Meet the Estonian amateur who started golf by accident and qualified for the Open
Post Office could hand ownership to staff amid review after Horizon scandal
Ministers are to consider handing over ownership of the Post Office to its operators after the Horizon IT scandal.The Department for Business and Trade (DBT) has published a green paper, starting the first big review of the scandal-plagued organisation in 15 years. The review, which will run until 6 October, follows the publication last week of the first part of the findings from a two-year public inquiry into the Horizon IT scandal.Ministers said part of the review would include looking at the ownership model of the Post Office, which is ultimately controlled by the government, including the possibility of mutualisation or a BBC-style charter model.Ministers have previously met representatives of post office operators to discuss the possibility of handing ownership to the network branch managers who run its 11,665 outlets
Bank of England governor says jobs slowdown could prompt rate cut; European markets fall after Trump tariff threat – as it happened
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The pound has dropped to a three-week low this morning, after the governor of the Bank of England said it could make larger cuts to interest rates if the jobs market slows quickly.Andrew Bailey told The Times that “slack” was opening up in the UK economy, following the increase to employers’ national insurance contributions. That slack should create downward pressure on inflation.Bailey insisted: “I really do believe the path is downward” for interest rates
English water firm doubles CEO’s pay despite ‘elevated concern’ over finances
A water company serving 3.9 million customers in London and south-east England has doubled the pay of its chief executive despite the regulator saying it had “elevated concern” over its financial situation.Affinity Water said its chief executive, Keith Haslett, received £1.6m for the 2024-25 financial year, up from £709,000 the year before.Bosses’ pay at privately owned water companies has been under intense scrutiny in recent years as the public and politicians expressed increasing anger over leaking infrastructure and sewage spills into rivers
Pound drops after Bank of England says it could cut interest rates more if jobs market slows
The pound dropped to a three-week low after the governor of the Bank of England said it could make bigger cuts to interest rates if the job market slows too quickly.Andrew Bailey said “slack” was opening up in the UK economy, as higher taxes have squeezed employers.He told the Times: “I really do believe the path is downward” for interest rates. The bank rate stands at 4.25%, after four quarter-point cuts in the last year, and the Bank is next scheduled to make another decision on 7 August
Thames Water announces hosepipe ban as dry weather depletes reservoirs
Thames Water has announced a hosepipe ban as a record dry spring and summer has severely reduced water supplies.Households in Gloucestershire, Oxfordshire, Berkshire and Wiltshire will be banned from using hosepipes to wash cars or water gardens from Tuesday 22 July.The ban will affect all OX, GL and SN postcodes, as well as RG4, RG8 and RG9.The recent hot weather has caused a large surge in demand as people water their gardens and keep cool in the heatwave.Nevil Muncaster, strategic water resources director at Thames Water, said he did not “anticipate the situation will improve any time soon”, adding: “We have to take action now
Tax pubs on profit not turnover, urges Greene King boss
The boss of the pub chain Greene King has called for changes to business rates to remedy “unfairness” that he said added to financial pressures on the struggling pubs industry.Nick Mackenzie, Greene King’s chief executive, said the business rates system of property taxes should be changed to a tax on profits.The British pub industry has complained that it is under pressure from a series of increasing costs. The trade body the British Beer and Pub Association (BBPA) said last week it expected pub closures at a rate of more than one a day during 2025, adding to the 350 net closures during 2024. It said business rates were a factor in those closures
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