Category Archives: Business

All UK families ‘to be worse off by 2030’ as poor bear the brunt, new data warns

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Keir Starmer has been dealt a fresh blow to his living standards pledge in advance of the spring statement

Living standards for all UK families are set to fall by 2030, with those on the lowest incomes declining twice as fast as middle and high earners, according to new data that raises serious questions about Keir Starmer’s pledge to make working people better off.

The grim economic analysis, produced by the respected Joseph Rowntree Foundation (JRF), comes before the chancellor, Rachel Reeves, makes her spring statement on Wednesday in which she will announce new cuts to public spending rather than increase borrowing or raise taxes, so as to keep within the government’s “iron clad” fiscal rules.

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Heathrow boss defends running of airport after criticism of shutdown

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Thomas Woldbye says most other airports operate similar back-up power systems to Heathrow, as Ed Miliband announces investigation

The chief executive of Heathrow has defended the running of the airport after a fire at an electrical substation stopped about 1,300 planes and disrupted the journeys of hundreds of thousands of global passengers.

It comes after Willie Walsh, the International Air Transport Association’s director general, criticised Heathrow for the disruption, while the energy secretary, Ed Miliband, has now ordered the National Energy System Operator to “urgently investigate” the outage.

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Gold has surged amid economic uncertainty. Should you buy some?

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As Trump escalates a global trade war, looking to gold to shield cash might not be the worst option

As economic uncertainty roils the US, the price of gold has roared to record highs amid investors seeking a place to shield their cash from Donald Trump’s scattergun trade wars.

A single ounce of gold cost $3,051.99 on Wednesday, compared with $2,160 in 2024, and gold has historically been seen as the safest place to invest in financially turbulent times.

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Exclusive: 20% of Americans support boycott of firms aligning themselves with Trump agenda

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New poll also shows that a significant share of Americans will avoid companies that drop social-inclusion policies

One in five Americans plan to turn their backs for good on companies that have shifted their policies to align with Donald Trump’s agenda, according to a new poll for the Guardian.

As high-profile brands including Amazon, Target and Tesla grapple with economic boycotts, research by the Harris Poll indicated the backlash could have a lasting impact.

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Reeves to raise spectre of Liz Truss to persuade Labour MPs to accept cuts

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Chancellor to tell party she is making steep cuts to avoid similar fallout to that which followed 2022 mini-budget

Rachel Reeves will raise the spectre of Liz Truss’s disastrous mini-budget in the lead-up to next week’s spring statement as she tries to persuade her Labour colleagues to accept the steepest departmental cuts since austerity.

The chancellor will tell her fractious party she has decided to cut public spending rather than increasing borrowing because of the risk of a similar fallout to that which followed the then prime minister’s disastrous fiscal statement in 2022.

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US-EU trade war could cost Ireland more than €18bn, says report

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Report co-authored by Irish government also finds tariffs could cause job losses and relocation of US multinationals

A trade war between the US and the EU could cost Ireland more than €18bn (£15bn), trigger waves of job losses and cause US multinationals to relocate, according to a report co-authored by the Irish government.

Ireland’s GDP could shrink by 3.7% over the next five to seven years under the worst-case scenario, in which Donald Trump imposed 25% tariffs on all exports on the EU and the EU retaliated with counter-tariffs, the study carried by the Economic and Social Research Institute (ESRI) found.

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Winston Churchill’s grandson reveals he was abused at prep school

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CBI chair Rupert Soames tells podcast he is ‘completely unembarrassed’ about abuse that occurred in early life

A grandson of Winston Churchill has revealed he was abused as a child while boarding at a prep school and said he was “completely unembarrassed about it”.

Rupert Soames, the chair of the Confederation of British Industry (CBI), spoke about his childhood on the Crisis What Crisis? podcast.

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UK borrowing rises to £10.7bn in setback for Rachel Reeves

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February figure comes in higher than forecasts less than a week before chancellor’s spring statement

UK government borrowing rose by more than expected in February to £10.7bn, underscoring the challenge for Rachel Reeves before next week’s spring statement.

Figures from the Office for National Statistics showed borrowing – the difference between total public sector spending and income – was little changed from the same month a year earlier. However, over the financial year to date borrowing was up nearly £15bn on the same period last year.

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Police investigating alleged online threats to third Sydney mosque – as it happened

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This blog is now closed

Jim Chalmers was also up on ABC News Breakfast this morning, where he was asked if there’s a reason the government can’t commit to more of the 20 recommendations.

He said it was committing to all of the recommendations “in principle” and, like earlier, that the government was working on some of them already.

The ACCC has handed down a 441-page report and not on any of those pages does it support the divestiture powers which have been proposed by our political opponents.

If you make one of the big chains sell in the community, there’s a risk that it’s just snapped up by the other big player in the supermarket sector and that would be counter-productive. Or if it chases supermarket options out of town in regional communities. It’s got hairs all over it, frankly.

We’re making the food and grocery code mandatory. We’re empowering the ACCC. We’re cracking down on mergers and acquisitions. We’re working to make it easier for new entrants to compete with the two big supermarkets in particular. These are all of the things that we’re cracking down on when it comes to the supermarkets.

We don’t want the supermarkets to be treating Australians like mugs.

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‘Not for sale’: USPS workers hold day of action to warn of Trump’s ‘illegal takeover’

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Employees brace for president to transfer or privatize Postal Service, which they say will slash jobs and boost prices

US Postal Service workers and advocates are holding a day of action today in more than 150 cities as they brace for the Trump administration to launch an “illegal hostile takeover” which they warn will slash jobs, boost prices and shut down post offices.

Donald Trump’s officials are weighing plans to transfer the USPS to the Department of Commerce, stripping it of its independence. The president and his allies have also signaled they are willing to privatize the service.

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Bank of England in no hurry on interest rates – but cuts will come

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Despite the decision to hold at 4.5%, businesses and households can take a confident view of the UK’s prospects

Bank of England policymakers might be on a “go-slow” as they look forward to interest rate cuts this year, but the direction of travel is almost certain.

After a meeting on Thursday when interest rates were kept on hold at 4.5%, City investors bet there would be more reductions in the cost of borrowing this year, most likely two cuts reducing the rate to 4%.

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Government debt costs in richest nations at highest since 2007

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Payments by OECD countries outstrip amount spent on defence, police services and housing, report finds

The cost of government debt payments in the world’s richest nations last year reached its highest level since 2007, outstripping the amount spent on defence, police services and housing, a report has found.

Across the 38 members of the Organisation for Economic Co-operation and Development (OECD), debt service costs as a percentage of national income rose to 3.3% in 2024, from 2.4% in 2021.

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Women in business held back by mobile data’s cost in developing world – report

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Nearly half of female entrepreneurs surveyed by Cherie Blair Foundation for Women do not have regular internet access

The cost of a mobile data package is all that is holding back many female entrepreneurs in developing countries, according to recent research.

While social media marketing is reported to be crucial by female business owners who have access to it, 45% of women in business in low- and middle-income countries said they did not have regular internet access because of the expense and connection issues.

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Australia news live: Albanese asked if he ‘trusts’ Trump; Dutton says he is confident an Aukus ‘plan B’ is not needed

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On the issue of Aukus, the opposition leader said the Coalition is committed to increased defence spending. Follow today’s news live

‘Israeli government does not have a lot of palatable options’ – Sharma

The Liberal senator and former ambassador to Israel Dave Sharma was up on ABC News Breakfast earlier to discuss the latest strikes carried out by Israel on Gaza.

If any of us were in their position, we would be single-mindedly focused on the return of our loved ones. I can understand that. This is a politically contentious issue in Israel, there’s no walking away from that, but I don’t think the government has a lot of good choices.

Continuing the ceasefire was not going to lead to the release of further hostages, at least according to the mediators involved in the talks. Hamas had basically said they weren’t planning on returning any more. As I said, in that situation, the Israeli government does not have a lot of palatable options.

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UK cybersecurity agency warns over risk of quantum hackers

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Organisations including energy and transport firms told to guard systems against powerful new computers

The UK’s cybersecurity agency is urging organisations to guard their systems against quantum hackers by 2035, as the prospect of breakthroughs in powerful computing threaten digital encryption.

The National Cyber Security Centre (NCSC) has issued new guidance recommending large entities including energy and transport providers introduce “post-quantum cryptography” in order to prevent quantum technology being deployed to break into their systems.

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UK watchdog bans ‘shocking’ ads in mobile games that objectified women

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Investigation uncovered eight adverts that portrayed women in a harmful or degrading way, says ASA

An investigation by the UK advertising watchdog has found a number of shocking ads in mobile gaming apps that depict women as sexual objects, use pornographic tropes, and feature non-consensual sexual scenarios involving “violent and coercive control”.

The Advertising Standards Authority (ASA) used avatars, which mimic the browsing behaviour of different gender and age groups, to monitor ads served when mobile games are open and identify breaches of the UK code.

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Fired FTC commissioner raises concern over Trump ties to tech billionaires

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Alvaro Bedoya points to ‘interesting coincidence’ that he was dismissed after criticizing Amazon’s Jeff Bezos

A day after his abrupt firing by Donald Trump from the Federal Trade Commission, Alvaro Bedoya raised questions about the US president’s relations with some of the country’s richest men.

Appearing at a hearing of the joint judiciary committee of the state legislature in Colorado on Wednesday, the ousted Democratic commissioner said it was an “interesting coincidence” his final public statement in post had blasted Jeff Bezos, the Amazon founder.

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EU accuses Google and Apple of breaking its rules, risking Trump clash

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Tech companies could be fined billions if EU finds they have breached the Digital Markets Act

The European Commission has accused the US tech companies Google and Apple of breaking its digital rules, in a landmark action that could escalate transatlantic tension with Donald Trump.

The US president has sought to exert pressure on the EU to back away from tougher regulation of American technology groups, warning that he could retaliate by imposing tariffs on foreign companies.

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Value of Elon Musk’s X ‘rebounds to $44bn purchase price’

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Dramatic reversal of fortune for platform since billionaire owner became key ally of Donald Trump

The value of Elon Musk’s social media platform, X, has reportedly soared back to the $44bn he paid for it, in a dramatic reversal of fortunes since the billionaire became a key ally of Donald Trump.

Investors valued the site formerly known as Twitter at $44bn (£33.9bn) in a secondary deal earlier this month, in which they exchange existing stakes in the company, according to a Financial Times report.

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Santander to close 95 UK branches, putting 750 jobs at risk

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Bank says 18 other outlets will become ‘counter-free’ and further 36 will operate reduced hours

Santander is to close a fifth of its branches in the UK as part of an overhaul of its network, putting 750 jobs at risk.

The retail bank said it would shut 95 out of its 444 high street outlets, and reduce the services or hours at a further 50-plus branches, by June to “better serve the changing needs of customers”.

Aberdare 24 June

Arbroath 17 June

Armagh 1 July

Blackwood 23 June

Blyth 5 August

Bognor Regis 14 July

Borehamwood 1 July

Brecon 25 June

Brixton 11 August

Caernarfon 7 July

Camborne 7 July

Canvey Island 5 August

Clacton 16 June

Cleveleys 23 June

Colne 14 July

Colwyn Bay 24 July

Crowborough 23 July

Croydon 16 June

Cumbernauld 7 July

Didsbury 8 July

Downpatrick 6 August

Dungannon 23 June

Edgware Road London, 12 August

Eltham 23 June

Exmouth 15 July

Falmouth 21 July

Farnham 29 July

Felixstowe 16 July

Finchley 6 August

Fleet 30 June

Formby 11 August

Gateshead 16 June

Glasgow St Vincent St, 24 June

Glasgow The Avenue, Newton Mearns, 23 June

Greenford 24 June

Hackney 15 July

Hawick 24 July

Herne Bay 8 July

Hertford 29 July

Holloway 14 July

Holywell 13 August

Honiton 14 July

Kidderminster 18 June

Kilburn 17 June

Kirkby 22 July

Launceston 16 June

Louth 17 June

Magherafelt 24 June

Malvern 2 July

Market Harborough 1 July

Musselburgh 30 June

New Milton 28 July

Peterhead 16 June

Plympton 14 August

Portadown 30 June

Pudsey 28 July

Rawtenstall 15 July

Ross-On-Wye 30 July

Ruislip 7 July

Rustington 5 August

Saltcoats 21 July

Seaford 15 July

Shaftesbury 23 July

Sidcup 11 August

St Austell 8 July

St Neots 30 July

Stokesley 31 July

Strabane 23 July

Surrey Quays London, 10 November

Swadlincote 30 June

Tenterden 7 July

Torquay 17 June

Tottenham 8 July

Whitley Bay 6 August

Willerby 13 August

Wimborne 4 August

Wishaw 22 July

Bexhill

Billericay

Dover

Droitwich

Dunstable

East Grinstead

Holyhead

Ilkley

Larne

Lytham St Annes

Maldon

Morley

North Walsham

Redcar

Saffron Walden

Turriff

Uckfield

Urmston

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