Prices rose 3.8% over the last year, according to Bureau of Labor Statistics data, highest jump since 2023Sign up for the Breaking News US newsletter emailUS inflation jumped to 3.8% in April as the war in the Middle East continued to drive energy prices and everyday costs for Americans.Prices rose 3.8% over the last year, according to the data from the Bureau of Labor Statistics, the highest jump since 2023. Continue reading...

12 May 2026 15:09 ✍️ RSS THE GUARDIAN

Soft-left Tribune group issues thinly disguised attack on Keir Starmer, calling for bold policy renewalAn influential group of MPs has said Labour needs an urgent renewal of economic strategy to offer voters “more than better management of decline” before the next general election.With Keir Starmer fighting to ward off a leadership challenge, the leading backbenchers from the soft-left Tribune group published a series of essays calling for bolder action to salvage the party’s remaining time in power. Continue reading...

12 May 2026 08:00 ✍️ RSS THE GUARDIAN

Dip in credit card spending in April, particularly on travel, suggests Britons preparing for harder times amid Iran war falloutHouseholds cut back on their spending in April at the fastest pace in 16 months, as the conflict in the Middle East provoked fears of another cost of living crisis, a report from one of the UK’s biggest banks has suggested.Barclays, which processes nearly 40% of the UK’s credit and debit card transactions, said its data showed there had been a 0.1% fall in card spending last month compared with a year earlier. This was the first year-on-year fall since November 2024. Continue reading...

12 May 2026 06:40 ✍️ RSS THE GUARDIAN

Yields on 10- and 30-year British government bonds have risen today, as investors digest possibility of leadership challengeUK borrowing costs rise as Starmer speech fails to dispel investor ‘jitters’Starmer faces fight to survive as Streeting and Rayner eye leadership bidsGovernment bond yields are rising across the board this morning, although UK debt is leading the losses.US and eurozone borrowing costs have also pushed higher, on concerns that the lack of progress towards ending the Iran war will lead to higher oil prices, more inflation, and higher interest rates.Inflationary headwinds as a consequence of the conflict in the Middle East are weighing on a number of UK businesses. We have already heard from companies like Next, Asos, Sainsbury’s and WH Smith which have warned of higher costs. Now shares in Victrex have shed almost 6% today on the back of a profit warning. It anticipates weaker annual profit before tax of between £42m and £44m for fiscal 2026, falling short of estimates for £46.6m. First half underlying pre-tax also profit dropped by 18% to £19m.The UK mid-cap polymer maker says the Iran war will push up energy and raw material inflation. The company is responding by reducing headcount by 10% to cut costs elsewhere. Continue reading...

11 May 2026 16:03 ✍️ RSS THE GUARDIAN

Bond yields creep higher on concerns about potential for political instability and rising inflationBusiness live – latest updatesUK politics live – latest updatesThe cost of government borrowing has crept higher as Keir Starmer’s crucial speech failed to dispel investor “jitters” in the bond markets over political instability combined with fears of rising inflation.The yield, effectively the interest rate, on the benchmark 10-year UK government bonds (known as gilts) rose eight basis points (or 0.08 of a percentage point) to 5% on Monday. Continue reading...

11 May 2026 14:35 ✍️ RSS THE GUARDIAN

Senator Chris Van Hollen and other Democratic lawmakers are embracing a policy that hardly benefits the middle classSoul-searching within the Democratic party is to be expected after its loss in the 2024 election. Donald Trump’s edge over Kamala Harris in voters’ perceptions of economic competence (perplexing though it now appears following a year of erratic policymaking) was bound to inspire a call to rethink the party platform.Yet the second-guessing is steering the Democrats down a dangerous path to embracing a tax-cutting strategy that risks defeating the project to enable a healthier, more equitable society. Continue reading...

11 May 2026 10:00 ✍️ RSS THE GUARDIAN

Brent crude rises after US president calls overture from Tehran ‘totally unacceptable’Oil prices have climbed after Donald Trump condemned Iran’s response to US proposals to end the war as “totally unacceptable”.The president’s rejection of Tehran’s overture in a post on his Truth Social platform triggered a jump in Brent crude, the international benchmark for oil prices, by as much as 4% on Monday to $105.50 a barrel, before easing back to settle at $103.50. Continue reading...

11 May 2026 08:49 ✍️ RSS THE GUARDIAN