Bank holds interest rates but says it is ready to raise them if Iran war escalates
The Bank of England held interest rates at 3.75% but signaled readiness to raise them if the Iran conflict escalates and oil prices remain elevated.
US economy grows sluggish 1.5% in second quarter as inflation tops Fed target
US GDP grew 1.5% in the second quarter, falling short of expectations as rising imports pressured growth. Consumer spending remained positive, but inflation stayed above the Federal Reserve’s 2% target.
Burnham says he told Trump UK will be pragmatic about North Sea oil
UK Prime Minister Andy Burnham stated he told President Trump he would adopt a pragmatic approach to North Sea oil and gas drilling, amid debate over the government’s energy policy.
Andy Burnham to give regional mayors share of income tax
Prime Minister Andy Burnham will distribute income tax revenue shares to English city region mayors for the first time, as part of a broader devolution initiative transferring power from central government to local leaders.
Sainsbury’s to sell Argos to three retail veterans in £120m deal
Sainsbury’s has agreed to sell Argos retail chain for £120m to three retail veterans led by former Morrisons executive Richard Pennycook, enabling focus on core food business.
Budget to be held on 28 October, John Healey announces
Chancellor John Healey has announced his first Budget will take place on 28 October, stating it will move power and resources out of Westminster to communities across Britain while maintaining fiscal discipline.