Rachel Reeves says May’s fall in GDP is ‘disappointing’; Trump tariffs knock markets – as it happened

Chancellor Rachel Reeves has described the latest GDP figures as “disappointing”.Following this morning’s news that the UK economy contracted by 0.1% in May, Reeves points to the government’s efforts to support households financially:“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.“The choices we have made in our first year in government have seen us extend the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers

Fall in UK GDP puts focus back on expectations of tax rises in autumn budget

May’s unexpected 0.1% decline in GDP will make depressing reading for Rachel Reeves before a tough budget in the autumn.Stronger-than-expected growth would have helped to alleviate the squeeze on the public finances – but there is nothing in this latest data pointing to an upturn.The 0.1% fall in May is marginal, but it follows a 0

UK government considers rescue package for second major steel plant this year

Ministers are considering options to step in to save another major steel plant if its parent company collapses into administration after a key court case next week.The business secretary, Jonathan Reynolds, is understood to be looking at what the government can do to support Speciality Steel UK (SSUK) – part of the Liberty Steel Group owned by Sanjeev Gupta – should it be faced with possible closure after Wednesday’s insolvency hearing.Those close to the government’s thinking say Reynolds has not ruled out taking full control of the business, which employs 1,450 people at plants in Rotherham and Sheffield in South Yorkshire.It would become the second plant to fall under state control this year, after ministers took control of the similarly threatened British Steel plant in Scunthorpe from its Chinese owners – though Speciality Steel’s plants are likely to prove easier to sell to a different owner.A government spokesperson said: “We continue to closely monitor developments around Liberty Steel, including any public hearings, which are a matter for the company

Zonal pricing is dead. Now Miliband should be less absolutist on his 2030 goals | Nils Pratley

The chief executive of Ofgem, Jonathan Brearley, backed zonal pricing. Fintan Slye, the head of the National Energy System Operator, also supported a system that could have led to different parts of Great Britain charging different rates for their electricity. Chris Stark, the head of the “mission control” unit within Ed Miliband’s energy department, declared himself to be “zonal curious”.But it’s not going to happen. After intense lobbying from both sides of the great philosophical divide in energy-land, Miliband has killed the zonal option

FTSE 100 hits record high as investors shrug off trade war concerns

The FTSE 100 index of the most valuable companies on the London Stock Exchange has soared to a record high as investors shrugged off concerns over Donald Trump’s trade wars.The FTSE 100 had the 9,000-point mark in its sights on Thursday, as it climbed to 8,979 points, above its previous all-time high of 8,908 points.Stocks rose in London amid a global rally, as traders grew confident that Trump would either reach agreements with US trading partners, or again delay or dial back his threatened tariffs.Mining stocks led the FTSE 100 risers, with Anglo American, Glencore and Rio Tinto gaining about 3.8%

FTSE 100 share index hits record high; four people arrested over UK cyber-attacks – as it happened

Newsflash: Britain’s blue-chip stock index has hit a new alltime high, as investors shrug off the threat of Donald Trump’s trade wars.Update: The FTSE 100 index has risen by as much as 80 points, or 0.9%, to a fresh record peak of 8947.84 points, over the previous record of 8908.82 set in March