Business and charity leaders urge ministers to lead England’s transition to four-day week

More than 100 business and charity leaders have called on ministers to “lead the country’s transition toward a shorter working week”, after the local government secretary criticised a council for shifting to a four-day work pattern.Steve Reed wrote to South Cambridgeshire district council, the first English council to trial a four-day week, raising concerns about performance and value for money, and expressing his “deep disappointment” over the policy.In a letter leaked to the Telegraph, he claimed an independent report had shown performance “declined in key housing-related services including rent collection, reletting times and tenant satisfaction with repairs”.On Thursday, more than 100 leaders across multiple sectors signed an open letter to the business secretary, coordinated by the 4 Day Week Foundation, urging the government to create a working time council to guide the shift towards a shorter week.“As business leaders, trade union leaders and advocates who have witnessed the successful transition to a four-day working week (with no loss of pay) in many contexts, we can say with confidence that it is not just an idea for the future – it is already delivering results today,” the letter states

‘Patients will suffer’: tales from the frontline of the UK pharma crisis

‘We want to see more investment flow to Britain,” the chancellor, Rachel Reeves, urged of big pharmaceutical companies this month, as she indicated that the government was willing to increase the price it pays for NHS drugs. Ministers are likely to announce a rethink on pricing soon, potentially by the end of this week.But the size of that rise remains uncertain. The big question is whether it will be generous enough to convince pharmaceutical companies, which account for a near-£100bn slice of the UK economy, to resume the investments they had paused in a strong-arm campaign to secure concessions from government.Caught in the middle are the 163,600 people attempting to navigate a career in biopharmaceuticals, which made annual sales of £98

Pound sinks against euro and dollar as tax rises loom and growth slows

The threat of higher taxes in next month’s budget and concerns about slowing economic growth pushed the pound to its lowest level against the euro in more than two and a half years at one point on Wednesday.Sterling also slumped against the dollar as traders digested news that Rachel Reeves will need to fill a larger hole in the public finances when she puts together her budget plan, after a bigger-than-expected downgrade to the UK’s productivity outlook.The pound fell to $1.32 against the dollar, hitting the lowest level since early August. The UK currency fared even worse against the euro, slumping to almost €1

Fed cuts interest rates for second time this year amid economic uncertainty

The US Federal Reserve cut interest rates on Wednesday, the second rate cut this year amid economic turbulence from the federal government shutdown and Donald Trump’s tariffs.The decision to cut the Fed’s benchmark interest rate by a quarter point to a range of 3.75% to 4% comes at an extraordinary moment for the central bank. The Fed has been under immense pressure from Donald Trump to cut rates despite persistent inflation and no longer has access to key data thanks to the shutdown.The Fed chair, Jerome Powell, said on Wednesday that “there is no risk-free path” for the Fed to take with the labor market cooling and prices going up

EU carmakers ‘days away’ from halting work as chip war with China escalates

Carmakers in the EU are “days away” from closing production lines, the industry has warned, as a crisis over computer chip supplies from China escalates.The European Automobile Manufacturers’ Association (ACEA) issued an urgent warning on Wednesday saying its members, which include BMW, Fiat, Peugeot and Volkswagen, were now working on “reserve stocks but supplies are dwindling”.“Assembly line stoppages might only be days away. We urge all involved to redouble their efforts to find a diplomatic way out of this critical situation,” said its director general, Sigrid de Vries.Another ACEA member, Mercedes, is now searching globally for alternative sources of the crucial semiconductors, according to its chief executive, Ola Källenius

Wall Street hits new highs as Nvidia becomes world’s first $5tn company – as it happened

Wall Street’s main indices hit new record highs, as Nvidia become the first company ever to surpass a $5tn stock market valuation.This comes amid a wave of big tech earnings reports, and as investors are waiting for the US Federal Reserve’s interest rate decision later today – it is widely expected to cut rates by a quarter point to 4%.Art Hogan, chief market strategist at B.Riley Wealth Management, told Reuters:While the $5tn milestone seems unfathomable in a historic context, it comes in the wake of a company that has managed to outperform on all metrics.Nvidia shares rose as much as 5% and are now up 4