UK economy grew by better-than-expected 0.3% in November despite budget uncertainty

The UK economy grew by a stronger-than-expected 0.3% in November despite uncertainty around Rachel Reeves’s budget, official figures show.Figures from the Office for National Statistics (ONS) on Thursday showed the improvement, up from a 0.1% fall in October.Forecasters had expected a more modest 0

‘The consumers are still out there’: why a bankruptcy for Saks Global may not spell the end

Every year, the stores down Manhattan’s Fifth Avenue dress up their windows at Christmastime. Tourists from all over the world come to gawk at all the glitter, lace, ruffles and bows.Saks’s Fifth Avenue location, so iconic that it’s embedded in the brand’s name, is usually dressed top to bottom during the holidays. In 2023, the store partnered with Christian Dior to display a giant zodiac calendar. As part of the light show, fireworks were released from the top of the store to the oohs and aahs of spectators

UK housebuilder Taylor Wimpey warns of ‘muted’ demand

The UK housebuilder Taylor Wimpey has said demand is “muted” despite improving affordability, particularly among first-time buyers, echoing a cautious outlook from the estate agents Foxtons and Savills.Jennie Daly, the chief executive of Taylor Wimpey, said the government’s recent planning changes had resulted in “increased momentum in our recent planning permissions”.“However, while affordability is slowly improving, demand continues to be muted, particularly among the important first-time buyer category, which will constrain overall sector output,” she said.Shares in Taylor Wimpey fell by 4.7% in early trading and were flat in the afternoon, while Foxtons and Savills were also down, 3

The crisis whisperer: how Adam Tooze makes sense of our bewildering age

In late January 2025, 10 days after Donald Trump was sworn in for a second time as president of the United States, an economic conference in Brussels brought together several officials from the recently deposed Biden administration for a discussion about the global economy. In Washington, Trump and his wrecking crew were already busy razing every last brick of Joe Biden’s legacy, but in Brussels, the Democratic exiles put on a brave face. They summoned the comforting ghosts of white papers past, intoning old spells like “worker-centered trade policy” and “middle-out bottom-up economics”. They touted their late-term achievements. They even quoted poetry: “We did not go gently into that good night,” Katherine Tai, who served as Biden’s US trade representative, said from the stage

UK borrowing costs drop to lowest level in more than a year

UK borrowing costs have dropped to their lowest level in more than a year, as investors were encouraged by more stable government finances and the prospect of further interest rate cuts.The yield, or interest rate, on 10-year UK government bonds fell to 4.34%, down from 4.41%, to the lowest level since December 2024, with the prospect of the UK public finances being put on a firmer footing lowering the risk of holding UK debt.The fall in UK yield on almost £3tn of UK debt represents a boost for Rachel Reeves, who fought hard inside government before November’s budget to increase the Treasury’s financial buffer and win over international investors who had become sceptical about the UK’s ability to balance its books

South East Water could lose operating licence after outages in Kent and Sussex

South East Water could lose its operating licence after residents across Kent and Sussex faced up to a week without water.The environment secretary, Emma Reynolds, has called for the regulator to review the company’s operating licence. If it were to lose it, the company would fall into a special administration regime until a new buyer was found.If the regulator, Ofwat, decides the company has breached its licence but decides not to revoke it, penalties include a fine of 10% of the company’s annual turnover. Ofwat in 2024 decided Thames Water was in breach of its licence but decided to avoid forcing it into special measures and instead insisted on a turnaround plan