18 h. ago UK payrolls down by 178,000 over last year; Bundesbank chief defends central bank independence after Trump’s attacks on Powell – business live

UK company payrolls have fallen by 178,000 in last year, pushing unemployment rate to four-year highAnalysis: The rise in unemployment shows the UK jobs market is cooling, but it is not collapsingDeutsche Bank’s chief UK economist Sanjay Raja agrees that the UK’s labour market is continuing to cool, with both payrolls and vacancies down.Raja explains:Redundancies remain elevated with the May data showing a 114k increase in the three months to May – its highest level in three months. Jobs demand remains weak as hiring plans are near a standstill.This will continue to see unemployment rise – but we think this will be a slow grind higher as opposed to a whipsaw higher. For the MPC, despite the bump higher in inflation, the loosening in labour market should give the BoE reason to proceed with a gradual dial down of restrictive policy.The fallout in the labour market from the hikes in National Insurance Contributions and the minimum wage is not as big as previously thought. Even so, as p...

Economics

62 h. ago Dimon warns on Fed independence as Trump piles pressure on Jay Powell

JPMorgan chief’s comments come as Treasury secretary says ‘formal process’ to replace central bank chief is under way

Events

62 h. ago Dimon warns on Fed independence as Trump piles pressure on Powell

JPMorgan chief’s comments come as Treasury secretary says ‘formal process’ to replace central bank chief is under way

Events

1 week ago China wants to build a massive new embassy in central London: here's why that's a problem

China wants to build a massive new embassy in central London: here's why that's a problem  The Week

Politics

2 w. ago Interest rates are still on ‘downward’ path, says Bank of England chief

Governor Andrew Bailey also highlighted weakness in the UK labour market amid increased economic uncertainty.

Events

3 w. ago British Business Bank back in the spotlight with £10bn UK growth mandate

Louis Taylor, CEO of state-owned lender, targets investment in eight key UK sectors as he prepares defence at Covid inquiryLouis Taylor is caught between two eras. The chief executive of the British Business Bank (BBB) has spent much of his tenure attempting to revive the state-owned lender’s image after a battering from the fraud-hit pandemic loan scheme under the last government, and will soon have to defend its actions at the Covid inquiry.But until then, he can focus on the BBB’s gleefully landed fresh £10bn mandate linked to the centrepiece industrial strategy Labour hopes will boost a flagging economy as it nears the end of its first year in power. Continue reading...

Economics

3 w. ago Big British Bank back in the spotlight with £10bn UK growth mandate

Louis Taylor, CEO of state-owned lender, targets investment in eight key UK sectors as he prepares defence at Covid inquiryLouis Taylor is caught between two eras. The chief executive of the British Business Bank (BBB) has spent much of his tenure attempting to revive the state-owned lender’s image after a battering from the fraud-hit pandemic loan scheme under the last government, and will soon have to defend its actions at the Covid inquiry.But until then, he can focus on the BBB’s gleefully landed fresh £10bn mandate linked to the centrepiece industrial strategy Labour hopes will boost a flagging economy as it nears the end of its first year in power. Continue reading...

Economics

3 w. 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

4 w. ago Bizarre Chinese national park ad for ‘wild man’ job draws thousands of applicants

A bizarre job listing in central China looking for “wild men” to roam the Shennongjia National Park has gone viral, attracting over 10,000 applications.

Politics

4 w. 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