Business

Reeves’s plan to ditch income tax rise prompts government bond sell-off
Posted on Friday November 14, 2025

Switch in budget plan causes cost of UK government borrowing to rise by the most in a single day since early JulyWhat are Reeves’s options after U-turn on income tax rates?UK bond markets took fright on Friday after it emerged that Rachel Reeves had ditched plans for a manifesto-busting increase in income tax at this month’s autumn budget.On a day of choppy trading in the City, the cost of UK government borrowing rose by the most in a single day since early July, when a tearful appearance by Reeves in parliament spooked investors. Continue reading...

English councils plan to sell off social clubs and sports centres to balance books
Posted on Saturday November 15, 2025

Survey finds 60% of key cities councils are planning to sell assets to meet costs of adult and children’s social careEnglish councils are planning to sell social clubs, sports centres and shopping arcades as they bet on a fire sale of assets to balance the books, according to a survey of local authorities.The key cities group of councils, which represents second-tier cities in England, said 60% of councils were planning to sell assets to meet the escalating costs of adult and children’s social care. Continue reading...

‘We’re sick of being the story’: what next for the Telegraph after takeover collapses?
Posted on Friday November 14, 2025

Media group’s future is again in limbo – and it faces questions over the asking price as well as regulatory hurdlesRedBird Capital drops £500m Telegraph takeover bidThe withdrawal of the bid for the Telegraph led by RedBird Capital has once again plunged the future of the titles into uncertainty, and raises questions over the dogged refusal of its sellers to drop the eye-watering £500m asking price that had driven away other potential suitors.On Friday, a consortium that also included UAE fund International Media Investments (IMI) as well as the owner of the Daily Mail and the billionaire Sir Leonard Blavatnik, dropped its bid abruptly with no explanation given. Continue reading...

Trump reverses course and cuts tariffs on US food imports
Posted on Friday November 14, 2025

Order exempting coffee, beef, bananas and other items comes as White House fights off concerns about rising costsPeople in the US: how are your holiday shopping plans being affected by Trump’s tariffs and the cost of living?Donald Trump moved to lower tariffs on food imports, including beef, tomatoes, coffee and bananas, in an executive order on Friday as the White House fights off growing concerns about rising costs.The new exemptions take effect retroactively at midnight on Thursday and mark a sharp reversal for Trump, who has long insisted that his import duties are not fueling inflation. They come after a string of victories for Democrats in state and local elections in Virginia, New Jersey and New York City, where affordability was a key topic. Continue reading...

China voices ‘extreme disappointment’ with Dutch minister at centre of car chip row
Posted on Friday November 14, 2025

Vincent Karremans called semiconductor supply chain crisis a ‘wake-up call for western leaders’The Chinese government has expressed “extreme disappointment” with the Dutch minister at the heart of a row over chip supply to the car industry.A spokesperson for the ministry of commerce was responding to a Guardian interview with Vincent Karremans on Thursday in which the politician described the standoff between China and the European Union as a “wake-up call” for western leaders. Continue reading...

Global markets struggle after tech sell-off and fears over Chinese economy
Posted on Friday November 14, 2025

Reaction follows Wall Street’s worst day in a month and unprecedented slump in investment in ChinaBusiness live – latest updatesGlobal markets suffered another day of volatile trading after a tech sell-off that fuelled Wall Street’s worst day in a month and weak economic data from China showed an unprecedented slump in investment.The FTSE 100 fell by 1.1% in London, closing down about 100 points at 9,698, as bellwether banking stocks tumbled. Barclays, Lloyds and NatWest slumped between 2.7% and 3.6%. Continue reading...

Thames Water tried to make MP pay its legal fees of up to £1,400 an hour
Posted on Friday November 14, 2025

Exclusive: Charlie Maynard accuses the utility of ‘retaliation’ over his push for government to gain control of companyThames Water argued that an MP should be forced to pay its hefty legal costs after he represented the interests of the British public in court, a move he described as “retaliation” for pushing for government control of the crisis-hit utility, the Guardian can reveal.The UK’s highest court this week rejected Thames Water’s arguments that the Liberal Democrat MP Charlie Maynard should pay legal fees as high as £1,400 per hour. Continue reading...