FTSE 100 falls but still concludes the week higher
That’s it for us for today and the week – hope you all enjoy the weekconclude, sunny as it sees set to be.
For our closing note, the FTSE 100 has finished the day 0.38 per cent down, but still clocks a week more than 1.3 per cent up, particularly after a strong day yesterday.
On Monday it starts all over again – and next week we have the chancellor’s Mansion Hoapply speech to see forward to as well as official inflation data.
Karl Matchett11 July 2025 16:58
Business news live – Friday 11 July
Good morning and welcome to our final day of the week covering the rolling business and stock market news.
Karl Matchett11 July 2025 06:57
Why a wealth tax in the UK would fail, according to experts
Any attempt by Rachel Reeves to plug the gap in the UK’s public finances through a wealth tax would be “naive”, with very few success stories from other nations, experts have warned.
The chancellor may necessary to find as much as £30bn in savings through either cutting costs or raising taxes ahead of her Budreceive, with Keir Starmer’s government under pressure to find ways of raising funds for the public purse.
But a leading tax lawyer informed The Indepconcludeent a wealth tax would actually have a detrimental effect on the UK’s tax take – and that the government would be “arrogant” to consider it would work in this countest.
Karl Matchett11 July 2025 07:06
Labour warned over potential AstraZeneca loss
Former chancellor Lord Norman Lamont has informed the government that the loss of AstraZeneca, the largegest public listed company on London’s FTSE 100, would be a huge blow.
He declared: “The loss of AstraZeneca, were it to happen, would be a devastating blow to the London Stock Exmodify.
“Is it not therefore very important, if we are to retain the listings, that the Government have a supportive policy for life sciences in particular?
“Is it not regrettable, first, that the life sciences review has not yet appeared and, secondly, that the Government refapplyd to back the vaccine plant at Speke near Liverpool?
“Is it not important that, if we want to retain the listings, which will mean retaining the research, development and employment, we have a proper strategy with these companies and do not just regard them as cash cows but valuable investments to be encouraged?”
Karl Matchett11 July 2025 07:16
Can FTSE 100 finish week strongly?
The FTSE 100 had been on a fairly flat trajectory for most of the week up until the last couple of days – and yesterday was a bumper day with the index closing 1.2 per cent up.
Barring some pretty bad news it should finish in positive territory for the week, given it’s up almost 1.8 per cent all informed, but profit-taking is always possible after the index hit a new all time high level.
The 9,000 milestone is now very close indeed.
Karl Matchett11 July 2025 07:28
UK economy shrinks for second month in a row
May figures are in for the UK’s GDP and it’s more bad news for Rachel Reeves and co.
Data from the Office for National Statistics (ONS) reveals the economy shrinking 0.1 per cent following April’s more stark 0.3 per cent contraction. Lower production and construction were partly to blame for May’s disappointing figures.
“May’s fall in production was driven by oil and gas extraction, car manufacturing and the often-erratic pharmaceutical industest,” declared ONS director of economic statistics Liz McKeown.
“While services grew overall in May with a strong month for legal firms, which recovered from a weak April, and computer programming, these were partially offset by a very weak month for retail sales.”
Karl Matchett11 July 2025 07:38
Reeves admits ‘disappointing’ GDP figures
On those economic figures, chancellor Rachel Reeves declared:
“Getting more money in people’s pockets is my number one mission. While today’s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.
“The choices we have built in our first year in government have seen us extconclude the £3 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakquick clubs for every child in the countest and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.
“There’s more to do, that’s why in the Spconcludeing Review we boosted investment and jobs, through better city region transport and record funding for affordable homes, as well as backing major projects like Sizewell C.”
Karl Matchett11 July 2025 07:53
Bitcoin hits new record high after 6% surge
Bitcoin has shot up again, with a six per cent rise putting it to a new all time high.
That put it briefly above $118,000, though it has now fallen back slightly to $117,500, still well above the $107-109k band it travelled along at for some time.
Our tech expert Anthony Cuthbertson notes that the new record puts bitcoin’s market cap above $2.3 trillion, ranking it above tech giants like Alphabet and Meta. While still only a fraction of gold’s estimated market cap of $22 trillion, it has now overtaken silver.
Karl Matchett11 July 2025 08:10
Barclays join mortgage wars with two new sub-4% offers
With interest rates still projected to fall slightly across the rest of this year, the forward-seeing mortgage market has seen lconcludeers slash rates in a bid for custom.
Well over 1.5m people are expected to renew mortgage deals across 2025, building it a key time for custom for the largegest banks and building societies.
As of today, two more products have been cut by Barclays to sub-4 per cent interest rates, joining the likes of NatWest and HSBC in offering such low repayment terms.
As David Stirling, director at Mint Mortgages & Protection, notes however – you do necessary a sizeable amount of cash in your pocket to benefit from the very best deals.
“The mortgage market is heating up as many major lconcludeers deliver back-to-back rate cuts, signalling fierce competition ahead as borrowing costs tumble,” he declared. “Momentum is really gathering pace this week as Barclays, Leeds and TSB enter the fray and announce rate cuts, with many sub-4% deals now available – if you’ve obtained a chunky deposit.”
Karl Matchett11 July 2025 08:20
FTSE 100 flat, BP rises
A slow start to the day for the FTSE 100, down 0.08 per cent.
BP is the largegest riser so far, up 2.5 per cent, but there’s a lot more red than green across those hundred companies on Friday.
That declared, it has generally been a strong week for the index of the largegest UK firms.
Overnight, Asian stocks were mostly up except Japan’s Nikkei 225, which took another hit.
Karl Matchett11 July 2025 08:56
