BUSINESS LIVE: GDP grows 0.1%; Taylor Wimpey flags higher costs; CAB Payments cuts staff

Saba Capital wants to replace the boards of the trusts with its own nominees.

Slash rates six times in 2025 to avoid recession, says Bank officialInflation worries eased on both sides of the Atlantic, boosting markets and providing respite to beleaguered Chancellor Rachel Reeves (pictured).This is Money

The board of the bar and restaurant chain, which owns Cosy Club, had given its backing to a 310p a share offer from US buyout firm Fortress valuing it at £338million.

In November, Dodd told This is Money the hospitality sector urgently required substantial business rates reform to help much of the industry ‘balance the books’.

The group, which finally achieved profitability in the first half of last year, said gross sales jumped 7 per cent in the period, driven by more orders and increased spending.

Inflation worries eased on both sides of the Atlantic yesterday, boosting markets and providing respite to beleaguered Chancellor Rachel Reeves.

‘However, the combination of weaker-than-expected inflation and economic growth means an interest rate cut in February is now a sure bet.

11:07

Where did property asking prices jump the most in 2024?

A commuter town in Surrey saw the biggest rise in house asking prices of any area last year, according to Rightmove.

Young’s toasts bumper Christmas booze sales amid Budget ‘headwinds’Young’s chief executive Simon Dodd added that the hospitality sector would also face ‘wider issues’ amid the increase in employer NICs and the national living wage.This is Money

GDP edged 0.1 per cent higher in November, missing forecasts of 0.2 per cent, but marking an improvement after two consecutive months of contraction.

11:34

February BofE cut a ‘sure bet’ as growth stumbles and inflation falls

The Bank of England looks set to resume cutting interest rates next month after official data revealed weaker inflation and anaemic economic growth.

‘The FTSE 100 is joining the party, up 0.6% in early trading, despite UK GDP data for November that showed growth of a meagre 0.1%.

‘Generally speaking, markets have been sceptical about the prospect of further rate cuts in the UK in the early part of this year, and less than two quarter point cuts are being priced in for the full year. The Bank of England stood alone in its decision to hold rates in December while the ECB and Federal Reserve forged ahead with cuts. However, should the economy fail to pick up at least some momentum and the UK falls into a recession, it may be forced to change tack.

The British economy returned to growth by November, but output was weaker than expected, fresh data from the Office for National Statistics shows.

‘It appears the Chancellor has a large task ahead, given she is banking on growth to drive the economy.’

07:56

GDP grows 0.1% in November

The British economy returned to growth by November, but output was weaker than expected, fresh data from the Office for National Statistics shows.

The group cited weak trading and higher national insurance contributions by employers after the Autumn Budget.

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The data, following weaker than expected inflation data on Wednesday, may strengthen the case for the Bank of England to resume cutting interest rates.

The hedge fund, which is run by Wall Street financier Boaz Weinstein, has called meetings at seven firms – Herald Investment Trust, Baillie Gifford US Growth, Edinburgh Worldwide, European Smaller Companies, Keystone Positive Change, CQS Natural Resources and Henderson Opportunities – to ask shareholders to vote on its plans.

The telecoms giant made headlines last year when its start-up and digital unit, Etc. announced plans to accelerate the rollout of EV charging infrastructure by transforming old green street cabinets into electric car charging units.

10:21

Sweetened takeover offer for Loungers snubbed by shareholder

A Loungers shareholder has dismissed a sweetened private equity takeover offer as ‘not good enough’.

07:59

Slash rates six times in 2025 to avoid recession, says Bank of England official after drop in inflation

A top Bank of England official last night said interest rates may need to be cut as many as six times this year to stave off recession fears as Labour’s jobs tax bites.

‘In addition, Trump’s inauguration is nearing, and the true effects of his policies will start to be felt later in the year. Hopefully, the UK will be relatively sheltered from the impact of his anticipated tariffs compared to some of its peers, but there is still a great degree of uncertainty on the horizon.

Sweetened takeover offer for Loungers snubbed by shareholderThe board of the bar and restaurant chain, which owns Cosy Club (pictured), had given its backing to a 310p a share offer from US buyout firm Fortress valuing it at £338m.This is Money

The delivery platform told investors it now expects annual earnings to come in towards the top of its forecast, at between £110million to £130million.

08:11

Retail investors urged to prevent Saba power grab: Hedge fund boss accused of ‘betting on complacency’

A US activist trying to take over seven London-listed investment trusts is ‘betting on complacency’ from thousands of private shareholders to secure victory, a fund manager has said.

‘European markets are waking up with a spring in their step, thanks to cooling US core inflation and upbeat bank earnings fuelling risk-on sentiment.

07:57

Taylor Wimpey flags higher build costs

Taylor Wimpey has flagged increased cost pressure as the British housing sector navigates affordability and broader economic concerns.

‘Overall, the economy stagnated in the second half of last year. There are still good reasons to expect growth to pick up this year.

British homebuilders, which grappled with lacklustre demand throughout last year, are potentially facing pressure from slower-than-expected reduction in rate cuts.

GDP edged 0.1 per cent higher in November, missing forecasts of 0.2 per cent, but marking an improvement after two consecutive months of contraction.

12:15

BP to cut 5% of its workforce in bid to cut costs

BP has announced it will cut 4,700 jobs across its global workforce and 3,000 contractor roles as part of a cost-saving drive.

The FTSE 100-listed group did not disclose how many people were affected per country, but the reductions amount to just over 5 per cent of its 90,000 worldwide employees.

‘While the risk of recession remains modest for now, the UK is not yet out of the woods, and in the three months to November the economy flatlined.

09:03

Young’s toasts bumper Christmas booze sales amid Budget ‘headwinds’

Young’s & Co chief executive Simon Dodd said he was ‘mindful of the headwinds’ facing consumers after the group toasted record sales over the festive period.

“This weak growth can in part be attributed to the fallout of the government’s budget, which saw consumers hit pause on spending. As we move further into this year we could see an even bigger impact.

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