Pharmaceutical firm Eli Lilly has become the latest huge company to take aim at the UK, following Merck, AstraZeneca and others criticising the investing landscape and pricing approach compared to other nations. The drugmakers appear to be trying to collectively fashion a more favourable environment to produce and sell in the country, following the government putting life sciences as one of their key pillars in this year’s business growth strategy.
Elsewhere retailer JD Sports have said they expect “limited” impact on profits from US tariffs, but also say there is “elevated unemployment risk” going forward. Amazon have announced plans to shut all of their Fresh grocery stores in the UK.
The FTSE 100 fell on Wednesday morning after US stocks dropped last night, while gold is pushing new all time highs once more and bitcoin’s price has dropped back to around $112,000.
Follow The Independent’s live coverage of the latest stock markets and business news here:
Key points
- FTSE 100 sees steep fall in early trading
- Greggs to open a pub!
- Iberdrola energy firm to invest billions in the UK
- More pharma woe for government as Mounjaro maker says it's worst place for prices
Think tank proposes tax on middle class rather than rich
12:00 , Karl MatchettA think tank funded by Lord Sainsbury, founder of the supermarket, says the government should tax the middle class rather than the rich in the upcoming Budget.
The Institute for Government said tax increases should “fall on those with average incomes”.
Previously, The Resolution Foundation said Rachel Reeves should cut NI by 2p and add it to income tax.
The Treasury has said it will not alter income tax.
How energy standing charges are changing as Martin Lewis slams ‘disappointing’ plans
11:40 , Karl MatchettOfgem has announced that major changes are coming to energy tariffs as soon as next year as it recommends providers be required offering at least one deal with lower standing charges.
The energy regulator said it wants to give consumers more choice on how they pay the flat-rate charges, with the plans set to allow households to pay the costs as part of their unit rate by lowering the daily fixed amount.
This means that it’s unlikely bills will actually be lowered by the changes, Ofgem has explained, as the charge is just moved from one part of the bill to another.
The proposal comes after calls from campaigners to scrap the flat-rate standing charge, which is applied daily regardless of how much energy the customer uses.
How energy standing charges are changing as Martin Lewis slams ‘disappointing’ plans
Barclays lowering some mortgage rates including below 4%
11:19 , Karl MatchettThe mortgage market continues to fluctuate and Barclays this week follow Nationwide in lowering the rates on some products again.
It includes some deals dropping back below the 4 per cent interest rate mark, such as a two-year fix on 80% LTV, which will decrease to 3.98 per cent.
A “limited number” of products are set to increase as well.
Changes are effective from tomorrow - Thursday 25 September.
Mounjaro maker says UK ‘worst country in Europe’ for drug prices
10:46 , Karl MatchettWeight-loss drug manufacturer Eli Lilly has taken aim at the government, claiming the UK is “probably the worst country in Europe” for medicine pricing.
Dave Ricks, chief executive of the firm that makes Mounjaro, told the Financial Times that the UK pays less than other nations for its products and added, “unless that changes, I don’t think they will see many new medicines and I don’t think they will see much investment”.
The comments come amid a spate of disappointing announcements from pharmaceutical firms, including Merck withdrawing from a planned $1bn research hub and London-listed firm AstraZeneca pausing investment on a £200m site in Cambridge.
More here:
Mounjaro manufacturer blasts UK as ‘worst country in Europe’ for drug prices
Spanish energy firm Iberdrola promises €20bn UK investment
10:21 , Karl MatchettOne of the world’s biggest energy businesses, Iberdrola, plans to invest €20bn in the UK across the next three years.
Executive chair Ignacio Galan said the UK had “predictability and stability” in the sector and that regulator Ofgem had improved the attractiveness of investing in the region over the last five years
A total of €58bn between the Spanish company and investing partners will be spent on networks across the globe, with two-thirds of that split between the UK and US.
Iberdrola owns Electricity North West and Scottish Power in the UK among other assets.
Reeves says UK ‘open for business’ as Revolut pledges £3bn new investment
10:00 , Karl MatchettRachel Reeves has said the UK is getting “ahead in the global race for investment” as Revolut unveiled plans to plug £3 billion into its expansion in the country.
The Chancellor welcomed the pledge at the opening of the financial firm’s new head office in London’s Canary Wharf.
It follows major US financial firms last week announcing billions of pounds worth of investment into jobs and growth in the UK.
Ms Reeves said: “The UK is well and truly open for business under this Government.”
Reeves says UK ‘open for business’ as Revolut pledges £3bn new investment
Beauty Tech Group set to join LSE at around £300m valuation
09:45 , Karl MatchettA bit of a boost for the London Stock Exchange today, with the business group behind beauty gadgets reportedly used by a bunch of celebrities set to IPO in October.
The listing should see the Beauty Tech Group set to be valued at up to £320 million, with shares for the IPO priced at 251p to 291p each.
Not a massive addition in market cap terms but still a notable business joining the ranks.
The Beauty Tech Group owns brands CurrentBody, ZIIP Beauty and Tria Laser.
It plans to launch the IPO in October to “position the group for the next stage of its development”.
Greggs to open first pub with its own beers on draft
09:30 , Karl MatchettFancy a pint with your steak bake? Well, from this weekend, that dream is set to become a reality as Greggs prepares to open its first ever pub this weekend.
More known for sausage rolls than serving pints, the British firm have revamped one area of a prominent department store to serve up exclusive beers and a Greggs-inspired menu.
If you want a slice of the action though, you will need to head to Newcastle – The Golden Flake Tavern is located at the Fenwick shop in Eldon Square.
Full details...
JD Sports bucks the trend as FTSE 100 falls
09:21 , Karl MatchettThe FTSE 100 is down 0.34 per cent in early morning trading, after a low-key - and mixed - overnight session in the US and Asia.
Donald Trump wading back into the Ukraine war has some on edge, given energy and oil factors in the region, with the US president suggesting Russia are in “big economic trouble”, complete with a few misplaced capital letters.
However, not every UK firm is in the red today - around 30 are in the green.
Chief among them is JD Sports, with the footwear retailer up 3.1 per cent after its morning financial report.
Business and money news - 24 September
09:01 , Karl MatchettMorning all. Oodles of business news to get through this morning.
Coming up - Revolut, Eli Lilly, Iberdrola, Greggs, JD Sports and more.
Let’s get into it.
