The week ahead brings earnings reports from FTSE 100 firms such as housebuilder Persimmon, gambling company Entain and miner Antofagasta. After a week in which global stock markets saw very mixed performances based off tariff announcements, rate cuts and more, investors will be hoping for positive momentum to rebuild.
In the UK, preliminary jobs data will be a big pointer for potential future interest rate movements, while later in the week preliminary GDP figures will suggest whether Rachel Reeves and co face another tough time ahead to encourage more economic growth.
Elsewhere, the latest EVs to be eligible for government grants have been announced, while the government are also pushing through changes which could see more people paying tax on interest earnings directly out of their salary packets at workplaces.
Follow The Independent’s live coverage of the latest stock market and business news here:
Key points
- Gold is rising again - due to an unforeseen tariff impact
- Latest EVs given green light for government grants
- FTSE 100 rises after Asian stocks climb overnight
Business news - 11 August
16:37 , Karl MatchettThe FTSE 100 will finish up for the day, around 0.37% to the good despite general underperformance elsewhere and US stocks effectively flat or falling in early trading this afternoon.
That’s it for today - we’ll be back tomorrow morning as usual, thanks for joining us and see you then.
Business and Money news - 11 August
06:58 , Karl MatchettGood morning all and welcome to another week of business and finance coverage on The Independent.
Stock market news, UK economic updates, companies news and personal finance all heading your way over the coming hours.
Hope you all had a good weekend!
Business and Money news - 11 August
07:07 , Karl MatchettLast week saw stock markets face an up and down time. The FTSE 100 rose midweek before being flat or falling on Thursday and Friday - it was lower for the week as a whole.
There are fewer big-name companies set to report earnings this time around, but Persimmon’s will give an indicator of Labour getting close (or not) to being able to hit that 1.5m new homes target of theirs.
The US market rose overall last week but remains subject to the whims and wonderings of the president, his tariffs and his capital letters on social media.
Business and Money news - 11 August
07:17 , Karl MatchettMillions of sole traders and landlords have just months to prepare for massive changes to the tax system that take effect next year.
From 6 April 2026, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will apply to sole traders and landlords whose combined gross income from self-employment and/or property exceeds £50,000 a year. If this applies to you, you’ll need to keep digital records and use HMRC-compatible software to submit four quarterly updates and then a ‘final declaration’ to HMRC each year. This will replace the current self-assessment tax return.
The Government claims MTD will “modernise the tax system” and “reduce the tax gap”. But critics says HMRC’s communication on the subject has been woefully lacking, with the new regime set to cost freelancers and landlords time and money.
Manase Mtopa, head of UK at accounting service Hnry, says: “Filing of taxes used to be a free service completed annually, so introducing the need to use software quarterly will invariably introduce costs to the taxpayer. The self-employed are often paying for a business bank account and accountant already so this is an unwelcome cost.”
Whatever your view, MTD is on its way and it’s best to prepare now.
A new tax system is coming next year – here’s all the guidance you need
Latest EVs eligible for government grants
07:30 , Karl MatchettWith the latest electric vehicles announced that government grants are eligible for use on, the hope is for a quicker uptake on the EV transition - even with demands on manufacturers having been cut.
Colin Walker, head of transport at the Energy & Climate Intelligence Unit (ECIU), said:
“EV sticker prices continue to fall, driving up sales as more and more people are able to access the savings of hundreds, even thousands, of pounds a year that come from running an EV over a petrol car. These grants should accelerate that process, enabling even more people to make the shift to cleaner and cheaper electric driving, and enjoy substantial savings in the midst of a cost-of-living crisis.”
EasyJet completes rollout of modern navigation software
07:45 , PAEasyJet has completed the installation of new navigation software on 54 aircraft to ease collaboration with air traffic control (ATC) staff.
The UK’s biggest airline said the system shares real time aircraft trajectory information with ATC providers, helping create more efficient route calculations.
The future air navigation system-C (Fans-C) software also involves instructions from ATC controllers to pilots – such as “climb to 36,000 feet” – to be relayed by text rather than radio, reducing the chances of misunderstandings or hold-ups.
EasyJet said it has retrofitted the programme on all 54 of its A320 and A321 neo family planes.
More here.
Why gold is shining on the markets as Trump slaps Switzerland with unexpected tariffs
08:01 , Karl MatchettMarkets had assumed gold would escape the tariff, as other key US imports have. But it has since emerged Swiss gold bars will face the full 39 per cent export duty, James Moore explains
Gold shines on markets as Trump slaps Switzerland with unexpected tariffs
Latest EV models eligible for grants confirmed
08:20 , Karl MatchettThe government has named the next 13 electric vehicle models which are eligible to receive grants, as part of a £650m scheme.
The new eligible models announced for £1,500 grants are:
- Renault Alpine A290
- Renault Megane
- Renault 4
- Renault 5
- Renault Scenic
- Nissan Micra
- Nissan Ariya (available from 13 August 2025)
- Vauxhall Corsa Electric
- Vauxhall Combo Life Electric
- Vauxhall Astra Electric
- Vauxhall Mokka Electric
- Vauxhall Frontera Electric
- Vauxhall Grandland Electric
Already named:
- Citroën ë-C3
- Citroën ë-C4
- Citroën ë-C5
- Citroën ë-Berlingo
RAC head of policy, Simon Williams, said:
“Another wave of cars qualifying for the government’s revamped Electric Car Grant is yet more welcome news. It’s also very positive to see other manufacturers that don’t meet the grant’s green production targets lowering their prices.
“Those looking to make the switch now have a wider choice of better value vehicles than ever before. This can only help speed up the transition to electric motoring.”
FTSE 100 rises after Asian stocks climb overnight
08:40 , Karl MatchettOvernight, stock markets climbed in Asia, with the primary index of India, Shanghai and Australia all rising - and Japan’s Nikkei 225 rose a hefty 1.85 per cent.
This morning the FTSE 100 has followed the same path, albeit not as dramatically of course - it’s up 0.3 per cent in early trading.
The German DAX is down about the same amount, but much of Europe is in the green, leaving the Euro Stoxx 50 at 0.1 per cent up.
Interest rates: Will Bank of England cut again this year?
09:00 , Karl MatchettAfter the Bank of England needed two votes to cut interest rates last week, down to 4%, the question on many lips is whether they’ll go down again this year or not.
Turn the clocks back a few months and many analysts were expecting the UK to be at 3.5% by the end of the year - that’s well out of the question right now.
But Barclays are still backing another rate cut in November.
“We expect upcoming decisions to be finely poised given the current equilibrium within the MPC and the renewed emphasis on short-term inflation risks, we continue to see a 25bp cut at the November meeting as the most likely outcome, followed by a further cut in February 2026.”
That would be the 3.5% rate six months from now, with inflation expected to be running at 4% into the second half of 2025.
Mortgage wars: how interest rate cuts are helping buyers
09:32 , Karl MatchettThe mortgage market has definitely gotten hotter as the year has gone on, from the start of the sub-4% war between lenders a few months ago to then the reemergence of 100% mortgages, looser rules around affordability tests and three interest rate cuts.
All that means more competition and more possibilities for buyers - though of course rising property prices continue to be a real barrier for many.
“A cut in interest rates is a good thing,” said Adrian MacDiarmid, head of mortgages at Barratt Redrow Developments.
“At the start of the year mortgage rates dropped, and we're already seeing a lot of lenders competing for market share with lower rates, which will bring more opportunities to buy a home.
“Improving affordability assessments means that prospective homebuyers might also be able to borrow more than expected. For example, by opting for the security of a long-term fixed-rate mortgage, this could enable them to borrow up to six times their income.”
UK markets: the week ahead
10:03 , Karl MatchettThere isn’t a whole lot of economic data today, nor big companies reporting financials - both of which move the market of course.
As such it’s a serene start to trading, slightly up 0.25%, but later this week we have plenty more to move the needle.
“The FTSE 100 made a decent start to the trading week as some recent laggards attracted attention from bargain hunters,” said AJ Bell investment director Russ Mould.
“The market seems very relaxed ahead of tomorrow’s deadline on US-China trade talks, reflecting the assumption an extension is in the offing and a deal will eventually be reached. While the mood music between Beijing and Washington has improved, there is some risk investors’ confidence proves misplaced.
“Gold prices lost some of their lustre on suggestions the Trump administration might not put tariffs on gold bars after all.
“In the UK, employment data will be closely monitored on Tuesday after last week’s Bank of England meeting where the decision to cut rates was unexpectedly on a knife edge and policymakers adopted a hawkish tone.”
Marks & Spencer restores click and collect orders after hack
10:30 , Karl MatchettMarks & Spencer has restarted its click-and-collect service after almost four months following a damaging cyber attack on the business.
The retailer’s click-and-collect system stopped working in stores over the Easter Weekend in April after the company was targeted by hackers.
Contactless payments were also taken down before being reinstated, while online orders through its website and mobile app were halted for around six weeks.
The retailer has gradually reinstated key parts of its online systems following work by IT experts.
Click and collect, which allows customers to buy products online and pick up at shops the next day, is the last major service to have been reinstated
Marks & Spencer restores click and collect orders after hack
A new tax system is coming – here’s what the self-employed and freelancers need to know
11:00 , Karl MatchettMillions of sole traders and landlords have just months to prepare for massive changes to the tax system that take effect next year.
From 6 April 2026, Making Tax Digital for Income Tax Self Assessment (MTD ITSA) will apply to sole traders and landlords whose combined gross income from self-employment and/or property exceeds £50,000 a year. If this applies to you, you’ll need to keep digital records and use HMRC-compatible software to submit four quarterly updates and then a ‘final declaration’ to HMRC each year. This will replace the current self-assessment tax return.
Emma Lunn has all you need to know:
A new tax system is coming next year – here’s all the guidance you need
FTSE 100 biggest risers and fallers
11:48 , Karl MatchettThe FTSE 100 is up 0.28 per cent today - most European indexes are down so the defensive nature of a few big British-based firms are coming into play clearly.
Here are the biggest climbers and fallers today so far, risers first:
- Marks and Spencer +2.5%
- Fresnillo +1.7%
- WPP +1.55%
- Pershing Square +1.55%
- AstraZeneca +1.44%
And those going down:
- SSE -2.66%
- BAE Systems -1.73%
- Croda International -1.44%
- Babcock International -1.3%
- Endeavour Mining -1.23%
Nearly half of UK businesses want an end to working from home
12:12 , Karl MatchettAlmost half of all businesses across the UK now want staff back in the office on a full-time basis, in a push to pre-pandemic arrangements.
The shift away from working from home has ramped up this year in the financial and retail industries, with the likes of HSBC and Boots pushing some staff to return to office an additional day per week, or even on a full-time basis. Some have linked office attendance to bonus pay or insisting they work at least one Monday or Friday each week to avoid empty offices.
A survey by the British Chambers of Commerce (BCC) of more than 500 businesses now shows many businesses across the nation are following the same pattern – despite one in ten businesses (9 per cent) reporting that staff have quit over a lack of flexible working.
Nearly half of UK businesses want an end to working from home
Financial Awareness Day: Are you saving?
12:30 , Karl MatchettAhead of Financial Awareness Day (14 August if you didn’t know!) plenty of data is emerging about how far the UK still has to go around education and allowing people to properly fend for themselves when it comes to money.
A full third of people say they have no spending money left by the end of each month, while it’s well documented that a huge number of families have less than £100 in a savings account.
- 5.7 million UK adults don't believe they'll ever be financially independent
- A third (35%) can't save for retirement
- Well over a third (37%) wouldn't be able to cover an unexpected emergency
- 33% have no disposable income at the end of the month
M&S are fully back up and running after the last of their fallen digital capabilities, click and collect, was relaunched following that cyber attack.
It’s set to cost the firm around £300m all told - but Susannah Streeter, head of money and markets at Hargreaves Lansdown, says the company could move forward in a stronger position as a result of the IT upgrade enforced on it.
‘’It’s been a long slow journey to regain operational fitness, but Marks and Spencer has finally rebuilt its digital muscle. The recovery is a little behind the timeline set out back at the company’s AGM in July. However, the IT reboot and overhaul was also a chance to accelerate its digital transformation agenda, which is why it may have taken a little longer than initial forecasts,” Ms Streeter explained.
“Shares have risen by around 2% in early trading, an indication of slightly warmer sentiment towards the company. But they remain 13% lower year to date. Investors will want to find out the full financial impact of the disruption, with previous estimates that it could cost as much as £300 million in lost sales and operational disruption. It is likely that this will be mitigated by insurance claims and cost efficiencies made elsewhere.
“There will be high hopes that M&S can put this highly problematic chapter behind it, and the early signs are that there is pent up demand. Its strong set of annual results showed the retailer was in a resilient position before the cyber attackers infiltrated systems. Sales growth in the fashion and home & beauty division reflected improved customer perceptions of value, quality, and style. Demand for M&S food remains robust, with increased volumes driving growth. So, with the underlying performance remaining solid, and the harmful cyber attack in the rear-view mirror, it bodes well for M&S ahead.’’
New bank set to open - but only for the super-rich
13:30 , Karl MatchettThree bankers are aiming to set up a new entity for the super rich, aiming to get 2,000 signed up as clients within five years.
Anthony Thomson, the co-founder of Metro Bank, is one of those involved with a target of $10bn on the balance sheet by 2030.
The Times reports they are seeking those with at least “$30m in investable assets” or families with $100m or more to bring on as clients or investors.
UK’s biggest toy chain to hand ownership to its employees
14:00 , Karl MatchettThe UK’s biggest toy retail chain, the Entertainer, will soon be in the hands of its workers after its founder opted to put the organisation into an employee ownership trust.
Around 1,900 people work at the Entertainer, including hundreds who have worked there for more than a decade and some more than 20 years.
Under the scheme, full ownership of the 160-store company will transfer to a trust which is held on behalf of employees, who will then receive company performance-related profits in the form of tax-free bonuses.
Nvidia to pay US 15% on China exports
14:30 , Karl MatchettChipmarkers Nvidia and AMD have agreed to pay the US 15% of all revenues from selling to China, as part of a deal allowing a licence to export to the Asian nation, the BBC report.
Previously, chip sales were restricted or even banned for periods amid concerns over China’s AI capabilities.
Nvidia said: “We follow rules the US government sets for our participation in worldwide markets.
“While we haven't shipped H20 to China for months, we hope export control rules will let America compete in China and worldwide.”
Luxury jewellery brand Faberge sold to tech investor for £37m
15:13 , Karl MatchettLuxury jewellery brand Faberge, well known for its jewelled Russian eggs, has been bought by a US tech investor for 50 million US dollars (£37 million).
London-listed gemstone specialist Gemfields revealed on Monday that it sold the Faberge business to SMG Capital, the firm run by investor Sergei Mosunov.His investment vehicle will pay an initial 45 million dollars when the deal completes later this month, before paying the further five million dollars through royalty payment instalments.
The brand is particularly recognised for the extravagant eggs first made by jeweller Peter Carl Faberge in St Petersburg for Russian tsars as Easter gifts.
Faberge now sells a raft of products including jewellery, watches and other “egg objects” inspired by the famous eggs.
Luxury jewellery brand Faberge sold to tech investor for £37m
Enjoy summer while you can – Rachel Reeves is already planning an autumn income tax rise
15:35 , Karl MatchettShe didn’t want to raise taxes on ‘working people’ but stubborn inflation and a sputtering economy leave the chancellor little choice in October’s Budget, says Chris Blackhurst.
Enjoy summer while you can – Reeves is preparing to raid your payslip
Recruitment is in a doom loop – there’s only one thing for it, chancellor…
16:00 , Karl MatchettAs a KPMG study lays bare years of falling job openings, and with unemployment figures expected to rise yet again, Britain’s bosses are stuck in hiring limbo that only Rachel Reeves can get them out of, says James Moore
Recruitment is in a doom loop – there’s only one thing for it, chancellor…
