UK private sector shrinking as firms cut jobs; pressure to raise taxes as government borrowing jumps – as it happened

Britain’s private sector is shrinking for the second month running as factory output falls at the fastest rate in a year and a half, a new survey shows.The latest poll of purchasing managers at UK companies found that private sector output is decreasing in May, although at a slower rate than in April.Manufacturing production fell at the fastest rate since October 2023, although this was moderated by a “fractional rise” in service sector output.UK firms reported that clients were cautious this month, due to business uncertainty, leading to a drop in new orders. However, worries about US tariffs have dropped this month, after Donald Trump delayed tariffs on America’s trading partners and agreed a trade deal with the UK

UK petrol prices poised to fall further as oil prices tumble

Global oil prices have tumbled by more than $1 a barrel in a sign that pressure on households at the petrol pumps could ease further.The price of Brent crude fell to $63.86 a barrel on Thursday following reports that the Opec oil cartel and its allies may increase their production for July, despite weaker global demand for fossil fuels.The price of crude is now well below the $80.53 a barrel average recorded last year, a fall that has helped to put pump prices at their lowest level in almost four years

OpenAI buys iPhone architect’s startup for $6.4bn

OpenAI is buying an untested startup for $6.4bn, the ChatGPT maker’s biggest acquisition yet. The hardware startup, called io, was founded by Apple design guru Jony Ive, known best as one of the principal architects of the iPhone. Ive and OpenAI’s CEO, Sam Altman, said in a blog post that their partnership has been two years in the making.“A collaboration built upon friendship, curiosity and shared values quickly grew in ambition,” they wrote in the blog post, which offered scant details on upcoming devices

Scattered Spider is focus of NCA inquiry into cyber-attacks against UK retailers

A hacker community known as Scattered Spider is a key suspect in a criminal inquiry into cyber-attacks against UK retailers including Marks & Spencer, detectives have said.Scattered Spider, a loose collective of native English-speaking cybercriminals, has been strongly linked with hacks against M&S, the Co-op and Harrods. M&S said on Wednesday it will take an estimated £300m hit to profits after its systems were hacked last month.The UK’s National Crime Agency, whose remit includes combating cybercrime, said the group was a focus in its investigations.“We are looking at the group that is publicly known as Scattered Spider, but we’ve got a range of different hypotheses and we’ll follow the evidence to get to the offenders,” Paul Foster, the head of the NCA’s national cybercrime unit, told the BBC

Football Australia ‘not satisfied’ with $8.5m loss amid concern over A-League debt

Football Australia’s chair has admitted he is unhappy with his organisation’s financial performance as the local game faces a raft of challenges including the search for a new chief executive and the A-Leagues’ struggles with debt.FA recorded an $8.5m loss in 2024 according to the financial accounts presented at Friday’s annual general meeting in Sydney, which included writing off more than $4m in bad debt, some from A-Leagues operator APL.FA chair, Anter Isaac, said he was “not satisfied” with the loss, which represents almost 7% of revenue, in a year the organisation brought in a record $124m. He revealed FA has invested in “enhanced financial strategy, management and governance systems” to address the financial challenges

Wallaroos thumped 45-7 by Canada in harsh World Cup reality check

The rise of Australia’s rugby women has been rocked by a clinical Canada in Brisbane, walloped 45-7 by the world No 2 side to crush local hopes of a first Pacific Four title. It extends the Wallaroo’s dismal run against the North Americans to 0-7 in XVs and leaves them plenty to ponder in the three Test lead-in to the World Cup in August.The eight-try trouncing salts the wound of Australia’s shock defeat to Canada in the Sevens semi-final at the 2024 Olympics, where a 12-0 lead at Stade de France imploded into a 22-12 cataclysm. It ended their gold medal dreams and impacted the playoff for bronze, where a late USA try ultimately left the 2016 champions without a medal.But hopes were high those demons could be laid to rest in Brisbane