Business news live: FTSE flat as inflation higher than expected before interest rates decision

The FTSE 100 faces a stern test of its new high levels this week, with Israel-Iran tensions still running high and Tehran facing warnings from President Trump. Positive news for businesses came, however, from the G7 summit where the UK and US finally signed off on their trade agreement.

Domestically, inflation data came in higher than expected meaning no month-to-month drop in the rate after revised figures from the ONS, with all signals pointing to the Bank of England holding interest rates when they announce the latest MPC decision on Thursday.

For investors, a cautious tone has been seen this week and most futures are showing major markets opening flat as a result. AO World and Oxford Metrics were among the firms reporting today, while the FTSE 100 was flat for most of the day.

The Independent brings you the latest business news and stock market updates from Wednesday.

Business and Money news - live updates

• UK inflation holds higher than expected despite fuel costs lowering

Business news live

16:30 , Karl Matchett

Trading is shortly to close on the London Stock Exchange, which has seen the FTSE 100 trade more or less flat all day - up 0.2 per cent shortly before closing time, it has been a day of modest gain overall as the market digests both domestic and international events.

That’s it from us today, we’ll be back tomorrow at 7am as we look ahead to interest rates decision time - see you then.

Mega caps keep spending on AI

Thursday 12 June 2025 10:45 , Karl Matchett

After yesterday’s news that Meta are to buy a stake in Scale AI for almost $15bn, today two more tech behemoths are ready to fund further AI-related initiatives.

Much smaller scale this time, but Nvidia are reportedly investing $15m and Samsung $10m into Skild, a company which makes software for AI robots.

The push towards physical AI-related products, like robots, cars or other moving items, is increasingly seen as the next big driver for those firms who have made huge profits so far from chips and software behind AI models.

More City firms order workers back to office

Thursday 12 June 2025 11:00 , Karl Matchett

The re-rise of office work among financial companies continues to increase, with the FT reporting that Panmure Liberum has joined Deutsche Bank and UBS in telling staff they must choose Mondays or Fridays, or both, as at least one of three office-based days.

The move away from work from home flexibility has been particularly noticeable in City firms this year.

Peel Hunt have staff back in four days now.

HSBC reportedly has a shortage of a “few thousand” desks around the country as they get staff back to the office.

‘I was turned away from a major work event because I had my baby with me’

Thursday 12 June 2025 11:30 , Karl Matchett

A female entrepreneur was left feeling “absolutely humiliated” after she was refused entry to London Tech Week because she was with her 18-month-old daughter.

Davina Schonle had travelled for three hours to get to the event at Olympia, where she planned to meet potential suppliers for her new start-up AI company.

But on arrival on Monday, she said officials prevented her from entering with her daughter, Isabella, who was in a pram.

The incident at the event, which was addressed by Sir Keir Starmer on the same day, has been widely condemned at a time when the tech industry tries to shake off its male-dominated tag.

‘I was turned away from a major work event because I had my baby with me’

Boeing shares fall after plane crash in India

Thursday 12 June 2025 12:00 , Karl Matchett

Ongoing news this morning is from India where a plane bound for Gatwick, London, has crashed.

For more news on that story, follow our live blog here.

Meanwhile, shares in Boeing have dropped 8 per cent in pre-market trading following the news.

The American airliner suffered a spate of issues last year but seemed to have turned a corner, the share price up 15 per cent in a year and 20 per cent year to date in 2025.

Boeing shares tumble after Air India plane crash

Thursday 12 June 2025 12:54 , Karl Matchett

More details on the Boeing share price from PA:

Shares in Boeing tumbled in pre-market trading on Thursday after one of its planes crashed shortly after taking off in India.

The US-based airplane manufacturer, which has been blighted by safety issues in recent years, saw shares drop as much as 8%.

A Boeing 787 Dreamliner aircraft bound for Gatwick airport, carrying 242 people including 53 British nationals, appeared to explode after crashing shortly after taking off from Ahmedabad Airport.

Airline Air India said 169 passengers are Indian nationals, 53 are British, one is Canadian and seven are Portuguese.

Boeing shares tumble after Air India plane crash

EV charger firm Pod Point bought for £10m

Thursday 12 June 2025 13:20 , Karl Matchett

EDF has bought up Pod Point, the company which owns more than a quarter of a million electric vehicle charging points, for around £10.6m.

The energy giant was already a stakeholder and said the buyout was the only reasonable way to let Pod Point continue as a viable business amid challenging conditions.

While Pod Point’s share price peaked at 275p after its 2021 IPO, EDF’s deal for it means a payment of about 6.5p per share.

FTSE 100 slightly up while European markets stay in the red

Thursday 12 June 2025 13:40 , Karl Matchett

The UK’s primary index, the FTSE 100, remains up by 0.13 per cent today, in contrast to the benchmarks in France and Germany which are down 0.6 and 1.0 per cent respectively.

Within the 100 on these shores, Halma (4.3pc), BT (2.96pc) and Tesco (2.86pc) are the biggest risers.

At the other end of the charts, airlines Easyjet and British Airways owner IAG are more more than 3.5 per cent down, as the wider airline industry watches on to events in India.

US stocks: Oracle to rise but futures show S&P 500 to open lower

Thursday 12 June 2025 14:00 , Karl Matchett

A little while ahead of opening, caution and uncertainty around trade deals mean stocks are set to open lower in the US today.

The S&P 500 is down 0.3 per cent in pre-trading and the Nasdaq is 0.5 per cent down.

However, a few individual winners can be seen before the opening bell too.

Oracle are up more than 8.3 per cent after posting a better than expected earnings report last night and shares are now up close to last December’s highs.

Interest rates to get cut?

Thursday 12 June 2025 14:32 , Karl Matchett

Last month the Bank of England cut interest rates to 4.25 per cent and most analysts at the time expected an ongoing one cut per quarter.

The economic landscape is quickly changing every week this year it seems, however, and analysts are mixed over whether next week’s MPC meeting will result in another cut.

Recent jobs and salary data are an indication that another cut is possible, but higher inflation figures than expected last time out put the case forward for staying higher, longer.

Financial markets are still just about pricing in two further cuts this year, down to 3.75 per cent.

Thursday 12 June 2025 15:32 , Karl Matchett

A few words on oil prices from Zain Vawda, market analyst at MarketPulse:

“Oil prices surged yesterday ending the day with a 5.4 per cent gain on heightened geopolitical risk from the Middle East. A decision by the US to lighten embassy staff in Iraq and move personnel in the Middle East ahead of nuclear talks with Iran raised eyebrows.

“Today however, has seen Oil prices slide in European trade, down as much as 2.2 per cent at the time of writing, trading at 66.75 a barrel.

“A potential escalation with Iran could have massive implications for Oil markets. The biggest concern being a supply disruption as around 20 per cent of the world's Oil passes through the Straight of Hormuz.

“The narrow chokepoint could become a key area of focus in the event of regional tensions with Britain's maritime agency warning that rising tensions in the area could lead to more military activity, which might affect shipping in key waterways.

“From a technical analysis standpoint, oil broke a significant descending trendline which had been in play since January 2025. However the move only occurred on the back of US-Iran tensions.”

FTSE finds a new high

Thursday 12 June 2025 16:58 , Karl Matchett

The FTSE 100 has closed at 8884.92p, a new all time high for closing price.

It leaves the benchmark index up 8.7 per cent in 2025, following today’s 0.23 per cent gain.

That’s it for today’s news - thanks for joining and we’ll return again on Friday morning from 8am.

Business news live on Friday

Friday 13 June 2025 07:50 , Karl Matchett

Good morning and welcome to Friday’s edition of The Independent’s rolling coverage of business and stock markets news.

The FTSE 100 will open today from a record high closing price, set on Thursday at 8884.92p.

Falling stocks in the US in part led to that of late, but the perceived undervaluation of UK plc has been much spoken about over the last couple of years and both investors and other companies alike have been taking advantage, with share-buying and entire company-buying prevalent in 2025.

Let’s see where today takes us.

Business and stock markets news live

Friday 13 June 2025 07:55 , Karl Matchett

As is usual, not too many companies are reporting on a Friday.

But of those that are, Lindsell Train Investment Trust reporting their finals will be of interest, given previous outflows and more recent suggestion that investors are returning to active, rather than passive, funds.

Energy firm SSE will also be filing their annual report.

And, if you happen to hold the likes of Unilever, Tritax Big Box REIT or insurance behemoth Admiral Group, you can expect a payment today - they’re all on the list of different dividend payers for Friday. Enjoy.

Oil prices surge after Israel attacks Iran

Friday 13 June 2025 08:29 , Karl Matchett

The price of crude oil shot up early on this morning, following attacks by Israel on Iran which have escalated tensions and the risk of war.

Brent crude oil jumped to just under $76 a barrel before dropping back somewhat, now at $71.65 to show a 4.7 per cent rise.

Crude oil is still 5 per cent up having also hit $75 earlier.

FTSE 100 falls in morning trading

Friday 13 June 2025 08:45 , Karl Matchett

On our European stock markets, there’s an awful lot of red around early this morning.

FTSE 100 -0.6 per cent

FTSE 250 -1.1pc

DAX -1.37pc

CAC 40 -1.19pc

Euro STOXX 50 -1.09pc

Gold prices on the march higher once more

Friday 13 June 2025 09:01 , Karl Matchett

Oil isn’t the only commodity to be pushing higher on the news of Israel’s attack on Iran.

Gold futures showed a rise of more than 1.5 per cent earlier, before falling back to just over 1.0 per cent now, as investors once more seek safe havens.

Only yesterday, it was revealed that gold had overtaken the Euro as central banks’ second-highest means of creating reserves.

Business news on Monday

Monday 16 June 2025 07:45 , Karl Matchett

Good morning and welcome to another week of business and money news on The Independent.

Later this week we’ve got inflation data, interest rates decisions, several big AGMs and final accounts due and plenty more besides.

Today though the focus is likely on money markets amid ongoing tensions between Israel and Iran, and concerns over potential involvement for the UK.

FTSE 100 opens in the green

Monday 16 June 2025 08:28 , Karl Matchett

The FTSE 100 is slightly up to start the week - 0.17 per cent in the green in the first half-hour of trading.

Both the FTSE 250 and the AIM are also marginally up, while in Europe the German DAX, French CAC40 and the Euronext 100 are all up between 0.3 and 0.45 per cent, following bigger falls last week than the UK benchmarks suffered.

We’re also seeing a marginal rise for the pound to the dollar this morning - up 0.12 per cent to £1 : $1.3588.

BP share price continues gains amid Israel-Iran fears

Monday 16 June 2025 08:38 , Karl Matchett

Israel launching missiles at Iran last week immediately saw the price of oil surge, with fears that Iran may close a critical shipping route in the event of a full-scale war.

In stock market terms this had several knock-on effects - this, plus the AirIndia crash saw airline stocks rush lower in particular - but one who has benefited is BP.

The FTSE 100 energy firm is up 1.5 per cent in early trading this morning, extending gains from before the weekend.

Following what is now more than an 8 per cent push higher in the last week, BP’s share price is now 392.55p, back to about the level last seen in early April before the initial Liberation Day tariffs.

Losses widen for City banker Peel Hunt amid dearth of UK stock market listings

Monday 16 June 2025 09:00 , Karl Matchett

A death of companies launching on the London stock market and US trade tariffs fuelling greater uncertainty among investors have created tougher market conditions, investment bank Peel Hunt has cautioned.

The company said there were historically low levels of equity capital markets activity in the UK over the past year.

This has seen a shortage in the number of companies launching their shares on the London Stock Exchange through an initial public offering (IPO).

Coupled with a flurry of listed firms leaving London for the US and other markets, it has resulted in “subdued” conditions in the UK, Peel Hunt said.

Losses widen for City banker Peel Hunt amid dearth of UK stock market listings

Markets rise despite fears over geopolitical tensions

Monday 16 June 2025 09:37 , Karl Matchett

Markets comment: AJ Bell’s Russ Mould points out investors are not exactly running for the hills in spite of weekend fears over war. There’s plenty of profit taking in gold, and many equities are showing rises this morning.

“European shares were surprisingly resilient against a backdrop of uncertainty,” said Mr Mould, investment director at AJ Bell.

“Helping to prop up FTSE 100 was continued strength in oil prices as tensions remained high in the Middle East. Crude oil rose 1.1% to $72 per barrel, driving shares in FTSE heavyweights BP and Shell and taking the broader market upwards in the process.

“Global oil prices jumped last week after Israel attacked Iran, raising concerns about major disruptions to supply. Despite a weekend of violence between the two countries, investors showed no signs of panicking, judging by movements in financial markets on Monday. Future prices imply a positive day for Wall Street when US markets open later on.

“The gold price is often a measure of investor sentiment, going up when people are worried and going down when they’re optimistic. The precious metal slipped 0.6% to $3,432 per ounce which indicates that investors remain alert to ongoing geopolitical tensions but they’re not reaching for their tin hats.

“The Middle East conflict remains a fluid situation and there is the potential for markets to still experience sudden jolts if the tension escalates further.”

Will a spike in oil price mean I pay more for my flight or holiday?

Monday 16 June 2025 10:00 , Karl Matchett

Four days after the conflict between Israel and Iran began, oil prices are rising. The price of the benchmark barrel of Brent crude is approaching $75, compared with just $62 at the start of May.

Oil powers the vast majority of the transport industry – from aviation to cruise ships – and fuel comprises one of the biggest costs for operators. So what could the surge in the oil price mean for travellers? These are the key questions and answers.

Will a spike in oil price mean I pay more for my flight or holiday?

Avon sellers are walking away after huge commission cuts

Monday 16 June 2025 10:20 , Karl Matchett

Avon is facing growing anger from its legion of sellers after cutting commission rates in a move that some workers say has wiped out more than two-thirds of their income.

Changes to pay structures, which affect thousands of representatives across the UK, have been introduced alongside shifting targets and reduced incentives – leaving many reps feeling misled, and prompting some to walk away from the company altogether.

The cosmetics and homeware brand, known for its historic door-to-door model, has long relied on a network of representatives to sell products across the UK. But many of those reps now say they’re being forced to leave, unable to make the numbers work.

The Independent has seen internal company emails that appear to downplay the impact of the changes. One message claimed earnings in a particular category would fall by “two to three per cent” – but in fact this referred to a drop of up to three percentage points, which in some cases equates to a real-terms loss of 33 per cent.

Here’s our exclusive in full:

‘Another kick in the teeth’: Avon sellers are leaving after huge commission cuts

Investors welcome rumour of Metro Bank takeover

Monday 16 June 2025 10:40 , PA

Shares in Metro Bank have jumped by more than a 10th as investors welcome reports that the high street lender had attracted a takeover approach from a possible buyer.

The London-listed bank was approached by investment firm Pollen Street Capital about potentially taking it private, Sky News first reported over the weekend.

The discussions are said to be in the early stages and there can be no certainty of any deal.

This would mark a turning point for the lender which secured a multimillion-pound rescue deal in 2023 and returned to profitability last year.

Shortly after markets opened on Monday, Metro shares were soaring by about 13%.

Metro Bank declined to comment on the takeover reports.

FTSE 100 risers and fallers

Monday 16 June 2025 11:05 , Karl Matchett

Time for a look at the biggest risers and fallers so far this morning in the FTSE 100.

Way out in front with an 11.3 per cent gain is Entain; the sports bookmaker operator has raised guidance for one of its gambling sites.

After that, Standard Chartered and Intermediate Capital Group are the pair showing more than a 2 per cent rise this morning, with Vodafone just shy of that on 1.98 per cent.

At the other end, Endeavour Mining is down 2.17 per cent as the biggest faller - but adverting firm WPP’s shares show no signs of halting a dismal year.

It’s down 2 per cent today, almost 10 per cent in the last month and 35 per cent across 2025 as a whole.

Gold drops in price

Monday 16 June 2025 11:30 , Karl Matchett

Oil has started to lower slightly today, both Brent and Crude down around a third of a percent.

But also lowering is gold: at $3432 it’s down 0.6 per cent today, which could of course be profit taking after shooting prices last week, but may also be a sign of easing investor sentiment.

Gold is one of the safe havens investors tend to head to amid uncertainty, which is certainly high at present given tariffs, ongoing war and the threat of a new one.

The City’s U-turn on WFH tells you everything you need to know about bad bosses

Monday 16 June 2025 12:00 , Karl Matchett

Barclays has taken overflow office space in Shoreditch. HSBC, having decided to relocate from Canary Wharf to new headquarters near St Paul’s, is looking for extra room, including moving some workers back to Canary Wharf (and has told staff that their bonuses could be cut unless they’re back in the office). JPMorgan and BBVA are finding accommodating everyone a tight squeeze. And BlackRock is also struggling to fit in all its staff.

Some City firms are using a booking system, which sees those who wish to come to the office having to reserve a slot, such is the demand for desks. After three years, Citigroup has shut its Malaga outpost, billed as providing a better work-life balance for the bank’s analysts, and steered its staff to London.

What distinguishes all these financial corporations and others is that they claim to only recruit the brightest and the best. They make fortunes from advising the rest of us, along with businesses and governments, how to manage our affairs. On deals, they take command, devise strategy, issue orders and tell those involved how to behave. Yet when it comes to their own internal management, they are all over the place.

Premium read:

The City’s U-turn on WFH tells you everything you need to know about bad bosses

Women lose up to £14,000 in earnings after miscarriage or stillbirth

Monday 16 June 2025 12:20 , Karl Matchett

Women lose up to £14,000 in earnings and are less likely to secure employment after suffering a miscarriage or stillbirth, a shocking new study shows.

Data released by the Office for National Statistics shows women suffered lower average earnings for up to five years after losing a child during pregnancy or labour.

The study looked at the monthly pay and employment status of women who went through stillbirths, neonatal deaths, miscarriages, ectopic pregnancies and molar pregnancies.

In total, losses of up to £13,581 were shown across at least a five-year period. The probability of employment also reduced by a maximum of 4.8 per cent in the three months following the end of a pregnancy. Those who had suffered a stillbirth saw a drop in likelihood of employment for up to two years afterwards.

Women lose up to £14,000 in earnings after miscarriage or stillbirth

US futures show stocks to open higher

Monday 16 June 2025 12:40 , Karl Matchett

Futures trading show the markets are set to open up in the US this afternoon.

The S&P 500 is at around 0.45 per cent up, with the Nasdaq slightly higher at 0.54 per cent in the green, a couple of hours ahead of opening hours.

Major European indices are all up between 0.45 and 0.85 per cent today.

Businesses mildly more optimistic about world economy

Monday 16 June 2025 13:00 , Karl Matchett

A snapshot of business confidence shows they are somewhat less pessimistic about the world economy’s and the near-term outlook.

Oxford Economics’ Global Risk Survey, saw a downgrade in growth expectations in the aftermath of April's 'liberation day' tariff announcements, which has now partially unwound.

“Respondents perceive a significant reduction in the probability of a severe deterioration in economic prospects,” said head of macro scenarios Jamie Thompson. “They see less than a 15% chance of a global recession this year, compared with more than 25% in April.”

More than 100 businesses were contacted for the report.

One factor to note was the questioning being conducted prior to the latest military escalation between Israel and Iran.

Isa reform not top of agenda for those who already invest

Monday 16 June 2025 13:20 , Karl Matchett

Much has been made of the potential for changing rules to Isas later this year, as the government seeks to encourage more people to invest rather than only save.

A YouGov poll commissioned by Freetrade has found that three-quarters (75%) of those already investing do not believe change has to happen and that the rules are fine.

Freetrade CEO Viktor Nebehaj, said: “As an industry, we’re at risk of forgetting to listen to current and prospective retail investors in all this noise about ISA reform. Potential changes that add complexity could end up with a sting in the tail, turning prospective investors away from global markets and even encouraging those currently invested to shun markets.Retail investors value choice, incentives, and certainty. If this Government wants to encourage more people to invest, any reforms must keep these priorities in mind.”

Fortnum & Mason could move outside of London for first time

Monday 16 June 2025 13:40 , Karl Matchett

Fortnum & Mason is planning to open its first UK stores outside of London, following a surge in demand for its luxury products including teas and biscuits.

The company told the Telegraph they are looking along the “spine” of the country and could open in a “beautiful location” which had “beautiful architecture”.

More airport stores are another opportunity for expansion.

Exclusie: Avon sellers angered after commission rate cuts

Monday 16 June 2025 14:00 , Karl Matchett

Avon is facing growing anger from its legion of sellers after cutting commission rates in a move that some workers say has wiped out more than two-thirds of their income.

Changes to pay structures, which affect thousands of representatives across the UK, have been introduced alongside shifting targets and reduced incentives – leaving many reps feeling misled, and prompting some to walk away from the company altogether.

Full exclusive report:

‘Another kick in the teeth’: Avon sellers are leaving after huge commission cuts

Warner Bros Discovery take step toward split

Monday 16 June 2025 15:38 , Karl Matchett

Reuters are reporting that Warner Bros Discovery bondholders “have overwhelmingly approved a plan to split the corporation and put in place a new capital structure related to the deal.”

The plan is to split that business into multiple parts to unlock better value and focus the organisation on its relative strengths, such as streamings.

UK-US trade deal in effect 'soon', says Starmer

Monday 16 June 2025 16:25 , Karl Matchett

Keir Starmer has suggested the trade deal between the UK and US will be in effect “very soon”.

"I'm certainly seeing President Trump today, and I'm going to discuss with him our trade deal," Starmer told reporters at a G7 meeting.

"I'm very pleased that we made that trade deal, and we're in the final stages now of implementation, and I expect that to be completed very soon."

Cars, steel and beef were among the finer points being debated in that tariff deal.

FTSE 100 closes up 0.3%

Monday 16 June 2025 16:32 , Karl Matchett

That’s it for daytime trading in the UK - the FTSE 100 has had a reasonably positive day, 0.3 per cent up with Entain’s 15 per cent rise accounting for some of that.

Meanwhile, airlines are in the green too - Easyjet up about 2.3 per cent and BA owner IAG up a full 3.7 per cent, following steep drops last week on higher priced oil.

In the US, trading has started well in the green with the S&P 500 more than 1.0 per cent up and the Nasdaq at 1.5 per cent.

We’ll be back tomorrow morning with all the overnight news and latest business headlines - catch you then.

Tuesday's business and stock markets news

Tuesday 17 June 2025 07:56 , Karl Matchett

Good morning and welcome back to our rolling business live updates.

Today there’s plenty coming up to start a busy midweek: Ashtead and Informa are among those with financials on the agenda, we’ll hear more about the UK-US trade deal and we’ll have all the stock markets news as it comes too.

TSB put up for sale by Sabadell

Tuesday 17 June 2025 08:02 , Karl Matchett

Yesterday we heard news of a potential Metro Bank buyout; today another high street name is on the watchlist.

TSB is owned by Spanish bank Sabadell, but the parent firm has confirmed there is interest from bidders and is set to “assess any potential binding offers”.

TSB was bought by Sabadell from Lloyds ten years ago.

FTSE 100 opens lower, European shares sink

Tuesday 17 June 2025 08:27 , Karl Matchett

Plenty of red out there in the early minutes of trading this morning.

The FTSE 100 is 0.56 per cent down, while for the 250 it’s 0.2pc and for the AIM it’s 0.24pc.

Europe is a similar story, with France’s CAC 40 down 0.8pc, the German DAX down 1.55pc and Spain’s IBEX 35 at the same figure.

Only one company in the UK’s benchmark index is up more than 1 per cent this morning: BP, the biggest riser at 1.4 per cent.

23andMe set to head back to founder

Tuesday 17 June 2025 08:56

The former CEO of 23andMe, the DNA ancestry firm which went bankrupt earlier this year, is set to regain control of the company after an auction.

Through a non-profit organisation, Anne Wojcicki has agreed to buy the firm for $305m (£224m) - beating off a pharmaceutical business which had bid $256m for it.

Ms Wojcicki resigned from her post after failing to take the company private while chief executive.

Around 15 per cent of customers have reportedly requested closure of their account amid fears their genetic data could be sold to an unknown company.

Report finds world banks gave $869bn to fossil fuel firms

Tuesday 17 June 2025 09:15 , Karl Matchett

A coalition report by eight green groups has shown that $869bn (£640bn) was handed out as funding by the world’s biggest banks to companies engaged in fossil fuels.

Gas, oil and coal companies reversed the trend which had been a lowering of finance over the previous three years, amid a worsening climate crisis.

JPMorgan Chase lent the most according to the report, at more than $53bn.

Aviva set to complete £3.7bn takeover of Direct Line in July

Tuesday 17 June 2025 09:30 , Karl Matchett

Insurer Aviva has said its £3.7 billion takeover of rival Direct Line is set to complete next month after “constructive” talks with the competition watchdog.

The Competition and Markets Authority (CMA) is not due to report back on its so-called phase one investigation on the takeover until July 10 but Aviva said it was “confident” of receiving the all-clear for the deal.

“Following constructive engagement with the CMA, Aviva remains confident of securing unconditional clearance by the phase 1 statutory deadline,” it said.

Aviva is pressing ahead with plans for a court hearing to sanction a July 1 completion of the takeover, which was first announced on December 23 last year.

The combined group will be a significant force in the motor insurance sector, estimated to cover more than a fifth of the total UK market.

More details:

Aviva set to complete £3.7bn takeover of Direct Line in July

Nationwide to raise CEO maximum pay following mega takeover

Tuesday 17 June 2025 09:45 , Karl Matchett

Nationwide members will vote on a proposed new pay package for chief executive Debbie Crosbie next month, which could see her earn up to £6.9m.

Previous guidelines had seen Ms Crosbie able to earn up to £4.8m, making this a 43% potential increase, depending on achieving criteria for bonuses.

Nationwide say the increase is on the back of both rivals upping their pay levels considerably and on the back of Nationwide’s £2.9bn takeover of Virgin Money, which Ms Crosbie successfully led.

Ms Crosbie is the only woman to lead one of the UK’s so-called big six.

Nationwide returned more than £2bn to customers this year following the Virgin Money takeover.

Anglian Water profits go up after price increases as debt swell to £7.7bn

Tuesday 17 June 2025 10:00 , Karl Matchett

Anglian Water has revealed stronger profits on the back of price increases for households, as the water supplier also reported another jump in debts over the past year.

The utilities firm, which provides services to seven million people in the east of England, also revealed an increase in pollution incidents over the year.

Anglian revealed on Friday that revenues grew by 7.5% to £1.75 billion for the year to March 31, compared with a year earlier.

The rise was linked to price increases of 8.6% during the year.

Earlier this year, the company said it was putting up bills by a further 19%, to an average of £626 a year, for the 2025/26 financial year from April.

Anglian Water profits go up after price increases as debt swell to £7.7bn

Interest rates to be held in US and UK

Tuesday 17 June 2025 10:21 , Karl Matchett

Here in the UK, the Bank of England’s MPC meets on Thursday to announce whether interest rates are to be cut or held. Expectation is on a hold at 4.25 per cent, with two further cuts to come later this year.

Meanwhile in the US, the Federal Reserve holds it’s latest meeting today and the central bank is also expected to hold, maintaining a 4.25-4.50 per cent rate.

The Bank of Japan has already announced an unchanged rate, while the Swiss National Bank and Norges Bank (Norway) are meeting this week in Europe too.

The European Central Bank reached 2 per cent this month with an eighth cut in a year, with eurozone annual inflation reaching 1.9 per cent in May - below the 2 per cent target.

FTSE 100 latest: Shares down on Israel-Iran tensions

Tuesday 17 June 2025 10:38 , Karl Matchett

The vast majority of FTSE 100 stocks are in the red today, with the overall index showing a 0.5 per cent loss so far. Europe is even further in the red, France and Germany’s indices showing 1-1.2 per cent losses.

“The UK stock market saw broad-based losses, with only six FTSE 100 stocks in positive territory. BP and Shell were among the rare risers as oil prices held firm after a recent rally,” commented Russ Mould, investment director at AJ Bell.

“Middle East tensions are showing no signs of easing back, putting investors on high alert.

“Germany’s Rheinmetall was the biggest faller on the Dax index as investors locked in profits after a strong run for the defence group. With so much uncertainty across financial markets, it wouldn’t be a surprise to see profit taking in other stocks or assets that have done well this year.

“Direct Line is set to disappear from the UK stock market in a fortnight after Aviva cleared most of the hurdles to buy the insurer. The competition watchdog still needs to report back on its investigation into the deal, but Aviva seems confident there won’t be any issues. It will mark the end of an era for a stock that was historically popular with income investors thanks to generous dividends.”

SoftBank sell $4.8bn stake in T-Mobile

Tuesday 17 June 2025 11:17 , Karl Matchett

SoftBank sold a $4.8bn stake in T-Mobile overnight to fund their bet on AI.

The Japanese company offloaded much of its holding of the telecommunications firm at $224 per share, Bloomberg report - an 3 per cent discount of the closing price.

SoftBank are pushing investments in AI and are expected to put close to $40bn into OpenAI, Stargate and others.

Inside the anger at Avon as furious reps walk away over drastic commission cuts

Tuesday 17 June 2025 11:40 , Karl Matchett

Avon is facing growing anger from its legion of sellers after cutting commission rates in a move that some workers say has wiped out more than two-thirds of their income.

Changes to pay structures, which affect thousands of representatives across the UK, have been introduced alongside shifting targets and reduced incentives – leaving many reps feeling misled, and prompting some to walk away from the company altogether.

The cosmetics and homeware brand, known for its historic door-to-door model, has long relied on a network of independent business owner representatives to sell products across the UK. But many of those reps, who are not direct employees of Avon with contracts, now say they’re being forced to leave, unable to make the numbers work.

The Independent has seen internal company emails that appear to erroneously downplay the impact of the changes.

Full exclusive report:

Inside the anger at Avon as furious reps walk away over drastic commission cuts

Poundland to shut 68 shops and two warehouses after takeover

Tuesday 17 June 2025 12:03 , Anna Wise, PA

Hundreds of jobs are at risk at Poundland after the retailer announced plans to shut 68 shops and two of its UK warehouses following its takeover by investment firm Gordon Brothers.

Last week, Pepco Group sold the discount chain for £1 after it had been hit by a sharp downturn in trading in recent years.

On Tuesday, Poundland said it is seeking court approval for a restructuring plan to shut 68 shops and secure rent reductions on dozens more.

The retailer said it expects to end up with between 650 and 700 stores after the overhaul. It currently runs around 800 stores across the UK and Ireland but stressed Irish shops have not been affected.

Poundland said it also plans to close its frozen and digital distribution site at Darton, South Yorkshire, later this year and another warehouse at Springvale in Bilston, West Midlands, in early 2026.

Around 350 people will be affected by the warehouse closures.

The company has not disclosed how many store workers will be impacted.

FTSE 100 remains down but oil stocks buck trend

Tuesday 17 June 2025 12:30 , Karl Matchett

Shell and BP are two of the three highest risers in the FTSE 100 today, both up more than 1.2 per cent - despite the index as a whole being down 0.4pc.

Investors are remaining cautious in the face of escalated activity between Israel and Iran, with oil prices increasing by more than 1.25pc on Tuesday as a result.

President Trump has said he wants a “real end” to hostilities rather than a ceasefire between the two.

US stocks poised to open down after Trump's G7 departure

Tuesday 17 June 2025 13:00 , Karl Matchett

That investor confidence looks set to be replicated across the Atlantic too.

US stocks are showing a lower opening point compared to last night, with futures showing the S&P 500 down almost 0.5 per cent and the Nasdaq a slightly bigger loss.

Trading opens in an hour and a half in the States.

Nvidia chief exec says UK 'incredible' investing spot

Tuesday 17 June 2025 13:30 , Karl Matchett

Nvidia CEO Jensen Huang has said the UK has “one of the richest AI communities anywhere on the planet” and suggested it was an “incredible place to invest”.

Do you agree? Do you already invest in UK plc or other areas?

Let us know in the comments section below - it’s a hot topic this year, considering valuation gaps, departures from the LSE and the government’s attempts to get more people investing.

A third of UK businesses plan to lay off staff

Tuesday 17 June 2025 13:55 , Karl Matchett

A survey of 500 business owners has revealed a third (33 per cent) plan to lower their staff levels during the coming year, while 46 per cent plan to raise prices.

This is in large part to combat the increased costs businesses face as a result of rising NICs and other labour costs.

Almost 40 per cent said they were scaling back expansion plans as a result of the taxes, with a quarter of companies having already enacted their plans.

Claire Burden, a partner at S&W - the accountancy firm which commissioned the study - said: “Businesses face considerable challenges in the current economic climate, and many owners are having to make difficult decisions to stay afloat.

“Given that salaries represent a considerable proportion of the overall cost base for most businesses, it is to be expected that many are looking closely at headcounts in response to the increased national insurance costs.”

UK economic data on the agenda this week

Tuesday 17 June 2025 14:39 , Karl Matchett

Tomorrow marks the start of a busy period in UK economic data, starting with inflation figures.

Experts are anticipating a headline CPI figure of 3.3 per cent for May - a drop from April, but still well above the 2 per cent target.

On Thursday we then have the Bank of England’s MPC giving their latest interest rate decision.

There, a hold at 4.25 per cent is the expectation.

Consumer confidence and retail sales are also on the way this week.

Unilever announce plan for new ice cream boss

Tuesday 17 June 2025 15:00 , Karl Matchett

Unilever are proposing that Peter ter Kulve be appointed CEO of the ice cream business which will be spun out and listed on the Amsterdam stock market later this year.

The Magnum Ice Cream Company (TMICC) owns Walls and Cornetto, as well as Ben & Jerry’s - the latter of which has been highly critical of Mr Ter Kulve in the past, regarding their social activism policies.

The business had turnover of more than $9.5bn in 2024.

Businesses could be forced to tell you how much your colleagues are paid

Tuesday 17 June 2025 15:40 , Karl Matchett

Businesses could be forced to disclose salary bands on job adverts and tell workers what their colleagues are earning.

Ministers are discussing the possible changes as part of plans to overhaul equality laws as the government seeks to end pay discrimination.

This could include a new Equal Pay Regulatory Unit, which would have the power to issue fines and change employees’ contracts if needed, with legislation to expand on gender-based equal pay rules to include race and disability discrimination too.

The body may also be able to offer advice and offer mediation if required.

The move to potentially enforce the publication of salaries would be a notable shift, with business groups showing initial concern that it would make it difficult to attract and retain staff.

Businesses could be forced to tell you how much your colleagues are paid

US stocks fall as investors show caution

Tuesday 17 June 2025 16:00 , Karl Matchett

US stocks have opened lower as expected and an hour and a half into trading, the S&P 500 is down 0.3 per cent.

The Nasdaq is 0.4 per cent lower too, mirroring the FTSE 100 which is at the same level.

France’s CAC 40 and Germany’s DAX are 0.8 and 0.9 per cent in the red for the day as we approach the end of the trading session.

Public-private deal to invest £1bn in offshore wind supply chains unveiled

Tuesday 17 June 2025 16:15 , Karl Matchett

A public-private deal to drive £1 billion investment into offshore wind supply chains has been announced by the Government.

Energy Secretary Ed Miliband said the “unprecedented” collaboration would help deliver clean energy jobs, energy security and lower bills, with investment in areas such as Teeside, Scotland, South Wales and East Anglia.

In addition to previously-announced funding of £300 million from publicly-owned Great British Energy, the Crown Estate has pledged £400 million to support new infrastructure including ports, supply chain manufacturing and research and testing facilities.

And £300 million from industry would match government funding, to deliver investments into supply chains such as advanced turbine technology and offshore wind turbine foundations, the Department for Energy Security and Net Zero (DESNZ) said.

Public-private deal to invest £1bn in offshore wind supply chains unveiled

FTSE closes down on Tuesday ahead of inflation data

Tuesday 17 June 2025 16:30 , Karl Matchett

The FTSE 100 has closed in the red for the day, but the UK benchmark index is still up more than 8 per cent since the start of the year.

Whether investors continue to shrug off geopolitical concerns is up for debate but with the G7 summit, Donald Trump pushing Iran to close a deal with Israel for good and plenty more going on besides, this is a big week where much could still change.

More domestically, Wednesday morning will bring the latest inflation data, with interest rates set to change (or stay the same, in fact) on Thursday.

That’s it for our coverage today - we’ll be back in the morning with the latest coverage from 7am. See you then!

Business news live - Wednesday

07:58 , Karl Matchett

Good morning and welcome to our rolling business news coverage on The Independent.

Stock markets, interest rates and more coming up - but we start with inflation data from the UK.

UK inflation rate holds at 3.4 per cent – but risk remains

08:08 , Karl Matchett

UK inflation has fallen in some areas driven by decreased air fares and motor fuel dropping in price - though some food prices increased and so too did household goods.

The Office for National Statistics said that its key measure of inflation, the consumer prices index, was 3.4 per cent in May - having also been 3.4 per cent after revised figures in April, its highest level for more than a year.

Inflation in the UK had been dropping, having reached a high of 11.1 per cent in October 2022. A rise for April was expected due to raised labour costs, rising energy bills and changes to social housing costs, among other factors.

But the leap was above the expected figure and led Chancellor Rachel Reeves to acknowledge disappointment at the rise.

A drop in some areas for May will be taken as a limited positive, though inflation remains some distance above the Bank of England’s government-mandated 2 per cent target.

UK inflation rate holds as air fares and fuel prices decrease – but risk remains

FTSE 100 opens flat as investors continue cautious approach

08:16 , Karl Matchett

Overnight saw the Nikkei rise but the Hang Seng fall in a mixed session in Asia.

This morning, the FTSE 100 and FTSE 250 have opened broadly flat, around 0.1 per cent up each.

European markets show similar numbers as markets digest overnight news and the UK inflation data.

Inflation reaction vs interest rates choices

09:00 , Karl Matchett

More reaction to inflation figures rolling in.

AJ Bell’s Danni Hewson, head of financial analysis, says the Bank of England might feel an interest rate cut is a must sooner rather than later to boost the economy, but that remains a risk given inflation is still significantly above target.

“Market expectation of a rate cut by the MPC when it meets tomorrow has actually climbed slightly to 12% and looking at today’s figures there could be a degree of wiggle room,” Ms Hewson noted.

“Both core inflation and service sector inflation have fallen in the past month, and rate setters may want to get ahead of potential volatility in order to stimulate a flatlining economy which looks perilously close to toppling towards stagflation. But with such uncertainty and volatility, staying put might seem like the only smart move.”

Naomi Smith, chief executive of campaign group Best for Britain, has called for the government to ease trade barriers to the EU to help drive the economy.

“Trump’s tariffs, conflict in the Middle East and disrupted supply chains are all helping to keep inflation stubbornly above the Bank of England's target of 2 per cent so it is imperative that the government uses every available lever to ease the cost of living for Brits.

“That means delivering on the promises from last month's summit with the EU and going further to removing artificial trade barriers with our largest market for all sectors of the economy, cutting costs and beginning to bring prices down on everything from food to fuel, from cement to chemicals, and from metals to machinery.”

AO World delivers record profits as sales jump higher

09:20 , Karl Matchett

Online electricals retailer AO World has notched up record annual profits as it cheered the success of its membership scheme and surging sales.

The group reported a better-than-expected 32% rise in underlying pre-tax profits to £45 million for the year to March 31.

Including its recently acquired Music Magpie business, underlying profits rose 27% to £44 million.

Shares are down 0.8 per cent in early trading.

AO World delivers record profits as sales jump higher

Will interest rates be cut tomorrow? Key factors and 2025 predictions

09:40 , Karl Matchett

The Bank of England’s (BoE) next meeting to determine interest rates is on Thursday 19 June, and all eyes will be on the Monetary Policy Committee (MPC) and whether its members opt to continue lowering rates.

The base rate - currently at 4.25 per cent following cuts in February and May - impacts consumers and taxpayers through everything from their mortgages to savings, so what do experts foresee both next week and beyond?

Will interest rates be cut tomorrow? Key factors and 2025 predictions

Inflation reaction: Grocery prices the key factor

10:06 , Karl Matchett

Matthew Allen, economics and macroeconomic expert at University of Salford, has pointed to grocery prices being a sticking point - as well as “forces well beyond the supermarket aisle” as geopolitics impact at every turn.

“Today’s figures show UK consumer price inflation stuck at 3.4% for a second month, even after the Office for National Statistics revised April’s print to correct a tax-data error. The main driver is food: grocery prices are still climbing at almost twice the overall rate, offsetting cheaper air fares and package holidays that have nudged transport costs lower,” he said.

“Inflation’s descent is being slowed by forces that reach well beyond the supermarket aisle. Across the Atlantic, Donald Trump’s renewed push for “reciprocal” import tariffs is already feeding through to higher input costs for British manufacturers. Closer to home, April’s increase in employer National Insurance contributions and the rise in the National Living Wage have squeezed company margins, prompting many firms to pass at least part of that burden on to consumers.

“Looking ahead, geopolitical risk looms large. Any escalation in the Middle East that disrupts energy supplies could push headline inflation back up next month, making the path to the Bank of England’s 2% target even trickier.

“Against this backdrop, last month’s precautionary cut leaves Bank Rate at 4.25%. With price pressures proving stickier than hoped, the Monetary Policy Committee is likely to sit tight at its June meeting. Holding rates now would give policymakers more time to assess whether underlying inflation, especially in services, is finally on a sustainable downward track.”

This is the reason why inflation figures are being reported differently today

10:20 , Karl Matchett

Official data suggests the UK’s rate of inflation eased from 3.5% in April to 3.4% in May – but in reality the figure was unchanged, standing at 3.4% in both months.

The discrepancy is to do with an error made in the initial calculation of April’s inflation rate.

Here are the details:

This is the reason inflation figures are being reported differently today

UK inflation: Chocolate rising at the fastest pace on record

10:40 , Karl Matchett

We’ve seen how grocery prices as a whole are contributing to inflation staying higher, but one item in particular is rising at the fastest rate since records started: chocolate.

Cocoa harvests were hit by bad weather and some firms may be passing on increased labour costs through increased prices too.

It all means chocolate prices rose 17.7 per cent in May year on year, the fastest pace since ONS started gathering that data almost a decade ago.

Business news latest: Amazon, Airbus, Nintendo

11:08 , Karl Matchett

A quick wrap of some headline company news from this morning and overnight:

Amazon have told staff that some roles will be replaced by AI across the coming years. A memo from the CEO said numbers were uncertain but he expected to reduce the total workforce, which is around 1.5m.

Airbus have given guidance aiming to pay out increased dividends and said they remain on a path to profitable growth.

Nintendo shares rallied overnight once more after selling more than 3.5m units of the Switch 2 since its launch less than a week ago.

No change expected in Bank of England rates path

11:47 , Karl Matchett

Barclays analysts have taken a look through inflation figures and concluded the Bank of England are likely to stick with the plan: one rate cut a quarter.

“High inflation levels, combined with strong food inflation, will keep the MPC cautious around the outlook for inflation over the coming months. This will only be exacerbated by recent moves in commodity prices, an assessment of which will need to be weighed against the signal from the backwards-looking data. Taken together, we continue to expect the MPC to be on a quarterly rate cutting path from here until it reaches 3.5% in February next year.”

The wide expectation is for a hold tomorrow at 4.25 per cent.

FTSE 100 lower after inflation data

12:35 , Karl Matchett

The FTSE 100 is down 0.14 per cent as we head into the afternoon, with the FTSE 250 at -0.28 per cent.

Europe is emulating those losses, with the German DAX at -0.52 per cent in another day of losses.

UK shares were up earlier in the day but have fallen since, with Howden Joinery Group the biggest faller of the day at 3 per cent in the red.

US stocks flat in pre-trading

13:00 , Karl Matchett

US stocks are poised to open mostly flat this afternoon, with futures showing both the Dow and the S&P 500 barely changing from last night’s close.

The Nasdaq is set for a 0.12 per cent rise, but even that minimal gain could yet change.

The Fed will give its interest rates decision later today in the US.

Government urged to do more to show it values public services

13:20 , Karl Matchett

A senior union leader has urged the Government to do more to show it values public services and the workers who deliver them.

Christina McAnea, general secretary of Unison, told her union’s annual conference in Liverpool that if the Government could change its mind on so many issues, it could change it on taxation.

Government urged to do more to show it values public services

Stock exchange news: AIM turns 30 - returns remain poor

14:00 , Karl Matchett

AIM, the London Stock Exchange’s junior market for small to medium sized growth companies, turns 30 tomorrow.

But as Jason Hollands from Evelyn Partners points out, while there have been definite successes within AIM, overall it hasn’t offered a return if investors don’t want to stock pick within it.

“Since the FTSE AIM index was launched in 1997, it has delivered a total return of -6.3%, compared to 454% from the FTSE All-Share and 559.6% from the FTSE Small Cap Index of smaller companies listed on the main market,” said Mr Hollands.

There are now about 650 firms listed on AIM, down from a high of around 1700.

Shares in pharma sink after Trump says tariffs coming soon

14:20 , Karl Matchett

AstraZeneca and GSK are two of the fallers in the FTSE 100 today, around 1.0 and 1.5 per cent respectively, on news Donald Trump says pharmaceutical tariffs are coming very soon.

The US president says the tariff announcement will be a “major” one.

Trade groups have raised objections about the legality and feasibility of such actions.

Insurance firms don't yet see positive return on AI

15:06 , Karl Matchett

A new study across insurance firms has revealed that AXA and Allianz are leading the way in making AI an effective part of their workload.

However, only one insurer is reporting an actual return on investment through AI use so far.

The new index covers talent capability, innovation, leadership and responsible AI use among other factors.

PZ Cussons narrows profit guidance and sells stake in Nigerian palm oil firm

15:20 , Karl Matchett

Imperial Leather and Carex soap firm PZ Cussons has trimmed the top end of its profit guidance and announced plans to sell its half of a Nigerian oils business.

The London-listed firm said its profit outlook has been impacted by £2 million of new packaging recycling costs under the so-called Extended Producer Responsibility (EPR) rules, as well falling sales of self-tanning St Tropez ranges in the US.

It is now guiding for underlying earnings of between £52 million and £55 million for the year to the end of May, with the top end being cut from the £58 million previously expected.

Shares fell 4% in trading on Wednesday.

PZ Cussons narrows profit guidance and sells stake in Nigerian palm oil firm

US stocks rise before Fed decision on interest rates

15:40 , Karl Matchett

The S&P 500 and the Dow Industrial are both around 0.44 per cent up today, with the Federal Reserve due to make its announcement on interest rates later this evening.

A slightly great gain for the Nasdaq, meanwhile, puts it 0.52 per cent up in early trading.

Uncertainty abounds due to escalating tensions with Iran however, with Donald Trump saying “patience is wearing thin”.

Business news live

16:00 , Karl Matchett

Time for a quick look ahead to what’s coming tomorrow.

The main event will be the BOE’s interest rates decision, which will come at 12 noon - you can follow that live with us from tomorrow morning.

We’ll also get consumer confidence figures, plus more reaction to today’s inflation data.

We will also update you on US interest rates of course, which happens overnight.

Bank of England ‘unlikely’ to cut interest rates as inflation pressure grows

16:16 , Karl Matchett

The Bank of England is predicted to keep UK interest rates at 4.25% on Thursday amid rising food inflation and the threat of surging oil prices pushing up the cost of living.

Most economists think the Bank of England’s Monetary Policy Committee (MPC) will opt to keep rates on hold when it meets on Thursday.

The MPC has voted to cut rates at every other meeting since it started easing borrowing costs last August, from a peak of 5.25%.

This has been possible while the rate of UK inflation has been steadily falling from the highs reached in 2023, at the peak of the cost-of-living crisis.

Interest rates are used as a tool to put a lid on unruly inflation, in line with the Bank’s task of keeping the rate of Consumer Prices Index (CPI) at 2%

Bank of England ‘unlikely’ to cut interest rates as inflation pressure grows