Closing summary
Our main story today: UK rail passengers have faced another day of disruption, with the union leader Mick Lynch warning the dispute could go on “indefinitely” unless ministers intervene in talks.
Only 20% of train services were running on Thursday due to strike action across Great Britain that involved more than 45,000 rail workers, who are members of the Rail, Maritime and Transport (RMT) and TSSA unions.
Turkey’s central bank has delivered a surprise interest rate cut to revive economic growth and sustain employment despite sky-high inflation.
The bank slashed its key rate to 13% from 14%, even though inflation rose to nearly 80% in July.
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Thank you for reading. Please join us again tomorrow. Take care – JK
Updated
The energy industry has united behind a plan to set up a crisis fund that could prevent bills from soaring next year and provide a lifeline for households struggling with the cost of living.
Energy UK, the trade body for the sector, has written to the chancellor, Nadhim Zahawi, to back calls for a “deficit tariff scheme” to be established as a long-term solution to the energy crisis.
Under the plan, commercial banks would put cash into the state-backed fund, which suppliers could then draw on to freeze customers’ bills at the current price cap, £1,971, for two years.
The cost of the scheme would then be paid back over 10 to 15 years through a surcharge on bills or via taxation. However, the scheme could create a debt pile of up to £50bn, far greater than alternatives including Labour leader Keir Starmer’s £29bn plan to freeze the price cap.
