stockmarket

Pound on worst run since March 2020 with UK economy ‘close to stalling’; some Gatwick strikes suspended – business live


Pound heads for longest run of losses since 2020

The pound is on track for its longest losing run since early in the Covid-19 pandemic, as City traders dial down their forecast for UK interest rate rises.

Sterling is down a quarter of a cent today at $1.281, its lowest level in a fortnight.

This is its seventh daily drop in a row, as traders digest this morning’s warning that UK private sector growth is weakening this month.

The pound against the US dollar this year
The pound against the US dollar this year Photograph: Refinitiv

That’s the worst run since March 2020, when the pound fell for eight consecutive sessions.

The selloff reflects growing expectations that UK interest rates will not rise as fast as previously feared, as the economy slows and inflation drops.

The pound had surged to a 15-month high of around $1.314 on 13th July, after rising by six days in a row (the best run of 2023), but the mood has turned against the pound since.

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document.body.appendChild(el);\n “,”elementId”:”c4ff7ef7-5e24-4fab-98dc-797919b14608″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Spain is in for weeks of negotiating and horse-trading as the rival camps explore their options for government.</p>”,”elementId”:”3a55ec53-017e-403b-8e55-215dfa667784″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>My colleague in <strong>Madrid</strong>, <strong>Sam</strong> <strong>Jones</strong>, explains:</p>”,”elementId”:”e14170c2-95e9-460d-9bd0-798c7b45340c”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<blockquote class=\”quoted\”>\n <p>Negotiations by the two blocs to form governments will start after a new parliament convenes on 17 August. King Felipe VI will invite the PP’s leader, Alberto Núñez Feijóo, to try to secure the prime ministership. In a similar situation in 2015, PP leader Mariano Rajoy declined the king’s invitation, saying he could not muster the support.</p>\n <p>If Feijoo declines, the king may turn to the prime minister, Pedro Sánchez, with the same request. The law does not set a deadline for the process but if no candidate secures a majority within two months of the first vote on the prime minister, new elections must be held.</p>\n</blockquote>”,”elementId”:”862fe251-50c9-4223-931a-a803114a94a5″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/world/2023/jul/23/spainish-election-conservative-party-ahead-but-unlikely-to-win-majority”,”text”:”Spain elections: hung parliament after conservatives fail to secure expected majority”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”a423b428-e0e7-4eb5-8a90-b8d7eae7b91a”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1690186504000,”blockCreatedOnDisplay”:”09.15 BST”,”blockLastUpdated”:1690194713000,”blockLastUpdatedDisplay”:”11.31 BST”,”blockFirstPublished”:1690187203000,”blockFirstPublishedDisplay”:”09.26 BST”,”blockFirstPublishedDisplayNoTimezone”:”09.26″,”title”:”Spain’s IBEX drops after general election deadlock”,”contributors”:[],”primaryDateLine”:”Mon 24 Jul 2023 15.45 BST”,”secondaryDateLine”:”First published on Mon 24 Jul 2023 07.39 BST”},{“id”:”64be235b8f08ff360bcb3b56″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>In the City, shares in <strong>Ocado</strong> have jumped by over 11% to their highest level since January, after it reached a deal with Norwegian robotics firm AutoStore over patent litigation claims.</p>”,”elementId”:”5a608ae9-0cbc-4d9d-a002-5594a4adc933″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Under the deal, announced last weekend, <strong>AutoStore</strong> will pay £200m to <strong>Ocado</strong>.</p>”,”elementId”:”e82d56be-710e-4e28-bbb4-67a43f5365b1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>They will also have “complete freedom” to access and use technology covered by each other’s pre-2020 patents, and can continue to use and market their own existing products without risk of infringing each other’s post-2020 patents.</p>”,”elementId”:”992a6f59-2903-4f30-8245-ab354acbffb6″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>This litigation has hung over Ocado since October 2020, when Autostore filed a case arguing the UK firm had infringed six of its patents relating to its use of robots to retrieve goods from warehouses.</p>”,”elementId”:”15aca9dd-04bd-42d4-afce-ef17a2fc4424″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Today, <strong>Ocado</strong> CEO <strong>Tim Steiner</strong> says:</p>”,”elementId”:”d7682842-c2ef-4338-a432-b0acc473db6d”},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<blockquote class=\”quoted\”>\n <p>“I am pleased that we have worked together to resolve our differences and can now continue to focus on what we do best – innovating, developing and enabling partners to access world beating technology”</p>\n</blockquote>”,”elementId”:”0e18574d-09e2-43c7-aff1-ff913362c69a”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1690182491000,”blockCreatedOnDisplay”:”08.08 BST”,”blockLastUpdated”:1690183218000,”blockLastUpdatedDisplay”:”08.20 BST”,”blockFirstPublished”:1690183219000,”blockFirstPublishedDisplay”:”08.20 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.20″,”title”:”Ocado shares surge after patent litigation deal”,”contributors”:[],”primaryDateLine”:”Mon 24 Jul 2023 15.45 BST”,”secondaryDateLine”:”First published on Mon 24 Jul 2023 07.39 BST”},{“id”:”64be1f6b8f087edb1f3f0be4″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Some <a href=\”https://www.theguardian.com/technology/twitter\” data-component=\”auto-linked-tag\”>Twitter</a> users are unimpressed by the X rebrand, and mourning the old blue bird logo (although it’s still displayed at the top of the Twitter homepage at pixel time).</p>”,”elementId”:”bc300fe1-fbbd-4967-9811-6d7b16ad08fc”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”<blockquote class=\”twitter-tweet\”><p lang=\”en\” dir=\”ltr\”>As I log off for the night I just wanted to say goodbye to the twitter bird. <br><br>We will miss you 😢 <br><br>X= WTF?<a href=\”https://twitter.com/hashtag/RIPTwitter?src=hash&amp;ref_src=twsrc%5Etfw\”>#RIPTwitter</a> <a href=\”https://twitter.com/hashtag/TwitterIsDead?src=hash&amp;ref_src=twsrc%5Etfw\”>#TwitterIsDead</a> <a href=\”https://t.co/cKEjPHTKja\”>pic.twitter.com/cKEjPHTKja</a></p>&mdash; Sunsun Girly☀️ (@sunsungirly) <a href=\”https://twitter.com/sunsungirly/status/1683356495029882880?ref_src=twsrc%5Etfw\”>July 24, 2023</a></blockquote>”,”url”:”https://twitter.com/sunsungirly/status/1683356495029882880″,”id”:”1683356495029882880″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”75f9c102-3825-470e-bc4d-bbd2e8f1a1b7″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”<blockquote class=\”twitter-tweet\” data-conversation=\”none\”><p lang=\”en\” dir=\”ltr\”>Check it out:<a href=\”https://t.co/TWSnSPhVBr\”>https://t.co/TWSnSPhVBr</a> has been replaced by <a href=\”https://t.co/0v0hrwOSZX\”>https://t.co/0v0hrwOSZX</a><br>The blue Bird is dead and buried. <a href=\”https://twitter.com/hashtag/RIP?src=hash&amp;ref_src=twsrc%5Etfw\”>#RIP</a> Twitter🪦 and good luck to <a href=\”https://twitter.com/hashtag/TwitterX?src=hash&amp;ref_src=twsrc%5Etfw\”>#TwitterX</a> ❌ <a href=\”https://t.co/9cxqdfkZOu\”>pic.twitter.com/9cxqdfkZOu</a></p>&mdash; Kite🪁 (@MayMayln) <a href=\”https://twitter.com/MayMayln/status/1683194165427941377?ref_src=twsrc%5Etfw\”>July 23, 2023</a></blockquote>”,”url”:”https://twitter.com/MayMayln/status/1683194165427941377″,”id”:”1683194165427941377″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”3a8c562a-aead-40cf-b097-c15f75e7bac7″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”<blockquote class=\”twitter-tweet\”><p lang=\”en\” dir=\”ltr\”>RIP Twitter Bird (2006-2023) <br>Everyone waiting for funeral be like 😅<a href=\”https://twitter.com/hashtag/TwitterX?src=hash&amp;ref_src=twsrc%5Etfw\”>#TwitterX</a> <a href=\”https://twitter.com/hashtag/TwitterLogo?src=hash&amp;ref_src=twsrc%5Etfw\”>#TwitterLogo</a> <a href=\”https://twitter.com/hashtag/ElonMusk?src=hash&amp;ref_src=twsrc%5Etfw\”>#ElonMusk</a> <a href=\”https://twitter.com/hashtag/RIPTwitter?src=hash&amp;ref_src=twsrc%5Etfw\”>#RIPTwitter</a> <a href=\”https://twitter.com/hashtag/Twitter?src=hash&amp;ref_src=twsrc%5Etfw\”>#Twitter</a> <a href=\”https://twitter.com/hashtag/TwitterBird?src=hash&amp;ref_src=twsrc%5Etfw\”>#TwitterBird</a> <a href=\”https://t.co/iMncU9pWhL\”>pic.twitter.com/iMncU9pWhL</a></p>&mdash; Sourabh Bari Jhunjhunwala  (@thesourabhbari) <a href=\”https://twitter.com/thesourabhbari/status/1683368192478171136?ref_src=twsrc%5Etfw\”>July 24, 2023</a></blockquote>”,”url”:”https://twitter.com/thesourabhbari/status/1683368192478171136″,”id”:”1683368192478171136″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”9576115d-4199-4cd1-a6d9-80eccd3c0abf”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>There have also been some rather pointed suggestions for the new logo, reflecting concerns about Twitter’s viability or <a href=\”https://www.theguardian.com/world/2023/jun/03/twitter-conservative-media-elon-musk-ron-desantis\”>its political leanings,</a> which didn’t make the cut:</p>”,”elementId”:”6ef1c61c-0231-4b1d-a377-f3d9ef61f671″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”<blockquote class=\”twitter-tweet\”><p lang=\”zxx\” dir=\”ltr\”><a href=\”https://t.co/Y4INyz4ziG\”>https://t.co/Y4INyz4ziG</a> <a href=\”https://t.co/ffYOkrE7A2\”>pic.twitter.com/ffYOkrE7A2</a></p>&mdash; Ivan the K™ (@IvanTheK) <a href=\”https://twitter.com/IvanTheK/status/1683177583091875840?ref_src=twsrc%5Etfw\”>July 23, 2023</a></blockquote>”,”url”:”https://twitter.com/IvanTheK/status/1683177583091875840″,”id”:”1683177583091875840″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”52da0e62-3eda-456a-bc87-aa2c34847de7″},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”<blockquote class=\”twitter-tweet\”><p lang=\”en\” dir=\”ltr\”>lmao holy shit <a href=\”https://t.co/WG8puqhyzU\”>pic.twitter.com/WG8puqhyzU</a></p>&mdash; Adam Cerious (@Browtweaten) <a href=\”https://twitter.com/Browtweaten/status/1683213576117403652?ref_src=twsrc%5Etfw\”>July 23, 2023</a></blockquote>”,”url”:”https://twitter.com/Browtweaten/status/1683213576117403652″,”id”:”1683213576117403652″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”bc06cf6a-36d7-47a9-9e1d-e7a909e536ce”}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1690181483000,”blockCreatedOnDisplay”:”07.51 BST”,”blockLastUpdated”:1690182279000,”blockLastUpdatedDisplay”:”08.04 BST”,”blockFirstPublished”:1690182217000,”blockFirstPublishedDisplay”:”08.03 BST”,”blockFirstPublishedDisplayNoTimezone”:”08.03″,”title”:”Twitter users react”,”contributors”:[],”primaryDateLine”:”Mon 24 Jul 2023 15.45 BST”,”secondaryDateLine”:”First published on Mon 24 Jul 2023 07.39 BST”},{“id”:”64be15448f087edb1f3f0b93″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p><strong>Twitter appears to have changed its logo, ditching its signature blue bird in favour of a stylised X.</strong></p>”,”elementId”:”4511d14a-abd8-4b20-88c1-22a7cb0cc6ef”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Chief executive Linda Yaccarino has just tweeted the new logo, a day after owner Elon Musk <a href=\”https://twitter.com/elonmusk/status/1682965462886535168\” title=\”Musk tweet\”>invited</a> his 149 million followers to suggest an X logo, and said the company would switch if a “good enough X logo” were posted.</p>”,”elementId”:”03155e3f-c057-427d-b40e-cde3fb331f9b”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Musk also indicated that the logo would probably be changed in future, and “certainly will be refined”.</p>”,”elementId”:”501106ae-6bb8-4016-b38f-5e1745e2f05b”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”<blockquote class=\”twitter-tweet\”><p lang=\”en\” dir=\”ltr\”>Elon Musk has changed his profile picture to the new logo of X <a href=\”https://t.co/5Q0kTvvVXo\”>pic.twitter.com/5Q0kTvvVXo</a></p>&mdash; The Spectator Index (@spectatorindex) <a href=\”https://twitter.com/spectatorindex/status/1683327793235636226?ref_src=twsrc%5Etfw\”>July 24, 2023</a></blockquote>”,”url”:”https://twitter.com/spectatorindex/status/1683327793235636226″,”id”:”1683327793235636226″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”e069b0a7-7fda-47c0-95bf-2b08d33048f7″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>The move to X is part of Musk’s push to transform Twitter, which he bought for $44bn last year, into an everything app.</p>”,”elementId”:”650cdc8c-5a56-4640-b020-bf3aad70d988″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>And here is the new logo – described by Musk as “minimalist art deco”:</p>”,”elementId”:”435834b1-1948-4ab8-a6f8-f1abc66611eb”},{“_type”:”model.dotcomrendering.pageElements.TweetBlockElement”,”html”:”<blockquote class=\”twitter-tweet\”><p lang=\”en\” dir=\”ltr\”>X is here! Let’s do this. <a href=\”https://t.co/1VqEPlLchj\”>pic.twitter.com/1VqEPlLchj</a></p>&mdash; Linda Yaccarino (@lindayacc) <a href=\”https://twitter.com/lindayacc/status/1683353772917940225?ref_src=twsrc%5Etfw\”>July 24, 2023</a></blockquote>”,”url”:”https://twitter.com/lindayacc/status/1683353772917940225″,”id”:”1683353772917940225″,”hasMedia”:false,”role”:”inline”,”isThirdPartyTracking”:false,”source”:”Twitter”,”elementId”:”56113182-eb4f-4d18-9876-20376326fa07″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Musk’s rebranding of Twitter as X comes as he struggles to attract advertising and faces increased competition following the launch of Meta’s Threads platform.</p>”,”elementId”:”4b7fddf3-a6d3-4a5b-80fb-8fc5a87c5741″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Since buying Twitter, he has slashed the workforce and cut costs, and tried to cajole users into paying $8 per month for Twitter Blue.</p>”,”elementId”:”36539135-72ae-4065-8126-e94e070a66c4″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Twitter’s chief executive, Linda Yaccarino, confirmed the launch of the X brand on Sunday. She tweeted:</p>”,”elementId”:”d58916a2-2b2b-4b3e-be62-7ac744570d91″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<blockquote class=\”quoted\”>\n <p>“It’s an exceptionally rare thing – in life or in business – that you get a second chance to make another big impression. Twitter made one massive impression and changed the way we communicate.</p>\n <p>Now, X will go further, transforming the global town square.”</p>\n</blockquote>”,”elementId”:”874ccdf4-ceb0-4de0-8566-0bd65d4f5adc”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Yaccarino said X would be “centred in audio, video, messaging, payments/banking” and would be a “global marketplace for ideas, goods, services, and opportunities”. She added: “X will be the platform that can deliver, well … everything.”</p>”,”elementId”:”30260888-a5b7-45e5-8dc9-046f5bca48ef”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/technology/2023/jul/23/twitter-elon-musk-says-he-wants-to-change-companys-bird-logo”,”text”:”Elon Musk says Twitter will change logo from bird to an X”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”b2ea61ee-2248-46e9-ba04-8c9e51901b67″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1690180768000,”blockCreatedOnDisplay”:”07.39 BST”,”blockLastUpdated”:1690184182000,”blockLastUpdatedDisplay”:”08.36 BST”,”blockFirstPublished”:1690180820000,”blockFirstPublishedDisplay”:”07.40 BST”,”blockFirstPublishedDisplayNoTimezone”:”07.40″,”title”:”Twitter chooses fan-submitted ‘X’ as new logo”,”contributors”:[],”primaryDateLine”:”Mon 24 Jul 2023 15.45 BST”,”secondaryDateLine”:”First published on Mon 24 Jul 2023 07.39 BST”},{“id”:”64bd90598f087edb1f3f0841″,”elements”:[{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p><strong>Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.</strong></p>”,”elementId”:”62f39b04-27e3-4c42-9d73-e7a212343b9c”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Rising interest rates are set to slow the UK economy next year, casting a pall over the country in a likely election year.</p>”,”elementId”:”37a997e5-8156-4cbd-b320-27c5d34d8c70″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>The EY Item Club, the economic forecasting group, has halved its forecast for UK economic growth in 2024 to 0.8%, down from the 1.9% projected in April.</p>”,”elementId”:”280d42f1-5377-414e-9fdb-1a5dbeb3ea25″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>The 2025 GDP growth forecast has also been downgraded, from 2.3% to 1.7%.</p>”,”elementId”:”a49f2045-dad4-402d-9eaa-7a97f1193a78″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>These growth downgrades are due to the increase in UK interest rate over the last 20 months, from 0.1% in December 2021 to 5% today.</p>”,”elementId”:”723c206e-e5ab-49f9-90b3-bd0832ca7079″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>EY ITEM Club predict two further interest rate rises from the Bank of England, in August and September, meaning Bank Rate peaks at 5.5%.</p>”,”elementId”:”94e4950a-ff59-4206-81e7-607c154bc8e0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>That will further slow growth, and put more pressure on mortgage holders, with over one million households across Britain are expected to lose at least 20% of their disposable incomes to surging mortgage costs.</p>”,”elementId”:”8876a09e-8356-4e19-b350-4353e426e00f”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/money/2023/jun/21/1-point-4m-uk-households-huge-hit-to-finances-mortgage-timebomb-payments-fifth-disposale-income”,”text”:”1.4m UK mortgage holders face 20% hit to disposable income from rate hikes”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”00fee052-3f03-412e-b556-3e984761ce88″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p><strong>Martin Beck</strong>, chief economic advisor to the <strong>EY ITEM Club</strong>, says:</p>”,”elementId”:”a48a6395-4d18-4505-80e7-fd86dd091767″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<blockquote class=\”quoted\”>\n <p>“The inflation and interest rate outlook is a key risk for the forecast. Should inflation prove more stubborn than expected, the prospect of even more rate rises than we expect will come very much into play. On the other hand, the potential is there for inflation to fall faster than expected, as June’s outturn demonstrated.</p>\n</blockquote>”,”elementId”:”311649d0-a6b5-4946-ad7a-e63679fe8b69″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>But the good news is that the economy remains on course to avoid recession, with the UK economy is expected to grow 0.4% in 2023, up from the 0.2% growth seen three months ago.</p>”,”elementId”:”68718392-0614-4c05-bd29-9ca25c8c4583″},{“_type”:”model.dotcomrendering.pageElements.InteractiveBlockElement”,”url”:”https://interactive.guim.co.uk/uploader/embed/2023/07/uk-gdplatest130723/giv-13425AhljN07YIJIY”,”alt”:”A graph showing UK economic growth”,”scriptUrl”:”https://interactive.guim.co.uk/embed/iframe-wrapper/0.1/boot.js”,”isMandatory”:false,”elementId”:”b8814f9d-068c-448f-99ec-d7f651d775b1″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p><strong>Beck </strong>explains:</p>”,”elementId”:”e7ed3cbe-7661-4858-9d44-29c537e96522″},{“_type”:”model.dotcomrendering.pageElements.BlockquoteBlockElement”,”html”:”<blockquote class=\”quoted\”>\n <p>“At the moment, the boost from less expensive energy in particular means the EY ITEM Club doesn’t believe recent interest rate rises will push the consumer sector or wider economy into recession. And although the current rate rising cycle doesn’t appear to be over yet, current market expectations for Bank Rate to climb to around 6% seem unlikely to come to pass.</p>\n <p>That said, how the Bank of England perceives things will be key and, should it opt for a more hawkish stance, there is a real risk that interest rates could continue to ratchet up to a level where even the protection afforded by healthy household and business balance sheets isn’t enough to prevent a recession. On that count, the next few months – and what they tell us about just how sticky inflation and strong pay growth are – will be crucial.”</p>\n</blockquote>”,”elementId”:”9889d7ca-f8ab-4918-b2f1-d18286d88aa5″},{“_type”:”model.dotcomrendering.pageElements.InteractiveBlockElement”,”url”:”https://interactive.guim.co.uk/charts/embed/jul/2023-07-19-08:52:01/embed.html”,”alt”:”A graph showing UK inflation”,”scriptUrl”:”https://interactive.guim.co.uk/embed/iframe-wrapper/0.1/boot.js”,”isMandatory”:false,”elementId”:”1d76e93e-baf6-4524-8811-2ce4f93eafb5″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>The path for economic growth could influence Rishi Sunak’s decision on when to call the next election, with senior <a href=\”https://www.theguardian.com/politics/conservatives\”>Conservatives</a> urging him to go to the polls in the spring.</p>”,”elementId”:”c9e27221-f319-4c19-81a7-6edf3cd32491″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/politics/2023/jul/24/rishi-sunak-urged-to-go-for-spring-election-by-senior-conservatives”,”text”:”Rishi Sunak urged to go for spring election by senior Conservatives”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”c371fb77-00a0-4943-a343-fc37bb2f7907″},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”<h2>Also coming up today</h2>”,”elementId”:”59e203ae-21f8-45ee-8603-1ee3d3fc6f34″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>City minister Andrew Griffith is expected to write to the chief executives of 19 banks, building societies and digital challengers today, to warn them that regulations around politically exposed persons are “being applied in a disproportionate manner by some financial institutions”.</p>”,”elementId”:”704f8f64-2894-48d6-b0b1-fd48154cbb97″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Griffith will summon bank chiefs for a meeting to discuss how customers can be protected from “being de-banked”, following the row after Coutts cut ties with Nigel Farage.</p>”,”elementId”:”29de29d1-0efe-4abf-abf0-88b1904f4a6d”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/jul/23/city-minister-summons-uk-bank-bosses-discuss-nigel-farage-account-closure”,”text”:”City minister summons UK bank bosses to discuss Farage account closure”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”e4275e9d-1be4-4c8e-bba6-82bc43acb661″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Travel firms and airlines are being urged to reimburse passengers who decide against flying to Rhodes as the <a href=\”https://www.theguardian.com/world/2023/jul/23/british-tourists-tell-of-nightmare-in-rhodes-fires-greece\”>Greek island is ravaged by wildfires</a>. One leading consumer group arguing it would be “unconscionable” to withhold refunds.</p>”,”elementId”:”722e7cc6-7493-4f11-a3c2-eb3fe7f68983″},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/business/2023/jul/23/travel-operators-urged-to-refund-uk-holidaymakers-who-call-off-trips-to-rhodes”,”text”:”Travel operators urged to refund UK holidaymakers who call off trips to Rhodes”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”e709017c-2012-4c7e-a34f-3194124f3962″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>A string of travel companies have <a href=\”https://www.theguardian.com/world/2023/jul/23/british-tourists-tell-of-nightmare-in-rhodes-fires-greece\”>cancelled package holidays</a> to Rhodes, and are now scrambling to repatriate thousands of tourists.</p>”,”elementId”:”511b9dd3-0ee4-49db-8525-c1e46ab6a3b0″},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<p>Greek authorities have issued an evacuation order for parts of Corfu, after wildfires broke out on there too.</p>”,”elementId”:”5e4b6f2d-d246-4dfa-92c8-af02ec2d7b1b”},{“_type”:”model.dotcomrendering.pageElements.RichLinkBlockElement”,”url”:”https://www.theguardian.com/world/2023/jul/24/greece-wildfires-corfu-evia-rhodes-heatwave-northern-hemisphere-extreme-weather-temperatures-europe”,”text”:”Greece: wildfires break out on Corfu and Evia as 19,000 flee Rhodes blazes”,”prefix”:”Related: “,”role”:”thumbnail”,”elementId”:”b96b4df7-4491-479c-a4aa-6b7e360ffa74″},{“_type”:”model.dotcomrendering.pageElements.SubheadingBlockElement”,”html”:”<h2>The agenda</h2>”,”elementId”:”fc59f1e1-ab1a-45be-ad6d-f80ff52f6a2e”},{“_type”:”model.dotcomrendering.pageElements.TextBlockElement”,”html”:”<ul>\n <li><p>9am BST: Flash estimate of eurozone manufacturing and services sectors in July</p></li>\n <li><p>9.30am BST: Flash estimate of UK manufacturing and services sectors in July</p></li>\n <li><p>1.30pm BST: Chicago Fed National Activity Index of the US economy</p></li>\n <li><p>2.45pm BST: Flash estimate of US manufacturing and services sectors in July</p></li>\n</ul>”,”elementId”:”185e1c0b-c8f5-4ba3-a662-bb07b1611e17″}],”attributes”:{“pinned”:false,”keyEvent”:true,”summary”:false},”blockCreatedOn”:1690180768000,”blockCreatedOnDisplay”:”07.39 BST”,”blockLastUpdated”:1690180870000,”blockLastUpdatedDisplay”:”07.41 BST”,”blockFirstPublished”:1690180768000,”blockFirstPublishedDisplay”:”07.39 BST”,”blockFirstPublishedDisplayNoTimezone”:”07.39″,”title”:”Introduction: Interest rate rises to hit UK growth next year”,”contributors”:[],”primaryDateLine”:”Mon 24 Jul 2023 15.45 BST”,”secondaryDateLine”:”First published on Mon 24 Jul 2023 07.39 BST”}],”filterKeyEvents”:false,”format”:{“display”:0,”theme”:0,”design”:11},”id”:”key-events-carousel-mobile”}”>

Read More   UK long-term borrowing costs rise to highest since 1998 – business live

Key events

Here’s our news story on the pound’s weakness:

Advertisements for the films "Oppenheimer," and "Barbie".
Advertisements for the films “Oppenheimer,” and “Barbie”. Photograph: Chris Pizzello/AP

UK cinemas are celebrating their biggest weekend since 2019 as the dual offerings of Barbie and Oppenheimer lured punters in.

Greta Gerwig’s film about the Mattel doll, played by Margot Robbie, having an existential crisis and Christopher Nolan’s epic about the “father” of the atomic bomb, generated almost £30m at the UK box office, according to the UK Cinema Association.

Cinema chain Vue said a fifth of its customers had purchased tickets to see both films in a double bill dubbed by social media as Barbenheimer.

More than 2,000 of Vue’s Barbie screenings were sold out, according to the company.

US economic expansion losing momentum

Newsflash: The US economic recocery is losing momentum this month as service sector growth slows, the latest survey of purchasing managers at American companies shows.

S&P Global’s flash US PMI Composite Output has dropped to 52.0 in July, down from 53.2 in June, and nearer to the 50-point mark showing stagnation.

This is the slowest growth in five months, with output growth at services companies slowing and manufacturers reporting broadly unchanged levels of production this month.

Total new order growth slowed this month, while export demand conditions for manufacturers worsened.

Business optimism about the year-ahead outlook fell to its lowest level so far this year.

The economic picture is darkening, says Chris Williamson, chief business economist at S&P Global Market Intelligence, adding:

“July is seeing an unwelcome combination of slower economic growth, weaker job creation, gloomier business confidence and sticky inflation.

The overall rate of output growth, measured across manufacturing and services, is consistent with GDP expanding at an annualized quarterly rate of approximately 1.5% at the start of the third quarter. That’s down from a 2% pace signalled by the survey in the second quarter.

However, growth is being entirely driven by the service sector, and in particular rising spend from international clients, which is helping offset a becalmed manufacturing sector and increasingly subdued demand from US households and businesses.

The US stock market has begun the new week with some small gains.

Read More   Brexit deal ‘stifling’ UK-EU trade; markets rally ahead of interest rate decisions – as it happened

The Dow Jones industrial average has gained 92 points, or 0.25%, to 35,320, extending its recent strong run, while the broader S&P 500 is up 0.4%.

Holiday operator TUI says it has “extended its support” for holidaymakers caught up in the willdfires on the island of Rhodes.

TUI says that early this morning, six of its additional planes flew its customers and other holidaymakers from Germany and the UK back home.

The TUI planes brought holidaymakers safely back to Hanover, Frankfurt and Stuttgart and in the UK to London-Gatwick, Birmingham and Manchester. In addition, another TUI flight will take Danish guests back to Billund, the company adds:

11) In addition, another TUI flight will take Danish guests back to Billund.

Further operations have already been implemented and are planned, we are informing our guests on site and organising all necessary steps.

— TUI Group (@TUIGroup) July 24, 2023

12) On Sunday, TUI Group had around 39,000 guests on the island, 7,800 of whom were affected by the situation.
They have been moved to other locations on the island and are staying in hotels or in accommodation designated by the local authorities.

— TUI Group (@TUIGroup) July 24, 2023

America’s economic growth has also weakened, mirroring the slowdown we’ve seen in the UK and the eurozone already today.

U.S. economic growth edged down slightly month-on-month in June, as production activity weakened, data from the Federal Reserve Bank of Chicago shows.

The Chicago Fed National Activity Index decreased to -0.32 in June from -0.28 in May, suggesting that U.S. economic activity grew below its average historical trend last month.

Measures of production, consumption and sales all fell, while there was a small increase in employment levels.

More Gatwick strikes suspended as DHL workers win 15% pay rise

More Gatwick strikes have been suspended, the Unite union, has just announced, easing the threat of holiday disruption this summer.

Workers employed by DHL have accepted a 15% pay rise and an ‘uplift in skills pay, meaning hourly rates will rise by between 15% and 31%. Plus, workers will get an extra shift premium of £1.25 per hour for work between midnght and 4.59am.

As a results, DHL staff will no longer strike from Friday 28 July to Tuesday 1 August, and also from Friday 4 August to Tuesday 8 August.

⚠️ UK’S UNITE: MORE GATWICK STRIKES SUSPENDED AS DHL WORKERS SECURE 15% RISE

— PiQ (@PriapusIQ) July 24, 2023

Unite general secretary Sharon Graham said:

“This is an excellent result secured by the steadfast position of our DHL members.

Once again, workers are gaining real material benefits from Unite’s absolute focus on improving jobs, pay and conditions.”

Almost 1,000 staff who work on roles at Gatwick including baggage handling and check-in desks at four companies, including DHL, voted to hold those eight days of strike action earlier this month.

But the strikes could yet be called off, with ASC and Menzies workers currently balloting on improved offers.

If the ASC workers reject the pay offer, they will go ahead with strike action scheduled between 28 July and 1 August as well as strikes between 4 August and 8 August, Unite says.

Strikes by Menzies workers between 28 July and 1 August have been suspended, however if the offer is rejected, strikes between 4 August and 8 August will go ahead.

Talks with GGS are “progressing in a positive direction”, Unite adds, meaning that strike action by GGS workers scheduled between 28 July and 1 August has been suspended to allow negotiations to continue.

However, strike action between 4 August and 8 August is still scheduled to go ahead if a satisfactory outcome is not reached in time.

Full story: Elon Musk reveals the new Twitter logo X

Dan Milmo

Dan Milmo

The “X” logo has long been an obsession of Elon Musk’s and is his name for an “everything app” that he has pledged to launch at some point – with Twitter the likely vehicle, our global technology editor Dan Milmo writes.

Shortly before buying Twitter in October, Musk described the social media platform as “an accelerant to creating X, the everything app”.

After taking over Twitter in October last year, Musk folded the company into an entity called X Corp, whose parent is X Holdings Corp. This month, the Tesla CEO announced he was forming a new artificial intelligence company called xAI.

The crowd-sourced logo had been posted by Twitter user Sawyer Merritt, co-founder of a sustainable clothing business, who tweeted that the font had been used for a discontinued podcast, although it also bears similarity with a font used by Indian dance music artist Kxlider.

The old blue bird has vanished from the top of the Twitter home page, replaced by the new “minimalist art deco” X.

There are concerns that Elon Musk is throwing away 15 years of brand recognition, by rebranding Twitter as X.

Mike Proulx, Forrester VP research director, explains:

“By changing Twitter’s app name, Elon Musk will have singlehandedly wiped out over fifteen years of a brand name that has secured its place in our cultural lexicon. This is an extremely risky move because with ‘X,’ Musk is essentially starting over while its competition is afoot.”

The good news for Musk is that #TwitterX is trending in the UK this morning.

Less encouragingly, I’ve also seen #RIPTwitter popping up in the trends list too.





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