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Activists call on central banks to limit investments in new fossil fuel projects
Climate groups from around the world are staging a coordinated action in the lead up to the Bank of International Settlement’s annual general meeting.
Business News
29m
Shapps signals U-turn on imposing hydrogen levy on household bills
The Energy Security Secretary said he opposed plans that would see energy bills increase to fund the development of low-carbon hydrogen.
Money
HSBC UK planning to boost its savings rates
The bank said it will be increasing rates shortly and making other changes, and it will give further details next week.
By Vicky Shaw
Business
Doing a number on the modern business of work on your phone
YourBusinessNumber already works worldwide, with the US its second-biggest market; the founders are now plotting local pushes into Germany, Brazil and India
By Lucy Tobin
City Voices
Business News
Heathrow Airport security officers dispute ends with new pay deal
Strike action planned throughout the summer by more than 2,000 security officers at Heathrow has been averted after the new improved pay offer.
By Alan Jones
UK
Chancellor announces more flexibility for struggling mortgage holders
Mortgage holders allowed to switch to interest-only for six months without impacting credit score
By Matt Watts
Business
London firms’ hiring expectations improve but ‘still a long way to go’
The overall hiring outlook still remains negative
Business News
The whole thing is a scam, says variable rate mortgage holder on interest hike
The Bank of England hiked the base interest rate for the 13th time in a row on Thursday in a move set to cause more pain for mortgage holders.
Business News
Supermarkets hit back after Sunak warns retailers to price ‘fairly’
The British Retail Consortium said there had been a ‘regular stream of price cuts’ by supermarkets despite profit margins being tight.
By Patrick Daly
Business
How big pharma is using AI to untangle the language of DNA
AI-powered tools are rapidly transforming the world of drug discovery
By Simon Hunt
ES MoneyMore
More Business news
Business News
GSK settles lawsuit over heartburn drug Zantac
Shares in the pharmaceutical giant jumped after it said an upcoming trial was cancelled but that it does not admit liability.
By Anna Wise
Business News
Italian oil major Eni buys North Sea gas producer Neptune Energy in £4bn deal
The business will be partly bought by Eni, and partly by Norway’s Var Energi, which is majority owned by Eni.
Business News
Economy ‘loses momentum again’ as private sector growth slows
The S&P Global/CIPS flash UK purchasing managers’ index fell to 52.8 in June from 54 in May.
Business News
Revolution Beauty brushes off Boohoo spat with sales boost
The crisis-hit firm has clashed with its shareholder Boohoo throughout the week over how the business should be run.
By Anna Wise
Business News
Sunak pledges to ‘remain steadfast’ in inflation battle after rates hiked to 5%
The Government is coming under mounting pressure to control the cost-of-living crisis amid a deepening mortgage crisis.
Business News
PM and Chancellor put pressure on retailers to ease price burden on shoppers
The Bank of England on Thursday announced a shock interest rates hike to 5% as inflation remained steadfast across April and May.
By Patrick Daly
Business News
London stocks sag after shock rate hike
The FTSE 100 fell 0.76%, down 57.15 points to 7,502.03, with banks and housebuilders among the biggest fallers.
By Anna Wise
Business News
Public firmly believe Sunak is failing on his five pledges, polling suggests
More than 80% of people believe he is failing in his pledge to reduce inflation, according to a survey.
By Sam Blewett
Business News
PM says ‘I’m 100% on it’ as he seeks to assure workers over inflation
It is the 13th time in a row the rate has increased in a bid to lower inflation.
Business News
Mortgage pain needed to fight inflation, Sunak and Bank warn as rates hit 5%
Rishi Sunak said ‘we are going to get through this’ as he doubled down on his mission to halve inflation.
By Anna Wise
Business News
Supplies of Irn-Bru could be affected as drivers vote on strikes, union warns
Around a dozen drivers at the AG Barr production and distribution centre in Cumbernauld, North Lanarkshire, are being balloted.
UK
Bank of England: When will interest rates go down?
The Bank of England confirmed an increase in the base rate to its highest level since 2008
Business News
Morrisons posts sales rise but inflation ‘disappointingly and stubbornly high’
The private equity-owned retailer reported that group like-for-like sales, excluding fuel and VAT, were up 1% over the 13 weeks to April 30.
Business News
Bank may have bowed to pressure, economists say as markets expect rise to 6%
The Bank of England’s Monetary Policy Committee raised the interest rate from 4.5% to 5% on Thursday.
Business
Bank of England interest rates hit 5%
Jumbo hike of half a percentage point is the 13th consecutive rise, cost of borrowing to its highest since 2008
Money
What does the Bank of England rate hike mean for the housing market?
The Bank has pushed the base rate up to 5%, the highest it has been in nearly 15 years.
By Vicky Shaw
Money
Starmer says subsidy for mortgage holders not right approach to crisis
The Labour leader said ‘next month it’s going to feel a lot worse’ for homeowners.
Money
What does the Bank of England base rate hike mean for homeowners?
The Bank of England base rate now stands at 5% after a 0.5 percentage point hike on Thursday.
By Vicky Shaw
Business News
Amazon takeover rumours spark spike in Ocado shares
A report in The Times said the online grocer may be in the crosshairs of more than one US suitor.
Business News
Watchdog blocks merger of hearing implant firms ‘to protect patients and NHS’
The Competition and Markets Authority said the full merger of Cochlear and Oticon Medical ‘could reduce innovation and quality’.
Money
£35.8bn gap between tax expected to be paid and amount collected in 2021/22
Plugging the ‘holes in our tax system’ could help refill public coffers, a tax and financial planning expert said.
By Vicky Shaw
Business
Bank of England mulls interest rate ‘jumbo hike’ amid inflation spiral
With inflation stuck at 8.7%, economists said a jump straight to 5% interest rates might be needed
Politics
Londoners face £1,000 monthly mortgage bills hike in inflation fight
The average two-year rate continued to surge today, hitting 6.19%
Business News
Ousted Vodafone boss picks up more than £4m in pay and bonuses in 2022-23
The mobile phone giant’s annual report shows that Nick Read landed the bumper pay package despite leaving at the end of last year amid poor results.
Business News
Arla warns of further price rises unless labour shortage addressed ‘urgently’
The UK’s largest dairy cooperative said the industry labour shortage was fuelling food price inflation.
By Josie Clarke
Money
One in seven aged 65 and over turning to loans and credit cards, survey finds
Research from Independent Age highlights the measures older people are resorting to due to the cost-of-living crisis.
By Aine Fox
Business
Maybe a house price crash is just what our society needs
City Comment: Perhaps this shock to the market is overdue