UK services sector has biggest fall in orders for nearly three years
The UK’s dominant service sector has reported its biggest drop in new orders in almost three years in July, adding to pressure on the Bank of England to cut interest rates on Thursday,Sounding the alarm over a loss of momentum amid a worsening global economic backdrop, the data provider S&P Global Market Intelligence said total new work in the sector, which accounts for about 80% of the economy, eased to the slowest pace since November 2022,The survey of 650 companies in the sector, which includes finance, IT, communications and property but excludes retail, is closely watched by the Bank and the government for early warning signs from the economy,Threadneedle Street is widely expected to cut borrowing costs at its next policy meeting on Thursday from the current level of 4,25% amid growing concerns about the strength of the economy.
Financial markets put the odds of a quarter-point reduction at 95%, amid rising unemployment and the hit to global trade from Donald Trump’s fresh round of import tariffs unleashed last week,Tim Moore, economics director at S&P Global Market Intelligence, said: “Risk aversion and low confidence among clients were the main reasons provided for sluggish sales pipelines, alongside an unfavourable global economic backdrop,”The survey showed that subdued sales pipelines and concerns about the rising cost of doing business led to an accelerated pace of job shedding, continuing a downward trend in employers’ hiring intentions,The headline purchasing managers’ index for the services sector dropped to 51,8 in July, from 52.
8 in June.A reading of 50.0 separates growth in output from a fall in activity.Highlighting weakness in the UK jobs market, the employment index fell to 45.6 from 47.
0, the lowest reading since February,Moore said: “Hiring trends were especially subdued, with total workforce numbers decreasing to the greatest extent since February,Worries about rising payroll costs were cited as the main factor holding back recruitment,”Business leaders have issuing warnings that measures in Rachel Reeves’s first autumn budget, including a £25bn rise in employer national insurance contributions (NICs) and 6,7% increase in the minimum wage, would hit jobs and growth.
Sign up to Business TodayGet set for the working day – we'll point you to all the business news and analysis you need every morningafter newsletter promotionOfficial figures show that unemployment rose to a four-year high of 4,7% in the three months to May, while the economy shrank in both April and May,Matt Swannell, chief economic adviser to the EY Item Club, said it was “almost certain” that the Bank’s monetary policy committee would cut interest rates on Thursday,“With the MPC balancing signs of fragility in the labour market against evidence of lingering inflationary pressure, the committee will likely signal that further gradual interest rate cuts remain appropriate,”
Wallabies can take heart from Lions series for litmus Tests against South Africa | Angus Fontaine
If Australian rugby is to take a key learning from the British & Irish Lions tour and adopt a credo for the upcoming Rugby Championship and the road to the 2027 World Cup, Will Skelton nailed it at half-time on Saturday: “We don’t take no itshay.”The 203cm, 145kg colossus’s performance was as big as he was in the Wallabies’ stirring victory in Sydney. But Skelton’s fighting words to his team - “Keep fighting. Keep fighting for each other. Keep fighting for the jersey” - and the pig Latin catchcry that followed was a crudity that offered perfect clarity to Joe Schmidt’s team
Research finds 89% of female rugby players experience pain wearing boots
Wearing boots designed for men causes discomfort for a majority of female rugby players, according to new research which finds as many as 89% of athletes experience pain from wearing shoes not built for women’s feet.With the Women’s Rugby World Cup coming to England in just over two weeks’ time IDA Sports, a footwear brand designed for female athletes, called out what it describes as the “iniquity” of boot design that leaves women not only lacking comfort when playing but exposed to a heightened risk of injury.After scanning nearly 1,000 feet, of amateurs and players from across Premiership Women’s Rugby, and surveying a further 330, IDA Sports found that comfort was the driving factor behind a player’s boot choice, but one that was rarely met. While 78% said comfort was a top priority, nearly nine in 10 spoke of discomfort.“The findings of our many years of research and development … illustrate the inequities that women athletes face when it comes to footwear,” said Laura Youngson, co-founder and chief executive of IDA Sports
The Breakdown | The Lions will endure … but who can we expect in the squad for 2029?
The average worker bee, in the busiest months of the year, generally lives for up to seven weeks. Talk about a short and sweet existence. It is not dissimilar with British & Irish Lions tours. One moment players are winning a major series, the next their team abruptly ceases to exist. That’s all, folks, unless you can make the next trip in four years
NFL preseason storylines: Cowboys chaos, the Browns‘ QB circus and Aaron Rodgers’ last dance
With the start of the regular season almost in sight, we take a tour of the league’s most compelling plotsLeave it to Jerry Jones to stink up the most optimistic time of year. The Cowboys owner has once again fumbled a contract negotiation with one of his stars. Despite fellow 2021 draftees Penei Sewell, Patrick Surtain II and Ja’Marr Chase signing long-term extensions, the Cowboys have allowed talks with Parsons to drag on.Last week, Parsons accused Jones of trying to circumvent his agent in negotiations and formally requested a trade.It’s fun to imagine Parsons on the trade block
TNT Sports secures live rights to England’s Ashes series in Australia
England’s attempt to regain the Ashes this winter will be broadcast live in the UK by TNT Sports. After agreeing a one-year deal with Cricket Australia over the weekend TNT now has the rights for all of England’s winter tours, as the broadcaster had deals in place to cover both white-ball series in New Zealand and Sri Lanka either side of the Ashes.TNT’s predecessor, BT Sport, bought the rights for the past two Ashes tours so the new deal may be inauspicious for Ben Stokes’s side as their viewers have not seen England win a single game. England have lost 13 of the past 15 Tests they have played in Australia, which shows the size of the task for the touring side this winter.TNT has increasingly become the home of England’s winter cricket deals in recent years and has long-term rights in place with New Zealand, West Indies and Pakistan, as well as securing a late deal to cover England’s five-Test series in India last winter
The sacking of Simon Goodwin was ruthless but the right call for the Demons | Martin Pegan
Simon Goodwin will forever remain in Melbourne folklore as the coach that broke the curse – the coach that finally followed in the footsteps of club great Norm Smith when he helped end almost six decades of misery with a fairytale premiership. For now, Goodwin is one of only four coaches to lead the Demons to a VFL/AFL flag. But the one-time powerhouse club is right to look forward rather than backward, in the hope of finding the next coach to take it to the promised land.Melbourne’s decision to sack a premiership-winner is among the most ruthless the AFL has seen in recent years. It has become all too common for head coaches to be given extra time, whether to build a team from the ground up or to turn around an unexpected decline
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