Rolling coverage of the latest economic and financial newsBank of England raises UK interest rates to 4%‘I’m really worried’: homeowners and would-be buyers on UK interest ratesSpeaking of inflation…. the cost of living crisis in Turkey has eased slightly.Turkish annual inflation dipped to 57.7% in January, official data showed on Friday, down from December’s 64.3% but higher than expected. Continue reading...

Bank expected to raise interest rates for 10th time in a row, by half a percentage point to 4%, at noon todayWeaker economy, higher inflation: Bank of England’s dilemmaShell makes record $40bn in profits on back of surging gas pricesThe Bank of England faced an ‘acute policy dilemma’ this week, as policymakers weigh up whether (as expected) to hike interest rates today – the 10th rise in a row.Our economics editor Larry Elliott explains:On the one hand, the economy is showing signs of weakening. Higher mortgage costs have taken the heat out of the housing market, with the Nationwide...

UK annual house price growth slows to 1.1%; investors await US Federal Reserve message on whether it will tighten monetary policy furtherThomas Rinn, global industrial lead at the consultancy Accenture, has sent us his thoughts on the eurozone PMI.Today’s PMI results reflect what we are hearing and seeing in the European manufacturing/industrial market. If you look at recent earnings, industrial businesses leading in digitalisation are reporting strong sales, and in some cases even record profits.The biggest challenges facing the eurozone manufacturing/industrial sector right now include...

Britain is the only G7 economy forecast to shrink in 2023, the IMF says, as higher energy prices, rising mortgage costs and increased taxes hit growth.Britain the only G7 economy forecast to shrink in 2023Digging into the IMF’s latest forecasts, they show that about 90% of advanced economies are projected to see a decline in growth in 2023.But the US, the eurozone and Japan are all expected to grow this year, unlike the UK.In the United States, growth is projected to fall from 2.0 percent in 2022 to 1.4 percent in 2023 and 1.0 percent in 2024. With growth rebounding in the second half of 2024...

Private equity veteran Guy Hands says Boris Johnson ‘threw the country and the NHS under the bus’Guy Hands, a leading City figure, has called Brexit a “complete disaster” and a “bunch of total lies” that has harmed large parts of the economy.Speaking on the third anniversary of the UK’s departure from the EU, Hands, the founder, chair and chief investment officer of the private equity firm Terra Firma, said: “It’s been a complete disaster. The reality is it’s been a lose-lose situation for us and Europe. Europe has lost more [in financial services] but we’ve lost as well...

Rishi Sunak has sacked Nadhim Zahawi for serious breaches of the ministerial code after an investigation found he failed to be honest and open about his tax affairs.Read more: Nadhim Zahawi sacked as Tory chairman by Rishi Sunak over tax affairs

Andy Haldane also says political chaos is contributing to UK’s poor economic performanceHaldane explained why the UK economy has fared worse than others:We’ve seen many businesses teetering who have been able to just make it through Covid and the cost of living but are vulnerable to any shock that might come along.Think of it as a weakened societal immune system, that we’ve run down our defences and that makes us particularly vulnerable nasty coming along. The terrible double whammy of first Covid and then the cost of living crisis has and is causing huge amounts of financial stress for...

Retailer urges UK government not to consider such a move as it would mean ‘overbearing and prohibitive costs’ for exportersMarks & Spencer has urged the UK government not to consider separate labelling for goods sold in Northern Ireland during talks with the EU about improving post-Brexit trade arrangements, arguing that it would be too costly for retailers and customers.The retailer’s chair, Archie Norman, has written to the foreign secretary, James Cleverly, arguing the requirement would not be a useful change to the Northern Ireland protocol and would create “overbearing and...

Owner ABF says its grocery brands such as Twinings and Kingsmill also increased tradingStrong sales of heels, baggy suits and knitwear propelled Primark’s salesahead of expectations over Christmas as shoppers returned to city centres and consumer spending was more resilient than anticipated.Sales at the cut-price fashion chain’s established stores rose by 11% in the four months to 17 January, compared with the same period a year before, as owner Associated British Foods (ABF) said it had sold more items of clothing while prices had also risen by about 8%. Continue reading...

About 350 out of 900 seats normally left unsold on the first services between London, Paris and BrusselsPeak time Eurostar trains are daily forced to run across the Channel with hundreds of empty seats because border police cannot process passports quick enough.About 350 out of 900 seats are normally left unsold on the first services between London, Paris and Brussels despite “huge demand” for the greenest form of international travel, Eurostar bosses said. Continue reading...

The former chancellor once said of Boris Johnson that he should ‘do the right thing’ and go. It could be time for him to take his own adviceFurther inspirational developments in British public life, as yet another inquiry is launched into a serving member of the government. Having spent last week claiming that party chair and former chancellor Nadhim Zahawi had addressed the murky matter of his taxes “in full”, prime minister Rishi Sunak declared yesterday: “I have asked our independent adviser to get to the bottom of everything.” Deep waters and all that. It’s good Sunak makes it...

Ava Whetstone-Magee, the founder of Avalanche Equestrian talks about the lightbulb moment which led her to start her business at the age of 13, which has seen her become a finalist in the young entrepreneur of the year category of the 2023 Business Champion AwardsRead more: Getting To Know You: Ava Whetstone-Magee: founder, Avalanche Equestrian

The exodus of workers from the jobs market over the pandemic has weakened prospects for Britain’s economic growth, the governor of the Bank of England has warned.Read more: Missing older workers ‘weigh on economy’s growth potential’

Wayne Janse Van Rensburg, Chief Executive of education company Learndirect talks to Business Matters about the inspiration behind their business, which has seen them become a finalist in the 2023 Business Champion AwardsRead more: Getting To Know You: Wayne Janse Van Rensburg, Chief Executive, Learndirect

Rokt, the global leader in ecommerce technology, is today announcing a new partnership with Oracle Red Bull Racing, the leading Formula One (F1) team and winner of last year’s Constructors and Drivers Championships.Read more: Rokt Partners with Oracle Red Bull Racing to foster diversity in Formula 1

Apple sales dropped at the end of 2022 as shoppers squeezed by the rising cost of living cut back their purchases.Read more: Apple sales in biggest fall since 2019

Rising paint prices and higher energy costs were among the reasons for a leap in the cost of motor insurance late last year, a trade body has said.Read more: Car insurance costs pushed up by paint and energy prices

The government risks endangering the UK’s semiconductor industry unless it urgently publishes a strategy for the sector, a leading Westminster body has warned.Read more: UK risks exodus of semiconductor firms without an industry strategy

The Government is being urged to help firms recruit workers after research showed employers are facing huge problems attracting staff.Read more: UK faces ongoing recruitment crisis with more childcare and training needed

About 115,000 postal workers at Royal Mail are to stage a 24-hour strike on 16 February in their continuing dispute with management over pay and conditions.Read more: Royal Mail staff to stage 24-hour strike on 16 February

Amazon yesterday beat sales expectations for the last quarter of 2022 after a marketing blitz during the holiday period helped attract shoppers.Read more: Amazon Christmas marketing push pays off with higher net sales

Jeremy Hunt has pledged to resist calls to cut taxes as interest rates hit a 15-year high of 4 per cent.Read more: Jeremy Hunt rejects tax cuts after Bank’s interest rate rise

With train drivers in England on strike and teachers walking out in Scotland, what do you need to know?

The decline came as people cut back in the face of higher living costs, said Apple's boss.

OpenSolar has announced that it has raised US$15 million to expand its free product offering to solar contractors who use the platform in more than 130 countries.Read more: OpenSolar raises $15M to expand its software Platform & global footprint

Refusing to rest on their laurels these UK businesses are challenging the status quo on a daily basis.Read more: All hail the Business Champion Awards finalists of the ‘Innovation of the Year Award’

It comes as the Bank raises rates to 4% - the highest since 2008 - as it tries to tackle soaring prices.

Oil and gas giant Shell has reported record annual profits after energy prices surged last year following Russia's invasion of Ukraine.Read more: Bill-payers appalled as Shell reports highest profits in 115 years

Senior retail figures have backed Sadiq Khan’s call to re-introduce VAT free shopping for tourists, claiming the move would make a “huge difference” to the sector.Read more: Sadiq Khan calls to re-introduce VAT-free shopping to lure 1.5M more tourists to London

The private equity investor Greybull Capital is considering a bid for the collapsed battery startup Britishvolt, as administrators at EY try to push through a sale of the gigafactory project.Read more: Private equity firm in talks to buy collapsed startup Britishvolt

British Steel, the Chinese-owned operator of the giant Scunthorpe steelworks, is planning to lay off 800 workers, about a quarter of the workforce.Read more: British Steel set to axe 800 workers

Meta Platforms, owner of Facebook and Instagram, reassured Wall Street that its sales were holding up better than feared last night after its profits more than halved in the past quarter.Read more: Bullish Meta boosted by sales outlook

The US central bank announces its smallest rate rise in nearly a year.

One espresso contained six times the caffeine found in one from another chain, research shows.

Tribepad, a leading talent acquisition software provider, has secured a £12m investment from BGF – one of the largest and most experienced growth capital investors in the UK and Ireland.Read more: BGF backs Sheffield-headquartered Tribepad with £12m investment

Infosys, the company founded by Rishi Sunak’s father-in-law NR Narayana Murthy, is in a multimillion-pound dispute with the UK tax authorities.Read more: Firm founded by Rishi Sunak’s father-in-law in UK tax dispute

AI will be crucial for better understanding user intent, providing tailored content recommendations, and streamlining how firms manage information.Read more: Financial services industry set for AI overhaul

Tech Nation, the government-backed agency that has helped 5,000 technology companies to develop and grow, is closing its doors at the end of March, saying that it cannot continue without government funding.Read more: Tech Nation to close as funding is sent to Barclays

The number of mortgages approved for house purchases fell at the end of last year to the lowest level since the financial crisis, outside of the pandemic, in early signs of a slowdown in the housing market that is expected to reduce prices.Read more: Fall in mortgage approvals hints at house price drops to come

PayPal announced plans to lay off about 2,000 employees, reducing its global workforce by 7 per cent, as it became the latest technology group to cut costs ahead of an expected slowdown.Read more: PayPal plans to lay off 2,000 staff

Tesco has acquired the Paperchase brand out of administration in a deal that puts the future of 106 stores and 820 jobs at the gift and stationery retailer at risk.Read more: Tesco buys Paperchase brand but jobs still at risk

Britain faces widespread disruption today as teachers join hundreds of thousands of public sector workers for the biggest day of strike action in more than a decade.Read more: Britain hit by biggest day of action in over a decade

Take inspiration from these finalists leading the way in eco-innovative business techniquesRead more: The Business Champion Awards ‘Sustainable Business’ finalists are released …

A former barrister who became a television chef and restaurateur has cooked up a multimillion-pound fortune with the sale of a stake in Mowgli Street Food, her Indian casual dining chain, to private equity.Read more: Private equity payday for Mowgli Street Food boss Nisha Katona

The struggling High Street stationery chain has failed to find a buyer, leaving 820 jobs under threat.

Barclays plans to launch a string of “banking pods” after recently announcing more branch closures.Read more: Barclays ‘banking pods’ to pop up in shopping centres

Many train firms will not run any services on Wednesday or Friday as Britain’s train services will be decimated by strike action on two days this week.Read more: How is each train operator affected by the latest rail strikes?

Lidl has revealed plans to invest £4bn into British food businesses this year, as it charges ahead with growth plans.Read more: Lidl to invest £4bn in British food businesses to provide suppliers with ‘security’ and ‘certainty’

Washington has been tightening its rules on exports of US technology to China for several years.

The EU is stepping up its green subsidy race with the US through plans to loosen state aid rules on tax credits for renewable energy projects.Read more: EU plans to loosen state aid rules to boost renewables investment

The British electric vans startup Arrival is cutting 800 jobs, about half its remaining workforce, to reduce costs as it seeks extra funding and plans US expansion to take advantage of green energy subsidies.Read more: Electric vans startup Arrival to cut 800 jobs amid focus on US market

JD Sports has warned that stored data relating to ten million customers may be at risk after a cyberattack.Read more: Millions of JD Sports customers at risk after cyberattack

Aspect is the well-known property maintenance company in London that is recognised for its signature yellow and blue vans, which are a common sight on the roads of London.Read more: Revenues top £25M at Bricks and mortar firm Aspect, after embracing ‘All Things Digital’

The Wakelet Microsoft 365 Children's Parliament backed by The Express, is proud to announce that James Caan CBE, the former Chairman of the UK Government's Start-up Loans Scheme and former Chairman of The Big Issue, will be joining the organisation as its Enterprise Ambassador.Read more: Former Dragon James Caan CBE becomes Enterprise Ambassador of Children’s Parliament

The sportswear chain says stored data relating to its customers might be at risk following the attack.

Flybe's collapse has caused concern for workers, but offers from other airlines bring hope, says Gavin Robinson.

Be inspired by the wealth of business talent across the UKRead more: Business Champion Award’s release SME of the Year finalists

Almost three quarters of jobs in the creative sector are at risk of being replaced by artificial intelligence according to a new study.Read more: Will UK creatives be replaced by robots?

It’s time to congratulate the sheer talent of the nation’s New Business of the Year award finalists.Read more: Here’s to the New Business of the Year, Business Champion Awards finalists

Households cut back on streaming services in their droves as the cost of living rose sharply.

Rio Tinto says the object went missing while it was being transported 1,400km in Western Australia.

The Bank of England is poised to raise interest rates for the 10th time in succession when its policymakers meet this week in a further squeeze on the finances of mortgage holders and businesses.Read more: Bank of England poised to raise interest rates for 10th time in a row

More than 1.6 million adults aged 50 and over are unable to work because of long-term sickness amid ballooning NHS waiting lists and an exodus from the British workforce since the pandemic, according to the most detailed analysis yet of official data for this age group.Read more: Long-term sickness leaving 1.6m UK adults over 50 unable to work

British households cut more than 2m subscriptions to services such as Netflix, Prime Video and Disney+ last year, as the cost of living crisis fuelled the first annual decline since the UK streaming revolution began a decade ago.Read more: UK homes cancelled 2 million streaming services last year as cost of living soared

Online retailers had 35 per cent of their goods returned last year, up from 25 per cent the previous year, with December replacing January for the first time as the busiest month, according to industry research.Read more: Online returns rose to 1 in 3 items last year, say retailers

British businesses have started the year with far more optimism, according to a new survey showing that confidence hit its highest level in six months in January.Read more: Business confidence bounces back but interest rates will rise

Families face disruption on Wednesday as striking teachers force up to 4.5 million pupils to stay away from school on the biggest day of industrial action for a decade.Read more: Millions will miss school in biggest teacher strike action for a decade

Regional carrier Flybe has ceased trading and all scheduled flights have been cancelled.Read more: Flybe ceases trading with all scheduled flights cancelled

The National Farmers’ Union (NFU) raised questions about the government’s proposed targets on water pollution, tree planting and rewilding, calling them “irrational” and “unachievable”, according to documents published by the environment department.Read more: Farmers’ union calls UK environment targets ‘irrational’ and ‘unachievable’

Britain’s housebuilders are calling for the return of the Help to Buy scheme to light a fire under a slowing housing market and avert a dramatic plunge in the supply of new homes.Read more: Housebuilders call for revival of Help to Buy

Pressure on the Tory Party chairman increases as the head of HMRC says there are no penalties for ‘innocent errors’.Read more: Zahawi allows HMRC to pass his tax details to PM’s ethics adviser

With the increased threat of industrial strike action looming across the UK, we consider whether a force majeure clause can strike the right chord during such action.Read more: Will force majeure clauses strike the right chord during industrial action?

TSB’s 5,700 staff and executives are to share a 10% bigger bonus pot this year, after rising interest rates pushed the bank’s annual profits to record highs.Read more: TSB staff and bosses to share £29.8m bonus pot after record profits

NatWest is to shut another 23 branches in England and Wales, adding to a raft of high street banking closures already announced this month.Read more: NatWest to close another 23 branches in England and Wales

Shell has put more than 2,000 jobs in the UK at risk after launching a “strategic review” of its domestic energy and telecoms supply division.Read more: Shell puts 2,000 UK jobs at risk with review of Shell Energy retail division

British taxpayers have become shareholders in a further 53 companies backed by a government rescue funding scheme.Read more: British taxpayers get stake in AI checkout firm & whisky distillery as it backs 53 new companies

It will be scrutinised by businesses who claim the government has no long-term plan for the economy.

The chain announced last year that it would be selling nearly 40 of its pubs due to the combined impact of the pandemic and soaring prices.Read more: Wetherspoons announces another 11 pubs to close with 35 still on the market

The highest taxpayers in the UK include a scrap metal dealer, JK Rowling, the founder of Gymshark, Sting and the Duke of Westminster. Read more: Dyson family, Gym Shark founder and Sting among 100 Brits who paid £5.2bn tax in 2022

Those on the lowest incomes are being hit hardest by tax penalties, a non-profit says.

Have you ever wondered how long it would take a CEO to make the UK’s average yearly salary?Read more: Why High Pay Day matters

Strike action at Royal Mail has cost the besieged postal company about £200 million, sending it to a large operating loss.Read more: Strikes cost Royal Mail £200m as it posts large loss

Nadhim Zahawi did not make an “innocent error” in his tax affairs, the head of HM Revenue & Customs has suggested.Read more: HMRC say that Nadhim Zahawi’s tax error wasn’t innocent mistake

The competition watchdog is concerned shoppers are being "misled" about goods claiming to be green.

Jonny Duggan, Chief Executive Officer, AnnexusPartners talks to Business Matters about the inspiration behind their business, which has seen them become a finalist in the 2023 Business Champion AwardsRead more: Getting To Know You: Jonny Duggan, Chief Executive Officer, AnnexusPartners

BGF, the UK and Ireland’s most active investor, is planning to invest £300 million in early-stage and fast growth businesses across the Central and Eastern areas of England over the next five years.Read more: BGF plans to invest £300 million in the Central and East of England over the next five years

Car production in Britain has plunged a further 10 per cent to new lows not seen since the 1950s, when Sir Anthony Eden was prime minister.Read more: Car industry in reverse as output crashes to lowest level in 70 years

If the north of England were a country, it would be second bottom of a league table showing levels of investment in advanced economies, according to a report by a leading thinktank.Read more: North of England ‘would rank second worst for investment’ in OECD country rankings

More than £1m was paid to energy customers with Octopus Energy on Tuesday as part of a power saving scheme.Read more: £1m paid to Octopus Energy customers as part of National Grid power saving scheme

New research has revealed that just 9% of UK entrepreneurs plan to set up a business this year - despite the government’s ambitious growth projections for 2023 and beyond.Read more: Just 9% of UK entrepreneurs plan to set up a business this year

The owner of the mail delivery service reveals the cost of the ongoing dispute over pay and conditions.

Tesla boss Elon Musk defends his Twitter use, saying his mass following "speaks for itself".

Codat - the universal API for small business data - and a group of lenders have written an open letter to Secretary of State for Business, Energy and Industrial Strategy, Grant Shapps, calling for the government to support improved data sharing initiatives to tackle the difficulties faced by SMEs in accessing credit. Read more: Open letter calls on Grant Shapps to boost SME credit access through improved data sharing

An Australian-based startup, Recharge Industries, has made a nonbinding offer for the collapsed UK battery company Britishvolt that could revive plans to construct a large plant in northern England.Read more: Australian startup Recharge bid could revive UK battery company Britishvolt

Amazon workers in Britain are taking strike action for the first time, with a third of staff walking out at a warehouse in Coventry in a dispute over pay.Read more: Amazon workers stage first British warehouse strike in battle over pay

Working from home has saved Britons an average of 73 minutes each day, according to new research.Read more: Homeworking means over an hour extra time to work each day

The government’s continued failure to produce a strategy for the vital semiconductor industry puts Britain’s status as a leader in the tech sector at risk, sector stalwarts have warned.Read more: Technology leaders press the PM on semiconductor policy

Britain’s prospects for growth have declined, leaving the chancellor with a multibillion-pound hole before the budget in March, the government’s spending watchdog has warned.Read more: UK economy growth prospects gloomier than predictions leaving Hunt with budget black hole

New data has revealed one in five UK employees are sitting for more than eight hours each day, contributing to the decline in physical or mental health experienced by 79% of employees in the past year.Read more: A fifth of UK workers risk diabetes by sitting for 8 hours a day

The fashion chain sold more items and for higher prices despite cost-of-living pressures.