‘Telford model’ is more effective for child abuse inquiries, says former chair
Pound and UK bonds fall after strong US jobs report; UK gas storage levels are ‘concerningly low’ – as it happened
Newsflash: the US economy added many more jobs than expected last month, a development that has hammered the pound.Non-farm payrolls rose by 256,000 in December, the U.S. Bureau of Labor Statistics has reported today. That smashes forecasts of a 160,00 increase, and has pulled the US unemployment rate down to 4
Fears over UK borrowing costs as US jobs figures prompt bond market volatility
Concerns over the UK government’s borrowing costs were revived on Friday after stronger than expected US jobs figures triggered volatile conditions in global financial markets.In an accelerating global bond market sell-off, investors warned that the UK was particularly exposed amid growing fears over stubbornly high inflation and higher for longer interest rates.Markets are no longer fully pricing in two Bank of England base rate cuts in 2025 and research out on Friday found that almost 700,000 UK homeowners are facing an increase in mortgage costs when their fixed-rate deals end this year.At the end of a turbulent week in global markets, bond yields rose sharply for governments worldwide, before falling back, after the last jobs report of the Biden administration showed the US labour market grew strongly in December.The number of new jobs added in the world’s largest economy accelerated to 256,000, up from 227,000 in November, easily beating expectations of a smaller increase
Rachel Reeves faces another anxious week of second-guessing the City
Rachel Reeves intended to spend January burnishing her reputation on the global stage with trips to Beijing and Davos, and flipping the focus from her £40bn tax-raising budget to Labour’s plans to rekindle economic growth.Instead, the chancellor was reduced to watching anxiously, as a sell-off swept through government bond markets, and sterling came under intense pressure as a result.There was little new data on this side of the Atlantic to justify the market moves. US bond yields have been drifting upwards, as investors guess that inflation will remain higher for longer than previously thought.Part of the step up in borrowing costs in the UK, after yields – in effect the interest rates – on 30-year government bonds, or gilts, hit their highest level since May 1998, echoed the US
Why have Britain’s energy costs soared and what does it mean for Labour?
A rise in electricity costs this week has raised fears that officials operating Great Britain’s power market could be held to “ransom” by owners of gas power plants during cold, windless days in order to keep the lights on. Here, we look why costs have increased sharply, the trading rules for plants and the implications for Labour’s clean power ambitions.Britain’s energy grid has becoming increasingly dominated by wind power, which reached new records for clean power generation last year. But the grid operator was forced to pay more than £20m to safeguard Britain’s electricity supplies on Wednesday when high demand for electricity combined with low wind speeds, increasing the reliance on gas power plants.Industry experts believe that costs could reach similar levels on Friday as freezing, windless weather drives prices in the UK’s wholesale electricity market higher
Legal fight over €2.5bn worth of aircraft stuck in Russia plays out in Dublin
Sitting in a nondescript building near the high court in Dublin, about 40 cloaked barristers have gathered almost daily since June last year. At stake is €2.5bn (£2.1bn) worth of aircraft stranded in Russia after the invasion of Ukraine.Behind multiple screens and a mountain of warehouse boxes they are fighting to determine who should pay for the losses – the aircraft lessors or the several insurance companies, including Lloyd’s, AIG and Chubb
US job market soars past expectations in last report before Trump retakes White House
The US labor market expanded strongly in the last jobs report of the Biden administration, according to new data released on Friday.The number of new jobs added to the economy accelerated to 256,000 in December, up from 227,000 in November, soaring past expectations. The labor market last month was bolstered by new jobs in healthcare, retail and government.As the final jobs report of his administration, it’s a blowout for Joe Biden, who struggled to rally support around his economic agenda despite the economy strengthening after the pandemic.In a statement, the US president celebrated the new data and said that his administration created 16
British politics are not Elon Musk’s to toy with | Letters
Collaborative research on AI safety is vital | Letters
Elon Musk says all human data for AI training ‘exhausted’
Judge halts attempt to retrieve £600m bitcoin wallet from Welsh dump
Musk ‘lying like hell’ over AfD interview, says ex-EU tech leader
Meta has ‘heard the message’ from Trump, says whistleblower Frances Haugen