9 d. ago Asian shares sell off as US curbs on Nvidia chip sales to China fuel trade fears; UK inflation slows to 2.6% – business live

Gold surges nearly 2% to new record high; UK food inflation slows and fuel prices fall while clothes prices riseFinancial markets are betting on an interest rate cut from the Bank of England meeting at its May meeting, estimating an 86% probability.They have fully priced in three quarter-point rate reductions this year.A sharp pickup in inflation from April is all but guaranteed. Ofgem’s 6.4% increase to its price cap, after a large fall last year, means we expect the energy component will add 0.7ppts to CPI inflation in April. A significant increase in water bills means the contribution from the core goods category is also set to rise. In addition, we expect businesses to pass on some of the increase in labour costs caused by the recent rises in employers’ National Insurance Contributions (NICs) and the National Living Wage onto consumers. Inflation is likely to peak in the autumn, before starting to cool as the contribution from the energy category fades.The MPC has lowered Bank R...

Economics

9 d. ago UK inflation falls to 2.6%, increasing pressure on Bank to cut interest rates

March annual rate comes before expected rise because of household bills going up this monthBusiness live – latest updatesUK inflation dropped to 2.6% in March, increasing the pressure on Bank of England policymakers to cut interest rates next month.Prices growth was weak ahead of an expected rise in April as households begin to pay higher council tax and utility bills, as well as an uncertain outlook posed by Donald Trump’s tariff war. Continue reading...

Economics

2 w. ago Scots gran with dementia plunged into 'fuel poverty' after heating bills hiked by 400%

Linda Chalmers, 71, paid hugely-inflated bills for several months amid a year-long dispute over the shared heat network in her Edinburgh social housing development.

Politics

3 w. ago Clean energy spending boosts GOP districts. But lawmakers are keeping quiet as Trump targets incentives

We asked 18 Republicans whose districts benefit most from Biden’s IRA climate law if they back Trump’s demandsBillions of dollars in clean energy spending and jobs have overwhelmingly flowed to parts of the US represented by Republican lawmakers. But these members of Congress are still largely reticent to break with Donald Trump’s demands to kill off key incentives for renewables, even as their districts bask in the rewards.The president has called for the dismantling of the Inflation Reduction Act – a sweeping bill passed by Democrats that has helped turbocharge investments in wind, solar, nuclear, batteries and electric vehicle manufacturing in the US – calling it a “giant scam”. Trump froze funding allocated under the act and has vowed to claw back grants aimed at reducing planet-heating pollution. Continue reading...

Politics

3 w. ago 'They're making April Fools of us': Labour's tax raids and soaring household bills to cost families £1,000 a year more from next week

Families face a hammering of £1,000 to their annual budgets from next week as Labour's tax raids and inflation-busting bill hikes come into force.

Economics

4 w. ago Lower inflation – what it means for bills, taxes and shopping

A fall in the cost of clothes was the main reason for a drop in the rate of inflation; however, imminent increases to the cost of services mean people may not feel any better off

Economics