Barratt Redrow warns of budget uncertainty affecting property market

Britain’s largest housebuilder Barratt Redrow has warned of a “tough market” and expects little growth in the next 12 months amid uncertainty around property taxes.David Thomas, the executive of the company, which was enlarged by Barratt’s £2.5bn acquisition of Redrow last October, cautioned that “the housing market remains challenging and we anticipate limited growth in 2026”.High mortgage costs have squeezed homebuyers’ budgets. The Bank of England is widely expected to keep its base rate at 4% on Thursday

UK inflation holds steady at 3.8% as fuel prices offset falling air fares

UK inflation held steady in August, official figures show, maintaining pressure on households as the Bank of England prepares to keep borrowing costs at elevated levels.Figures from the Office for National Statistics (ONS) show the annual rate of inflation as measured by the consumer prices index remained at 3.8% last month, the same level as July and matching the forecasts of City economists.Financial markets are widely predicting that Bank policymakers will keep interest rates on hold at 4% on Thursday amid signs of sustained inflationary pressures at almost twice its official 2% target rate.After sharp increases in the headline rate in recent months, the ONS said various price movements offset each other in August

Trump’s tariffs have hurt tea exports to the US, says Fortnum & Mason boss

The boss of upmarket retailer Fortnum & Mason has said Donald Trump’s trade war has hit sales of its luxury tea exports to the US and forced up prices.Tom Athron, the London-based retailer’s chief executive, said Trump’s stricter country of origin rules and the end of the “de minimis” cost exemption for parcels worth less than $800 (£587) had hit customers across the Atlantic.“The American authorities have told us – this is the tea industry in its entirety – that if you’ve got tea from China and India in your tea, then its country of origin [is] China or India, and therefore those enormous tariffs apply,” he told the Financial Times.Trump, who landed in the UK on Tuesday for an unprecedented second state visit for a US president, last month imposed a 50% tariff on imports from India as a punishment for buying Russian oil.And earlier this year, the US administration raised tariffs as high as 145% on Chinese goods as the trade war intensified, before dropping them to 30% in May to facilitate talks between the two trading giants

Bold and ‘brat’: Marks & Spencer bets on womenswear to revive autumn fortunes

After a cyber-attack rained on its summer, Marks & Spencer is banking on fashion to brighten its autumn.A Prada-esque, crystal-embellished, charcoal V-neck cardigan (£46), a faux leather trenchcoat with a price tag of £90 – £6,810 less than the Burberry version – and a £36 short pleated skirt that offers a wearable take on Charli xcx’s “brat” styling will hit shop floors shortly.“We can be bolder because, while we continue to dominate in the over-55s, we’ve got new customers in the 35- to 55-year-old age range,” said Maddy Evans, the brand’s womenswear lead, at a showcase of the new collection in the run-up to London fashion week, which begins on Friday.The store is relying on womenswear, which has been ticking upward in sales and credibility for two years, to lead a bounce back after a devastating cyber-attack that affected M&S from April to August and is predicted to have cost the business £300m in profits.Evans said the retailer was aiming for two-thirds newness in store

UK set on resolving standoff with big pharma, science minister says

The UK is determined to resolve its standoff with the pharmaceutical industry and reverse a 10-year decline in NHS spending on medicines, the science minister has told MPs after a string of drugmakers cancelled projects worth nearly £2bn.Patrick Vallance, a former executive at drugmaker GSK, said the country needed to increase spending on medicines and reverse a decade of declining investment.“We are determined to solve this,” Lord Vallance told the Commons science committee. “This is not something [where] we’re sitting saying let’s watch the decline of the industry. That’s what’s happened for the past 10 years

Jaguar Land Rover extends production shutdown after cyber-attack

Jaguar Land Rover has extended its shutdown on car production, as Britain’s biggest carmaker grapples with the aftermath of a cyber-attack.JLR said on Tuesday it would freeze production until at least next Wednesday, 24 September, as it continues its investigations into the hack, which first emerged earlier this month.The manufacturer said: “We have taken this decision as our forensic investigation of the cyber incident continues, and as we consider the different stages of the controlled restart of our global operations, which will take time.“We are very sorry for the continued disruption this incident is causing and we will continue to update as the investigation progresses.”JLR, which is owned by India’s Tata group, stopped production at its sites after discovering hackers had infiltrated its systems a few weeks ago