as saying.

“It just feels like legalised theft, I haven’t done anything wrong legally.”

Bob visited McDonald's in Fabian Way with his girlfriend. When couldn’t find a parking space at the burger joint, they decided to stop at the nearby Starbucks parking lot to quickly finish up their meal.

“I was baffled by it, we have just moved here and it’s something you can’t ignore as it only gets worse and increases the fee,” he added.

The letter he received said that his fine can be reduced to £60 if he pays within 14 days.

&nbsp;I don't understand what they are trying to achieve and it doesn't look great for the chain to use parking enforcement with such tactics," he said.

According to Wales Online, the parking zone of the aforementioned Starbucks branch is handled by National Parking Enforcement Ltd (NPE).

Also read |&nbsp;<a href="https://www.wionews.com/world/german-woman-pokes-holes-in-partners-condoms-to-get-pregnant-jailed-477109" hreflang="en">German woman pokes holes in partner's condoms to get pregnant, jailed</a>

The company has previously also been criticised on Google as a “horrible company only looking to take people's hard-earned money”.

Also read |&nbsp;<a href="https://www.wionews.com/world/meet-this-ukrainian-professor-who-gives-lessons-remotely-from-front-lines-battling-russians-477129" hreflang="en">Meet this Ukrainian professor who gives lessons from front lines while battling Russians</a>

The coffee giant, on other hand, has acknowledged the parking offence notice but has stated that the parking issue is the responsibility of NPE.

(With inputs from agencies)

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A man from the UK was handed a hefty fine for eating McDonald's meal at the parking zone of Starbucks. Bob Spink, a 50-year-old diver, left fumed when he received a letter to his residence informing him about his 100 pounds (US $123) fine, despite not even leaving his car while having his meal, The Metro newspaper reported.

A man from the UK was handed a hefty fine for eating McDonald's meal at the parking zone of Starbucks. Bob Spink, a 50-year-old diver, left fumed when he received a letter to his residence informing him about his 100 pounds (US $123) fine, despite not even leaving his car while having his meal, The Metro newspaper reported. “We had only bought a £12 order from McDonald’s and the car park was entirely full, so we parked in Starbucks to eat as there was plenty of space,’ Spink was quoted as saying. “It just feels like legalised theft, I haven’t done anything wrong legally.” Bob visited McDonald's in Fabian Way with his girlfriend. When couldn’t find a parking space at the burger joint, they decided to stop at the nearby Starbucks parking lot to quickly finish up their meal. “I was baffled by it, we have just moved here and it’s something you can’t ignore as it only gets worse and increases the fee,” he added. The letter he received said that his fine can be reduced to £60 if he pays within 14 days. I don't understand what they are trying to achieve and it doesn't look great for the chain to use parking enforcement with such tactics," he said. According to Wales Online, the parking zone of the aforementioned Starbucks branch is handled by National Parking Enforcement Ltd (NPE). Also read | German woman pokes holes in partner's condoms to get pregnant, jailed The company has previously also been criticised on Google as a “horrible company only looking to take people's hard-earned money”. Also read | Meet this Ukrainian professor who gives lessons from front lines while battling Russians The coffee giant, on other hand, has acknowledged the parking offence notice but has stated that the parking issue is the responsibility of NPE. (With inputs from agencies) WATCH WION LIVE

UK man fined 100 pounds for having McDonald's meal at Starbucks parking zone

UK Labour party leader Keir Starmer is facing a probe over lockdown breach claims. Watch this report to know more about the 'Beergate' Scandal.

UK Labour party leader Keir Starmer faces probe over lockdown breach claims

Japanese prime minister Fumio Kishida is in London for talks with his British counterpart Boris Johnson. The prime focus of this meeting is to deepen defence ties between London and Tokyo.

UK, Japan to accelerate defence and security ties

McColl's a British store chain with a network of more than 1,100 convenience stores and newsagents across the United Kingdom has gone bust in face of rising inflation. This has put 16000 jobs at risk.

The company is entering administration, a process in which a failing company seeks outside assistance in order to avoid job losses.

According to Reuters, the convenience store chain's lenders have declined to provide additional cash. Last-ditch talks with supermarket behemoth Morrisons, according to reports, have also failed.

Also read |&nbsp;<a href="https://www.wionews.com/business-economy/us-fed-makes-biggest-rate-increase-since-2000-to-fight-inflation-476460" hreflang="en">US Fed makes biggest rate increase since 2000 to fight inflation</a>

"In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably... left with no choice other than to place the company in administration," said McColl's in its statement.

For the process, PricewaterhouseCoopers (PwC) has been appointed as administrators. The collapsing company said that it expects PwC to make a sale of the business to a third-party purchaser "as soon as possible".

In a trading update last month, McColl's said it was impacted by reduced customer spending and continued supply chain disruption throughout the industry.

Watch | Bank Of England hikes interest rates to 13-year high

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The London Stock Exchange (LSE) has also suspended the group's shares, whose price gained 20 per cent on Friday amid hopes of a rescue deal.

Britain is facing a cost-of-living crisis as inflation reaches 7 per cent, the highest in thirty years.

As per a warning by the Bank of England, by the end of this year, because of rising energy prices, UK's inflation is expected to reach 10 per cent, a four-decade high.

Also read |&nbsp;<a href="https://www.wionews.com/world/random-guy-named-ma-gets-detained-alibaba-loses-usd-26-billion-476568" hreflang="en">Random guy named Ma gets detained, Alibaba loses USD 26 billion</a>

The bank also warned that Britain could enter a recession, as the central bank raised its main interest rate by a quarter-point to one per cent, the highest since the 2009 global financial crisis.

Globally consumer prices have been surging as economies that have already been struggling after pandemic lockdowns, face costs aggravated by the ongoing Russia-Ukraine war.

(With inputs from agencies)

McColl's a British store chain with a network of more than 1,100 convenience stores and newsagents across the United Kingdom has gone bust in face of rising inflation.

McColl's a British store chain with a network of more than 1,100 convenience stores and newsagents across the United Kingdom has gone bust in face of rising inflation. This has put 16000 jobs at risk. The company is entering administration, a process in which a failing company seeks outside assistance in order to avoid job losses. According to Reuters, the convenience store chain's lenders have declined to provide additional cash. Last-ditch talks with supermarket behemoth Morrisons, according to reports, have also failed. Also read | US Fed makes biggest rate increase since 2000 to fight inflation "In order to protect creditors, preserve the future of the business and to protect the interests of employees, the board was regrettably... left with no choice other than to place the company in administration," said McColl's in its statement. For the process, PricewaterhouseCoopers (PwC) has been appointed as administrators. The collapsing company said that it expects PwC to make a sale of the business to a third-party purchaser "as soon as possible". In a trading update last month, McColl's said it was impacted by reduced customer spending and continued supply chain disruption throughout the industry. Watch | Bank Of England hikes interest rates to 13-year high The London Stock Exchange (LSE) has also suspended the group's shares, whose price gained 20 per cent on Friday amid hopes of a rescue deal. Britain is facing a cost-of-living crisis as inflation reaches 7 per cent, the highest in thirty years. As per a warning by the Bank of England, by the end of this year, because of rising energy prices, UK's inflation is expected to reach 10 per cent, a four-decade high. Also read | Random guy named Ma gets detained, Alibaba loses USD 26 billion The bank also warned that Britain could enter a recession, as the central bank raised its main interest rate by a quarter-point to one per cent, the highest since the 2009 global financial crisis. Globally consumer prices have been surging as economies that have already been struggling after pandemic lockdowns, face costs aggravated by the ongoing Russia-Ukraine war. (With inputs from agencies)

UK's convenience store chain McColl's goes bust due to inflation; 1,100 stores and 16,000 jobs at risk

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