80 m. ago UK’s FTSE 100 share index hits record closing high despite economy shrinking in April – business live

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumped.. but FTSE 100 ends at new record closeFull story: UK economy shrinks by 0.3% as as exports hit by Trump trade warNicholas Hyett, Investment Manager at Wealth Club, blames “a cocktail of headwinds to growth” for the 0.3% fall in UK GDP in April.Hyett says:In the very short term the change to Stamp Duty rules have put the legal and property services on ice - with legal activities down 10.2% month-on-month.New barriers to trade with the US and changes to employment costs, from a higher living wage and increased national insurance contributions, are a longer term challenge.“The 0.3% m/m fall in real GDP in April supports our view that the strength in Q1 was unsustainable. This won’t prompt the Bank of England to cut interest rates next Thursday. But it is one more piece of news pointing to another cut in August.”We still expect the Bank Rate to be maintained at 4.25% in the June meeting, t...

Economics

1 hour ago Finance convener calls on Scottish Government to ensure North Lanarkshire benefits from Chancellor’s spending review

Councillor Andrew Duffy-Lawson has urged the government at Holyrood to ensure that North Lanarkshire receives its fair share of the recently announced investment in Scottish public services as a result of the announcement from Chancellor Rachel Reeves.

Politics

2 h. ago Rachel Reeves hit with headache after economy shrinks amid fresh fears of tax hikes

The Office for National Statistics said the UK economy shrank by 0.3% in April. Meanwhile, experts are warning that council tax bills will rise following Chancellor Rachel Reeves's spending review

Economics

2 h. ago Silvertown and Blackwall tunnel tolls discriminate against south London, Sadiq Khan is told

Drivers heading north in the morning and south in the evening have to pay £4 peak rate ‘surcharge’

Events

2 h. ago Poorest Brits to benefit most from Rachel Reeves's Spending Review

The poorest Brits will benefit most from Rachel Reeves’s public sector spending spree but tax rises look likely in the autumn, think tank the Resolution Foundation has said

Politics

4 h. ago NHS waiting lists fall to lowest level in two years...but number of patients waiting over a year on the rise

The news comes after Chancellor Rachel Reeves gave the NHS a cash injection of an extra £29 billion per year.

Science

5 h. ago Britain on track to become a ‘National Health State’, says thinktank

Resolution Foundation says half of all public spending will be allocated to the NHS and social care by the end of the decadeBusiness live – latest updatesBritain is on track to become a “National Health State” where half of all public spending is allocated to the NHS and social care by the end of the decade, according to a leading thinktank.Rachel Reeves used her spending review on Wednesday to prioritise billions of pounds for the NHS as she outlined Labour’s priorities up to the next general election, while squeezing funding for other areas. Continue reading...

Events

5 h. ago Tax rises will come if economy shrinks further, IFS warns Rachel Reeves after Spending Review

The Spending Review delivered by Chancellor Rachel Reeves has had a mixed response.

Events

5 h. ago Voices: First the spending review, now the economy – what else lies in wait for Rachel Reeves?

Official figures showed UK plc plunged into the red in April, contracting by 0.3 per cent. There is no sugar-coating how bad of a result that is for the chancellor, writes James Moore

Economics

6 h. ago How much could YOUR council tax be going up? The pain looming for households as they face the 'fastest bill rises in 20 years' under Rachel Reeves' plans

As part of the Chancellor's spending plans, the Treasury suggested that local authorities would hike bills by 4.99 per cent a year for the rest of this Parliament.

Economics

6 h. ago Reeves only a ‘gnat’s whisker’ from having to raise taxes in autumn, says IFS – UK politics live

Institute for Fiscal Studies says figures for projected departmental efficiencies savings from Treasury are not credibleReeves gambles on ‘renewing Britain’ to win voters’ trustRachel Reeves is now on ITV’s Good Morning Britain. Susannah Reid and Richard Madeley are interviewing her.Q: You must be disappointed about the growth figures? Continue reading...

Politics

6 h. ago Air India crash: First major incident involving Boeing 787 Dreamliner

The wide-bodied Boeing 787 Dreamliner aircraft has been in service for 14 years.

Events

6 h. ago Tax rises 'almost inevitable' as IFS torches Rachel Reeves' spending plans warning NHS and defence will need topping up and cost

IFS director Paul Johnson said he would be 'very surprised indeed' if heath and defence funding did not need topping up before the next election.

Events

6 h. ago Largest ever plunge in UK exports to US as Trump tariffs hurt growth; dollar hits three

UK economy shrank by 0.3% in April, biggest fall since October 2023, as trade with the US slumpedFull story: UK economy shrinks by 0.3% as as exports hit by Trump trade warNicholas Hyett, Investment Manager at Wealth Club, blames “a cocktail of headwinds to growth” for the 0.3% fall in UK GDP in April.Hyett says:In the very short term the change to Stamp Duty rules have put the legal and property services on ice - with legal activities down 10.2% month-on-month.New barriers to trade with the US and changes to employment costs, from a higher living wage and increased national insurance contributions, are a longer term challenge.“The 0.3% m/m fall in real GDP in April supports our view that the strength in Q1 was unsustainable. This won’t prompt the Bank of England to cut interest rates next Thursday. But it is one more piece of news pointing to another cut in August.”We still expect the Bank Rate to be maintained at 4.25% in the June meeting, to allow still troubling earnings growth ...

Politics

6 h. ago Labour MPs push front bench for ‘crackdown’ on ‘dodgy’ vape and barber shops

Conservative shadow justice secretary Robert Jenrick recently criticised ‘weird Turkish barber shops’.

Politics

7 h. ago Tax hikes will come if economy shrinks any further, IFS warns Rachel Reeves

In a scathing assessment, the Institute for Fiscal Studies (IFS) suggested the Treasury was at times ‘making up the numbers’

Events

7 h. ago IFS torches Rachel Reeves' spending plans warning NHS and defence will need topping up and cost

IFS director Paul Johnson said he would be 'very surprised indeed' if heath and defence funding did not need topping up before the next election.

Events

7 h. ago Voices: Yes, ‘Renewal’ Reeves needs to raise taxes – but how will she pull it off?

The chancellor’s fiscal headroom is already compromised by her commitment to tackle child poverty, writes Sean O’Grady. So she needs luck – and to be more boring than ever – to raise the revenue she desperately needs

Politics

7 h. ago Council tax bills set to rise at fastest rate for two decades, economist warns

Rachel Reeves said that ministers will not be ‘going above’ the 5% annual increases in council tax.

Events

7 h. ago Housing market recovering but ‘long way from buoyant’, housebuilder says

Crest Nicholson highlighted ‘encouraging signs emerging in the UK housing sector’.

Politics