Business

HS2 bill could rise to £102bn with first trains delayed until 2039, government admits
Posted on Tuesday May 19, 2026

Transport secretary Heidi Alexander blames Conservative government for ‘obscene increase in times and costs’

The HS2 high-speed railway will now cost up to £102.7bn and trains will not start running between London and Birmingham until as late as 2039, the government has admitted – £70bn more and 13 years later than originally promised.

The transport secretary, Heidi Alexander, said the truncated railway would not be entirely completed until as late as 2043.

UK supermarkets urged to consider voluntary price caps on essential foods
Posted on Tuesday May 19, 2026

Retail sources rebuff government proposal as ‘unjustified’ and likely to push costs up across board

UK supermarkets have been asked by the government to consider freezing the prices of some essential foodstuffs to protect the public from inflation fuelled by the Middle East conflict.

Retailers rejected the plan, criticising its potential cost amid rising taxes, fuel and energy costs and arguing it could push up prices for shoppers overall.

Spending watchdog warns £38bn cost of Sizewell C nuclear plant is ‘risky’
Posted on Tuesday May 19, 2026

National Audit Office says potential benefits are ‘considerable but uncertain’ while risks are ‘immediate and substantial’

The cost of the government’s £38bn nuclear plant in Suffolk is subject to “significant uncertainty” and may outweigh the benefits for UK households until at least 2064, according to the government’s spending watchdog.

The National Audit Office (NAO) has warned that although the potential benefits of the Sizewell C nuclear plant are considerable, they remain uncertain. The risks, however, are “immediate, substantial and borne by the public”.

Old Spanish Hen? Estrella owner buys Greene King ale brand
Posted on Tuesday May 19, 2026

Pub owner’s sale to Barcelona-based brewer Damm is latest takeover of a British beer by an overseas buyer

Pub chain Greene King has agreed to sell its Old Speckled Hen ale brands to the Spanish owner of Estrella lager, making it the latest in a series of British beers to be snapped up by overseas buyers.

Barcelona-based brewer Damm has agreed to buy all the Old Speckled Hen lines, including its non-alcoholic and golden ale versions.

Billionaire Trump donor in line to make millions from Thames Water bid
Posted on Tuesday May 19, 2026

Paul Singer is founder of a leading creditor in the hedge fund consortium locked in talks with the UK government

A billionaire Donald Trump donor could make millions from a deal being struck between the government and Thames Water.

The UK’s largest water company, ministers and creditors are at an impasse as they try to agree a rescue deal to stave off Thames’s collapse. The water company built up a £17.6bn debt pile in the decades after its privatisation.

NS&I to contact bereaved families owed £367m after missing savings scandal
Posted on Tuesday May 19, 2026

The bank’s interim chief executive says ‘this issue should never have happened’, but warns it may take time to process claims

National Savings and Investments bank will start to contact thousands of families affected by a missing savings scandal next week, as it confirmed how much they are owed.

In March, the chief executive of the state-backed bank was forced out after it emerged there had been long-running problems with the tracing of accounts belonging to customers who had died.

Standard Chartered to cut more than 7,000 jobs as it steps up AI use
Posted on Tuesday May 19, 2026

London-headquartered bank will reduce back-office jobs and aims to move some workers to new roles

Standard Chartered plans to cut more than 7,000 jobs over the next four years as it increasingly uses artificial intelligence.

The London-headquartered lender is one of the first major global banks to lay out plans to cut thousands of jobs, citing AI as a driver to make its operations slimmer as it seeks to increase its profitability and tackle competition.