Rolling coverage of the latest economic and financial news
Warnings for Andy Burnham are coming in thick and fast as he prepares to take up the Labour leadership on Friday.
The chief executive of the CBI, Rain Newton-Smith, has said that there cannot be another “summer of speculation”, after Labour’s last two summers were dogged by leaks and speculation about what might come in Rachel Reeves’s autumn budgets.
Better growth in our economy is good news and essential for boosting jobs and incomes. But despite welcome improvements, the outlook remains uncertain - and up and down the country too many working people are still struggling to get by.
Donald Trump’s illegal war has sent energy prices through the roof – and comes after years of bills increasing sharply.
Uncertainty over the policy outlook and the Autumn Budget, given the looming change in government, is likely to weigh on confidence and investment decisions. The renewed military strikes in the Middle East highlight the risk of further volatility in global energy and financial markets. Our own business surveys weakened in May and softened further in June, with private sector activity expected to remain subdued over the coming months.
With a new Prime Minister coming into office, the government must restore competitiveness by tackling the growing cost pressures that businesses are facing in every corner of the country. This must include taking direct action to lower the UK’s industrial electricity costs, which are currently 45% more expensive than the G7 median. Lowering industrial electricity costs will give businesses the confidence to invest and unlock stronger economic growth across the UK.”
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