Just in: the number of companies in England and Wales falling into insolvency dropped last month.The Insolvency Service has reported that there were 2,043 registered company insolvencies in England and Wales in June, 8% lower than in May 2025 (2,230) and 16% lower than in June 2024, when 2,430 companies failed.That could ease some concerns over the health of the UK economy, as companies tackle rising inflation and higher taxes.Despite the drop, monthly company insolvency numbers in the first six months of 2025 were slightly higher than the second half of 2024, but remain lower than the 30-year annual high seen in 2023.The Insolvency Service says:Company insolvencies in June 2025 consisted of 332 compulsory liquidations, 1,585 creditors’ voluntary liquidations (CVLs), 111 administrations and 15 company voluntary arrangements (CVAs).

There were no receivership appointments,Time to wrap up…Analysts have welcomed a small fall in company insolvencies across England and Wales,The Insolvency Service has reported that there were 2,043 registered company insolvencies in England and Wales in June, 8% lower than in May 2025 (2,230) and 16% lower than in June 2024, when 2,430 companies failed,Donald Trump has claimed that Federal Reserve chair Jerome Powell was “truly one of my worst appointments,” and also criticised the Fed Board for not forcing rate cuts,Federal Reserve governor Christopher Waller has said he would accept the job as Fed chair if asked by President Donald Trump.

G20 finance leaders have agreed a final communique on Friday that stressed the importance of central bank independence, saying:“Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner.Central bank independence is crucial to achieving this goal.”Elsewhere…China has welcomed the US’s decision to allow Nvidia to ship its H20 AI chips England and Wales’ embattled water regulator Ofwat will be abolished under recommendations from a government-commissioned review due on Monday, the Guardian understands.US consumer sentiment has risen to a five-month high.Goodnight, and have a lovely weekend.

GWBritain’s stock market has ended the week close to its record high.The FTSE 100 index has finished today’s session at 8992.12 points, up 19.5 points or 0.22%.

That’s only a handful of points shy of Monday’s record closing high of 8998 points.Rentokil (+3%) and Antofagasta (+2.6%) led the risers.Mexico’s president Claudia Sheinbaum may not have got the memo about central bank independence…..

MEXICAN PRESIDENT SHEINBAUM: I AM IN AGREEMENT WITH LOWERING THE INTEREST RATEMEXICAN PRESIDENT SHEINBAUM: RECENT RISE IN INFLATION IS NOT RESULT OF INTEREST RATE CUTThe US dollar is closing out the week weaker as the fallout from the latest threat from President Trump to fire Fed Chair Powell lingers.The dollar index is down 0.45% today, while the pound is up 0.2% at $1.3443.

Derek Halpenny and Lee Hardman of MUFG explain:We see this as more than just about whether Trump fires Powell.The comments from Fed Governor Waller indicate potential political influence with his comments much more explicit in calling for a July rate cut than in the past (see here).Governor Bowman is also open to cutting in July.Is Trump’s influence already playing a role?That’s key given Trump likely has two more picks for Governors next year (to replace Kugler and Powell – we assume he will leave although technically he doesn’t have to).Consumer confidence across the US has inched up this month, according to the latest data.

The University of Michigan consumer sentiment index has risen to 61,8 points in July, up from 60,7 in june, lifted by an improvement in people’s economic conditions and consumer expectations,That’s its highest reading in five months, since the early days of Donald Trump’s trade war,Surveys of Consumers director Joanne Hsu points out, though, that sentiment remains a substantial 16% below December 2024 and is well below its historical average.

Hsu adds:Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example if trade policy stabilizes for the foreseeable future.At this time, the interviews reveal little evidence that other policy developments, including the recent passage of the tax and spending bill, moved the needle much on consumer sentiment.A broad-based beat in the University of Michigan sentiment:•Both current and forward-looking confidence came in above consensus, and•Inflation expectations were softer than expected.While not definitive, the data incrementally supports a more favorable resolution in the…Thomas Ryan, North America economist at Capital Economics, says:The small rise in the University of Michigan consumer sentiment index in July and further drop-back in inflation expectations shows that, while overall confidence remains weak, households are less worried than they were about how Trump’s policies might hit the economy, their finances, and purchasing power.British travellers to the EU will likely have to pay a €20 visa-waiver charge to enter the European Union from 2026, in a near-tripling of the original fee, my colleague Jennifer Rankin in Brussels reports.

The €20 fee represents a nearly three-fold increase on the original €7 fee,It is expected to raise €2bn in revenues, although part of this sum will pay for operating costs,The European commission published plans for a €2 trillion budget for 2028-34 earlier this week, with proposed taxes on big companies, e-waste and tobacco,Buried in the small print, the commission also suggests “additional other revenue” could be generated by adjusting fees for the European Travel Information and Authorisation scheme, the EU equivalent to the US Esta,The ETIAS €7 fee was agreed in 2018, but the commission said that inflation and additional operational costs meant “the fee will be adjusted to €20 per application”.

The higher fee becomes law, unless EU member states and the European parliament raise objections in the next two months.The €20 fee will apply to nationals from dozens of countries, including Ukraine, Canada, the United States, Brazil and Japan.The visa-waiver status will last for three years, or the expiry of a passport.Travellers will have to pay the fee from the final quarter of 2026 when Etias comes into force.British citizens who live in the EU with status guaranteed under the Brexit withdrawal agreement will be exempt, as will children and people aged over 70 when they made the application.

A top official at the International Monetary Fund has warned that “high levels of policy uncertainty” remained a key theme at the meeting of G20 finance ministers in Durban this week.Gita Gopinath, the IMF’s First Deputy Managing Director, says economic indicators have reflected a complex backdrop shaped by trade tensions since April (when the Fund released its latest forecasts, and Donald Trump announced his ‘Liberation Day’ tariffs).Gopinath says:We have seen strong evidence of front-loading ahead of tariff increases and some trade diversion.We have also seen an improvement in global financial conditions as select trade deals lowered average tariffs.On inflation, cooling demand and falling energy prices point to a continued decline, albeit with variation across countries.

And on Financial Sector issues, Gopinath warned of risks and urged close monitoring of non-bank financial institutions (NBFIs) (such as investment funds, insurance companies, pension funds and other financial intermediaries),Even though financial conditions have eased since April, with trade and geopolitical uncertainty still elevated, financial stability risks remain in focus,Asset valuations are once again stretched, the use of leverage remains high in parts of the financial system, and periodic pressure observed on government bond yields and market functioning carries the risk of broad repercussions, particularly against a backdrop of large fiscal deficits and increased illiquidity,Vigilant surveillance and robust supervision remain paramount and recent progress in financial sector oversight must continue, particularly for NBFIs which now account for more than 50 percent of the financial sectorShares in Netflix have dropped in early trading, after its results last night,Netflix raised its full-year revenue outlook yesterday, and reported $11bn revenue for the quarter to the end of June, a 16% year-on-year increase.

But traders may have hoped for more – Netflix’s shares are down 4.7% in early trading.The company also revealed overnight that it had used artificial intelligence in one of its TV shows for the first time, by including generative AI footage in its Argentinian science fiction series El Eternauta (The Eternaut).Wall Street has opened higher, as investors weigh up the chances of early cuts to US interest rates.The Dow Jones Industrial Average rose 54.

46 points, or 0.13%, at the start of trading to 44,542.97.The broader S&P 500 index gained 0.23% while the Nasdaq Composite is up 0.

34%.News is emerging from Durban that G20 finance leaders have agreed a final communique on Friday that stressed the importance of central bank independence.That’s a timely reminder to Donald Trump of the dangers of undermining the Federal Reserve, as he continues to throw insults their way.The communique says:“Central banks are strongly committed to ensuring price stability, consistent with their respective mandates, and will continue to adjust their policies in a data-dependent manner.Central bank independence is crucial to achieving this goal.

”The G20 also “recognise the importance of the world trade organisation to advance trade issues”, and say they are “committed to international policy cooperation to further promote global prosperity”.But they also warn that the global economy is facing “heightened uncertainty and complex challenges”.Hello hello….Federal Reserve governor Christopher Waller has said he would accept the job as Fed chair if asked by President Donald Trump.Waller made the comments today, just hours after throwing his weight behind calls for a rate cut this month (see earlier post).

According to Reuters, Waller said:“In 2019 the president contacted me and said, ‘Would you serve?’ And I said yes.“If the president contacted me and said, ‘I want you to serve,’ I would do it.But he has not contacted me.”Big news in the water industry: England and Wales’ embattled water regulator will be abolished under recommendations from a government-commissioned review due on Monday, the Guardian understands.Ministers will next week announce a consultation into creating a new regulator, to coincide with the results of a review into the water industry directed by former Bank of England deputy governor Sir Jon Cunliffe.

This consultation is likely to conclude in the abolishment of Ofwat, the embattled watchdog that polices how much water companies can charge for their services in England and Wales, sources said,Ofwat has faced intense criticism over its failure to prevent sewage spills, hefty payment of dividends and ballooning debts across England and Wales’s water companies,The review will recommend the creation of new regulatory system,More here,Back in the City, fashion group Burberry is one of the best performers on the London stock market today, after slowing its decline in sales.

Surprisingly, demand for Burberry wellies, scarves and light jackets to wear at music festivals have helped the fashion brand to its best sales performance in 18 months, my colleague Sarah Butler reports.Sales of the luxury British brand fell by 2% to £433m in the three months to the end of June, with a 1% decline at established stores, an improvement from the 6% fall in the previous quarter and the best performance since Christmas 2023.Shares in Burberry are up almost 5%, making it one of the top risers on the FTSE 250 share index.One member of the Federal Reserve board, Christopher Waller, should be in president Trump’s good books, though.Last night, Waller argued that the Fed should cut rates by the end of this month, and cited growing risks to the economy and (he argued) limited inflationary risks from trade tariffs.

Waller told a gathering of Money Marketeers of New York University:I believe it makes sense to cut the FOMC’s policy rate by 25 basis points two weeks from now,And looking to later this year, if, as I expect, underlying inflation remains in check—with headline inflation data reporting modest, temporary increases from tariffs that are not unanchoring inflation expectations—and the economy continues to grow slowly, I would support further 25 basis point cuts to move monetary policy toward neutral,The Fed’s next two-day meeting starts on 29 July, with a decision scheduled for the 30th,Brad Bechtel of investment bank Jefferies says Waller’s speech is getting some attention, explaining:Waller not typically a politically motivated character on the Fed, so his strong view on this matter is important in that context,His main arguments are that 1) tariffs are a one-off price increase and not a consistent impact to inflation, 2) GDP is below trend and a little too soft, arguing for rates closer to neutral, 3) employment looks fine on the surface, but downside risks have increased and private sector payroll growth is near ‘stall speed’.

He therefore thinks we should cut rates by a quarter this month.Pretty strong view from Waller as the Fed gets close to entering their blackout period before the next meeting.Donald Trump has just declared that choosing Jerome Powell in 2017 to run the US Federal Reserve was one of his “worst” decisions, calling America’s top central banker a “numbskull” for not lowering borrowing costs.Trump blames president Biden, who he dubs “Sleepy Joe”, for renominating Powell in 2021, and also blasts the Fed’s board for not lowering rates.Posting on his Truth Social site, Trump again refers to Powell as “Too Late”, and again claims that US interest rates (currently a 4.

25%-4.5% range) should be considerable lower, at just 1% (!).Trump writes:“Too Late,” and the Fed, are choking out the housing market with their high rate, making it difficult for people, especially the young, to buy a house.He is truly one of my worst appointments.Sleepy Joe saw how bad he was and reappointed him anyway - And the Fed Board has done nothing to stop this “numbskull” from hurting so many people.

In many ways the Board is equally to blame! The USA is Rockin’, there is VERY LOW INFLATION, and we deserve to be at 1%, saving One Trillion Dollars a year on Interest Costs,I can’t tell you how dumb Too Late is - So bad for our Country!Stock markets wobbled earlier this week following reports that Trump was preparing to fire Powell, but recovered when the president denied it,The Fed’s board makes up a majority on the FOMC committee which vote to set US interest rates,The FOMC have voted to leave interest rates on hold so far this year, partly due to concerns that Trump’s trade war will be inflationary,The Insolvency Service has also reported that 10,279 individuals entered insolvency in England and Wales last month