Business news live: FTSE 100 reaction as HSBC sees profits drop, Nationwide launches benefits line

The FTSE 100 enjoyed another leap towards record territory as the index pushed around 0.7 per cent higher on Tuesday, following strong earnings reports from the likes of AstraZeneca and Barclays. Greggs meanwhile confirmed their plans to open hundreds more shops this year - with the possibility of thousands more across the UK over the coming decade. Today has seen the FTSE fall though, with the likes of HSBC seeing profit drops.

Elsewhere, the IMF announced their expectations that Trump tariffs would impact the global economy by around 0.1 per cent, with the UK set for a minor boost within that. The US and EU have agreed the framework for their own trade deal, but EU member states have been left less than impressed by having to accept a 15 per cent base tariff - while India face a 25 per cent tariff.

Finally, self-employed workers in the UK are running out of time to pay a key mid-year tax bill on their accounts, while Aldi announced a payrise for employees.

Follow The Independent’s live coverage of the latest stock market and business news here:

Business news live - Wednesday 30 July

• HSBC profits fall 29% - but $3bn buyback programme launched
• Drugmaker GSK sees operating profit surge 33%
• Nationwide launches new phoneline to help families access £23bn of unclaimed benefits
• Analysts expecting interest rate cut from Bank of England

Business news live - Wednesday 30 July

16:30 , Karl Matchett

That’s it from us today - we’ll be back as usual from 7am tomorrow for more business, companies, stock market and finance news.

We’ll leave you with the main headlines of the day:

• Inheritance tax and the rise of ‘giving while living’: Smart ways to pass on wealth tax-free
• Why the FTSE 100 is breaking records — and why that’s good for your pensions
• Taylor Wimpey slumps to loss on £222m fire safety hit
• Santander axes 2,000 jobs and warns more cuts are possible
• Nationwide launches phone line to help UK residents claim benefits

Business news live - Wednesday 30 July

Tuesday 29 July 2025 16:09 , Karl Matchett

Good morning and welcome to our live blog coverage of all the UK’s business and companies news, where we’ll also bring you stock market movements and everything else regarding your money.

Today we start with more high-profile FTSE 100 firms reporting their latest earnings, with US behemoths Microsoft and Meta doing the same tonight.

More on them shortly.

Business news live - Wednesday 30 July

07:06 , Karl Matchett

Here are the earlier headlines for you from yesterday to catch up on:

• Supermarket announces yet another pay rise for staff
• HMRC issues warning over late tax payments due imminently
• Cancer drug demand drives higher sales for AstraZeneca
• Why the FTSE 100 is breaking records — and why that’s good for your pensions

FTSE 100: Rio Tinto, GSK and HSBC among firms reporting finances

07:16 , Karl Matchett

Yesterday saw shares in Barclays rise almost 2.5 per cent and AstraZeneca almost 3.5 per cent after reporting strong profits for the half-year so far.

Greggs, however, fell more than five per cent after confirming a disappointing period - and confirming they’d open more stores this year.

Today it’s the turn of more high-profile names to present their latest reports and we’ll get you a rundown from each in the next hour or two.

Mining firm Rio Tinto, Asia-focused bank HSBC, pharma firm GSK and renewable energy firm UK Greencoat Wind are all on the agenda.

Is it better to overpay your mortgage or invest the money?

07:30 , Karl Matchett

It may be easier said than done, but the process of improving your financial standing over time can really be summarised in two steps:

First, spend less than you earn. And second, put the excess earnings to good use.

The first step is a matter of budgeting, and your options are simple: cut costs or increase income. At step two, your options become diverse and complex, and your choices can lead to very different outcomes over the long term.

Is it better to overpay your mortgage or invest the money? Becky Wilding takes a look for Independent Money:

Is it better to overpay your mortgage or invest the money?

HSBC profits fall 29% to $6.3bn

07:52 , Karl Matchett

HSBC has reported its latest earnings for the second quarter of the year, with profits at $6.3bn (£4.7bn) - a drop of 29 per cent year on year.

Despite that fall, the bank has launched a $3bn buyback scheme for its own shares, along with declaring an interim dividend matching last quarter’s payout, of 10 cents per share.

HSBC also cautioned that the global outlook could impact profitability going forward.

08:00 , Karl Matchett

Discussing those HSBC results, Nick Sherrard, managing director at Label Sessions, explained how the bank’s global approach - it operates heavily in Asia - has impacted both on strategy and profitability.

“HSBC has missed expectations against a volatile global economic backdrop. But there are a range of other factors at play in today's results,” he said.

“HSBC is a business in streamlining mode and that thought seems to be organising the way it thinks about geographic focus and working culture alike - the bank is telling senior people to get back into the office in the UK, while pulling out of Australian retail banking, for example. That makes a lot of sense for a business that has become very complex.

“Simplicity and focus will be key to unlocking the opportunities in the near term. HSBC can offer corporations and entrepreneurs in the market for global solutions something special because the bank can leverage scale - and few peers can go head-to-head with HSBC on that basis.”

Nationwide launch benefits helpline - for everyone

08:15 , Karl Matchett

Nationwide Building Society have launched a new telephone helpline for aiding people claiming benefits.

The service will be available for all, not just Nationwide customers, as the the lender says £23 billion is being left unclaimed.

A calculator service helps people apply for benefits they are entitled to, while the building society is also calling on the government to make it easier to access unclaimed benefits.

Kathryn Townsend, Nationwide head of customer vulnerability, said: “Millions of people across the UK are missing out on vital financial support they are entitled to simply because the system is too complex to understand and access.

“Our partnership with Policy in Practice means more people, including those who perhaps can’t or prefer not to use digital services, can get the help they need to increase their income. By offering the choice of an online process and a telephone call, we are hopefully making what can be a daunting and confusing experience that little bit simpler.”

HSBC analysis: One-offs impact, but outlook 'murky'

08:30 , Karl Matchett

Matt Britzman, senior equity analyst at Hargreaves Lansdown, says the headline numbers for HSBC are “skewed” due to one-off costs - but that doesn’t cover the fact it looks more difficult for HSBC to grow than for some of its domestic-focused rivals.

“Another quarter, another messy set of results for HSBC. Headline numbers have, once again, been skewed by one-off items. HSBC took a $2.1 billion hit due to the accounting impact of dilution and impairment in its Chinese bank holding - not for the first time - but these do not affect capital levels. Underlying performance was far more encouraging, with pre-tax profit coming in comfortably ahead of consensus, driven by strong growth in wealth management.

“Capital levels remain robust enough to support another $3 billion buyback, but the medium-term outlook is murky.

“While guidance was technically unchanged, it came with caveats. Tariffs are a concern, not necessarily due to their direct impact, but because of the potential for broader economic pressure. Management included a subtle warning that suggests some unease about the road ahead.

“The outlook for HSBC is a lot muddier than some of its UK-focused peers like NatWest and Lloyds, where the path to earnings growth is much clearer.”

Drugmaker GSK sees profit climbs 33%

08:45 , Karl Matchett

Pharmaceutical firm GSK have reported second quarter operating profits of £2.02bn - an increase of 33 per cent to the same period one year earlier.

Sales in the HIV portfolio of drugs rose 12 per cent to contribute to that, with management indicating year-long guidance should come in at the upper end of earlier estimates as a result.

A second-quarter dividend of 16p was announced, with the full-year 64p dividend forecast kept intact.

Derren Nathan, head of equity research at Hargreaves Lansdown, suggests the short and longer-term outlook is good for GSK, with management potentially exceeding targets for this year and with room to grow beyond.

“The prognosis for GSK is looking positive. It hasn’t let itself get too distracted by tariff uncertainty, with both second-quarter sales and earnings coming in ahead of market forecasts.

“That’s given management confidence of a full-year outcome in the upper half of the guidance range, and there may well be scope for final numbers to land a little better than that. Current guidance includes tariffs imposed so far, which look to be less draconian than the market’s been expecting. GSK also has some mitigation measures up its sleeve if the situation worsens.

“There’s been solid progress in the clinic too, with the target of five new product approvals this year still in sight, despite the recent regulatory setback for Blenrep (for multiple myeloma) in the United States.”

Trump says India set for 20-25% tariff rate

09:00 , Karl Matchett

Donald Trump says India faces a tariff of 20 or 25 per cent, but cautioned the decision has not yet been taken.

“India has been a good friend, but India has charged basically more tariffs than almost any other country,” said the president aboard Air Force One. “You just can’t do that.”

India has been seeking a better rate than the 19 per cent tariff rate the US offered to Indonesia.

The EU sealed a 15 per cent tariff trade deal earlier this week, while the UK has a base 10 per cent rate.

Exclusions and exemptions apply in several industries within the deals.

Why the FTSE 100 is breaking records — and why that’s good for your pensions

09:20 , Karl Matchett

The FTSE 100 has surged to new record levels after investors piled back into the stock markets they deserted in April following Donald Trump’s announcements of tariffs.

The new highs are seen as good news for investors but also for most people in the UK, whose pensions will likely be invested in companies in the stock market.

And the levels could continue to go higher in the wake of a trade agreement between the US and the EU.

Here’s what it might mean for your money - now and for the future.

Why the FTSE 100 is breaking records — and why that’s good for your pensions

FTSE 100 follows US and Asia as stock markets fall

09:40 , Karl Matchett

Yesterday saw US stocks fall and then main Asian stocks move lower overnight too:

• S&P 500 -0.3 per cent
• Nasdaq -0.38 pc
• Dow Industrial -0.46 pc
• Nikkei 225 -0.05pc
• Hang Seng -1.4pc
• Asia Dow -0.73pc

Now this morning, the FTSE 100 is following suit, with Europe mixed at best.

In early trading it’s miner Glencore (+1.46 pc) and betting company Entain (+1.15 pc) who are the biggest risers, with housebuilder Taylor Wimpey falling the most (-7.1 pc).

• FTSE 100 -0.47 pc
• FTSE 250 +0.02 pc
• AIM -0.07 pc
• France CAC 40 +0.15 pc
• Germany DAX -0.1 pc
• Spain IBEX 35 -0.91 pc

More on FTSE companies coming shortly, including what’s behind that Taylor Wimpey fall.

Nationwide launches phone line to help UK residents claim benefits

10:11 , Karl Matchett

Nationwide has announced the launch of a new phone line to help millions of people across the UK claim benefits they are entitled to.

The free service, which will help callers navigate the “daunting and confusing” task of claiming benefits, will be open to everyone, rather than just customers of Nationwide – seen as a first among financial providers.

There is an estimated £23bn in benefits which goes unclaimed every year in the UK, including carer’s allowance, child benefits, pension credits and more, according to Nationwide, amid warnings that millions of people are missing out on vital support.

The building society launched a benefits calculator a month ago – accessible here – with the free phone service now set to offer a similar service, but to save people having to go online. More than 2,000 households have benefited to the tune of a collective £1.2m since the launch, it said.

More here:

Nationwide launches phone line to help UK residents claim benefits

Gary Neville joins business voices hitting out at National Insurance rises

10:34 , Karl Matchett

Gary Neville has hit out at Rachel Reeves for her national insurance hike, saying it has hampered employment and “could have been held back”.

The ex-Manchester United star said the chancellor has significantly increased the burden on businesses and that the national insurance increase was “a challenge”.

Mr Neville was a vocal backer of Labour at the last general election, at one point walking in the fells of the Lake District with Sir Keir Starmer for a video endorsing the party.

But he has now joined business leaders and economists in attacking the chancellor’s decisions since entering government.

More here from our political correspondent Archie Mitchell:

Gary Neville hits out at Rachel Reeves over national insurance hike

UK businesses fear AI gap

10:55 , Karl Matchett

Data from IT firm Boxxe suggests more than half of UK businesses (52 per cent) are concerned about a lack of AI knowledge and understanding, while 50 per cent do not trust AI.

However, despite the uncertainty around its implementation, the figures also suggested a significant number thought financial gains were either possible or expected from AI implementation.

Assessing the findings, Chris Carlisle from Boxxe said:

“UK businesses and senior leaders appear to want to adopt AI given the perceived benefits, yet are unsure how to tackle it.

“This is interesting as the Government recently released an AI Action plan to address the growing demand for AI professionals.”

National Lottery 36-hour pause will allow ‘biggest tech upgrade’ since launch

11:11 , Karl Matchett

National Lottery sales and payouts will pause for around 36 hours this weekend to make way for the biggest technology upgrade in the game’s 31-year history.

All draw game sales and prize claims will be paused in shops across the UK from 11pm on Saturday night following the Lotto and Thunderball draws until “late Monday morning”, operator Allwyn said.

The National Lottery website and app will also be down over the same period.

More details here.

Aston Martin cuts earnings outlook amid US tariff hit

11:30 , PA

Luxury carmaker Aston Martin Lagonda has cut its full-year outlook after revealing widened first half losses as trade tariff woes took their toll.

The group saw shares fall over 3% in morning trading on Wednesday after saying it now expects full-year underlying earnings to “improve towards breakeven”, having previously guided for profit growth.

Aston’s stock has lost half its value in the past year over concerns about the impact of US President Donald Trump’s tariff war.

Aston Martin cuts earnings outlook amid US tariff hit

Analysis shows 14 UK stocks increasing in short-seller interest

12:00 , Karl Matchett

Analysis by AJ Bell shows a number of UK-based companies being hit by short sellers - investors who are effectively betting against the share price, banking on it going down.

“There is a phrase that says ‘a rising tide lifts all boats’, suggesting that all UK stocks will rise if the broader market is doing well,” said Dan Coatsworth, investment analyst at AJ Bell.

“If the short sellers are correct then certain stocks are primed to fall back. It suggests that investors need to be careful with new-found euphoria around the UK stock market and think about the downside as well as the upside potential.”

Within the list of 14, half have at least four investing institutions with a minimum short position of 0.5 per cent of the company - indicating higher confidence in a price drop.

• Ashtead Technology (6 institutions with at least 0.5% short position)
• Greggs (4)
• Ibstock (5)
• Land Securities (4)
• NCC (5)
• Primary Health Properties (8)
• Whitbread (7)

Bank of England to cut rates in August - Barclays

12:20 , Karl Matchett

Analysts at Barclays are predicting a 0.25 per cent cut to the Bank of England interest rate next month.

The MPC are meeting early in August for their next decision on rates and the wider expectation among economists is a cut now and another later in the year, perhaps November.

However, Barclays are also predicting a three-way split this time around: two to hold and two to cut by 50bp instead of 25.

Santander to cut a further 2,000 jobs - and more on the way

12:47 , Karl Matchett

High street bank Santander say they are cutting 2,000 more jobs as part of ongoing cost-cutting measures - and more could be set to follow.

In October last year they said more than 1,000 would be axed and a further 750 job losses followed earlier this year, but the latest announcement will more than double the current tally.

The UK CEO, Mike Regnier, has said it is too early to assess any impact on branches or jobs from the £2.65bn deal to buy TSB by the Spanish owner of Santander.

Inheritance tax and the rise of ‘giving while living’

13:00 , Karl Matchett

For generations, inheritance was something handed down after death.

Now, amid rule changes meaning more might be taxable, more families are flipping the script.

Instead of waiting for probate and HMRC to take a slice of their hard-earned assets, they’re adopting a new approach: giving while living.

Money writer Lori Campbell investigates:

Inheritance tax and the rise of ‘giving while living’: How to pass on wealth tax-free

Revolut joins F1 party as Audi sponsor

13:20 , Karl Matchett

Digital bank Revolut have announced a deal with future F1 team Audi, as title partner.

CEO Nik Storonsky called it the deal “monumental” for both entities.

Revolut has over 60m customers worldwide and Audi will join Formula One from next year, taking over from Kick Sauber.

Twitter founder launches WhatsApp rival on App Store

13:40 , Karl Matchett

A Bluetooth-powered WhatsApp alternative developed by Twitter co-founder Jack Dorsey has launched on Apple’s App Store.

The Bitchat app allows users to communicate even when there is no WiFi or cell service, however range is limited.

Bluetooth signal can typically reach around 100 metres, which can be extended through a mesh network that relays messages through other users in the vicinity.

More details here:

Twitter founder launches WhatsApp rival on App Store

US stocks set to rise after falling yesterday

14:00 , Karl Matchett

US stocks will be opening soon and are set to rise according to futures markets.

The Nasdaq is showing a 0.2 per cent rise and the S&P 500 is slightly lower, around 0.09 per cent up.

On these shores it’s still a down day - the FTSE 100 is down 0.32 per cent in the red while the Euro Stoxx 50 is up 0.2 per cent.

Porsche signals €400m hit from tariffs

14:20 , Karl Matchett

VW-owned Porsche has said it faces a €400m (£344m) hit as a result of trade tariffs in the first half of 2025.

The company downgraded sales forecasts based on the new EU-US agreement which sees vehicles given a 15 per cent tariff.

A change in strategy to “recalibrate” is forthcoming for the luxury vehicle maker, which cannot announce any further forced job cuts until 2030 under a safeguarding agreement.

“We continue to face significant challenges around the world. And this is not a storm that will pass,” Porsche CEO Oliver Blume said.

Supermarket announces yet another pay rise for staff

14:40 , Karl Matchett

Aldi store workers are set for a pay rise as the supermarket announced it was hiking its minimum wage to £13 an hour from September.

The discount grocery chain claims to be the first UK supermarket to introduce the new minimum rate.

Store assistants will be paid a minimum of £13 an hour nationwide from September 1 – up from a current £12.75.

More details here from PA.

Price checks: Gold, oil, crypto

15:00 , Karl Matchett

Time for our usual afternoon run-down of commodity prices - nothing dramatic affecting gold and oil at present, though the latter does remain on the rise as it has done all week.

• Brent crude oil: $71.81 (+0.18 per cent)
• Gold futures: £3,324 (+0.02 pc)
• Bitcoin: $117,800 (-1 pc)
• Ethereum: $3,780 (-1.98 pc)
• GBP/USD exchange rate: $1.3347 (-0.02 pc)

How much risk is too much risk when it comes to your money?

15:30 , Karl Matchett

In investing, the general rule is that the more risk you take, the greater the potential rewards. But the stock market can go down as well as up, and the idea of losing money is never pleasant.

That’s why so many Brits put their money into cash savings rather than the stock market. According to latest figures from the Office for National Statistics, more than 8 million of the 12.4 million Isas opened in 2022-23 were cash accounts.

But to give your money the best chance of growing over the long-term, you’ll need to invest it - and that means taking a degree of risk. The question is: how much?

Money writer Holly Mead explains and answers:

How much risk is too much risk when it comes to your money?

US economy grows faster than expected

16:04 , Karl Matchett

The US economy grew at a 3 per cent annualised rate in the second quarter of 2025, data shows - well above the expected 2.6 per cent rate.

“As expected, the US economy bounced back strongly in the second quarter, much more than expected, after contracting in the first quarter ahead of the imposition of tariffs,” said Neil Birrell, chief investment officer at Premier Miton Investors to Yahoo Finance.

“With inflation above target, tariffs about to kick in and the economy looking in reasonable shape, there is virtually no chance of the Fed acting on rates before September, no matter what the President would like them to do.”

India face 25 per cent tariff on exports to US

16:15 , Karl Matchett

The US has confirmed a 25 per cent tariff on India, the world’s fifth-biggest economy.

Earlier Donald Trump had said it would be around the 20-25 mark but couldn’t confirm which.

“While India is our friend, we have, over the years, done relatively little business with them because their tariffs are far too high, among the highest in the world, and they have the most strenuous and obnoxious non-monetary trade barriers of any country,” Trump wrote on social media.