Supersonic prototype jet breaks sound barrier on US test flight

A US-made prototype jet has broken the sound barrier, in the first commercial venture to achieve supersonic speeds since Concorde.Boom Supersonic, a startup that seeks to build the world’s fastest airliner, flew a test flight of its fighter jet-sized XB-1 demonstrator over the Mojave desert in California on Tuesday.At an altitude of about 10,700 metres (35,000ft), the jet accelerated to Mach 1.1, or about 845 mph (1,360 km/h), faster than the speed at which sound travels.“She was real happy supersonic,” Boom’s chief test pilot, Tristan “Geppetto” Brandenburg, said after landing

Lloyds Banking Group to shut another 136 UK high street branches

Lloyds Banking Group has revealed plans to shut another 136 branches, weeks after a policy allowing customers to do their in-person banking across any of its three brands prompted fears that bosses could close up to a quarter of its high street sites.The move will cut the group’s branch network by a further 15%, accelerating a strong shift towards digital and mobile banking that is core to a five-year strategy being pushed by its chief executive, Charlie Nunn.It will result in the closure of 61 Lloyds-branded sites, 61 Halifax locations and 14 Bank of Scotland branches, and leave the group with 757 branches by spring next year.Lloyds said the closures reflected customer usage across those 136 branches, and on-site transactions had tumbled 48% on average – and up to 78%, in some cases – over the past five years.The decision comes weeks after the bank rolled out a new policy allowing customers to use any of its Halifax, Bank of Scotland and Lloyds branches, regardless of which lender they held accounts with

Inflation data isn’t all sunshine and rainbows for Labor – as Biden and Democrats will attest

The Reserve Bank of Australia is designed to be independent of government, but that does not mean its decisions do not have political consequences.After Wednesday’s better-than-expected inflation reading, there is now broad consensus among economists that the RBA will cut interest rates next month.While the treasurer, Jim Chalmers, has repeatedly said he would refrain from giving “free advice” to the bank, a rate cut or two coupled with lower inflation would be welcome before a federal election, due by May.Sign up for Guardian Australia’s breaking news emailOn Wednesday, Chalmers said the government was “focused on beating inflation and helping with the cost of living”. As for the Liberals, he said: “Peter Dutton and the Coalition are focused on conflict and culture wars, and they would make people worse off and take Australia backwards

Rachel Reeves backs Heathrow third runway in bid to drive UK growth

Rachel Reeves has confirmed the government will throw its weight behind a third runway at Heathrow, in an upbeat speech setting out her plans for kickstarting the stalling UK economy.Brushing aside doubts about the project’s compatibility with the UK’s climate commitments – including within government – Reeves said a third runway would make the UK “the world’s best-connected place to do business”.She said: “We cannot duck the decision any longer. The last full-length runway in Britain was built in the 1940s: no progress for 80 years.”Reeves claimed the case for expansion at Europe’s busiest airport was “stronger than ever”

WH Smith UK high street sales fall as stores put on the market

WH Smith has reported falling sales in its UK high street stores, while revenues rose at its more successful travel arm, as the retail group attempts to off-load its ailing town centres division.The retailer’s up-for-sale high street division – where it sells newspapers, books, stationery, cards and gifts – reported a 6% fall in sales in the 21 weeks to 25 January, compared with a year earlier.This contrasted with a 7% increase in sales at its travel arm, where it has stores in railway stations, airports and hospitals across 32 countries.The owner’s decision to put its 500 UK high street stores up for sale has created uncertainty for 5,000 staff, and could lead to the 233-year-old chain’s name disappearing from British town centres but potentially live on at transport hubs.Analysts said the sale would allow the company to focus on its growing travel division, which has almost 1,300 shops, and which accounted for three-quarters of the group’s revenue in the year to the end of August

United Utilities and Pennon to increase dividend payments as water bills rise

Two of England’s privatised water monopolies, the South West Water owner Pennon and United Utilities, have said they will increase dividend payments to investors, as they prepare to raise household bills.The companies said they had accepted the regulator Ofwat’s final determination of what they may charge customers – removing the possibility of an appeal to try to argue that bills should be higher. The decisions mean the companies will go ahead with increases in bills of 23% for South West Water and 32% for United Utilities over five years from April.Ofwat informed water companies before Christmas of the bills increase it would allow over the five-year period, with an average rise of 36% across the different companies in England and Wales. As part of that calculation, Ofwat allows water shareholders to make an agreed return on their investment