21 h. ago Slump fears fuel summer interest rate cut hopes as figures show economy shrank by 0.3% in April

Experts said the setback added weight to the case for a reduction in August. Rate-setters meet next week but few think a cut will come that soon.

Politics

26 h. 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

27 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

31 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

3 d. ago Floundering Rachel Reeves admits Brits are NOT feeling better off as jobs slump after Labour's tax raid... with fears she will have to up the burden AGAIN after spending crunch

Rachel Reeves acknowledged 'working people' are not seeing 'progress' in their everyday lives as she prepares to deliver a crucial spending review tomorrow.

Economics

4 d. ago LIZZY BUCHAN: 'Rachel Reeves hopes public give her credit for listening to winter fuel anger'

Chancellor Rachel Reeves wants to draw a line under the winter fuel allowance saga that has dogged the Government since last summer, writes Mirror Political editor Lizzy Buchan

Politics

7 d. ago Donald Trump calls for ‘full point’ rate cut after jobs report

Renewed attack on Federal Reserve comes after official data shows weakening employment growth

Politics

7 d. ago Man United handed PSR boost after confirming major cut to wage bill

United hope their latest figures will provide greater flexibility in the transfer market, after an early move for Matheus Cunha from Wolves and a bid for Brentford’s Bryan Mbeumo

Economics

8 d. ago ECB cuts interest rates to 2% in effort to bolster flagging eurozone growth

European Central Bank makes eighth quarter-point cut in a year as bloc reels from impact of Trump’s trade warsBusiness live – latest updatesThe European Central Bank has cut interest rates to 2% in an effort to boost flagging economic growth across the eurozone.The ECB, making its eighth quarter-point cut in a year, said the 20-member currency bloc needed a reduction in the cost of borrowing as it reeled from the damage caused by Donald Trump’s trade wars. Continue reading...

Politics

8 d. ago Eurozone interest rate cut expected; Tesla’s UK sales fall by a third – business live

Rolling coverage of the latest economic and financial newsStock exchange dealt another blow as £12bn fintech ditches main London listingUK trade secretary Jonathan Reynolds has also called for reforms of the WTO, including changes to the much criticised dispute resolutions system which can also take years to settle disputes between trading nations.Reynolds told the European Policy Centre security conference in Brussels:“We do recognise that reforming and repositioning the WTO so that it can respond more effectively to the challenges of today is the only way to safeguard long term stability and growth tomorrow.“Our eyes are fixed on greater flexibility in decision making, greater openness in the east of plurilaterals and building a fully functioning dispute settlement system,”“the trees that survive the storms aren’t the tallest. They’re the ones whose roots are intertwined with their lives.“Just in the past two days, during the OECD trade ministerial [summit] the message was clear a...

Economics

8 d. ago Construction firms cut jobs at fastest rate since 2020 despite signs of recovery

The latest S&P Global construction purchasing managers’ index (PMI) showed a reading of 47.9 last month, improving from 46.6 in April.

Society

8 d. ago Eurozone interest rate cut expected; Tesla’s UK sales drop by a third – business live

Rolling coverage of the latest economic and financial newsThe UK car market has returned to growth, new data shows, but sales of Teslas have fallen by a third.Overall car registrations rose by 1.6% in May, to 150,070 units, according to the Society of Motor Manufacturers and Traders (SMMT). That’s the strongest May for new car sales since 2021, but 18% below pre-Covid levels. Continue reading...

Economics

8 d. ago Eurozone interest rate cut expected; fintech Wise delivers blow to London stock market – business live

Rolling coverage of the latest economic and financial newsMay was the busiest month for UK house sales since March 2022, new data from Rightmove this morning shows.Across Great Britain, the number of sales agreed is now 6% ahead of the same period last year, Rightmove reports. But London is lagging, with sales just 1% higher than a year ago. Continue reading...

Economics

9 d. ago DWP minister issues message to 'all pensioners' in Pension Credit update

The latest set of Pension Credit statistics shows that an additional 58,800 households have been awarded the means-tested benefit since last summer's Winter Fuel Payment announcement

Politics

1 week ago Teacher attempts suicide after 'ChatGPT wrote post on his Twitter feed urging the murder of Giorgia Meloni's daughter', making him a figure of hate in Italy

Stefano Addeo, 65, became a figure of hate in Italy after he said he hoped Ginevra would 'meet the same fate' as a 14-year-old girl recently killed by her jilted boyfriend.

Events

2 w. ago Experts reveal parts of the body men and women are most likely to get skin cancer

A charity has warned that summer clothing choices fuel skin cancer risk – as projections suggest a surge in melanoma rates

Science

3 w. ago I fear a Premium Bond cut is inevitable, says SYLVIA MORRIS: This is where I would put my cash

Premium bond holders are likely to hear bad news soon. Another cut to the prize rate seems inevitable - and I think it could come as early as the July draw.

Politics

3 w. ago Australian central bank reduces benchmark interest rate to 3.85% in second cut this year

Australia’s central bank has reduced its benchmark interest by a quarter percentage point for a second time this year to 3.85% after inflation fell within a target range

Politics

3 w. ago Energy bills in Great Britain could fall this summer but ‘crisis not over’

Ofgem price cap on gas and electricity likely to drop by £129 to £1,720 a year, says consultancy Cornwall InsightBusiness live – latest updatesHousehold energy bills could drop this summer but experts have warned that “the crisis is not over” for households and manufacturers struggling to afford gas and electricity costs.The industry regulator’s quarterly price cap is expected to fall in July by an average of £129, or 7%, according to forecasts from Cornwall Insight, a leading energy consultancy. It has predicted that the cap will fall to £1,720 a year for a typical dual-fuel household this summer, from £1,849 under the current limits. Continue reading...

Events

3 w. ago Major UK bank issues huge blow to 1.9 million customers after BoE update

Brits may want to take swift action following the BoE's decision to cut the base rate to 4.25% - which has resulted in several banks including Ulster and Monzo slashing their interest rates

Economics