UK manufacturers to cut jobs ‘within weeks unless ministers can strike trade deal’

Britain’s manufacturers will start cutting jobs “within weeks” unless the government can strike a deal to safeguard the UK economy from Donald Trump’s trade war, industry leaders have told MPs.Senior executives from the UK’s automotive, manufacturing and energy sectors warned a committee of MPs to expect job losses this summer if the US moves ahead with a swathe of global trade tariffs set out by Trump earlier this month.The stark warning has emerged as the chancellor, Rachel Reeves, travels to the US to hold her first in-person meeting with her American counterpart, Scott Bessent, about striking a new trade agreement to soften the blow of Trump’s looming trade war.Otherwise, the UK government may need to put in place a Covid-style furlough scheme to cover the wages of those likely to lose their jobs this summer, the industry figures said.Mike Hawes, the chief executive of the Society of Motor Manufacturers and Traders (SMMT), said Trump’s moves to upend the global economy were likely to have a “severe, significant and immediate” impact on high-end UK carmakers which serve the US market

British Steel halts redundancy plans after government rescue

British Steel will not continue with a consultation on making up to 2,700 steelworkers at its Scunthorpe plant redundant, after the government took control of the firm earlier this month.The Chinese company Jingye, which promised a “new chapter” when it bought British Steel in 2020, last month proposed closing Scunthorpe’s two blast furnaces, putting the roles under threat and ending Britain’s ability to produce steel from scratch.The UK government responded by recalling parliament to approve legislation granting ministers emergency powers to take control ofthe company and continue production at the site.British Steel confirmed on Tuesday that it had officially withdrawn redundancy consultation forms, formally bringing the process to an end.The decision comes after a frantic scramble at the highest level of government to secure a shipment of raw materials to feed the plant’s two furnaces, nicknamed Queen Anne and Queen Bess

Even Trump must know that firing the chair of the Fed would be self-defeating | Nils Pratley

US stock markets, Treasury bonds and the dollar itself are sliding amid the tariff turmoil and Donald Trump needs a soft target. It was probably only a matter of time before he intensified his attacks on Jerome Powell, chair of the US Federal Reserve. It is an easy narrative to blame the dull central banker with orthodox worries about anchoring inflation expectations. Nor is Powell able to engage in tit-for-tat soundbites. Unlike Trump, he must measure the impact on markets of his every word

IMF slashes global growth forecast to 2.8% this year due to Trump trade war – as it happened

Newsflash: the International Monetary Fund has slashed its forecasts for global growth this year and in 2026, due to the disruption caused by Donald Trump’s trade war.The IMF is now predicting that growth across the world economy will fall to 2.8% this year, down from 3.3% in 2024, followed by 3% growth next year. Back in January, the Fund had forecast 3

Risks to global financial stability surging after Trump tariffs, warns IMF

The global financial system is coming under increasing strain as Donald Trump’s trade war rocks markets, the International Monetary Fund has warned.“Global financial stability risks have increased significantly,” the IMF said in its regular snapshot of the system, urging regulators to be on the alert for potential crises.It pointed to the “sharp repricing of risk assets” that has followed the US president’s tariff announcements since February – in particular his 2 April “liberation day” statement – and warned that there may be more to come.Published as finance ministers and central bankers gather in Washington for the IMF’s spring meetings – and as the IMF downgraded its forecasts for global growth amid tariff concerns – the Global Financial Stability Report identified what it called “forward-looking vulnerabilities” in markets.These include what it said were overstretched valuations for stocks and bonds in some areas, even after recent sell-offs; the highly leveraged state of some financial institutions, including hedge funds; and the vulnerability of some governments to volatility in sovereign bond markets

M&S apologises after ‘cyber incident’ hits contactless payments and online orders

Marks & Spencer has apologised to customers after a “cyber incident” affected contactless payments and the pick up of online orders in it stores in recent days.The retailer told shoppers that delays to click and collect orders have continued but it was “working hard to resolve” the issue.It told customers and staff they did not need to take any action, suggesting their data has not been accessed.In a statement to the stock exchange M&S said it had found it “necessary to make some minor, temporary changes to our store operations to protect customers and the business” and was “sorry for any inconvenience experienced”. It said stores remained open and its website and app were operating as normal