2 h. ago Thousands of millionaires to flee Britain in record numbers to escape Labour's tax raids

An unprecedented 16,500 wealthy Britons are predicted to leave this year amid a darkening economic outlook.

Economics

9 h. ago Bank chief says world ‘too unpredictable’ when forecasting UK economic outlook

Andrew Bailey said he viewed domestic issues as more important than global ones when it comes to setting interest rates.

Economics

5 d. ago UK interest rates expected to remain on hold; rate cuts in Norway, Switzerland and the Philippines – business live

Central bankers warn that trade war worries, and conflict in the Middle East, could hurt growthNewsflash: We have a third interest rate cut this morning!Norway’s central bank has surprised analysts by cutting its policy rate by a quarter of one percentage point, to 4.25%. The rate had been set at 4.5% since December 2023.“Inflation has declined since the monetary policy meeting in March, and the inflation outlook for the coming year indicates lower inflation than previously expected.A cautious normalisation of the policy rate will pave the way for inflation to return to target without restricting the economy more than necessary.”“The uncertainty surrounding the economic outlook is now greater than normal. If the economy takes a different path than currently envisaged, the policy rate path may be adjusted. But our objectives stand firm. We will finish the job and ensure that inflation is brought all the way back to 2 percent.”The Monetary Board also noted indications of a deceleratio...

Politics

5 d. ago Bank of England expected to leave interest rates on hold as Middle East conflict pushes up oil price – business live

Rolling coverage of the latest economic and financial news, as Switzerland and Philippines cut interest ratesNewsflash: We have a third interest rate cut this morning!Norway’s central bank has surprised analysts by cutting its policy rate by a quarter of one percentage point, to 4.25%. The rate had been set at 4.5% since December 2023.“Inflation has declined since the monetary policy meeting in March, and the inflation outlook for the coming year indicates lower inflation than previously expected.A cautious normalisation of the policy rate will pave the way for inflation to return to target without restricting the economy more than necessary.”“The uncertainty surrounding the economic outlook is now greater than normal. If the economy takes a different path than currently envisaged, the policy rate path may be adjusted. But our objectives stand firm. We will finish the job and ensure that inflation is brought all the way back to 2 percent.”The Monetary Board also noted indications of...

Economics

6 d. ago Fed cuts outlook for US economy but holds interest rates steady

Central bank officials split amid concerns over higher inflation from tariffs

Politics

6 d. ago China’s central bank chief expects new currency order to challenge dollar

Pan Gongsheng points to a growing role for the renminbi after decades of dominance by the US currency

Politics

6 d. ago Business Briefing: UK inflation holds at 3.4% amid rising food prices and cheaper transport costs

From stubborn inflation and a downgraded economic outlook, to a major regional investor merger, AO World’s strong results, and fresh insight into the future of flexible work - here are today’s top UK business stories.

Economics

7 d. ago Fuel tanker rates surge as Middle East crisis worries markets – business live

Rolling coverage of the latest economic and financial newsTrump says UK is protected from tariffs ‘because I like them’ as trade deal is signed offIran and Israel crisis: what does it mean for the price of oil?Over in Tokyo, Japan’s central bank chief has warned that the jump in the oil price, if maintained, could push up inflation.Speaking after the BoJ left interest rates on hold today, governor Kazuo Ueda told reporters:“Coupled with already rising food prices, such moves in oil prices caused by tensions in Iran and Israel, if persist, could risk affecting inflation expectations and underlying inflation. So we must scrutinise developments carefully.”“Even if developments surrounding U.S. trade policy stabilise toward a certain direction, there’s very high uncertainty on how that could affect the economy .For the time being, there is extremely high uncertainty over each country’s trade policy. As such, there is bigger downside risk for both Japan’s economy and prices.” Continue re...

Events

1 week ago Fearful UK households are 'hoarding physical cash' in preparation for outages

The Bank of England's chief cashier said people are looking for a physical safety net

Politics

1 week ago UK households rush to 'hold physical cash' as warning issued to millions

Households are seeking a safety net in time of global volatility, according to the Bank of England's chief cashier

Events

1 week ago Tell us: have your saving habits changed due to economic uncertainty?

We would like to hear from people who have started setting aside more cashUK households are increasingly setting aside physical cash amid extreme economic uncertainty and to provide a safety net for possible banking system outages such as the recent one in Spain, according to the Bank of England’s chief cashier.Victoria Cleland said on Tuesday that the Bank had tracked a significant increase in the number of banknotes in circulation in recent months, continuing a rising trend since 2022. Continue reading...

Economics

2 w. ago S4 Capital downgrades sales outlook as tariff woes hamper economic outlook

The group cautioned that like-for-like net revenues are expected to drop by low single percentage digits over the full year.

Economics

3 w. ago Bank of England chief warns interest rate cuts now 'more uncertain' as OECD downgrades growth forecasts and says inflation will 'linger'

Andrew Bailey said the prospects for easing the burden on Brits was 'shrouded in a lot more uncertainty', largely due to Donald Trump 's trade war.

Events

3 w. ago China accuses US of ‘seriously violating’ trade war truce; UK factory output shrinks again – business live

Rolling coverage of the latest economic and financial newsToday’s UK PMI report (see 9.52am) also shows that business confidence at British factories remained ‘subdued’ last month.Manufacturers continued to raise concerns that turbulent trade conditions, the weak economic outlook and rising cost burdens will make market conditions tough during the year ahead.Weak global market conditions, trade uncertainty, low customer confidence and cost pressures resulting from recent increases to UK employer NICs and minimum wages also contributed to clients’ reluctance to spend. That said, a recent bout of good weather did boost sales at some manufacturers. Continue reading...

Economics

3 w. ago Lagarde discussed leaving ECB early to head WEF, Schwab says

Ousted Davos founder says central bank chief has been in talks to leave before her term ends in 2027

Politics

3 w. ago Lagarde discussed leaving ECB early to head WEF, says Schwab

Ousted Davos founder says central bank chief has been in talks to depart before her term ends in 2027

Politics

4 w. ago UK retail confidence plummets as sales fall; markets welcome US delay to EU 50% tariffs – business live

Rolling coverage of the latest economic and financial newsEU hopes for quick deal to resolve US trade war after Trump delays 50% tariffsToyota to move some GR Corolla production to UK from JapanOuch! Germany’s economy is on track for its worst performance in post-war history, a new report shows.The German Chamber of Commerce and Industry (DIHK) predicted this morning that Europe’s largest economy will contract by 0.3% this year, Reuters reports. That would be the third annual contraction in a row, although not as bad as the 0.5% fall in GDP which the DIHK predicted back in February.“A mood of cautious relief is spreading after the long weekend, amid hopes for more fruitful trade negotiations between the United States and its global partners. There are no post bank holiday blues for the London market, with the Footsie in striking distance of the record high reached in February. More positive vibes are pulsing about the outlook for the global economy, with hopes that more scores can b...

Economics