How an American businessman lost his job and found himself in an old French vineyard
UK consumer confidence dips to lowest level since 2023 amid tariff concerns
Consumer confidence in the UK has fallen to the lowest level for more than a year amid concern that Donald Trump’s trade wars could further drive up living costs for British households.The latest barometer of sentiment from the data company GfK fell in April to its lowest level since November 2023, as a combination of domestic tax increases, rising bills, and worries over the US president’s tariffs weighed on consumers.The consumer confidence index, which the government and the Bank of England have closely monitored for early warning signs from the economy since the early 1970s, fell by four points to -23.Neil Bellamy, the consumer insights director at GfK, said that consumers had not only been grappling with “multiple April cost increases” in the form of utility bills, council tax, stamp duty and road tax, but were also “hearing dire warnings of renewed high inflation on the back of the Trump tariffs”.The increasingly erratic approach of the US president, who is less than 100 days into his second term, has rattled the world economy as his tariffs threaten to wreck international supply chains in a major negative shock
UK spending watchdog censures water firms and regulators over sewage failings
Water companies have been getting away with failures to improve sewage works and overspending because of regulatory problems, a damning report by the government’s spending watchdog has found.Firms have overspent on infrastructure building, the National Audit Office (NAO) found, with some of these costs being added to consumers’ bills. The Guardian this week reported Ofwat and the independent water commission are investigating water firms for spending up to 10 times as much on their sewage works and piping as comparable countries.Bills in England and Wales are rising by £123 on average this year, and will go up further over the next five years, so that companies can fix ageing sewage infrastructure and stop spills of human waste from contaminating rivers and seas. Several water firms have complained to the Competition and Markets Authority because they want the regulator to allow them to increase bills even further
UK economy faces growth shock from Trump tariffs, says Bank governor
The Bank of England’s governor, Andrew Bailey, has said the UK economy faces a “growth shock” as a result of Donald Trump’s trade policies.Speaking on the sidelines of the International Monetary Fund (IMF) meetings in Washington, Bailey said that while he did not think the UK was close to recession at the moment, “we are certainly quite focused on the growth shock”.The IMF earlier this week downgraded its 2025 growth forecast for the UK to 1.1%, from the 1.6% it had been expecting as recently as January before the tariffs were announced
US and China holding talks on trade war, Trump says after Beijing rebuttal
The US and China held talks on Thursday to help resolve the trade war between the world’s two largest economies, Donald Trump said.“We may reveal it later, but they had meetings this morning, and we’ve been meeting with China,” the US president told reporters at the White House.China had earlier hit back against Trump’s previous claim to be close to a trade deal with Beijing.Trump had buoyed markets by suggesting on Wednesday that the US was “actively” negotiating with Beijing, and pointing to hopes of a deal that would “substantially” reduce tariffs, now set at 145%, on goods coming into the US from China.The Chinese commerce ministry’s spokesperson He Yadong said there were “currently no economic and trade negotiations between China and the United States”
Nissan warns of £4bn loss as costs rise and Trump tariffs loom
Nissan says it expects to lose as much as £4bn this year because a turnaround plan will be more costly than expected.The predicted loss at Japan’s third-largest carmaker is almost 10 times the figure it had previously guided.Nissan has been struggling for several years with leadership turmoil and falling profits. Its latest efforts to turn around the business include making deep cost cuts, but the car industry is facing deep uncertainty over the direct and indirect effects of Donald Trump’s tariffs.Nissan said it expected lower sales this year of 3
IMF urges global leaders to resolve trade tensions rapidly, as China tells US to ‘cancel all unilateral tariffs’ – as it happened
IMF chief Kristalina Georgieva is urging global leaders to resolve trade tensions rapidly.Speaking at a press conference to discuss her Global Policy Agenda, Georgieva warns that the world economy is facing “a new and major test”, at a time where its policy buffers are depleted after the shocks of recent years.That puts countries in a difficult position, Georgieva says, and also creates “urgency for action”.She says there are three “overarching priorities”, starting with ending the trade war that Donald Trump ignited this year.Georgieva says:First and most urgent [is] for countries to work constructively to resolve trade tensions as swiftly as possible, preserving openness and removing uncertainty
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