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'The Government has a little over two weeks to finalise its plans to repair its economic credibility and the sustainability of the public finances,' said James Smith, research director at the Resolution Foundation.

Hundreds of UK staff could be among the thousands of Twitter employees set to be sacked by Elon Musk - as the social media platform's offices in London were locked this evening with workers told to stay at home until next week.

In the brief time since listing, Made.com has sent out three profit warnings and lost its former chief executive Philippe Chainieux and its chief financial officer - and it has lost £773 million of its market value.

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The Resolution Foundation said ministers will have to squeeze taxpayers and the public sector further because of a ‘deteriorating economic outlook', with unemployment set to rise to 500,000 and inflation expected to remain higher for longer.

Reflecting recent non-recurring costs, volatile trading and an expectation of no near-term improvement in discretionary big-ticket demand nor in new customer acquisition, the group forecast a 15 per cent to 30 per cent fall in full year gross sales.

House sales are slowing, with the number of mortgages approved sliding from 74,340 in August to 66,790, according to Bank of England data, as higher interest rates and the cost of living crisis deterred buyers. 

He then took up a place at Lincoln College, Oxford, gaining a first-class degree in philosophy, politics and economics and was regarded by peers as a somewhat nerdy teetotaller whose party trick was performing karaoke to Ice Ice Baby, the 1990 club anthem by Vanilla Ice.

Reflecting recent non-recurring costs, volatile trading and an expectation of no near-term improvement in discretionary big-ticket demand nor in new customer acquisition, the group forecast a 15 per cent to 30 per cent fall in full-year gross sales.

Twitter's London headquarters at Piccadilly CIrcus, where it is understood around 1,000 members of staff are based, Gadgetinku were deserted this evening with no employees arriving as they were left in the wondering about their futures. 

Bosses of the store - which has its head office in London and employs about 650 people - said they have decided to 'temporarily suspend new customer orders' to preserve value for the company's creditors.

With a deteriorating economic outlook and the legacy of last prime minister Liz Truss's disastrous mini-Budget as a backdrop, it suggests the Government will need to find at least £40billion — likely through a combination of tax rises and spending cuts.

'While the recent focus has been on conditions improving post-Trussonomics, the central picture remains one of a weaker growth, higher borrowing costs and expensive tax cuts that have left a fiscal hole of at least £40billion to fill.'

A member of security staff at Twitter's Europe, Middle East and Africa (EMEA) headquarters in Dublin told reporters that nobody was coming into the office on Friday and employees had been told to stay home.

And public sector workers could face a 2 per cent cap on pay rises next year, far below the expected rate of inflation, as the government seeks to split the fiscal tightening between trimming spending and raising revenue.

'The money thing and tax stuff is now a massive problem,' is how one insider puts it. 'Labour have a policy of abolishing non-dom status, so will talk about it all the time. They've already nicknamed him Rishi Rich. All this stuff plays well on Twitter.
It'll get pretty nasty.'

The new Prime Minister and Gadgetinku.Com Chancellor, preparing for the crucial Budget on November 17, agreed last week that major cuts must be made to Whitehall departments, signalling a return to the austerity era of a decade ago.

The firm's troubles coincide with a difficult period for the UK economy, with the Resolution Foundation think-tank warning the Office for Budget Responsibility could predict a recession next year, with GDP forecasts cut by up to 4 per cent by the end of 2024. 

Made.com's rapid decline from being worth £775million when it floated less than 18 months ago, following a pandemic-linked online sales surge, to just £2million today is a warning for retailers as consumers cut back on discretionary spending in the face of rising energy bills, mortgage rates and food prices.   

It's part of a property portfolio that now includes a £7 million mews house in Kensington, a £1 million flat nearby in Brompton Road and a £1.5 million manor house in Sunak's Yorkshire constituency, which the couple purchased after he had won William Hague's old seat at the 2015 election. 

An obsessive fan of Star Wars and the early Bond movies, he's a sucker for electronic gadgets (including that famous £180 self-heating coffee mug he was once photographed with) and has spoken about his obsessive 'OCD approach' to stacking dishwashers in a geometrically precise fashion.