Leeds £2.5bn tram scheme delayed to late 2030s after government review

The opening of the long-awaited Leeds tram system has been pushed back by at least two to three years, after a government review of the £2.5bn project.The West Yorkshire combined authority (WYCA) said its mass transit scheme, including new tram lines connecting Leeds and Bradford, would now be completed in the late 2030s.West Yorkshire’s mayor, Tracy Brabin, said she was fully confident that she would be “driving this tram” by the end of the next decade, despite fears that the delay could lead to the whole scheme being cancelled.She said the new timeline would “help offer certainty” for the tram at the heart of plans for an integrated transport network with the region’s buses, which are being brought under local control

US prices continued to rise despite Trump claims they are ‘rapidly’ falling

US prices rose 2.7% in the year to November, according to federal data released a day after Donald Trump claimed they were falling “very fast” on his watch.The latest consumer price index, released on Wednesday morning, was down from 3% in September, and short of economists’ expectations of about 3.1% for last month.It comes amid questions over the strength of the US economy

US activist investor urges Whitbread review after budget tax changes

The owner of Premier Inn is facing calls from an American activist investor to rethink its business strategy, just weeks after the company warned the budget would cost it up to £50m next year.Corvex, a New York-based hedge fund, told Whitbread it should begin a strategic review as it braces for big tax rises next year after changes announced by the chancellor, Rachel Reeves.“Following the recently announced UK budget and changes to rateable values and business rates, we believe the company should undertake a strategic review to assess its capital allocation priorities and overall strategic direction,” the fund said in a statement.Whitbread, which also owns the restaurant chains Beefeater and Brewers Fayre, has been squeezed by higher costs this year due to higher wage bills and rising food prices. The FTSE 100 company is expected to come under further pressure as changes to the way business rates are calculated come into effect next year

Bank of England cuts interest rates to 3.75% in pre-Christmas boost for struggling economy

The Bank of England has cut interest rates by a quarter point, giving a pre-Christmas boost to the struggling UK economy, but a split vote among its rate-setters pointed to continued concerns about inflation.The Bank’s nine-member monetary policy committee (MPC) opted by five votes to four to reduce its key base rate from 4% to 3.75%, signalling that it now expects inflation to be “closer” to the 2% target in the first quarter of the new year.But minutes of the committee’s meeting cast doubt on the pace of any further rate cuts, with the Bank’s governor, Andrew Bailey, saying future decisions would be a “closer call”. It is the sixth rate cut since Labour came to power last year

Waterstones and Barnes & Noble owner looks to list booksellers on stock market

The owner of Waterstones and Barnes & Noble is reportedly preparing to list the booksellers on the stock market.Elliott Investment Management, the hedge fund that owns the most popular bookstores in the US and the UK, has spoken to potential advisers about an initial public offering (IPO), the Financial Times reported.The multibillion-pound group is thought to prefer London over New York for the listing, which could be a welcome boost to the UK stock market.While initial talks are under way, no final decisions have been made and the plans could change.The company’s financial year ends in April, which makes an IPO unlikely until after the summer at the earliest, the FT reported, citing unnamed sources close to the matter

BP names Meg O’Neill as new CEO after incumbent ousted

BP’s board has appointed its first female chief executive in a move to revive the oil company’s fortunes, after ousting Murray Auchincloss less than two years into his role.In an unexpected leadership shake-up, Auchincloss will step down as chief executive with immediate effect, but remain in an advisory role until the end of next year.Auchincloss will be succeeded by Meg O’Neill, a former ExxonMobil executive and the head of the Australian oil company Woodside Energy. Carol Howle, BP’s head of trading, will run the firm until O’Neill takes up the top job in April.The incoming oil boss will be BP’s first female chief executive in its 116-year history, and the first woman to head any of the world’s top five oil companies