26 h. ago Starmer seeks to wrest back policy control from Treasury in No 10 shake

Prime minister brings in chancellor’s deputy and former Bank of England chief to newly created senior roles• Downing Street shake-up: who’s in and who’s out at No 10Keir Starmer has attempted to wrest back control of economic policy from the Treasury by bolstering his No 10 team, bringing in the chancellor’s deputy and a former Bank of England chief to senior roles.Ahead of what is likely to be a tumultuous autumn for the government, he created two new roles with Darren Jones put in charge of day-to-day delivery and Minouche Shafik appointed the prime minister’s chief economic adviser. Continue reading...

Events

57 h. ago Indonesia ready to cut lawmaker perks in concession to protesters

President says political parties willing to revoke a number of perks and privileges for parliamentarians after unrest leaves five people dead

Events

4 d. ago Phil Spencer: catastrophic rumoured tax reforms would hit ordinary Londoners

Rumours that Chancellor Rachel Reeves is considering property tax reforms that include scrapping stamp duty, a tax on home sales over £500,000 and collecting capital gains tax (CGT) on homes over £1.5 million when they sell are likely to slow the housing market according to Zoopla.

Events

4 d. ago Windfall tax on banks could recoup QE losses and raise £8bn a year, IPPR says

Hiking a levy on the profits of major firms could raise up to £8 billion a year for public services, the IPPR said.

Economics

4 d. ago Windfall tax on banks could raise £8bn a year, Rachel Reeves told as she seeks to plug Budget black hole

This money is then partly being funnelled to bank shareholders due to a ‘flawed’ policy design, a new report says

Economics

5 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in Fed battle; US growth revised higher amid AI boom – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

5 d. ago Liz Truss backs Trump attacks on Fed and says ‘reckoning’ on way for central banks

Britain’s shortest-serving prime minister also critical of Bank of England and European Central BankBusiness live – latest updatesDonald Trump’s assault on the independence of the US Federal Reserve has been backed by Liz Truss, the shortest-serving British prime minister in history, who was ousted after a meltdown in the financial markets.The former Conservative leader, who during her 49 days in power in late 2022 railed against the “deep state” and the Bank of England for undermining her before she was ejected from office by her own party, said a “reckoning” was coming for the world’s most powerful central banks. Continue reading...

Politics

5 d. ago Liz Truss warns there is ‘a reckoning coming’ for central banks, and backs Trump in battle with Fed – business live

Rolling coverage of the latest economic and financial news, as former PM criticises Bank of England and claims UK faces ‘economic doom loop’People in the UK: how have you been affected by the rise in food prices?The FCA’s investigation into Drax comes five months after the company’s former top lobbyist accused it of “misleading the public, government and its regulator” over its sourcing of wood for biomass pellets.In a claim for unfair dismissal, Rowaa Ahmar, Drax’s former head of public affairs, said evidence suggested Drax was “unable to prove that it only sourced sustainable wood for its biomass, and that it was in fact using unsustainable wood”. Continue reading...

Events

5 d. ago Coin collector urges people to search for 'super rare' piece worth £4,000

The purpose of these coins were for a limited edition Christmas gift for Bank of England customers. Now if you own one of these in your pocket, it could be worth around £4,000

Economics

7 d. ago Bank of England policymaker calls for interest rates to stay on hold for longer

Catherine Mann, a member of the Bank’s Monetary Policy Committee (MPC), said keeping rates at the current level was ‘appropriate right now’.

Events

8 d. ago Bank of England governor says UK faces ‘acute challenge’ from sick and ageing workforce

‘We are well at the bottom of the league table’, said the senior policymaker

Economics

8 d. ago Every UK bank holiday coming in 2026 so you can book your holiday now

Today is the August bank holiday and it marks the last long weekend before Christmas in England and Wales - but what bank holiday dates are coming up in 2026?

Politics

9 d. ago Britain facing ‘acute challenges’, Andrew Bailey tells economic summit

Bank of England chief tells Jackson Hole event of concern about weak growth and fall in worker numbersBritain faces an “acute challenge” from its weak underlying economic growth and a drop in the number of workers since the pandemic, according to the Bank of England governor, Andrew Bailey.A rise in the number of people defined as long-term sick and a big drop in young people in work – factors that he suggested might be intertwined – added to the squeeze created by an ageing population. Continue reading...

Politics

9 d. ago UK faces ‘acute challenge’ from weak growth and shrinking workforce, says Andrew Bailey

Bank of England governor tells Jackson Hole summit that ageing population is adding to the squeezeBritain faces an “acute challenge” from its weak underlying economic growth and a drop in the number of workers since the pandemic, according to the Bank of England governor, Andrew Bailey.A rise in the number of people defined as long-term sick and a big drop in young people in work – factors that he suggested might be intertwined – added to the squeeze created by an ageing population. Continue reading...

Politics

1 week ago Consumer confidence reaches highest point of year despite ‘clouds on horizon’

GfK’s Consumer Confidence Index increased by two points to minus 17 in August, likely because of the latest cut to interest rates.

Politics

1 week ago US home sales rose in July as mortgage rates eased a bit and home prices grew more slowly

Sales of previously occupied U.S. homes rose in July as homebuyers were encouraged by a modest pullback in mortgage rates, slowing home price growth and more properties on the market

Economics

1 week ago The best things to do in London this August bank holiday, from the Independent’s travel experts

The carnival, museums and walking routes to catch in the capital this weekend

Politics

1 week ago Gap between UK and Eurozone inflation at widest in nearly 2 years

Latest official figures underscore stubborn price pressures confronting the Bank of England

Economics

1 week ago Why has inflation risen and what does it mean for households?

July’s inflation rate of 3.8% means that if an item cost £100 a year ago, it would now cost £103.80.

Economics

1 week ago UK inflation rises by more than expected to 3.8% amid higher food prices

Annual July rate all but rules out possibility of a further Bank of England interest rate cut this yearBusiness live – latest updatesInflation rose again last month, to a higher than expected 3.8%, amid higher food and fuel prices, adding to fears that the Bank of England will delay further interest rate cuts.Figures showed the annual rate as measured by the consumer price index (CPI) climbed from June’s 3.6% reading, sitting above the central bank’s 2% target for the 10th consecutive month. Continue reading...

Economics