Weekly Digest – 03 July 2024

Welcome to our Weekly Digest – stay in the know with some recent news updates relevant to business and the economy.

Energy prices fall but relief may be temporary

A drop in domestic gas and electricity prices has now taken effect, but costs are expected to rise again in October. Regulator Ofgem’s new price cap for England, Wales and Scotland came into force on Monday, meaning a typical household’s energy bill will fall by £122 a year.

Three set to miss rural broadband deadline

Mobile network operators have until July to extend their coverage to encompass 88% of the UK’s landmass, the initial goal of a £1bn government initiative. While Vodafone has confirmed it will meet the deadline and Virgin Media O2 (VMO2) is also on track, smaller rival Three has stated it is “working hard” to achieve the targets but has not confirmed its compliance.

UK economy grows more than previously estimated

The UK economy grew 0.7% in the first quarter, with the figures revised up from an earlier estimated increase of 0.6%, according to the Office for National Statistics (ONS).

Business confidence falls from May’s eight year high in June

Business confidence fell notably from May’s eight year high in June, a closely watched survey suggests, but remains well above the long-term average. Lloyds Business Barometer put overall business confidence at 41 per cent in June, down nine points on the previous month but comfortably ahead of the long-term average of 28 per cent.

Owner of Port Talbot steelworks offers fresh talks as last furnace faces closure

The owner of the Port Talbot steelworks has written to trade unions offering fresh talks amid a battle to delay plans to cut 2,800 jobs and suspend production at a site that has been in operation since 1951.

How the UK election could make or break the pound’s run

Britain’s pound has bounced, ahead of an expected landslide election win for the opposition Labour Party but the currency’s future depends on the next government convincing skittish investors that its plans to fix a stagnant economy are credible.

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