Reeves expected to reveal cut in growth forecasts for next five years in budget

Rachel Reeves is expected to reveal in this week’s budget that the UK’s economic growth forecasts have been downgraded in each of the next five years despite her efforts to boost output.The Office for Budget Responsibility (OBR) has reportedly downgraded its forecast for UK growth in each year to 2030-31 as part of a review undertaken before the budget that will argue a lack of investment under Tory administrations undermined the UK’s potential economic expansion.The chancellor’s efforts to increase growth will be unable to offset annual downgrades by the OBR, Sky News reported, undermining Labour’s chances at the next election in 2029.The Treasury refused to comment on the leak. A spokesperson said: “We know there is more to do

Labour will listen to bosses’ concerns on workers’ rights, says business secretary

The business secretary, Peter Kyle, has opened the door to bosses to influence Labour’s landmark changes to workers’ rights, amid boardroom fears over jobs and growth.In a signal the government could consider watering down the overhaul of employment rights, Kyle told business leaders at the CBI conference in London that he would hold a series of 26 consultations with companies after the bill became law.“When we launch these consultations, please engage with it,” he said. “Make your voice heard and engage with me and my department to make sure we get it right.”With Labour under pressure to reboot the economy before the autumn budget on Wednesday, Kyle committed to ensure that businesses would not “lose” as a result of the changes, which include a ban on zero-hour contracts and day-one protections for workers against unfair dismissal

Novo Nordisk shares slide after Ozempic pill fails in Alzheimer’s trials

Novo Nordisk shares slumped on Monday after the drugmaker said the pill version of its weight-loss drug Ozempic had failed to slow the progression of Alzheimer’s disease in two large studies.The Danish company said patients who took the drug did not see their disease progress more slowly, dashing hopes for a new use for the blockbuster diabetes drug.Shares in Novo, which are listed in Copenhagen, dropped by more than 10% in early trading on Monday before easing back to close 5.8% down.The pharmaceutical company has grown to be one of the biggest in Europe on the back of the success of its semaglutide-based drugs, Ozempic and weight-loss jab Wegovy

‘Friends end up blocking you’: Northwestern Mutual sold college grads a dream job. They left in ruin and debt

Expecting to be financial advisers at the Fortune 500 firm, some hires say they were ‘gaslit’ into peddling ‘terrible’ life insurance to all their contactsNorthwestern Mutual likes to think of itself as a storied American institution offering specialized financial advice. The 168-year-old financial giant, ranked 109 on the Fortune 500, and regularly anointed one of the World’s Most Admired Companies by the magazine, describes its financial advisers as “expert listeners” or a “trusted partner who helps you continue to reach goal after goal”.It also tops Forbes’s list of Best Employers for New Grads, a title that makes it attractive to hundreds of college students desperate for an internship that could launch them into a career in financial services. Each year they file into Northwestern’s glassy offices across the country for a three-month internship that they hope could change their lives. There, they are slotted in beside thousands of full-time “financial representatives”, many of them recent graduates themselves

Trump touts cheap groceries ahead of Thanksgiving. The reality is a mixed plate

If you feel like the price of Thanksgiving this year is more expensive to gobble up, you’re not alone. Amid widening concerns about the rising cost of living, polls show consumers are increasingly worried about inflation.Economists say the picture for holiday food prices this year is more mixed – prices are volatile and depend largely on how families shop around for their feast.Having dismissed inflation fears, Donald Trump appears to have pivoted to address an issue that in large part ended Joe Biden’s presidency. And, over the last few weeks, Trump has pointed to Walmart’s Thanksgiving promotion as proof that groceries are becoming cheaper

Mining giant BHP drops latest bid to buy rival Anglo American

BHP has walked away from another attempt to take over rival miner Anglo American after it was again rebuffed, failing in a last-minute effort to disrupt the planned merger with Canadian mining business Teck Resources.The Australian mining company reportedly became interested in making another offer for FTSE 100-listed Anglo last week, more than a year after abandoning a £39bn attempt to buy the business.The latest failed overture comes as Anglo and Teck shareholders prepare to vote on their $53bn (£39bn) merger on 9 December.BHP confirmed on Monday it had held preliminary discussions with Anglo, but that it was “no longer considering a combination of the two companies” and would focus on its own portfolio.It told investors: “Whilst BHP continues to believe that a combination with Anglo American would have had strong strategic merits and created significant value for all stakeholders, BHP is confident in the highly compelling potential of its own organic growth strategy