UK borrowing costs rise as Starmer speech fails to dispel investor ‘jitters’

The cost of government borrowing has crept higher as Keir Starmer’s crucial speech failed to dispel investor “jitters” in the bond markets over political instability combined with fears of rising inflation.The yield, effectively the interest rate, on the benchmark 10-year UK government bonds (known as gilts) rose eight basis points (or 0.08 of a percentage point) to 5% on Monday.The yield on 30-year gilts rose 9.3 basis points to 5

E.ON agrees to buy Ovo in deal to create UK’s biggest energy supplier

The German energy group E.ON has agreed to buy struggling UK rival Ovo in a deal that would create Britain’s biggest gas and electricity supplier by number of households served.The combined company will supply about 9.6 million customers, overtaking the market leader, Octopus, which serves almost 8m homes in the UK.The value of the deal was not disclosed, but reports have estimated it at £600m

Thinktank calls for ‘double lock’ England private rent cap to ease living costs

One of the thinktanks closest to the Labour government is urging ministers to introduce private sector rent controls in England, as the chancellor weighs up how to ease a surge in living costs caused by the Iran war.The Institute for Public Policy Research (IPPR) has published a paper calling for a rent “double lock”, which would link rent increases to either wages or inflation, depending on which was lower.While others on the left have previously called for rent controls, the IPPR’s extensive links inside government will increase pressure on ministers to include the idea in a cost of living package to be announced by Rachel Reeves later in May.The Guardian revealed last month that Reeves had been considering a one-year rent freeze to deal with a rise in inflation which economists say is now inevitable, but the idea was quickly dismissed by Downing Street.Maya Singer Hobbs, the author of the paper, said: “There are millions of people living with unaffordable housing costs, and if you want to bring those down quickly there are not many options

Democrats are playing with fire in trying to reclaim tax cuts from Republicans

Senator Chris Van Hollen and other Democratic lawmakers are embracing a policy that hardly benefits the middle classSoul-searching within the Democratic party is to be expected after its loss in the 2024 election. Donald Trump’s edge over Kamala Harris in voters’ perceptions of economic competence (perplexing though it now appears following a year of erratic policymaking) was bound to inspire a call to rethink the party platform.Yet the second-guessing is steering the Democrats down a dangerous path to embracing a tax-cutting strategy that risks defeating the project to enable a healthier, more equitable society.The most prominent proposal bouncing around Democratic circles comes in a bill from Chris Van Hollen, a Maryland senator. In a nutshell, it proposes cutting taxes for Americans earning up to $80,500 ($161,000 for married couples) and funding the $1

Oil prices climb after Trump dismisses Iran’s response to peace plan

Oil prices have climbed after Donald Trump condemned Iran’s response to US proposals to end the war as “totally unacceptable”.The president’s rejection of Tehran’s overture in a post on his Truth Social platform triggered a jump in Brent crude, the international benchmark for oil prices, by as much as 4% on Monday to $105.50 a barrel, before easing back to settle at $103.50.The US had presented a peace proposal a week ago, said to consist of a 14-point memorandum of understanding that would reopen the strait of Hormuz, while setting a framework for further talks on Iran’s nuclear programme

US Senate expected to confirm Kevin Warsh as next Federal Reserve chair

The US Senate is expected to confirm Kevin Warsh this week as chair of the Federal Reserve, as Donald Trump continues his campaign to influence the world’s most important central bank.The Fed’s influence over the economy spans from the job market to mortgage rates, and its every move is carefully scrutinized by investors on Wall Street. Warsh’s confirmation comes at a turbulent time for the central bank, which has fallen under intense scrutiny from Trump for not lowering interest rates.The vote is expected to be split along party lines. Democrats criticize Warsh for being Trump’s “sock puppet” at a time when the president has pushed past the typical boundaries between the White House and the nonpartisan Fed

UK households bracing for new cost of living crisis, report finds

British households are bracing for a new cost of living crisis, as the impact of the Middle East conflict dampens confidence in the economy and personal finances, a survey has suggested.Consumer confidence in the UK has dipped over the last three months at the fastest rate since June 2022, when inflation in the UK was soaring as a result of Russia’s invasion of Ukraine and the spike in commodity prices.The quarterly survey from the accountancy firm PwC, which measures factors such as consumers’ spending intentions and how well off they feel, recorded a score of -13 in April, a sharp fall from -1 in January and the lowest level since autumn 2023.PwC said confidence about household finances was down across all age groups, although young people were still more optimistic than older people, despite there being a 20% fall in those under 35 who feel financially healthy and a 9% increase in those who are struggling or in trouble with their bills and finances.Almost 90% of 2,068 consumers surveyed by PwC said they were concerned about the cost of living, and almost 80% plan to cut back on their spending in the next three months

Delayed Great British Railways’ first station to open at Cambridge South in June

The delayed Cambridge South station will finally open in late June – and become the first station to be given full Great British Railways branding, the government has announced.The station sits beside the city’s Biomedical Campus, Europe’s largest medical research centre, and will connect it with direct trains to London, Brighton and Stansted airport, as well as up to nine trains an hour to the centre of Cambridge itself.Services will begin calling at Cambridge South on Sunday 28 June, the Department for Transport said, with 1.8 million passengers expected annually.The DfT said the adjacent Biomedical Campus was forecast to contribute £18

Full nationalisation of British Steel expected in king’s speech

The full nationalisation of British Steel is expected to be announced in the king’s speech this week, a year after the government took over the daily running of the loss-making business from its Chinese owner.The steelmaker, which employs 3,500 people at its plant in Scunthorpe, came under government control last April amid fears that its owner, Jingye, was planning to shut down the site.British Steel operates the last two remaining blast furnaces in the UK, but its economic control remains with the Chinese company, which bought it out of insolvency in early 2020.An announcement confirming the plans is expected in the king’s speech on Wednesday, according to the Sunday Times, but details of the speech are still being finalised.British Steel was bought by the private equity group Greybull Capital in 2016, but it collapsed into insolvency three years later

‘Degree of complacency’: are supply chains prepared for impact of ongoing Iran war?

The biggest energy shock in modern history, jet fuel shortages “within weeks”, a global recession – since Iran throttled shipping flows through the strait of Hormuz at the end of February the economic warnings have become increasingly dire.Yet 10 weeks on from the first US-Israeli attacks, share indices, companies and governments have been surprisingly sanguine. Every day the divergence grows between the eerie quiet on markets and alarming warnings of an imminent supply chain crunch.It is true that some countries have taken significant steps to mitigate soaring fossil fuel prices, with many in Asia that depend on Gulf oil urging citizens to take action to conserve energy – or, in some cases, resorting to outright rationing.Yet in Europe, the response has been more muted: motorists are feeling the pinch from higher petrol and diesel costs, and central banks have warned they may raise interest rates to constrain inflation, but wider supply chains appear to be holding up

Advisers urge JP Morgan investors to vote to split chair and CEO positions

Investors in JP Morgan have been urged to vote in favour of splitting the role of chief executive and chair at America’s largest bank, amid concerns over the power wielded by its billionaire boss Jamie Dimon.ISS and Glass Lewis, which issue advice to some of the world’s biggest fund managers on how to vote at annual investor meetings, have thrown their weight behind a shareholder resolution that would ensure two separate people hold the office of chair and chief executive “as soon as possible”. Investors are due to vote on the resolution at the bank’s annual general meeting on 19 May.Dimon, who is worth an estimated $2.6bn (£1

Saudi Aramco profits jump despite conflict in Middle East

Saudi Arabia’s state oil company reported a 26% jump in profits in its first quarter as its east-west pipeline allowed it to ship millions of barrels of oil out of the Gulf despite conflict in the Middle East.Profits at Saudi Aramco hit $33.6bn (£26.9bn) in the first three months of the year, while revenue rose nearly 7% compared with a year earlier to $115.5bn

How to match wine with vegetables

At a recent tasting, I got chatting to a winemaker from Australia’s Clare Valley as I bravely made my way through his wares: a ripe, leathery shiraz and a deep, dark cabernet sauvignon that put me in mind of blackcurrant bushes. These were serious wines – and good value, too. A generation ago, such gutsy New World reds were all the rage, but now, lamented the winemaker, gen Z was more interested in lighter, cooler-climate wines, lower on the alcohol and brighter on the palate.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

‘Restaurants won’t survive’: Michelin chef opens venues abroad to withstand UK taxes

A British Michelin-starred chef says he is opening restaurants abroad to subsidise his UK venues against a backdrop of high taxes and a struggling hospitality sector.Jason Atherton is now in Forte dei Marmi, on the Tuscan coast in Italy, where he is preparing his newest opening, Maria’s, which will be in the Principessa hotel. The Sheffield-born chef now has restaurants all over the world, including in Dubai and St Moritz.He said he was finding it easier to make a profit in countries with more forgiving policies towards restaurants, pubs and bars. “I am trying to sustain our business by opening abroad

Rachel Roddy’s recipe for spring chicken thighs with spring onions, mint and peas | A kitchen in Rome

The weather lately has been as temperamental as peas in pods. But peas are even harder to read than the sky: some pods contain sweet things no bigger than peppercorns, which explode when you bite them; the contents of others, however, are closer to small ball bearings, their size very likely a sign that all the natural sucrose has been metabolised and transformed to pea starch. The best thing for the tiny ones is to snack on them alongside a bit of cheese, whereas the path for big ones is the same as for dried peas, so pea and ham soup or a long-simmered puree.The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link

Navel gazing: oranges, mandarins and persimmons top Australia’s best-value fruit and veg for May

“Sweet, low seed and great for snacking” imperial mandarins have just started their season, says Josh Flamminio, owner and buyer at Sydney’s Galluzzo Fruiterers. The tangy-sweet citrus is selling for between $2.99 and $3.99 a kilo in major supermarkets. At Galluzzo, Queensland-grown imperial mandarins are $3

How to save asparagus trimmings from the food-waste bin – recipe | Waste not

Asparagus butts are a particularly tricky byproduct to tame because they’re so fibrous. I usually cut them very finely (into 5mm-thick discs, or even thinner), then boil, puree and pass them through a sieve (as in my green goddess salad dressing and asparagus soup), but even then you’ll still end up with a fair bit of fibrous waste. Enter asparagus-butt butter: a recipe that defies all odds, making the impossible possible by transforming a tough offcut into an intense compound butter that’s perfect for grilling or frying asparagus spears themselves, or for eggs, bread, gnocchi or whatever you can think of. The short fibres brown and caramelise in the butter, and in the process become the highlight of the dish, rather than the problem.This transforms an unwanted byproduct into an intense expression of the plant’s flavour

Thoran and chaat: Romy Gill’s Indian-style asparagus recipes

Spring’s first asparagus always feels like a celebration, but there’s so much more to cooking those spears than just butter and lemon. Here, those tender stems combine with bold Indian flavours in two playful dishes. The thoran, inspired by Keralan home cooking, involves stir-frying asparagus with coconut, mustard seeds and curry leaves to create something warm and comforting (my friend Simi’s mum always used to drizzle it with a little lemon juice to give the flavours a lift). The chaat, meanwhile, tossed with tangy tamarind, yoghurt, spices, crunchy chickpeas and sweet pomegranate, is a delicious snack or side. Together, they show how versatile asparagus can be: easy to cook, vibrant and moreish even in unexpected culinary traditions

Australian supermarket sauerkraut taste test: one is ‘like eating the smell of McDonald’s pickle’

It’s ‘Gut Coachella’ for Nicholas Jordan and friends, who blind taste a line-up of 20 shredded and fermented cabbage productsIf you value our independent journalism, we hope you’ll consider supporting us todayGet our weekend culture and lifestyle emailI cannot tell you how many times I’ve been introduced to a fatty, salty hunk of meat and thought, “my god, I’m going to need a pickle”. I feel the same eating cheese toasties or deli sandwiches with rich mayo-based sauces. Where is the pickle, hot sauce, citrus or ferment? Even the most savoury, juicy slab of umami is a bit much without acidity to balance it.What is the point of sauerkraut without acidity? It’s just wet, salty cabbage, and what is that for, other than deflating my spirits and inflating my gastrointestinal system? Sauerkraut should be sour; it’s the hallmark of the very thing that created it – fermentation.Why am I saying all this? After eight friends and I tasted 21 supermarket sauerkrauts, I was shocked to find some lacked not just acidity but any vigour at all

Fears for spears: how to cook asparagus without blanching | Kitchen aide

I always blanch asparagus, but how else can I cook it?Joe, via email“Blanching captures that green, verdant nature of asparagus so well, and saves its minerality, too,” agrees Bart Stratfold of Timberyard in Edinburgh, but when the season is going full tilt, it’s just common sense to expand our horizons. For Billy Stock, chef/owner of the Wellington in Margate, that means salads, especially with spears that are really fresh: “Use a peeler to shave thin strips off the raw asparagus, and use them in a delicious variation on salade Niçoise.”Another approach would be the grill, Stratfold says: “Coat the spears in rapeseed oil, then grill on an excruciatingly high heat for just a few seconds, until they develop some char.” After that, he rolls them in a tray of vinegar or preserves: “At the restaurant, that’s usually sweet pickled elderflower and elderflower vinegar.”Joe could even abandon the kitchen altogether

Georgina Hayden’s quick and easy recipe for spanakopita orzo | Quick and easy

For me, it isn’t really spring until the first May bank holiday; the days are longer, the flowers are out, and an abundance of green graces our shelves. This spanakopita orzo is a celebration of all things light, bright and spring. It’s a great weeknight dinner that will instantly transport you to Greece.This dish should be oozy, like a good risotto, so if your orzo absorbs all the stock, add a little more hot water to give it that requisite creamy finish.Prep 15 minCook 25 min Serves 425g butter 2 tbsp extra-virgin olive oil, plus extra to serve1 bunch spring onions, trimmed and sliced2 garlic cloves, peeled and finely sliced220g baby leaf spinach, chopped1

How to make the perfect Spanish broad bean stew – recipe | Felicity Cloake's How to make the perfect …

I always feel sorry for broad beans, the lumpy cousin perpetually overshadowed by the charms of slender, elegant asparagus and sweet, bouncy, little peas. They’re in season at roughly the same time, but asparagus in particular gets all the glory, perhaps because so many of us are scarred by childhood experiences of large, grey wrinkly beans served in a floury white sauce (my own parents are so averse to the things that I vividly remember the first time I came across them on a Sunday roast as a teenager and had to ask a friend what they were).The Guardian’s journalism is independent. We will earn a commission if you buy something through an affiliate link. Learn more

‘We don’t want to make the same mistakes’: Jamie’s Italian reopens in London

Jamie Oliver’s head of restaurants is optimistic about new recipe of smaller site, slimmed-down menu and no burgersWhen Jamie’s Italian crashed and burned in 2019, with the company in £83m of debt and causing 1,000 job losses, no one imagined the celebrity chef would try again.But seven years later, Jamie Oliver has opened a flagship site under the same name in Leicester Square in central London, and believes he has a new recipe for success: a smaller restaurant with a slimmed-down menu, which features cheaper cuts of meat and no burgers.At its peak the chain, which opened in 2008, had 47 UK restaurants. Now it just has the one.Ed Loftus, the global director of Jamie Oliver Restaurants, has worked with Oliver for 20 years and is charged with making the reopening a success

Willy’s, Margate, Kent: ‘It chortles in the face of small plates’ – restaurant review | Grace Dent on restaurants

This cute and jovial eatery is reason enough to make a break for the coastAs summer looms, and with it the urge to stampede towards the edges of Britain in search of paddling opportunities, I proffer another coastal dining idea: Willy’s in Margate – and, yes, that name does have about it something of the naughty seaside postcard. Tucked away in the back of Margate House hotel on Dalby Square, a few minutes’ walk from the seafront, Willy’s is a blur of frilly red-and-pink seaside adorableness. It’s cool, cute and jovial, with pork scratchings and apple chutney on the menu, as well as black pudding scotch eggs, sticky toffee pudding and Sunday lunches of beef rump and baked cauliflower cheese. This menu is short, intentional and hearty, rather than airy-fairy, and it chortles in the face of small plates.But, for the foodie/sippy crowd, the signifiers are all here: there’s a paper plane and a penicillin on the cocktail menu, throwbacks to New York’s iconic Milk and Honey bar