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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...

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												5 h. ago											Business news live: UK inflation update, plus bitcoin and FTSE 100 hits new record highs
												
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												6 h. ago											Business news live: UK inflation set to stay unchanged and Royal Mail to scrap second
												
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												7 h. ago											Business news live: UK economic activity revealed and Nvidia set record as world’s first $4tn company
												
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												24 h. ago											Business news live: Housebuilders pay £100m after investigation and Rachel Reeves sent Cash ISA plea
												
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												26 h. ago											Bank of England says UK banks can increase riskier mortgage lending – business live
												
													Rolling coverage of the latest economic and financial news, as BoE recommends banks can issue more high loan-to-income level loansCopper prices in US hit record high after Trump announces 50% tariffTrump threatens to escalate trade war amid confusion over new tariff ratesCarsten Menke, Head of Next Generation Research at Julius Baer, says the copper tariffs will be inflationary domestically in the US and deflationary internationally – which matches the price action we’ve seen since last night.Menke also points out that the jump in US copper prices (13% yesterday) is less than the 50% tariff, implying traders expect some imports will be exempt, saying:President Trump announced the imposition of 50% import tariffs at a cabinet meeting yesterday. While US-traded futures jumped on the news, the price differential is well below the tariff level, pointing to expectations of exemptions for key suppliers or expectations of different demand dynamics.As already mentioned, we remain of the con...												
												
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												26 h. ago											Threat of Trump tariffs ‘puts businesses at risk of going bust’
												
													Bank of England says further rise in trade taxes could weaken demand, increase costs and make banks less willing to provide loansBusiness live – latest updatesThe looming threat of much higher tariffs amid Donald Trump’s trade war could lead to a fresh wave of companies going bust and cause financial losses for banks, the Bank of England has warned.The Bank’s financial policy committee said a rise in trade levies would compound existing vulnerabilities, with the risks to global growth and inflation having grownas a result of the president’s ever-changing border tax rates and an escalating conflict in the Middle East. Continue reading...												
												
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												29 h. ago											Business news live: Housebuilders pay £100m after investigation and copper hits record price on tariff threat
												
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												50 h. ago											Business news live: Two more lenders drop mortgage rates and Monzo fined £21m over crime controls
												
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												51 h. ago											Business news live: FTSE 100 up after new Trump tariff rates and Monzo fined £21m over crime controls
												
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												53 h. ago											Business news live: FTSE 100 reacts to new Trump tariff rates and Apple appeal €500m EU fine
												
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												54 h. ago											Business news live: Trump sends 12 nations new tariff rates letters and Apple appeal €500m EU fine
												
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												3 d. ago											Business news live: Trump delays end of trade tariff pause and surprise June house prices data
												
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												3 d. ago											Business news live: Stock markets set for volatility with end of Trump’s tariff pause near
												
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												4 d. ago											Islamic charity warned over ‘inflammatory’ sermon after October 7 attacks
												
													It is one of more than 300 cases involving charities in the past 18 months related to the Middle East conflict, the regulator said.												
												
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												5 d. ago											'I made seven figures from a business that started with a tweet – but I still live in the same house in Oldham'
												
													"It felt like a lottery winning moment"												
												
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												6 d. ago											Jeremy Corbyn says ‘discussions are ongoing’ after Zarah Sultana claimed she would ‘co
												
													Sultana announced on Thursday she was quitting Labour to join Jeremy Corbyn’s Independent AllianceMy colleague Lauren Almeida, who is running the Guardian’s business live blog, has shared the following:Rachel Reeves has not given herself enough fiscal headroom to manage public finances, Charlie Bean, the former deputy of the Bank of England has said, and has to “neurotically fine tune taxes”.About £10bn – that’s a very small number in the context of overall public spending. Government spending is about one and a quarter trillion so £10bn is a small number and it is a small number in the context of typical forecasting errors.You can’t forecast the future perfectly both because you can’t forecast the economy and you can’t forecast all the elements of public finances . The forecasts are imprecise and there is no way you can avoid that. That is a fact of life.In light of reports of atrocities committed by the Israeli government in Gaza and reports of the UK’s collaboration with Israeli ...												
												
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												6 d. ago											Home secretary rejects Zarah Sultana’s claim Labour failing to improve lives – UK politics live
												
													Sultana announced on Thursday she was quitting Labour to join Jeremy Corbyn’s Independent AllianceMy colleague Lauren Almeida, who is running the Guardian’s business live blog, has shared the following:Rachel Reeves has not given herself enough fiscal headroom to manage public finances, Charlie Bean, the former deputy of the Bank of England has said, and has to “neurotically fine tune taxes”.About £10bn – that’s a very small number in the context of overall public spending. Government spending is about one and a quarter trillion so £10bn is a small number and it is a small number in the context of typical forecasting errors.You can’t forecast the future perfectly both because you can’t forecast the economy and you can’t forecast all the elements of public finances . The forecasts are imprecise and there is no way you can avoid that. That is a fact of life.In light of reports of atrocities committed by the Israeli government in Gaza and reports of the UK’s collaboration with Israeli ...												
												
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												6 d. ago											Business news live: Pound and bonds recovering after Reeves gets backing, NS&I issue new Junior ISA rate
												
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												7 d. ago											Business news live: Pound and bonds recovering after Reeves backed by Starmer, Microsoft cut 4% of staff
												
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												7 d. ago											Business news live: Bonds yield concern remains after Reeves backed by Starmer, Microsoft cut 4% of staff
												
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