Average UK mortgage rate rises to highest since August 2024; NS&I to ‘pay millions in compensation’ to bereaved families over savings failures – business live

Good morning and welcome to our rolling coverage of business, the financial markets and the world economy.The UK’s cost of living squeeze is tightening by the day, as the Iran war sends inflationary pressures rippling through the global economy.The average UK mortgage rate has now hit 5.50%, data from Moneyfacts shows. That’s the highest rate since August 2024, as lenders have scrambled to reprice mortgage products as hopes of UK interest rate cuts this year have faded

UK consumer confidence has ‘collapsed’ during Iran war, retail industry says

Consumer confidence in the UK has “collapsed” since the start of the Iran war, according to new research from the British Retail Consortium.The sharp rise in energy prices caused by the effective closure of the strait of Hormuz and attacks on infrastructure in the region has led to fears of higher inflation and weaker growth across oil-importing countries.Asked about the state of the UK economy over the next three months, 64% of respondents told a survey they expected it to get worse. Just 11% thought it would get better. The resulting balance of -53% was sharply lower than the -20% reading a month earlier

Charity Commission warns Alan Turing Institute of its legal duties after complaints

The board of the UK’s leading AI research institute has been reminded of its legal duties in areas such as financial oversight and managing organisational change by the charity watchdog after a whistleblower complaint.The Charity Commission has issued formal regulatory advice and guidance to trustees at the Alan Turing Institute (ATI) – the organisation’s board – after it was contacted by a group of staff with a list of concerns.The commission has told ATI it was now closing the case and was not launching a statutory inquiry – a formal investigation. However, the watchdog said if there was evidence of trustees ignoring its advice, it could resume contact with the institute.The commission launched a compliance case related to ATI after receiving the complaint last summer

Meta and YouTube designed addictive products that harmed young people, jury finds

Meta and YouTube have been found liable for deliberately designing addictive products that hooked a young user and led to her being harmed, a jury ruled on Wednesday. Jurors found the tech companies to be both negligent and having failed to provide adequate warnings about the potential dangers of their products.The jury awarded the plaintiff in the case damages of $6m, with Meta to pay 70% and YouTube the remainder. It took nearly nine days of deliberations for the Los Angeles jury to reach its verdict. This lawsuit, over social media’s alleged harm to young people, was the first of its kind to go to trial

AFL braces for increase in positive tests under ‘stronger’ new illicit drugs policy

The AFL is preparing for an increase in players testing positive to drugs such as cocaine and MDMA due to more effective testing under a new illicit substances policy, even if the public will never find out.The players union is adamant, however, the “revised” approach will reduce harm, despite the risk of some being exposed to innuendo when they are pulled from matches under a general explanation of “unavailable”.The policy has been in negotiation for two years, and follows explosive comments made in federal parliament in 2024 by independent MP Andrew Wilkie, citing information from former Melbourne doctor Zeeshan Arain, alleging there had been “wilful inaction” by the AFL to address a “prevalence of drug abuse” in the sport.Sport Integrity Australia subsequently found “no irreconcilable inconsistencies” between the AFL’s illicit drugs policy and the National Anti-Doping Scheme. However, there remains wide concern over the level of drug use in the AFL, highlighted by illicit drugs scandals and bans to players including Bailey Smith in recent years

Former Brisbane Lion Leigh Ryswyk becomes first AFL player to come out as gay

The former Brisbane Lions player and SANFL champion Leigh Ryswyk has become the first past or present male AFL player to come out as gay.Ryswyk, who played one game for the Lions in 2005, opened up about his sexuality on the GayFL radio program.He said his closest friends had known he was gay for five years.“To people who know me, my closest friends, this is not new,” Ryswyk said in an interview with the Melbourne radio station Joy 94.9