7 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

10 h. ago The rise in unemployment shows the UK jobs market is cooling, but it is not collapsing

Despite the latest poor data, wage growth remains resilient and there are ‘signs of confidence returning’UK unemployment rises as jobs market ‘weakens’Business live – latest updatesAnaemic economic growth, rising inflation, and a worsening outlook in the jobs market. If the inheritance from the Conservatives had been bad, the situation a year in to the new Labour government do not look much better.The latest figures show unemployment nudged up to 4.7% in May, hitting the highest level in four years, while wage growth slowed for a third consecutive month, and employers cut back on hiring. Continue reading...

Politics

10 h. ago Rise in unemployment shows UK jobs market is cooling, but it is not collapsing

Despite latest poor data wage growth remains resilient, and there are ‘signs of confidence returning’UK unemployment rises as jobs market ‘weakens’Business live – latest updatesAnaemic economic growth, rising inflation, and a worsening outlook in the jobs market. If the inheritance from the Conservatives had been bad, the situation a year in to the new Labour government does not look much better.The latest figures show unemployment nudged up to 4.7% in May, hitting the highest level in four years, while wage growth slowed for a third consecutive month, and employers cut back on hiring. Continue reading...

Politics

11 h. ago Jaguar Land Rover to axe 500 UK management jobs as Trump tariffs fallout dents sales

British carmaker to offer voluntary redundancy to managers after 15.1% sales drop in three months to JuneUK unemployment rises as jobs market ‘weakens’Business live – latest updatesJaguar Land Rover has said it will axe up to 500 management jobs in the UK, after the carmaker reported a plunge in sales linked to Donald Trump’s tariffs.The British luxury car manufacturer said about 1.5% of its staff in the UK would be affected by the job cuts as part of a voluntary redundancy round for managers. JLR, which is owned by India’s Tata Motors, employs 33,000 people in the UK. Continue reading...

Politics

27 h. ago Trump privately indicates he may soon fire Fed chair Jerome Powell

The US president denies he would dismiss the Federal Reserve head after reportedly drafting letter to sack himDonald Trump has privately indicated he is on the cusp of firing the Federal Reserve chair Jerome Powell, rattling Wall Street and renewing questions over the US central bank’s independence.The US president insisted on Wednesday that it was “highly unlikely” he would dismiss the Fed chair, after reports he had suggested he would and shown a draft letter dismissing Powell to political allies. Continue reading...

Politics

34 h. ago Trump threatens to impose drug and chip tariffs as soon as 1 August

US president talks of low tariff to give pharmaceutical firms a year or so to build, and then making it ‘very high’Business live – latest updatesDonald Trump has threatened to impose tariffs on pharmaceutical products and semiconductors as soon as 1 August, the latest deadline for the introduction of his “reciprocal” levies on individual countries.The US president told reporters late on Tuesday the taxes on drug imports could be announced “probably at the end of the month, and we’re going to start off with a low tariff and give the pharmaceutical companies a year or so to build, and then we’re going to make it a very high tariff”. Continue reading...

Events

58 h. ago Starbucks tells corporate staff in US and Canada to work in office at least four days a week

Seattle-based coffee chain offers payment to those who opt to quit instead as it seeks to ‘re-establish in-office culture’Business live – latest updatesStarbucks has ordered its corporate staff to work from the office at least four days a week from late September and is offering cash payments to those who choose to quit instead.Brian Niccol, the chief executive of the Seattle-headquartered coffee chain, said many of its employees would be required to work in the office for a minimum of four days a week, up from three, from Monday to Thursday. This will apply to its Seattle and Toronto support centres and regional offices in North America. Continue reading...

Politics

60 h. ago Business news live: FTSE 100 hits record milestone, Reeves to address mortgages and pensions in speech

Stock markets updates, plus business and money news on Tuesday

Economics

60 h. ago FTSE 100 share index hits 9,000 points for the first time – business live

Rolling coverage of the latest economic and financial newsThe FTSE 100 has also benefitted from the TACO trade this year – the bet that Trump always chickens out when his policies cause mayhem in the markets.As this chart shows, shares in London slumped in early April after the US president announced high new tariffs on US trading partners. Continue reading...

Events

60 h. ago Business news live: Rachel Reeves to address mortgages and pensions in Mansion House speech

Stock markets updates, plus business and money news on Tuesday

Economics

61 h. ago Business news live: Rachel Reeves to address taxes and pensions in Mansion House speech

Stock markets updates, plus business and money news on Tuesday

Economics

3 d. ago Trump continues attacks on Federal Reserve chair as he demands lower interest rates – live updates

Trump attacks Federal Reserve chair Jerome Powell, calling him a ‘stupid guy’ and a ‘knucklehead’ as he demands lower interest ratesWith Trump’s headache not showing any signs of going away, Politico learned that “an ally supportive of the Trump DOJ’s handling of the Epstein case, has pitched senior White House officials on the idea of Bondi and deputy attorney general Todd Blanche doing an all-questions-addressed news conference in an attempt to exhaust the press and put the story to bed.”Maga influencer and far-right activist Laura Loomer also told Politico on Sunday that “there should be a special counsel appointed to do an independent investigation of the handling of the Epstein files so that people can feel like this issue is being investigated, and perhaps take it out of [Pam Bondi’s] hands, because I don’t think that she has been transparent or done a good job handling this issue”. Continue reading...

Politics

3 d. ago Bank of England governor says jobs slowdown could prompt rate cut; European markets fall after Trump tariff threat – business live

Rolling coverage of the latest economic and financial news, as Andrew Bailey insists: “I think the path [for interest rates] is down”.Donald Trump’s threat to impose a 30% on European Union imports from next month is weighing on European stock markets this morning.Most of Europe’s markets have dropped at the start of trading, pulling the pan-European Stoxx 600 index down by 0.6%.Inadvertently or otherwise the President is testing the market’s patience. At a time when investors had seemingly brushed aside the likelihood of the base line of tariffs settling at 10%, the new pronouncements suggest a level of between 15% and 20% being the norm, with additionally punitive numbers on the likes of Canada at 35% adding to the uncertainty.The so-called “TACO” trade will therefore be tested again, with markets drifting in the US on Friday and futures currently suggesting a similar fall today. In addition, and as the new 1 August extension approaches, nerves are likely to jangle. Continue readi...

Economics

3 d. ago Business news live: Bitcoin hits new high, interest rates cut hint and EU tariff threat

Stock markets updates and business news from Monday

Events

6 d. ago Rachel Reeves says May’s fall in GDP is ‘disappointing’; Trump tariffs knock markets – business live

Latest economic report shows UK GDP fell by 0.1% in May, following 0.3% fall in April.Full story: UK economy shrinks unexpectedly by 0.1% in blow to Rachel ReevesUS will impose 35% tariffs on Canadian imports, Trump says in letterChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatli...

Economics

6 d. ago Business news live: Rachel Reeves reacts to ‘disappointing’ GDP figures, more lenders join sub

Stock markets updates and business news from Friday

Politics

6 d. ago Rachel Reeves says GDP figures ‘are disappointing’ after UK economy shrinks for second month in a row – business live

Latest economic report shows UK GDP fell by 0.1% in May, following 0.3% fall in April.Full story: UK economy shrinks unexpectedly by 0.1% in blow to Rachel ReevesUS will impose 35% tariffs on Canadian imports, Trump says in letterChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatli...

Economics

6 d. ago Rachel Reeves say GDP figures ‘are disappointing’ after UK economy shrinks for second month in a row – business live

Latest economic report shows UK GDP fell by 0.1% in May, following 0.3% fall in April.Full story: UK economy shrinks unexpectedly by 0.1% in blow to Rachel ReevesUS will impose 35% tariffs on Canadian imports, Trump says in letterChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatli...

Economics

6 d. ago Business news live: Economy figures ‘disappointing’ says Rachel Reeves, more lenders join sub

Stock markets updates and business news from Friday

Economics

6 d. ago Rachel Reeves say GDP figures ‘are disappointing’ after UK economy shrinks for second month running – business live

UK GDP falls by 0.1% in May, following 0.3% fall in April.US will impose 35% tariffs on Canadian imports, Trump says in letterFTSE 100 hit record high on ThursdayChancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.“Flatlining growth in May highlights the ongoing pressures facing the UK ec...

Economics