Prime Minister Rishi Sunak is facing backlash over plans to cancel the northern leg of the HS2 high-speed rail line in the UK. While Downing Street stated that “no decision has been taken” on HS2, it is reported that Sunak has decided to save money by only building the southern leg between London and Birmingham. Critics argue that this decision undermines investor confidence and cancels a crucial infrastructure project. At the Conservative party conference, tensions have also emerged between Sunak and the party’s right wing over tax cuts. In other news, retail inflation in the UK has declined to its lowest level in a year, with food prices growing at a slower rate. The article also highlights other current events, including the trial of FTX founder Sam Bankman-Fried, German Unity Day, and the announcement of Nobel Prize winners. Additionally, the European Commission is preparing to release frozen funds to Hungary, India has demanded Canada withdraw diplomats, and the IMF’s chief has backed reforms that could increase China’s voting power. Lastly, Microsoft’s CEO testified in an antitrust trial against Google, and US Treasury yields reached a 16-year high. The article also mentions the formal scrutiny of ESG ratings and the recent underperformance of renewable energy stocks.
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