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You're not imagining it. Smaller portions. Higher prices. Worse service. It's easy to blame inflation, but that's not the full story. Over the last few decades, a financial model has quietly taken over huge parts of everyday life. From restaurants and retailers to vets and care homes, many of the brands we rely on are no longer being run as long-term businesses, but as investments designed to generate fast returns. In this video, Neelam Tailor breaks down how private equity actually works, why it's grown so quickly, and how it can reshape the businesses you interact with every day. Continue reading......

Whitbread to call time on restaurants in UK and Ireland blaming higher costs and taxes for latest strategic resetPremier Inn owner Whitbread is to cut about 3,800 jobs in the UK and Ireland and shut its remaining Beefeater and Brewers Fayre restaurants as it resets its five-year business strategy, amid tax rises and pressure from a US activist investor.The cuts will affect about 12% of Whitbread's 30,000-strong workforce in the UK and Ireland working in its Beefeater and Brewers Fayre restaurants, which are usually located next to, or inside, Premier Inn hotels. The company said consultations with affected employees would begin immediately. Continue reading......

The earnings from the tournament in the US, Mexico and Canada will make it the most lucrative competition in the history of sport, even if some of the 48 competing countries say they are struggling to make ends meetA World Cup that Fifa's president, Gianni Infantino, billed at the draw last December as “the greatest event that humanity has ever seen” will certainly be the most lucrative competition in sporting history.Fifa has spent the last few years upgrading its revenue projections, with the most recent financial report stating that the world governing body will make $13bn (£9.6bn) from the four-year cycle culminating in this summer's tournament, almost $9bn of which will be brought in this year. Continue reading......

Brent crude jumps another 7% to highest since March 2022 on report US is considering military options against IranGood morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The Bank of England is expected to keep interest rates on hold at noon, as policymakers assess the economic fallout from the Iran war. Economists will be looking for any clues on future rate policy in the statement and the subsequent press conference. The nine-member rate-setting panel, led by central bank governor Andrew Bailey, could hint at rate hikes in the months ahead if the conflict in the Middle East — where a shaky ceasefire is in place — drives inflation higher. For now, the monetary policy committee is expected to keep the bank's main rate at 3.75%, while one or two members could vote for a quarter-point hike as a premptive move to ward off higher inflation. Before the US and Israel began their attacks on Iran on 28 February, the central bank had been expected to cut...

Oil markets spooked as Donald Trump appears willing to maintain the US Navy blockade and Iran keeps strait of Hormuz all but shutThe price of Brent oil soared above $126 a barrel on Wednesday, its highest level since 2022, after Donald Trump warned the US blockade of Iranian ports could last months and peace talks remained stalled.Surging more than 13% in 24 hours, Brent crude hit a record price since the war began on 28 February. Not since Russia's 2022 invasion of Ukraine has Brent topped $120, with the price then peaking at $139. Continue reading......

Small top-tier Android is great to use, being fast, AI-loaded and with reasonable battery life, but falls short of rivals on cameraSamsung's compact flagship phone hasn't changed much in a year, but the S26 is still one of the best smaller handsets available as rivals grow larger and larger.The S26 is the cheapest and smallest of this year's top Samsungs, dwarfed by the top-of-the-line S26 Ultra in size and price. But like everything with a memory chip at the moment, the S26 has increased in price by £80 or the equivalent to £879 (€949/$899/A$1,349). At least it has double the starting storage. Continue reading......

Reform leader went public after approach from Guardian, but does his claim stack up that money was for his security?Nigel Farage was given undisclosed £5m by crypto billionaire in 2024Farage referred to standards watchdog over undisclosed £5m giftNigel Farage has admitted he received a personal gift of £5m from the Reform UK mega-donor Christopher Harborne shortly before the general election in 2024.He did not disclose that gift at the time and had made no mention of it since. That is, until Wednesday morning, when the Daily Telegraph published a story in which Farage admitted receiving the money from Harborne – saying it was for his personal security. Continue reading......

In the 1980s, Labour-controlled London built 52,000 council homes. During the Tony Blair decade, just 280. It's brought this local-election catastrophe on itselfOver the week to come, journalists will repeat three things until they, and you, are sick: that local elections fall next Thursday; that the results will decide the fate of Keir Starmer; and that he is set to do badly. But just how badly, and where? Last week, Starmer's own party dropped a big clue.The most popular politician in Britain came down from Manchester to spend the whole day campaigning in London. As Andy Burnham went from Haringey to Brixton, he rallied Labour's footsoldiers. “Don't go into the last two weeks with your shoulders down,” he told them. “Get your shoulders up.”Aditya Chakrabortty is a Guardian columnist Continue reading......

Taiwanese officials have accused firms in China of attempting to evade import restrictions by rerouting vegetables through neighbouring VietnamTaipei has accused China of smuggling vegetables into Taiwan via Vietnam in a bid to evade import restrictions, with officials vowing to crack down on a practice they say amounts to “origin washing”.Taiwan, which bans the importation of more than 1,000 Chinese agricultural and fishery products, said firms in China were evading restrictions by rerouting vegetables like Napa cabbage and shiitake mushrooms through neighbouring Vietnam. Continue reading......

Google, Microsoft and Amazon report gains in cloud-computing businesses while Meta spending draws concern Unusual simultaneous reports of financial results by several of the US's largest tech companies gave positive indications for the stock market despite widespread fears of an AI bubble on Wednesday.Four of the so-called Magnificent Seven tech stocks, the most valuable publicly traded companies in the world, reported their quarterly financial results on Wednesday. The cluster is not typical, as these disclosures do not often occur on the same day, and provides a snapshot of how the tech industry is faring as it rides the AI boom. Amazon, Alphabet and Microsoft all revealed double-digit gains in their cloud computing units, which have seen supercharged growth thanks to increasing adoption of AI. Meta, not in the business of cloud computing, failed to meet Wall Street expectations. Continue reading......

OxyContin maker to be replaced by new company aiming to combat opioid crisis as legal settlement takes effectPurdue Pharma, which makes OxyContin, is set to be dissolved and replaced by a company focused on the public good by the week's end, as a sweeping legal settlement resolving thousands of lawsuits takes effect.A federal judge on Tuesday delivered a criminal sentence to the company to resolve a US Department of Justice investigation – a last necessary step to clear the way for the settlement. Continue reading......

WPP accused of breaching its climate policy after report reveals firm linked to twice as much oil advertising as US rivalsA British advertising conglomerate has helped the oil companies ExxonMobil, Chevron, Shell and BP spend an estimated $1.5bn (£1.1bn) on adverts in the US since the 2015 Paris agreement to tackle the climate crisis, a report shows.London-based WPP was the leading advertising group serving the US's oil industry over the past decade, according to analysis by the climate investigations platform DeSmog. The figure is nearly twice the respective amounts linked to its US rivals Omnicom and Interpublic Group (IPG), which merged in November. Continue reading......

Some travellers spent hours in lines at airport, with kiosks not working, little seating and few staff on hand to helpSome travellers passing through the new EU entry-exit system (EES) have faced huge delays at border checks, with some waiting for up to three hours, airports say.The new rules have gradually been introduced in Europe since October 2025, and came into effect on Friday in the Schengen countries – 25 of the EU's 27 states plus Iceland, Norway, Liechtenstein and Switzerland. Continue reading......

Consumer insight tracker shows 85% are worried about food prices and a majority think the economy will deteriorateThree million UK households are being forced to skip meals as consumers resort to drastic measures to deal with rising costs, according to a Which? report published on Thursday.The conflict in the Middle East and subsequent surge in oil and raw material prices has led to businesses preparing to raise prices, putting more pressure on household finances and hitting consumer confidence. Continue reading......

Housing secretary and housing minister latest to criticise idea, which has also been ruled out by No 10Senior ministers have poured scorn on the idea of freezing private sector rents for a year, less than 48 hours after the Guardian revealed Rachel Reeves was considering it.Steve Reed, the housing secretary, and Matthew Pennycook, the housing minister, became the latest government figures to criticise the idea, which has since been ruled out by No 10. Continue reading......

Lawyers for Musk, the world's richest person, sought to paint him as a tech pioneer who wanted to aid humanityAfter a dramatic first day of opening statements and testimony from Elon Musk in his case against Sam Altman and OpenAI, the trial continues on Wednesday with a cross examination of the Tesla CEO. Musk began his second day of testimony by repeating the accusation that Altman “stole a charity” and would endanger humanity with AI multiple times. OpenAI's defense attorneys will have the chance to press the world's richest man on his allegations.Peripheral to the legal showdown, the court was packed on Wednesday with a mix of media and eager young men who lined up before dawn to get a glimpse – and a picture – of Musk. Judge Yvonne Gonzalez Rogers at one point threatened that if observers did not stop taking photos and videos, a violation of the court's rules, she would shut down an overflow room for watching the proceedings. Continue reading......

Fed officials cite elevated inflation, slow job growth and uncertainty in Middle East as reasons for holding ratesSign up for the Breaking News US email to get newsletter alerts in your inboxThe US Federal Reserve left interest rates unchanged after its latest board meeting, defying once again Donald Trump's call for a cut as the central bank prepares for a leadership shake-up next month.On Wednesday, Fed officials continued to cite elevated inflation, slow job growth and uncertainty in the Middle East as reasons why rates were left untouched. Continue reading......

You can understand the motivation – more UK investment by UK funds means faster UK growth – but fiduciary duty trumps allA simple principle lies at the heart of pension investment: the pension manager must invest in the best interest of the client. UK ministers have often wished UK funds would show more home bias by channelling more pensioners' cash towards domestic assets in the interests of economic growth, but the fundamental rule of the game has always been understood. You don't mess with the fiduciary duty.Thus, when Rachel Reeves a year ago unveiled her Mansion House accord – a pledge by 17 of the biggest providers to earmark a slice of workplace pensions for UK private assets – it was made clear the arrangement was voluntary. What's more, as the signatories emphasised, the commitment was “subject to fiduciary duty and the consumer duty” and “dependent on implementation by the government and regulators of critical enablers”. Continue reading......

The world must accelerate the shift to renewables, regardless of the economic effects of Abu Dhabi's decisionOpec appears to be the latest casualty of the Iran war. On Tuesday, the United Arab Emirates announced that it was leaving the oil cartel after 60 years. The loss of a critical member is a blow to the group and its de facto leader, Saudi Arabia, in the midst of the biggest supply crisis in history.This is a geopolitical decision, not merely an economic one. The UAE has built itself into an increasingly interventionist and unilaterally minded power, not only challenging Riyadh's dominance but undermining its more cautious approach to regional affairs. The rift has become increasingly public and bitter – with Saudi Arabia bombing what it called a UAE-linked arms shipment in Yemen in December. Abu Dhabi, as the main target of Iranian strikes among the Gulf countries, is also enraged by what it sees as a feeble regional response to the current conflict, and has been privately pushing...

Matthew Pennycook says ending system must be done slowly to avoid hitting housing supply and legal pitfallsA ban on new leasehold properties in England and Wales is unlikely to come into force until after the next election, the housing minister has said, as he defended the government's piecemeal attempts to dismantle the system.The long-promised end will take years to “switch on”, Matthew Pennycook said, even though the ban on new houses was passed in 2024 and the government intends to pass one on new flats soon. Continue reading......