Lord Wolfson said immigration rules were holding back economic growth. He told the BBC: “We have people queuing to come into this country to pick crops that are rotting in the fields, to work in warehouses that wouldn’t otherwise be able to function, and we’re not letting them in. “And we need to take a different approach to economically productive immigration.” But Lord Wolfson said companies should pay tax to hire foreign workers as an incentive to hire from the UK first.

5 things to start your day

  1. How a crypto titan’s rapid fall wiped out billions in hours FTX forced to seek bailout from rival Binance after a dramatic spike in withdrawals
  2. Rolls-Royce aims to open mini-nuclear reactors across Wales, North and West Midlands by 2030 Engineering giant aims to build 30 reactors to start nuclear revolution
  3. Shell handed over £90m from taxpayers in energy price guarantee The payments are part of a major government package to protect households
  4. Mark Zuckerberg Fires 11,000 Meta Employees The Facebook founder takes “responsibility for these decisions and how we got here.”
  5. Serious Fraud Office chief to step down after controversial tenure Former FBI attorney Lisa Osofsky presided over a series of major bribery investigations

What happened in the night

Asian shares fell this morning and the dollar held on to overnight gains ahead of a big test of the US consumer inflation report, while market sentiment eased as a potential collapse of a major crypto exchange spooked investors. investors. With no final results available from the US midterm elections, investors turned to upcoming inflation data later in the day, which is likely to show a slowdown in both the monthly and annual core numbers for October to 0.5% and 6.5% respectively. , according to a Reuters poll. MSCI’s broadest index of Asia-Pacific shares outside Japan fell 1.2 percent, undercut by a 1 percent drop in China’s blue-chips and a 1.8 percent drop in Hong Kong’s Hang Seng. Japan’s Nikkei lost 1%.