Sizewell C nuclear power plant ‘could get go-ahead within weeks’

UK ministers could give the go-ahead to the new Sizewell C nuclear power plant in Suffolk within weeks, according to reports.Keir Starmer is expected to give the final nod to begin construction of Britain’s second new nuclear power project in a generation, alongside the French nuclear developer EDF, at a Franco-British summit next month.The final approval for Sizewell C, first reported by the Financial Times, would mark the end of a 15-year journey to secure investment for the plant since the site was first earmarked for new nuclear development in 2010.The government is understood to be in the final stages of securing billions of pounds of investment from the private sector to back the project, which follows the Hinkley Point C nuclear plant, which is under construction in Somerset.Ministers are expected to use the government’s spending review, scheduled for 11 June, to set out the UK’s investment in the project, which will ultimately rely on a mix of funding from taxpayers and via energy bills

UK will slump to 1% growth next year as Trump tariffs bite, says OECD

The UK’s economic growth will be slower than expected this year and next as the damage caused by Donald Trump’s tariff war hits trade and investment, according to a gloomy forecast by the Organisation for Economic Co-operation and Development (OECD).The international body downgraded its expectations for this year and next from a forecast made in March, pushing down UK growth from 1.4% to 1.3% in 2025 and from 1.2% to 1% next year

Water industry in England and Wales needs ‘fundamental reset’, review finds

The “deep-rooted, systemic” problems in the water industry in England and Wales are the fault of companies, the government and industry regulators, according to a much-anticipated review, which was immediately criticised for failing to recommend bold action by sewage pollution campaigners.An interim review into the water industry written by Sir Jon Cunliffe, a former deputy governor of the Bank of England, and commissioned by the government found there was “no simple, single change, no matter how radical, that will deliver the fundamental reset that is needed for the water sector”.Cunliffe, the chair of the Independent Water Commission, said public trust in the water industry had been shaken by “pollution, financial difficulties, mismanagement [and] infrastructure failures”.Campaigners expressed disappointment that the report failed to recommend clear actions to end the crisis, which was underlined on Tuesday when Thames Water, Britain’s biggest water company, said the US private equity group KKR had pulled out of a deal to inject fresh equity, leaving its future in doubt.James Wallace, the chief executive of River Action, said: “This interim report signals some progress on regulation, but it reads more like a sales pitch to international investors and overpaid CEOs than the urgent restructuring of corrupted water companies

US manufacturers hurt by Trump trade war; pound near three-year high against dollar – as it happened

Oof! Economic activity in the US manufacturing sector contracted in May for the third consecutive month, as factories were hit by a slump in export orders.In a sign of the economic damage caused by Donald Trump’s trade war, US manufacturers have reported that new orders, and backlogs of work, fell last month, while production and employment levels contracted.That’s according to the latest poll of purchasing managers by the Institute of Supply Management (ISM), which shows that US manufacturing activity slipped further into contraction last month.Worryingly, 57% of the sector’s gross domestic product (GDP) contracted in May, up from 41% in April, the ISM say.Several firms surveyed by the ISM reported that trade war turmoil is causing disruption

Gina Rinehart helped Liberals raise nearly $400,000 at exclusive dinner that led to wrongful dismissal claim

Mining magnate Gina Rinehart helped the Liberal party raise almost $400,000 at an exclusive dinner on the eve of the federal election campaign, the event’s organiser has revealed, but fallout from the function has left the party embroiled in a public dispute.Donors paid up to $25,000 to hear Rinehart speak at the 26 March dinner in Melbourne, which has been described as “the party’s most successful event in more than five years”.Sign up for Guardian Australia’s breaking news emailThe private dinner’s revenue was disclosed by its organiser, Nadine Jones, in a wrongful dismissal claim related to the event that was submitted to the Fair Work Commission. At the time of the dinner, Jones was working as the executive director of the Victorian Liberals’ fundraising arm, Enterprise Victoria.The Fair Work Commission dispute comes as the party deals with ongoing public fallout from Moira Deeming’s successful defamation case against John Pesutto, which could see the former Victorian Liberal leader bankrupted and disqualified from parliament if he is unable to pay $2

M&S boss’s pay package soared to £7.1m weeks before cyber-attack

The pay package of Marks & Spencer’s chief executive jumped to more than £7m just weeks before the cyber-attack that rocked the retailer.Stuart Machin received £7.1m for last financial year, up nearly 40% on the £5.1m he took home a year earlier, according to its annual report. He received the bump thanks to a sharp rise in performance-linked bonuses