UK must rebuild trade relationship with EU, says BoE boss; China-US shipments slump – business live

The Governor of the Bank of England has called for Britain to “rebuild” its trade relationship with the European Union, as the UK celebrates yesterday’s trade deal with the US.Andrew Bailey has told the BBC that reversing the post Brexit hit to UK-EU trade would be “beneficial”.And while Bailey was keen not to take a view on Brexit, as a public official, he also argued that a closer relationship between the UK and the EU would help the economy and inflation.Bailey says:“It would be beneficial. Having a more open economy to trade with the European Union

Ten UK energy firms to pay £7m in compensation after overcharging error

Ten UK energy suppliers including EDF, E.ON and Octopus are to pay £7m in compensation and refunds after overcharging customers, after a review by the energy regulator for Great Britain.Ofgem said the suppliers have agreed to pay more than 34,000 customers compensation and refunds because of erroneously billing them more for standing charges – daily fees that are added regardless of how much energy is used – than is allowed under the regulator’s price cap.The affected customers all had what is called restricted meter infrastructure, meaning more than one electricity meter point recording usage at their property, and were erroneously overcharged between January 2019 and September 2024.While energy suppliers are allowed to apply multiple standing charges for homes with multiple electricity meters, companies are not allowed to break Ofgem’s price cap, which limits the maximum amount that can be charged in each unit of electricity or gas used

‘Tone deaf’: US tech company responsible for global IT outage to cut jobs and use AI

The cybersecurity company that became a household name after causing a massive global IT outage last year has announced it will cut 5% of its workforce in part due to “AI efficiency”.In a note to staff earlier this week, released in stock market filings in the US, CrowdStrike’s chief executive, George Kurtz, announced that 500 positions, or 5% of its workforce, would be cut globally, citing AI efficiencies created in the business.“We’re operating in a market and technology inflection point, with AI reshaping every industry, accelerating threats, and evolving customer needs,” he said.Kurtz said AI “flattens our hiring curve, and helps us innovate from idea to product faster”, adding it “drives efficiencies across both the front and back office”.“AI is a force multiplier throughout the business,” he said

Leave them hanging on the telephone | Brief letters

Regarding dealing with cold callers (Adrian Chiles, 7 May), it’s irritating I know, but if you don’t mind your phone being inaccessible for a few minutes, why not say: “Hang on, I’ll go and get him/her”, and then leave your phone until the caller rings off? At least you will have wasted some of their day.Robert WalkerPerrancoombe, Cornwall Re fostering a love of reading in children (Letters, 6 May), one of my fondest memories of my teaching career was story time in the infant class in a local village school. Most of the children came quite a distance on buses. They adored Michael Rosen’s poetry. There were many afternoons when it was home time and they would shout: “Please read another Michael Rosen one, Mrs Mansfield, the driver won’t mind waiting

Manx Liberty’s wildcards deliver in style to regain British team chess crown

The Four Nations Chess League (4NCL) is a bedrock of British chess. Staged over 11 rounds and five weekends from October to May at ­Midlands hotels, with teams of eight in the top division and six in divisions two to four, it attracts players from club level to grandmaster, many of whom do not compete in any other national event. Its organisation, by the ­English Chess Federation chief executive, Mike Truran, and a ­hardworking team of arbiters, is consistently excellent.As expected, the 2024-25 season ended last Monday with a close 11th round match between the favourites and defending champions, Wood Green, and the winners for the two previous years, Manx Liberty. The outcome was a ­rarity

Farrell’s Lions squad has the flexibility and talent to be highly competitive | Robert Kitson

At long last, significant smoke has also emerged from the British & Irish Lions’ chimney. Maro Itoje will be leading a 38-strong squad to Australia and a couple of the names on the list would raise any cardinal’s eyebrows. Henry Pollock and Marcus Smith will be heading down under with their head coach, Andy Farrell, clearly keen to make an immediate impact next month.Farrell has chosen a hefty cohort of 15 Irishmen alongside 13 Englishmen, eight Scots and two Welsh representatives, but the inclusion of the 20-year-old Pollock sends a clear signal to Australia that the 2025 Lions will be neither geriatric pussycats nor obsessive slaves to conservatism. The squad should contain enough flexibility to cope with most eventualities and sufficient talent to be highly competitive