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UK interest bill balloons to a record £8.7bn 21 Jul 6:46pm Updated UK interest bill balloons to a record £8.7bn
Following a year of unprecedented peacetime borrowing, interest payments have soared to their highest level since records began in 1997, according to the Office for National Statistics.
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Bridgepoint staff scoop £2.5bn windfall as share price surges 21 Jul 6:46pm Updated Bridgepoint staff scoop £2.5bn windfall as share price surges
As the owner of Burger King UK and Hobbycraft floated in London, 166 of its 310 employees sold shares worth £308m. Those same staff still hold a 56 per cent stake worth £2.1bn.
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21 Jul 6:41pm Supermarkets under pressure to stock shelves as workers self-isolate
The Guardian
Government urged to include retail staff and lorry drivers in exemption from rules as ‘pingdemic’ causes shortages Supermarkets are under “increasing pressure” to keep shelves fully stocked, retail industry leaders have warned as the growing havoc wreaked by the “pingdemic” continues to
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Next to return £29m in business rates relief as sales soar 21 Jul 6:40pm Updated Next to return £29m in business rates relief as sales soar
The Guardian
In an unscheuled update, the British retailer revealed trading had been 'unexpectedly strong' since May as shoppers splashed out on new summer wardrobes.
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21 Jul 5:37pm Nord Stream 2: US and Germany reach deal on controversial Russian gas pipeline
BBC
The US says the agreement prevents Russia from using the pipeline as a political weapon over Europe.
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21 Jul 5:26pm Updated NHS workers in England offered 3% pay rise
BBC
The offer is 2% more than was proposed in March, "in recognition of the unique impact of pandemic".
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21 Jul 5:13pm House sales surge to record high in ‘frenzied’ rush to beat stamp duty deadline
The Independent
An estimated 213,120 sales took place in June – 216 per cent higher than same time last year
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Philip Morris boss defends plans to buy UK pharma firm Vectura Group 21 Jul 5:01pm Philip Morris boss defends plans to buy UK pharma firm Vectura Group
The Independent
Philip Morris this month struck a deal to buy the Wiltshire-based firm - which specialises in respiratory drugs and is developing a treatment for Covid - for 150p a share or £1bn.
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Tesla strikes deal to buy nickel directly from mining giant BHP 21 Jul 5:01pm Tesla strikes deal to buy nickel directly from mining giant BHP
The Independent
The contract will give the electric car maker, run by controversial billionaire Elon Musk, a guaranteed stream of the highly sought-after metal, which is used to make electric batteries.
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Magazines publisher Future soars 9% on hiked profit forecasts  21 Jul 5:01pm Magazines publisher Future soars 9% on hiked profit forecasts 
The Independent
The firm, which is behind titles including Four Four Two, Country Life and Horse & Hound, reported strong second half trading led by 'robust' growth in digital advertising.
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Royal Mail posts fewer parcels as shops reopen 21 Jul 5:01pm Royal Mail posts fewer parcels as shops reopen
The Independent
The postal service said the number of packages sent in the UK during April, May and June was down by 7 per cent compared to last year. But against the same period in 2019, the figure was up by 35 per cent.
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MARKET REPORT: Flying Footsie heads back towards 7000 21 Jul 5:01pm MARKET REPORT: Flying Footsie heads back towards 7000
The Independent
The index enjoyed another day of gains, brushing off fears that Tuesday's rally - after bruising slides on Monday - was a one-off. It rose 1.7 per cent, or 117.15 points, to finish at 6998.28.
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21 Jul 4:56pm Updated Fewer flat buyers to face pre-mortgage cladding checks, says Robert Jenrick
BBC
Lenders agree to change applications for loans involving buildings below 18m high, the government says.
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21 Jul 3:57pm Aldi to donate over one million meals during school summer holidays
The Independent
More than 700,000 will go to causes supporting children
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21 Jul 3:53pm Opioid crisis: US drug giants reach $26bn settlement
BBC
Four drug-makers and distributors have agreed to pay the sum to settle thousands of government lawsuits.
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21 Jul 3:46pm Best-paid gig in town rains down £12m a head – but are the non-exes still independent?
The Guardian
Yet more millionaires in the City thanks to an IPO may be normal, but Bridgepoint’s signing-on bonuses jar with scrutiny duty Some 166 millionaires were created in the City on Wednesday. Well, strictly speaking, the fortunes of the investment professionals at the private equity firm Bridgepoint were not “created” in a single stroke. Rather, the act of listing the firm on the stock exchange crystallised the value of shares they already owned and allowed them to flog a few. But, however you view the numbers in this £2.88bn flotation, or IPO, they illustrate how private equity is challenging investment banking for the status of best-paid gig in the financial game.
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21 Jul 2:50pm Owners of low-rise flats freed from wall safety certificate need
The Guardian
Ministers alter post-Grenfell tower fire safety guidance, covering cladding, to ease property sales Ministers have sought to ease the difficulties of thousands of owners of flats trapped in properties they cannot sell or remortgage by changing advice on fire safety paperwork on lower-rise blocks, a requirement introduced after the Grenfell tower blaze. In a statement released at the same time as a Commons debate on
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21 Jul 2:46pm Archie Norman receives £1.75m fee to join board of private equity firm
The Guardian
Newly floated Bridgepoint will also pay M&S chairman £200,000 a year in remuneration for role The chairman of Marks & Spencer, Archie Norman, has received a fee of £1.75m to join the board of Bridgepoint, the newly floated private equity company. Bridgepoint only revealed the large payments to Norman and other new directors on Wednesday deep into a prospectus document detailing the company’s initial public offering (IPO), which has taken advantage of
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21 Jul 2:22pm Apple delays return to office for workers and keeps masks for staff in stores
The Independent
Decision comes after backlash to plan for staff to return three days a week from September
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21 Jul 2:04pm Fears over Nike footwear supplies as major factories hit by Covid outbreaks
The Independent
About half of all sport giant’s shoes last year were made in Vietnam, where suppliers for Adidas, Apple and Samsung are also based
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21 Jul 2:01pm Iceland aims to recruit 2,000 staff due to ‘pingdemic’ absences
The Guardian
Retailer says some outlets has been forced to close after more than 3% of staff has been asked to self-isolate Grocery chain Iceland is aiming to recruit 2,000 spare staff to help cover absences caused by
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21 Jul 1:50pm London office life not likely to return to pre-Covid practices, NatWest chair says
The Guardian
Howard Davies says he expects lasting cultural changes after end of pandemic The chair of NatWest, one of Britain’s biggest banks, has said office life in London is unlikely ever to return to how things were before the coronavirus pandemic. Howard Davies said he expected lasting cultural changes even after the danger from the virus receded. “The days when 2,500 people walked in through our office door on Bishopsgate at 8:30 and then walked out again at 6 o’clock, I think that is gone. I suspect there won’t be that many people who will be doing five long days in the office.”
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21 Jul 12:49pm Updated BP: Lorry driver shortages closing some sites temporarily
BBC
The oil firm says the "vast majority" of shortages were being "resolved within a day".
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21 Jul 12:47pm Ready, set, go: leisure centres plan to jump back in business after pandemic closures
The Guardian
Trampolining and go-karting site Gravity will open 100,000sq ft venue in former Debenhams Lights blink along a sinuous race track which swoops past a Japanese-themed bar and food stall into Debenhams Wandsworth’s former beauty hall. Gravity – which already runs 17 leisure sites around the UK offering trampolining, rock climbing and rope-line activities – will open its biggest venue yet in the south London suburb.
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21 Jul 11:09am Updated FTSE 100 rebounds; UK debt costs rise; property transactions surge – business live
The Guardian
Rolling coverage of the latest economic and financial news
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Make Euro investments your goal! Companies poised for victory 21 Jul 9:54am Updated Make Euro investments your goal! Companies poised for victory
The Guardian
Rising numbers of investors agree with them and are turning to Europe to grow their wealth. British investors ploughed £101million into European funds in May, following four months of outflows.
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Turned down for mortgages after using buy now pay later shopping deals 21 Jul 7:59am Updated Turned down for mortgages after using buy now pay later shopping deals
The Guardian
Mortgage advisors are urging borrowers to think twice before using the convenient checkout option from brands such as Klarna after seeing clients rejected after using this type of credit.
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Tesla to open Supercharger network to other EV drivers later this year 21 Jul 7:32am Tesla to open Supercharger network to other EV drivers later this year
The Guardian
The US manufacturer confirmed in March that it has over 600 in the UK, with more than 100 being installed since last summer when it celebrated its 500th supercharge in Britain in June 2020.
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21 Jul 7:30am UK property sales at new record as boom peaks
BBC
Sales surged during June but analysts say the property boom has peaked as stamp duty holidays are withdrawn.
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21 Jul 7:21am BrewDog hit by £13m loss as bars close despite craft beer boom
The Guardian
Aberdeenshire-based firm reports revenues of £238m for the year, 10% higher than in 2019
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Mortgage price war ramps up: Nationwide offers record breaking sub 1% five year fixed rate deal 21 Jul 7:06am Updated Mortgage price war ramps up: Nationwide offers record breaking sub 1% five year fixed rate deal
The Guardian
While rates below 1% are not unusual for two year deals, Britain's largest building society is offering this rate to those with a 40% deposit remortgaging or moving, fixed until 2026.
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21 Jul 6:59am UK business leaders criticise government’s handling of ‘pingdemic’
The Guardian
Leading industry figures dismayed by confusion over need to self-isolate amid widespread staff absences
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21 Jul 6:57am Chancellor trapped ahead of spending review, IFS warns
The Independent
Rishi Sunak faces increased demands for spending but has little room for manoeuvre
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21 Jul 6:56am Food production lines now failing due to pingdemic, meat body chief warns: ‘Everyone is struggling’
The Independent
Supply chains are already ‘starting to fail’ because of staff being forced to self-isolate, says British Meat Processors Association
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21 Jul 6:34am UK borrowing leads to record interest payments
BBC
A surge in inflation means the government spent £8.7bn in interest payments last month.
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21 Jul 6:29am The biggest win for the working-class in generations is within reach | Bernie Sanders
The Guardian
If our budget passes, it would be one of the most important pieces of legislation since the New Deal. But we must fight for it Now is the time. At a time when the gap between the very rich and everyone else is growing wider, when two people now own more wealth than the bottom 40% and when some of the wealthiest people and biggest businesses in the world pay nothing in federal income taxes, the billionaire class and large profitable corporations must finally start paying their fair share of taxes.
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21 Jul 6:21am Next shoppers splurge on summer clothes as weather heats up
BBC
The retailer upgrades profits forecast and repays some business rates relief after seeing a summer sales surge.
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Car repair bills could soar by £100 under new EU rules 21 Jul 6:20am Updated Car repair bills could soar by £100 under new EU rules
BBC
Brussels is consulting on a ban on smaller independent garages being able to fit cheaper components to vehicles, demanding that they use pricier manufacturer-branded parts instead.
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21 Jul 6:15am Updated FTSE 100 rebounds as markets recover; UK debt servicing costs hit record – business live
The Guardian
Rolling coverage of the latest economic and financial news
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The car makers that have issued the most recalls since 1992 21 Jul 6:11am Updated The car makers that have issued the most recalls since 1992
The Guardian
A new study has revealed which car makers have issued the most recalls, with the brand that tops the charts having a total of 818 dating back 29 years.
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21 Jul 6:00am Uber and Lyft drivers to join day-long strike over working conditions
The Guardian
Workers for app companies call for better wages and protections for those seeking to unionize Hundreds of Uber and Lyft drivers will join with other app-based workers across the US for a day-long strike on Wednesday to protest against poor working conditions and demand the right to organize. The workers are calling for better wages and congressional support of the Pro Act, a
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21 Jul 6:00am Bank of England admits shortcomings in promoting diversity
The Guardian
Governor Andrew Bailey promises increased focus on inclusion after critical review
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21 Jul 6:00am I am going to make the Bank of England better by improving racial diversity | Andrew Bailey
The Guardian
The 2008 crash was partly caused by decisions being made by people from similar backgrounds who think in the same way
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21 Jul 5:48am Updated How to adapt to the changing shape of the ecommerce landscape
The Independent
THE ARTICLES ON THESE PAGES ARE PRODUCED BY LYONSDOWN LTD, WHICH TAKES SOLE RESPONSIBILITY FOR THE CONTENTS
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21 Jul 5:46am Gold attracts young investors trading online, says The Royal Mint
BBC
The Royal Mint records a rise in profits aided by a fivefold increase in gold investment by young adults.
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21 Jul 5:39am Soaring spending on summer clothes boosts Next sales
BBC
The retailer upgrades profits forecast and repays some business rates relief after seeing a summer sales surge.
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Two-bedroom flat in a converted Scottish castle can be yours for only £220,000  21 Jul 5:31am Updated Two-bedroom flat in a converted Scottish castle can be yours for only £220,000 
BBC
This unique two-bedroom flat is part of a Scottish castle dating back to the fifteenth century and is available to buy for a mere £220,000.
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Pinged to self isolate? These are your financial rights 21 Jul 5:10am Updated Pinged to self isolate? These are your financial rights
BBC
After restrictions were eased this week, the Government is expecting a surge in demands to self-isolate from the contact-tracing app, which has been downloaded more than 26 million times.
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Unmarried parents to finally be entitled to bereavement benefits 21 Jul 4:39am Updated Unmarried parents to finally be entitled to bereavement benefits
BBC
Until now surviving parents could only claim up to £9,800 across 18 months in Bereavement Support Payments if married or in a civil partnership at the time of their partner's death.
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Savers can beat pension pot age hike from 55 to 57 thanks to loophole 21 Jul 4:38am Savers can beat pension pot age hike from 55 to 57 thanks to loophole
BBC
HM Revenue & Customs yesterday confirmed that the minimum age at which a saver will be able to access their pension pot will rise from 55 to 57. The change will come into force in April 2028.
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21 Jul 4:34am Next to repay £29m in Covid rates relief amid strong revenue growth
The Guardian
Shares soar as retailer raises profit forecast for third time in four months
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21 Jul 4:31am M&S chair: Brexit protocol will leave gaps on shelves in Northern Ireland
The Guardian
Retailer already planning to delist some Christmas products after grace period ends, says Archie Norman Shops in Northern Ireland will have gaps on the shelves when the grace period in the Brexit protocol ends, the chair of Marks & Spencer has warned. Ahead of a
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21 Jul 4:15am Think globally, act locally: creating a climate-positive company
The Independent
THE ARTICLES ON THESE PAGES ARE PRODUCED BY LYONSDOWN LTD, WHICH TAKES SOLE RESPONSIBILITY FOR THE CONTENTS
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21 Jul 4:11am UK government borrowing falls in June as economy reopens
BBC
But government borrowing was still the second-highest on record for June as Covid spending continues.
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Half of those who moved house in the pandemic regret paying too much 21 Jul 4:05am Updated Half of those who moved house in the pandemic regret paying too much
BBC
Lucy Stewart and husband James Cissel (pictured) thought they were the perfect buyers after selling their London flat and moving into Lucy's parents' house - but quickly found out this was not the case.
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21 Jul 3:49am Updated M&S to cut Christmas products in Northern Ireland
BBC
Chairman Archie Norman says customs checks will mean higher prices and less choice for customers.
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21 Jul 3:17am UK debt servicing costs hit record as inflation rises – business live
The Guardian
Rolling coverage of the latest economic and financial news
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21 Jul 2:53am Updated UK government borrowing falls in June
BBC
Despite a fall, borrowing was still the second-highest on record for June as Covid spending continues.
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21 Jul 2:40am UK borrowing falls as economy reopened, but interest payments rose – business live
The Guardian
Rolling coverage of the latest economic and financial news
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21 Jul 2:17am FTSE 100 recovers some losses as European and US markets also settle down, Asian stocks trade mixed
The Independent
Covid cases remain a concern in Asia while global markets inch towards their previous levels
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21 Jul 2:00am Our ‘government-approved’ Covid tests have never arrived
The Guardian
Atruchecks’s kits failed to show, but there’s been no refund
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21 Jul 2:00am Just camp in my garden: new websites offer private pitches
The Guardian
Wild camping is off the agenda in England and Wales, but new sites are helping to meet growing demand by offering spots in private gardens, meadows and woods You’ve done glamping, you’ve tried wild camping, but are you ready to embrace camping in other people’s gardens? A new travel website launching this month may just push more of us to do so, with its collection of pitches on people’s lawns and private land. About 100 gardens, fields and outdoor spaces in the UK will be available to book from £20 a night on
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21 Jul 1:46am Updated M&S warns of higher prices and less choice in Northern Ireland
BBC
Chairman Archie Norman is urging the government to act to prevent "pointless" customs checks.
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21 Jul 1:00am Central banks can’t reduce inequality – it’s time for ministers to act
The Guardian
Central bank policies have enriched the wealthy – bold politicians must start redistributing wealth In the Forbes list of the
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21 Jul 1:00am Why the Bank of England has it head in the cloud over data security
The Guardian
Rapid digitalisation of banking services and increasing reliance on just three tech giants has made the Bank uneasy The Bank of England is at risk of moving too slow, according to experts, who say it needs to get a grip on the financial sector’s plans to outsource customer data storage to a handful of unregulated US tech giants. Last week, the central bank
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Easyjet boss blasts Boris over travel restrictions 20 Jul 9:05pm Updated Easyjet boss blasts Boris over travel restrictions
The Guardian
Easyjet chief exec Johan Lundgren (pictured) said 'expensive and unnecessary testing' for low-risk destinations 'just doesn't make sense'. The carrier lost £3.5m a day in the quarter to June.
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Investor hopes for a bidding war over Morrisons are dealt a major blow 20 Jul 9:05pm Updated Investor hopes for a bidding war over Morrisons are dealt a major blow
The Guardian
US private equity firm Apollo Global Management revealed it is in talks to join Fortress Investment Group's £6.3bn bid for Morrisons - which is led by chief executive David Potts (pictured).
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Grocers see first drop in online sales since pandemic began 20 Jul 9:05pm Updated Grocers see first drop in online sales since pandemic began
The Guardian
The number of people choosing to buy groceries online in the past four weeks was 81,000 lower than the same period last year, according to retail analysts Kantar.
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Household bills could rise if energy prices for industry are cut 20 Jul 9:03pm Updated Household bills could rise if energy prices for industry are cut
The Guardian
Business Secretary Kwasi Kwarteng (pictured) said ministers have launched a consultation on how to address the sky-high prices paid by companies, including manufacturers and steelmakers.
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Chancellor set for budget headache despite borrowing estimates falling 20 Jul 9:03pm Updated Chancellor set for budget headache despite borrowing estimates falling
The Guardian
In his March Budget, Rishi Sunak (pictured) calculated that the UK was set to borrow £234bn in the 2021-2022 financial year. The Institute for Fiscal Studies now thinks the total could be £203bn.
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Debenhams pension scandal: MPs demand answers as retirees face 10% cut 20 Jul 9:02pm Updated Debenhams pension scandal: MPs demand answers as retirees face 10% cut
The Guardian
The chairmen of two parliamentary committees say private equity firms accused of asset stripping Debenhams should be quizzed about the fate of the department store's pensioners.
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MARKET REPORT: Crypto craze cools as Bitcoin crashes below $30,000 20 Jul 9:02pm Updated MARKET REPORT: Crypto craze cools as Bitcoin crashes below $30,000
The Guardian
Bitcoin slid to $29,785 as it failed to recover from a sell-off that struck most financial markets on Monday. The dip means bitcoin's gains so far this year have been all but wiped out.
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ALEX BRUMMER: Morrisons must be saved from the private equity sharks  20 Jul 9:02pm Updated ALEX BRUMMER: Morrisons must be saved from the private equity sharks 
The Guardian
Rather than engage in the indignity and expense of a bidding war for Morrisons, tainted Apollo has laid down its weapons and is ready to form a common front with Softbank-backed predator Fortress.
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Pubs and drink makers raise a toast to Freedom Day 20 Jul 9:02pm Updated Pubs and drink makers raise a toast to Freedom Day
The Guardian
After months of crippling lockdown measures, the beleaguered hospitality sector is showing signs of bouncing back as rules are eased and hot weather drives punters outdoors.
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Shell to appeal Dutch court ruling over climate change targets 20 Jul 9:01pm Updated Shell to appeal Dutch court ruling over climate change targets
The Guardian
A Dutch court ruled in May that by 2030 the energy supermajor must reduce its net carbon emissions by 45 per cent compared with 2019 levels. Shell had vowed to reach net zero by 2050.
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20 Jul 7:11pm What are vaccine passports, who will have to have one and what do they mean for nightclubs and events?
The Independent
The government’s latest u-turn has caused anger in an industry that has only just re-opened after 17 months of lockdown
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20 Jul 7:01pm UK public services face cuts of up to £17bn, says IFS
The Guardian
Government on track to spend billions less than planned before pandemic, warns thinktank
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