Rachel Reeves heads to China to build bridges, but a new golden era of relations is impossible
Seeking business partners post-Brexit is sound policy, but even in these darker geopolitical times the UK will ultimately side with the US Rachel Reeves will fly with a delegation of City grandees to China this week as Labour seeks closer economic links with Beijing as part of its quest for growth. With the outlook increasingly…
Permanent job vacancies in UK shrink at fastest pace for four years
Job market data deepens sense of gloom enveloping UK plc as analysts plan close look at effects of NICs rise on hiring Vacancies for permanent jobs in the UK declined at their fastest pace for four years last month, according to a new survey that adds to the gloomy economic mood. Amid febrile markets and…
Two power station owners to get more than £12m for three hours of electricity
Uniper and a subsidiary of Vitol able to charge 50 times recent market price to ensure supply during evening peak Two gas power station owners will be paid more than £12m to supply just three hours of electricity on Wednesday evening after freezing weather led to some of the highest market prices since the energy…
UK long-term borrowing costs at highest since 1998 amid fears over weak growth
Yield rises above peak reached when Liz Truss’s mini-budget in 2022 caused turmoil in markets The UK government’s long-term borrowing costs have reached the highest level since 1998 amid investor concerns over Britain’s sluggish growth prospects and stubbornly high inflation. The yield – in effect the interest rate – on UK 30-year government debt rose…
Mark Carney ‘considering’ run to replace Justin Trudeau as Canada PM
Supporters of former Bank of England and Bank of Canada governor say he has experience to lead in period of instability The former Bank of England governor Mark Carney, a climate-focused economist who became the first non-Briton to run the Bank, is considering entering the race to replace Justin Trudeau as Canada’s prime minister. Trudeau…
UK house prices dip for first time since March, says Halifax
Britain’s biggest mortgage lender says say affordability could hamper further rises in the months ahead UK house prices fell by 0.2% month on month in December – the first monthly drop since March – according to Britain’s biggest mortgage lender. Data released by Halifax, Britain’s biggest mortgage lender, also showed that the price of the…
Luxury tights brand Wolford apologises for delays to orders and refunds
Exclusive: Skinwear firm admits delivery services overstretched amid heavy criticism from customers Shoppers have taken to the reviews site Trustpilot to warn others against making orders, with some saying they had waited for more than a month for their goods to arrive and had been unable to obtain a refund. Almost 90% of the 460…
UK retailers may have to cut thousands of jobs after bleak Christmas
British Retail Consortium figures show sales growth close to flatlining, as card spending fails to rise Britain’s largest retailers are warning they could be forced to cut thousands of jobs this year as the industry braces for higher taxes and employment costs after a bleak Christmas shopping season. In the latest sign of tough trading…
Meta taps Trump ally and UFC CEO Dana White to join its board
Shannon Bond Dana White, the Ultimate Fighting Championship president and supporter of President-elect Donald Trump, is joining the board of Facebook and Instagram parent company Meta. White’s election as a Meta director two weeks before Trump takes office comes as Silicon Valley is courting the incoming administration, following what has been a frosty relationship with…