Business news live: FTSE 100 flat around key milestone as AstraZeneca plan massive US investment

Major change is incoming in the pensions world, with the government set to make changes including the retirement age, but also with a Pensions Commission to look at contribution rates to stave off the growing threat of people not having enough money for retirement.

The FCA has also announced immediate changes to mortgage rules, to help borrowers reduce their repayment term lengths, save money and find cheaper products with other providers more easily. The FCA say this will “help people navigate their financial lives and support growth” in future, with other changes looking at making it easier for first-time buyers to get on the ladder.

In stock markets, the FTSE 100 closed above 9,000 points on Monday as global indices continued to push toward record new levels. Bitcoin has meanwhile remained around $118,000 and Brent Crude Oil is back under $69 after rising before the weekend.

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

Business news live - Tuesday 22 July

• Mortgage rule changes come into effect
• HMRC take £9.4bn more than a year ago from income tax, NICs and capital gains across April to June
• Oil prices fall as tariff deadline sparks economic fears
• AstraZeneca announce US investment worth billions amid tariff concerns

How to boost your pension pot now if you have no savings at all

15:00 , Karl Matchett

Warnings that millions of people are heading for a retirement crisis due to a shortfall in pension savings are nothing new, but a new government review aims to tackle the issue to prevent a “tsunami of pensioner poverty”.

It’s estimated that a single person will need more than £14,000 for every year of retirement, while a couple will need £22,000 to maintain a minimum level of lifestyle.

It sounds a lot, but it is achievable without the need to immediately start stuffing thousands of pounds a month into an account.

But how do you get there if you haven’t already started saving?

How to boost your pension pot now if you have no savings at all

11 Premium Bonds prizes of £100,000 still unclaimed

14:40 , Karl Matchett

Thousands of people could still be unknowingly sitting on unclaimed Premium Bonds winnings.

As of June 2025, more than 2.5 million prizes worth more than £103m remain unclaimed. This includes 11 £100,000 prizes, 19 £50,000 prizes, 38 £25,000 prizes and 75 prizes of £10,000.

NS&I said that in the financial year 2024-25, more than £166 million was reunited through 52,693 NS&I accounts for holders who had lost touch with their savings and investments, thanks to NS&I’s tracing service and My Lost Account.

Here’s a checklist for seeing if you’re owed prizes.

FTSE 100 flat around 9,000 points

14:19 , Karl Matchett

Having been flat most of the day, the FTSE 100 has fallen a little to dip back below the 9,000 points mark.

It is 0.14 per cent down for the day, hovering just under that milestone.

Yesterday was the first closing above the line for the benchmark index.

The biggest riser of the day is Centrica, up 3.9 per cent - it has a big stake in the Sizewell C nuclear plant which got the OK today.

Three-quarters of small businesses will raise prices - yet nearly half are seeing profits shrink

14:02 , Karl Matchett

A new survey among small and medium-sized businesses (SMEs) has found that a huge majority expect to be raising prices over the next year, with optimism split on whether they will survive or thrive amid challenging economic conditions.

Business owners have been hit this year by raised National Insurance Contributions and a higher minimum wage, while a new pensions review could ultimately see them have to contribute more in the future as well.

Meanwhile inflation from raw materials and higher energy costs have meant that their own prices have been on the increase, contributing to overall UK inflation levels. In addition, tariff uncertainty impacted those exporting to the US in the earlier part of the year before a trade deal was agreed.

It all amounts to a difficult backdrop for companies this year, with SMEs typically harder-hit than larger businesses when consumer spending drops.

Unsurprisingly, that means shoppers can expect to see another price hike coming in many places across the rest of 2025 and beyond.

Three-quarters of small businesses to raise prices - yet half see profits shrink

The government’s unexpected record borrowing will hit us all – but where?

13:40 , Karl Matchett

For Rachel Reeves, the hits keep on coming. The latest? Higher than expected government borrowing last month.

The figures are enough to make anyone wince. The government spent £20.7bn more than it received in tax receipts in June, which is the second highest figure since monthly records began in 1993 – and £6.6bn more than in the same month in 2024.

To put it in context: that number would cover the government’s share of building the £38bn Sizewell C nuclear power plant, with enough change left over to throw in a new hospital or two. In just a month.

You can probably guess when it was worse: June 2020, slap bang in the middle of the pandemic when the state was subsidising the wages of the furloughed British workforce. The extra debt incurred as a result of that is a major cause of the problems the chancellor is currently grappling with.

James Moore on the upcoming issue of borrowing leading to taxes:

The government’s unexpected record borrowing will hit us all – but where?

Bank of England chief hits back at Rachel Reeves comments

13:20 , Karl Matchett

Bank of England governor Andrew Bailey has hit back at Rachel Reeves’ words that finance red tape is a “boot on the neck” of business growth.

The chancellor announced rule changes last week aimed at encouraging growth within the UK’s finance sector but Mr Bailey says ring-fencing of banks’ finances - separating consumers’ money from investment banking - is an important part of ensuring safety and security.

“I do think that the ring-fencing regime is an important part of the structure of the banking system,” he said.

“I don't use those terms. Let me say that ... it's not a term I use. We can't compromise on basic financial stability. That would be my overall message.”

Monthly rents rise £221 over three years – here’s how much they’ve gone up in your area

13:00 , Karl Matchett

The cost of renting in the UK has seen a sharp rise over the last few years, new data shows, increasing by an average £221 a month in just three years, writes the Independent’s Albert Toth.

This makes the cost of renting 21 per cent more expensive than three years ago, the analysis by Zoopla finds, far outstripping inflation.

The average monthly rent in spring was £1,283, figures from the property website show. London continues to be the UK’s most expensive city for renters, at an average £2,101 a month in 2025.

This is followed by Oxford (£1,747), Brighton (£1,640) and Cambridge (£1,600), the data shows. Meanwhile, northern areas Burnley (£625), Hull (£652) and Grimbsy (£656) have the cheapest rents.

Vote in our Independent Money poll: What do you think the state pension age should be?

12:30 , Karl Matchett

Every Tuesday, our Independent Money newsletter lands in inboxes with expert insight and practical advice on the financial issues that matter most – from the cost of living crisis to smart saving strategies and key economic trends.

The newsletter also features a weekly money poll, giving readers the chance to weigh in on the financial topics behind the week’s biggest stories.

You can vote in this week’s poll right below - and we’re asking what should the state pension age be?

Not subscribed yet? It’s free and easy to join – just head to our newsletter preference centre, press the ‘+’ button next to Independent Money, and enter your email address.

Independent Money poll: What should the state pension age be?

Are you among the 82% of self-employed people who don’t pay into a pension?

12:00 , Karl Matchett

If you're self-employed, when was the last time someone talked to you about pensions? Chances are, probably not very recently.

However, research from NEST Insights shows that more than half of self-employed people in the UK - which includes freelancers, sole traders and limited company owners - are on track to experience retirement poverty. This compares to just a quarter of full-time employees.

According to the Pensions and Lifetime Savings Association, the new state pension (£11,973 a year) isn’t enough to meet the minimum standard of living of £13,400 a year for a single person, and only just meets the minimum standard for a couple (£21,600 a year) living outside London.

Are you among the 82% not paying into a pension? How to take charge of your savings

Mike Lynch’s estate ordered to pay £700m to HP in High Court ruling

11:40 , PA

Hewlett Packard (HP) is set to recoup more than £700 million ($944 million) from the estate of the late Mike Lynch and his former business partner, Sushovan Hussain, a London High Court judge ruled on Tuesday.

The sum relates to HP’s ill-fated acquisition of British software firm Autonomy.

The US technology giant had sought to recover losses from Dr Lynch, who died last year when his luxury yacht sank off Sicily, and Mr Hussain.

HP had accused the pair of orchestrating an elaborate fraud to inflate Autonomy’s value before its $11.1 billion purchase in 2011, a deal that subsequently unravelled.

Within a year of the acquisition, HP wrote down Autonomy’s value by $8.8 billion and launched a $5 billion lawsuit against Dr Lynch and Mr Hussain in London. A judge ruled in HP’s favour in 2022.

Dr Lynch, once lauded as Britain’s answer to Bill Gates, consistently maintained his innocence, instead blaming HP for its failure to integrate Autonomy into its operations.

Price of oil falls 1% as tariff deadline brings economic fears

11:25 , Karl Matchett

The price of Brent Crude Oil has dropped almost 1 per cent in the past day, with the approaching tariff deadline giving rise to concerns over slowing global economies.

If tariff rates coming into force hamper businesses buying from overseas in the world’s biggest economy, the US, it means a knock-on effect of less oil being consumed.

That has driven futures prices lower, with Brent now at $68.55.

WTI crude is at $66.50, while a Reuters poll of analysts suggested US crude oil inventories fell by around 600,000 barrels in the week to 18 July.

As unemployment rises, the AI era of universal basic income has just got closer

11:00 , Karl Matchett

It is becoming harder and harder to talk to a human being. Twice recently I have wanted, needed, to speak to customer services. On each occasion, finding the actual phone number proved tortuous. There are FAQs and online “help” to be bypassed, and even if you get through, an automated message implores you to return to the internet.

Likewise, a new Thai restaurant has opened up the road, and its novelty is not the food but a robot waiter. How we revel in its brilliance. How we forget, too, how warm and friendly were the staff in the old place before it was taken over by tech-minded – and yes, penny-pinching – newcomers.

Progress, I’m meant to say. That may be so, but these are also jobs. And work is slowly but surely disappearing.

Chris Blackhurst on the rise of the machines...and human jobs

As unemployment rises, the AI era of universal basic income has just got closer

Grocery inflation soars to 18-month high

10:40 , Karl Matchett

UK grocery prices have increased at their fastest pace for 18 months amid growing concern from shoppers about the rising cost of living, according to new figures.

Grocery price inflation accelerated to 5.2% in the four weeks to July 13, according to market research firm Worldpanel by Numerator, which was recently renamed from Kantar.

It represented a rise from inflation of 4.7% a month earlier and marked the highest level since January 2024.

The data indicated that rising prices are set to add an average of £275 to shoppers’ annual grocery spending.

PA

British Business Bank returns to profit amid further investments

10:20 , Karl Matchett

The Government-owned British Business Bank has returned to a profit as it pushes forward with efforts to support Chancellor Rachel Reeves’ ambitious growth plans.

The UK’s economic development bank recorded a pre-tax profit of £144 million in the year to March, swinging a £122 million loss a year earlier.

It is the first profit the bank has delivered since 2022 after the valuation of firms it invested in were impacted by challenging economic conditions.

More from PA:

British Business Bank returns to profit amid further investments

AstraZeneca unveils plans for £37bn investment in US amid tariff threats

10:00 , Karl Matchett

With US president Donald Trump threatening a tariff of up to 200 per cent on pharmaceuticals, the UK’s biggest public listed company, AstraZeneca, has announced a £37bn investment in the US.

The Independent recently reported on the pharma firm’s CEO being keen on a listing move to the US, though this is not necessarily linked to the new investment.

A new manufacturing facility will be created in Virginia and is expected to create thousands of jobs.

Pascal Soriot, chief executive of AstraZeneca, said: “Today’s announcement underpins our belief in America’s innovation in biopharmaceuticals and our commitment to the millions of patients who need our medicines in America and globally.”

Sizewell C cost revealed after government green light

09:42 , Karl Matchett

The Sizewell C nuclear facility has finally been approved by the government.

A total cost of £38bn has been announced after investment from a Canadian pension fund; the British state is the biggest shareholder in the venture, holding 44.9 per cent of the plant, while Centrica owns 15 per cent.

Around 10,000 jobs will be created during construction and it’s due to be operational by the mid to late 2030s.

It has taken more than a decade to get a full green light since Sizewell C’s initial proposal and the cost has almost doubled in that time.

FTSE 100 falls slightly in morning trading

09:36 , Karl Matchett

The FTSE 100 closed above 9,000 points for the first time yesterday, but hasn’t quite been able to sustain that momentum yet today.

A small rise early on has been given up and the index is down 0.02 per cent at present - largely flat as a result of 1.5-2 per cent falls for the likes of Legal and General, Admiral Group and Spirax Group.

At the other end of the scale, Compass Group is the highest riser, up 5 per cent on an improved earnings outlook.

Homeowners could save money on their mortgage under new rules

08:59 , Karl Matchett

Homeowners are set to benefit from simplified mortgage rules, as the Financial Conduct Authority (FCA) confirms changes designed to make remortgaging or reducing loan terms easier.

The City regulator’s shake-up aims to introduce greater flexibility and help individuals better manage their financial lives.

A key part of the reform involves the FCA removing existing guidance that it deems to have "served its purpose," a move intended to reduce the regulatory burden on financial firms.

This adjustment means borrowers could find it simpler to shorten their mortgage term, potentially lowering the total cost of borrowing and mitigating the risk of repayments extending into retirement.

More details on the latest mortgage changes here, from PA:

Homeowners could save money on their mortgage under new rules

Borrowing on track, but tax rises to come says economics expert

08:44 , Karl Matchett

Speaking on those government borrowing costs, Alex Kerr, UK economist at Capital Economics, says Rachel Reeves will have to expect to announce even more taxes later in the year as a result.

“Despite the £3.6bn overshoot in June, public borrowing is still in line with the OBR’s forecasts after the first three months of the fiscal year. But things will probably get worse for the Chancellor. We think that she will need to raise £15-25bn at the Budget later this year, with higher taxes doing most of the heavy lifting,” he said.

“At £20.7bn, public sector net borrowing was well above the OBR and consensus forecasts of £17.1bn and £16.5bn respectively but closer to our forecast of £19.5bn.

“Admittedly, the better-than-expected start to the fiscal year means that borrowing is still on track to meet the OBR’s existing forecasts after the first three months of the 2025/26 fiscal year.

“But the government’s u-turns on spending cuts and potential upward revisions to the OBR’s borrowing forecasts means the Chancellor will probably need to raise £15-25bn at the Autumn Budget to maintain the £9.9bn of headroom against her fiscal mandate. And given that she is struggling to stick to existing spending plans and we doubt the gilt market will tolerate significant increases in borrowing, she will probably have to raise taxes instead.”

Government borrowing soars to over £20bn in June

08:30 , Karl Matchett

The government borrowed more than expected in June, a total of £20.7bn and the second-highest level for this month on record.

It is estimated that the chancellor’s £9.9bn headroom from the spring statement has become a deficit of £12-15bn now, with some experts suggesting Rachel Reeves will need to find as much as £20bn by the time the Budget rolls around in autumn.

Darren Jones, chief secretary to the Treasury, said: “We are committed to tough fiscal rules, so we do not borrow for day-to-day spending and get debt down as a share of our economy.”

Stealth taxes behind big increase in income tax take, says expert

08:15 , Karl Matchett

The government’s stealth taxes are what have prompted the additional income, says Shaun Moore, tax and financial planning expert at Quilter.

Stealth taxes are often seen when no extra taxes are placed but thresholds from one band to the next remain in place, meaning people naturally gravitate into the next (higher) tax rates simply through getting a raise, a new job, the effects of inflation and wage growth and so on.

“The latest HMRC tax take data lays bare the impact of the government’s stealth tax strategy – and while it is lucrative in some areas, it is far from universally effective,” he said.

“PAYE income tax and National Insurance contributions for April to June 2025 hit £120.8 billion, up £9.6 billion year-on-year. With income tax thresholds frozen, workers are seeing more of their earnings swallowed by the tax system. Meanwhile, higher employer NICs signal a clear shift in the burden toward businesses.”

HMRC take £9.4bn more than a year ago in income tax and NI

08:01 , Karl Matchett

Data released this morning by HMRC shows an uplift of £9.4bn compared to a year ago, for April to June tax take across income tax, National Insurance Contributions and capital gains tax.

Total tax receipts for the period were £209.6bn, which is up £11.7bn from a year ago for the same period.

As you can see, most of that is in the income tax and NICs section - though VAT take also saw a rise of £1.2bn.

Alcohol duties were 11 per cent lower, however.

Mortgage rule changes will 'support more flexible home ownership' says expert

07:44 , Karl Matchett

The FCA’s rule changes will mean homeowners have far more choice and chance of saving money when it comes to changing mortgage deals, says Paul Matthews, senior director of risk at financial services firm Broadstone.

He said: “The FCA is taking significant steps to make it easier for consumers to make changes to their mortgages and get better support on their available options. The easing of regulation will allow lenders greater flexibility to innovate in the market and provider homeowners with more choice.

“Mortgage lenders operate in a highly regulated environment and so these latest reforms should support more flexible home ownership with minimal additional risk. Lenders will need to ensure their risk management and modelling framework is robust so they can continue to spot those consumers who need advice or other support.”

How much you need in your pension to retire — and four things to help you reach that amount

07:25 , Karl Matchett

Pensions are back in the spotlight after the government announced new measures to tackle the growing issue of people failing to have enough money when they retire.

Liz Kendall, the work and pensions secretary, said on Monday that almost half of the working age population “isn’t saving anything for their retirement at all”. She has revived the pensions commission, which last met in 2006, in a bid to determine how best to help workers after experts warned that people looking to retire in 2050 are on course to receive £800 per year less than current pensioners.

The scale of the issue cannot be underestimated.

Four things you can do to add thousands to value of your pension

FTSE 100 above 9,000 points again

07:15 , Karl Matchett

The FTSE 100 had something of a rollercoaster on Monday but ended the day 0.23 per cent up.

That put it back above 9,000 points having breached that level last week a couple of times.

Record highs in stock market indices have been a regular theme of late - miners in particular helped the surge yesterday.

FCA announce new mortgage rules

07:06 , Karl Matchett

The Financial Conduct Authority has announced rule changes effective immediately regarding mortgages.

Among those, the FCA say it will mean people:

• Find it easier to reduce their mortgage term, helping to lower the total cost of borrowing and reduce the risk of repayment extending into retirement.
• More easily remortgage with a new lender, helping them access cheaper products.
• Be able to discuss options with their mortgage provider and get advice when they need it.

These chances are to “help people navigate their financial lives and support growth by ensuring more people can benefit from choice in the mortgage market and the security of homeownership.”

More details to come.

Business news live - Monday 21 July

06:58 , Karl Matchett

Good morning and welcome to The Independent’s live business coverage on Tuesday.

Coming up today, the usual mix of stock markets, mortgages, money, companies and more.