UK and South Korea sign new trade deal aimed at cars, salmon and Guinness

The UK has signed a new trade deal with South Korea designed to increase exports of cars, Scottish salmon and Guinness canned in Britain.Keir Starmer described the deal, which replaces an existing agreement, as “a huge win for British business and working people”. It follows UK deals with India and the US, and the free trade agreement with the EU clinched this year.Existing trade between the UK and South Korea is worth more than £15bn a year under a 2019 post-Brexit arrangement. The new deal covers the exports of services, automotive, pharmaceutical and food and drink, and would bring an extra £400m a year to the British economy, the UK government said

Morrisons becomes first UK supermarket to delay net zero targets

Morrisons has become the first UK supermarket chain to postpone its net zero carbon emission targets, delaying them by 15 years to 2050.Britain’s fifth-biggest grocer said its new targets would cover the entire supply chain, as well as Morrisons stores, including emissions from agriculture and land-use sources.The Bradford-based company said it had achieved a 22% reduction in total carbon emissions since 2019 – its baseline – through operational changes, energy-efficiency projects, lower-carbon logistics and collaboration with its suppliers.Morrisons denied the changes were a watering down of its targets.Andrew Edlin, head of sustainability at the chain, said: “The validation of these targets reaffirms Morrisons’ commitment to sustainability and the move to a 2050 target across the full value chain is a big step forward in our journey to net zero

The big quarrels over the workers’ rights bill have barely started | Nils Pratley

Will the employment rights bill be passed by Christmas? Well, the chances are slightly improved after six leading business groups published a temperature-lowering letter on Monday that said parliament, which in this instance means the blockers in the House of Lords, should get on with it.The employers, note, are still unhappy about the issue that triggered the most recent revolt by Conservative peers and a few cross-benchers: the removal of a cap on compensation claims for unfair dismissal. But they’re more worried that further delays would jeopardise their negotiating victory last month, namely the government’s U-turn on rights guaranteeing workers protection against unfair dismissal from day one of employment. A six-month qualifying period was adopted instead, with the blessing of the TUC, which was similarly motivated by trying to get the bill over the line quickly.The Lords is still free to object and add amendments again, of course

UK house prices tipped to rise by up to 4% in 2026 as affordability improves – as it happened

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.With the year almost over, thoughts are lightly turning to what might happen in 2026.And lender Nationwide is predicting that UK house prices will climb by up to 4% next year, as getting onto the housing ladder becomes slightly less difficult.In their Outlook for 2026, Nationwide’s chief economist Robert Gardner predicts that lower borrowing costs could help the market in the 12 months ahead, saying:“Looking ahead, we expect housing market activity to strengthen a little further as affordability improves gradually (as it has been in recent quarters) via income growth outpacing house price growth and a further modest decline in interest rates.We expect annual house price growth to remain broadly in the 2 to 4% range next year

Brighton’s struggling independent stores: ‘The nation of shopkeepers will go on the dole’

City’s small shops are reaching tipping point amid higher business rates, staff costs and big chains eager to move inIt’s lunchtime at Dormitory, an independent bedlinen store on Gloucester Road in Brighton, and proprietors Sue Graham and Cathy Marriott are peering across the street at the Brighton Sausage Co. They can tell when shoppers have stayed indoors by the number of sausage rolls left in the window. It’s a Tuesday before Christmas – supposedly the busiest time of the year. But there’s still a big pile remaining.“In 10 years’ time, we’re all going to be going, ‘We need shops

Roomba maker iRobot bought by Chinese supplier after filing for bankruptcy

The US company behind the Roomba robot vacuum cleaner has filed for bankruptcy protection and agreed to be taken over by one of its Chinese suppliers.iRobot, which is best known for debuting the Roomba vacuum cleaner in the early 2000s, will be taken over by a subsidiary of its main supplier, Picea Robotics.The Roomba maker, which is listed in the US, said it had filed for Chapter 11 bankruptcy in Delaware as part of a restructuring agreement with Picea.iRobot’s earnings have come under pressure in recent years, hit by supply chain problems and the rise of cheaper competitors. The company warned earlier this month that it could face bankruptcy