Business

Bank of England expected to leave UK interest rates on hold and slow bond-selling QT programme – business live
Posted on Thursday September 18, 2025

Rolling coverage of the latest economic and financial newsBank of England urged to slow bond-selling plan to help cut record UK borrowing costsWe have a rate cut to digest… in Norway.The Norges Bank has cut its policy rate from 4.25% to 4% today, judging that highest interest rates have helped to cool the Norwegian economy and dampen inflation in recent years.“The job of bringing inflation back to target has not been completed, but a cautious easing of monetary policy will pave the way for returning inflation to target without restraining the economy more than needed.”“If the policy rate is lowered too quickly, inflation could remain above target for too long. On the other hand, an overly tight monetary policy stance could restrain the economy more than needed to bring inflation down to target.”“The primary concern going into the second half of Next’s financial year is the tough economic outlook in the UK. Management has ramped up its political statement on the UK economy, sounding the alarm while criticising the government as job vacancies shrink and applications rise. However, whilst there is a reason to be cautious, management does not believe it is not approaching a cliff edge.“Despite these challenges, Next is well positioned to weather any looming storm or uncertainty. We see continued strength in Next’s platform with Next’s brand continuing to do well, up 6%, with opportunities to invest in quality. In third party brands which continues to power ahead (up 13%), they are seeing opportunities in sports, premium and luxury, whilst in International they are seeing growth across all brands and channels as the group scales. Continue reading...

Tax rises in, two-child limit out: what Resolution Foundation’s boss is urging Reeves before budget
Posted on Thursday September 18, 2025

Pensions triple lock should also go, says Ruth Curtice, a former civil servant who says it’s ‘nice to be allowed to say what you think’“She clearly has to fix the problem. I think it’s one thing to come back twice. We don’t want to be here a third time.” Bluntness served Ruth Curtice well in her past life as a senior Treasury official. These days, she deploys it publicly, as chief executive of the Resolution Foundation – urging Rachel Reeves to think the unthinkable before November’s crunch budget.In the course of half an hour’s conversation in her bright white Westminster office, Curtice says the chancellor must be ready to ditch Labour’s manifesto tax pledges, scrap the pensions triple lock, lift the two-child limit on benefits – and forget the idea that a new wealth tax is the answer to anything. Continue reading...

‘Privatisation premium’: billions from UK energy bills paid to shareholders
Posted on Wednesday September 17, 2025

Analysis reveals sum equal to 24.2% of average bill taken as pre-tax profits by the major energy industries last year, rather than being reinvestedUK public has paid £200bn to shareholders of key industries since privatisation – studyA quarter of the average UK energy bill was funding corporate profits last year, according to analysis that reveals the hidden cost of privatising some of the UK’s key industries.The study – part of a wider Who Owns Britain project by the Common Wealth thinktank – found that a sum equal to 24.2% of the average energy bill went to the pre-tax profits of the major electricity generators, networks and household suppliers in 2024. Continue reading...

UK faces years of ‘anaemic’ growth amid tax and regulation burden, says Next
Posted on Thursday September 18, 2025

Retailer says economic outlook clouded by declining job opportunities, government overspending and red tapeBosses at clothing and homeware chain Next are forecasting years of “anaemic growth” across the UK, as the retailer claimed regulation, government spending and higher taxes would hurt jobs and productivity.The FTSE 100 company, which is headed by the Conservative peer Simon Wolfson, said that while it did not believe the economy was heading towards a “cliff edge” the weakening outlook gave the company “another reason to be cautious”. Continue reading...

Nationwide chair first major British lender boss to publicly engage with Reform UK
Posted on Wednesday September 17, 2025

Building society defends Kevin Parry after he attends party’s breakfast event, sitting next to Richard TiceNationwide building society has defended its chair, Kevin Parry, after he became the first boss of a major British lender to publicly engage with Nigel Farage’s Reform UK party.It emerged on Wednesday that Parry, who has been chair of the member-owned building society since 2016, attended a breakfast event earlier this week meant to help companies understand Reform’s approach to business. Continue reading...

Federal Reserve cuts US interest rates for first time since December
Posted on Wednesday September 17, 2025

Central bank moves to set rates at range between 4 and 4.25% but decision unlikely to satisfy Donald TrumpThe US Federal Reserve cut interest rates on Wednesday, its first rate cut since December, as the central bank moved to stabilize a wobbling labor market even as Donald Trump’s tariffs continue to push up prices.Rates are now at a range of 4% to 4.25% – the lowest since November 2022. But the decision is unlikely to satisfy Trump, who has lambasted the Fed for acting “too late” and called for a far bigger cut. Continue reading...

Clarks opens up a shoebox of memories with museum to mark 200th year
Posted on Thursday September 18, 2025

Shoemakers Museum in Somerset village of Street displays everything from school shoes to Wallabees and Desert BootsFor some visitors, the museum may bring back memories of being fitted for their first pair of school shoes on a rather chilly metal gauge. For others, the cabinets of pristine Wallabees and Desert Boots may recall teenage obsessions with US hip-hop or Britpop movements.Memories will also flood back for the many local people whose families made Clarks shoes for generations, when the box-fresh Shoemakers Museum opens in the Somerset village of Street, near Glastonbury, on Thursday. Continue reading...