Northampton edge out battling Munster in Champions Cup thriller
FTSE 100 hits record as interest rate hopes push down UK borrowing costs
The UK’s blue-chip stock index has hit a record high, as hopes of interest rate cuts this year drove down government borrowing costs.Almost every share on the FTSE 100 rose on Friday, the fall in the value of the pound bolstering multinationals listed in London and propelling the index above 8,500 points for the first time.The “Footsie”, which tracks the 100 biggest London-listed companies, rose 1.6% to hit a fresh intraday high of 8,533.43 points amid growing confidence that the Bank of England would ease monetary policy this year
FTSE 100 share index hits record high; relief for Rachel Reeves as UK borrowing costs fall – as it happened
Boom! Britain’s blue-chip share index has hit a new alltime high.The FTSE 100 index, which tracks the hundred largest companies listed in London, has jumped by over 1% to 8480.36 points in early trading, above its previous intraday high of 8474 points set last May.Stocks are on a three-day rally, which started on Wednesday when UK inflation dropped unexpectedly, potentially paving the way for several interest rate cuts this year.Today’s disappointing retail sales figures, folowing Thursday’s weaker-than-expected growth data for December, have added to hopes that the Bank of England will ease monetary policy this year
Bank of England delays rules designed to avoid banking crash by a year
The Bank of England will further delay capital rules meant to prevent another 2008-style crash, as it weighs the impact of Donald Trump’s return to the White House and the chancellor Rachel Reeves’s call for regulators to help drive UK growth.The Bank’s regulatory arm said it was delaying the date by which banks had to implement Basel 3.1 rules by a year, to January 2027.The Bank’s regulator, the Prudential Regulation Authority (PRA), said it made the decision after consulting with the Treasury, and that it had taken “competitive and growth considerations” into account.It marks the third delay by the central bank, which is buying time to see how far the Trump administration will go in watering down regulations
IMF upgrades UK growth forecast and takes swipe at Trump plans
The International Monetary Fund has upgraded its forecast for UK growth this year in an update to its biannual assessment of the global economy, while taking a swipe at plans by Donald Trump’s incoming US administration for the potentially destabilising effect of large-scale tax cuts, import tariffs and weaker regulations.In a fillip to the Labour government, the Washington-based organisation said it expected the UK economy to grow by 1.6% in 2025, up from an earlier forecast of 1.5%.The IMF judged that Labour’s increase in investment spending, improved household finances and a series of interest rate cuts by the Bank of England would give the UK economy a lift this year
Octopus overtakes British Gas as Britain’s largest household energy supplier
Octopus Energy has become Britain’s largest household energy supplier for the first time, toppling British Gas almost four decades after it was privatised under Margaret Thatcher.The energy company grew its share of the market to 23.7% of households in Great Britain by the end of last year, according to latest figures, less than a decade after it was founded by its chief executive, Greg Jackson.Octopus confirmed that it gained almost 1m new gas and electricity accounts from its rivals last year alone. It now has 12
‘He’s one of the best’: the economist shaping Rachel Reeves’s growth plans
The economist John Van Reenen lacks the public status of Gordon Brown’s “two Eds” – Balls and Miliband – who ranged across Whitehall in New Labour’s first term, enforcing the Treasury’s will. But ask today’s Labour apparatchiks about Rachel Reeves’s approach to growth, which she will set out in a speech later this month, and they often point to the chair of her council of economic advisers.Currently on leave from the London School of Economics (LSE), where he ran the Centre for Economic Performance, Van Reenen has spent his professional lifetime probing the weak spots of the UK economy.Now he is based in an office next to Reeves’s at the Treasury, with his three fellow advisers. One Labour source says they struggle to remember a consequential meeting at which Van Reenen has not been present
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