IMF slashes global growth forecast to 2.8% this year due to Trump trade war – as it happened

Newsflash: the International Monetary Fund has slashed its forecasts for global growth this year and in 2026, due to the disruption caused by Donald Trump’s trade war.The IMF is now predicting that growth across the world economy will fall to 2.8% this year, down from 3.3% in 2024, followed by 3% growth next year. Back in January, the Fund had forecast 3

Risks to global financial stability surging after Trump tariffs, warns IMF

The global financial system is coming under increasing strain as Donald Trump’s trade war rocks markets, the International Monetary Fund has warned.“Global financial stability risks have increased significantly,” the IMF said in its regular snapshot of the system, urging regulators to be on the alert for potential crises.It pointed to the “sharp repricing of risk assets” that has followed the US president’s tariff announcements since February – in particular his 2 April “liberation day” statement – and warned that there may be more to come.Published as finance ministers and central bankers gather in Washington for the IMF’s spring meetings – and as the IMF downgraded its forecasts for global growth amid tariff concerns – the Global Financial Stability Report identified what it called “forward-looking vulnerabilities” in markets.These include what it said were overstretched valuations for stocks and bonds in some areas, even after recent sell-offs; the highly leveraged state of some financial institutions, including hedge funds; and the vulnerability of some governments to volatility in sovereign bond markets

M&S apologises after ‘cyber incident’ hits contactless payments and online orders

Marks & Spencer has apologised to customers after a “cyber incident” affected contactless payments and the pick up of online orders in it stores in recent days.The retailer told shoppers that delays to click and collect orders have continued but it was “working hard to resolve” the issue.It told customers and staff they did not need to take any action, suggesting their data has not been accessed.In a statement to the stock exchange M&S said it had found it “necessary to make some minor, temporary changes to our store operations to protect customers and the business” and was “sorry for any inconvenience experienced”. It said stores remained open and its website and app were operating as normal

Santander looks at splitting car finance from rest of UK division

The Spanish owner of Santander is reportedly considering splitting off its scandal-hit motor finance business from the rest of its UK business as part of a corporate shake-up that could make the bank more attractive to potential buyers.Banco Santander has been reviewing the future of its UK business in recent months, amid mounting frustrations over regulations and costs. That includes the fallout of the growing car finance commission scandal, which analysts at RBC Capital say could cost the bank up to £1.9bn in compensation to its former borrowers.The potential reorganisation would involve moving the consumer finance division, which houses its car loan business, out of the Santander UK business, according to Bloomberg, which cited unnamed sources

IMF warns of ‘major negative shock’ from Trump’s tariffs

Donald Trump’s tariffs have unleashed a “major negative shock” into the world economy, the International Monetary Fund has said, as it cut its forecasts for US, UK and global growth.In a stark assessment of the impact of the US president’s policies, as global finance ministers prepare to meet in Washington, the IMF said: “We expect that the sharp increase on 2 April in both tariffs and uncertainty will lead to a significant slowdown in global growth in the near term.”It came as Rachel Reeves was due to arrive in the US capital on Tuesday evening, ahead of what could be a key week for a US-UK trade deal. The chancellor, who will meet her US counterpart, Scott Bessent, for the first time, is expected to press the UK’s case for reduced tariffs. She said she would be “defending British interests and making the case for free and fair trade”

‘Employment’s the best way to stop reoffending’: the boss of ready meals firm Cook on the ‘talent’ in prisons

The co-founder of the family-run frozen food maker says ethical practices pay dividends on top of financial returns for her businessRosie Brown, the boss of Cook, never planned to be a chief executive. First, she trained as a nurse, then tried her hand at politics; then banking. But having struggled at first to find her niche, Brown now leads a ready-meal business ranked as the country’s best place to work in food and drink, and is looking to help others find their way in the world of work.Last year, the co-CEO of the ethical frozen food business took over from shoe-mending-chain boss James Timpson as chair of the Employment Advisory Board network, a government-backed programme started by Timpson which works with more than 90 prisons.She says she “grew up thinking it was entirely normal to employ people with barriers to employment”