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Region has higher share of net zero economic output, data shows, and Labour leaders fear Reform would dismantle industry if it wins powerRachel Reeves has been urged to put the north of England at the heart of the UK's net zero strategy as research shows the sector contributes a larger share of the region's economy than it does nationally.The Labour peer Julie Elliott said the north must be “front and centre” of the Treasury's growth strategy for clean energy. Continue reading......

Brighton & Hove Albion football club owner confirms placing bets through accounts of Reform UK adviser George Cottrell, according to legal documentsThe billionaire owner of Brighton & Hove Albion football club has confirmed his syndicate placed millions of pounds worth of bets through the gambling accounts of the Reform UK adviser George Cottrell.The admission comes in a document filed to the high court by Tony Bloom, who also admits that he, Cottrell and a former employee, Ryan Dudfield, had an agreement under which winnings were due to be split between them. Continue reading......

Dissenting voices were few and far between as the US president brought his smash-and-grab politics to the WEF“If we're not at the table, we're on the menu.” The Canadian prime minister, Mark Carney, was the darling of Davos this week as he rallied resistance to Donald Trump's smash and grab politics and his voracious appetite for other countries' wealth and land.“Call it what it is,” he told delegates. “A system of intensifying great power rivalry, where the most powerful pursue their interests using economic integration as coercion”. He urged “middle powers” to band together or be crushed, and was rewarded with a standing ovation. Continue reading......

Campaigners believe evaluations have been suppressed as they cast further doubt on safety and economic benefitsUK politics live – latest updatesRoad campaigners and motoring organisations have urged UK government ministers to immediately release a series of “withheld” safety assessments of smart motorways – some dating back to 2022.Designed to increase capacity, smart motorways have the hard shoulder converted into a live lane of traffic, relying on occasional laybys and electronic overhead signs to close lanes in emergencies. Continue reading......

Megan Greene says apparent end to the decline in wage growth could hinder fight against inflationThe Bank of England may not be able to lower interest rates as much as expected this year, due strong UK pay growth and expected rate cuts in the US, one of its top policymakers has said.Megan Greene, a member of the Bank's monetary policy committee (MPC), which sets interest rates in the UK, said she was concerned that wages appear to be growing strongly again this year and this may stop inflation from easing. Continue reading......

Kristalina Georgieva says research suggests 60% of jobs in advanced economies will be affected, with many entry-level roles wiped outArtificial intelligence will be a “tsunami hitting the labour market”, with young people worst affected, the head of the International Monetary Fund warned the World Economic Forum on Friday.Kristalina Georgieva told delegates in Davos that the IMF's own research suggested there would be a big transformation of demand for skills, as the technology becomes increasingly widespread. Continue reading......

Well, maybe not all of us…See more of Fiona Katauskas's cartoons here Continue reading......

Airport tells outbound travellers they may bring containers that hold up to 2 litres as it rolls out latest CT scannersHeathrow has released travellers from the tyranny of tiny toiletries after the UK's biggest airport finally scrapped the 100ml limit on liquids in cabin bags.The long-awaited rollout of a £1bn tech upgrade, with new scanners, means travellers no longer need to remove liquids or electronics from their hand luggage, or juggle plastic bags at security, and each container can hold up to two litres. Continue reading......

US president's $5bn lawsuit against JP Morgan and Jamie Dimon follows a steady rise in tensions between the two menWeeks after Donald Trump's first shock election win, bosses from across corporate America were scrambling to enter the president's orbit.Business leaders ranging from the General Motors boss, Mary Barra, to Disney's chief, Bob Iger, quickly signed up to a new advisory council in 2016 to help shape the aggressively pro-growth policies of this new populist politician. Among them was the head of America's largest bank: Jamie Dimon, the chair and chief executive of JP Morgan. Continue reading......

Discounter relaunches Pep & Co clothing brand after a switch to ranges supplied by former parent group hit salesPoundland has shut 149 stores with the loss of 2,200 jobs under a rescue shake-up launched after challenging trading conditions and unpopular clothing ranges sent it into the red.The company, which was itself bought for £1 from Pepco Group by US restructuring specialist Gordon Brothers in June last year, said it had refocused on £1 items – with 60% of its stock now at that price. Continue reading......

US aerospace tech company reportedly held talks last year over private share sale that values business at $800bnElon Musk's SpaceX is reportedly lining up four Wall Street banks to help the company list on the stock market as investors prepare for an expected rush of US tech listings.SpaceX is considering Bank of America, JP Morgan, Goldman Sachs and Morgan Stanley for leading roles in an initial public offering, according to the Financial Times and Reuters. Continue reading......

Sales volume rise of 0.4% in December confounds forecasts as new survey shows sharp rebound in consumer confidenceDavos: Global economic outlook in focus, as gold approaches $5,000 – live updatesUK retail sales were stronger than expected last month, as the nation's shops received a surprise boost during the crucial Christmas trading period.Sales volumes across Great Britain rose by 0.4% in December, according to figures from the Office for National Statistics (ONS), with internet sales doing particularly well, especially online jewellers. Continue reading......

Majority US-owned venture includes Larry Ellison's Oracle, private-equity group Silver Lake and Abu Dhabi's MGXTikTok announced on Thursday that it had closed a deal to establish a new US entity, allowing it to sidestep a ban and ending a long legal battle.The deal finalized by ByteDance, TikTok's Chinese owner, sets up a majority American-owned venture, with investors including Larry Ellison's Oracle, the private-equity group Silver Lake and Abu Dhabi's MGX owning 80.1% of the new entity, while ByteDance will own 19.9%. Continue reading......

Since the end of the second world war, all eyes have been on Russia. Yet Trump's increasingly erratic, hostile presidency is shattering old assumptions One of the things that the depleted, often denigrated British state is still pretty good at is persuading the public that another country is a threat. As a small, warlike island next to a much larger land mass, Britain has had centuries of practice at cultivating its own sense of foreboding. Arguably, preparing for conflict with some part of the outside world is our natural mindset.Warnings about potential enemy countries are spread by our prime ministers and major political parties, intelligence services and civil servants, serving and retired military officers, defence and foreign affairs thinktanks, and journalists from the right and the left. Sometimes, the process is relatively subtle and covert: reporters or MPs are given off-the-record briefings about our “national security” – a potently imprecise term – facing a new threat.Andy Beckett is ...

Rolling coverage of the final day of the World Economic Forum in DavosThe precious metals market is giving its own verdict on the stability of the global economy.Gold has hit yet another record high today, at $4,967 an ounce, pushed up by geopolitical risks, concerns about the independence of America's central bank, and anxiety that high debt levels may lead to currency debasement.The weak dollar is helping to push gold to a fresh record high. The gold price is higher by more than 7% this week and is up $20 so far on Friday. There is no stopping the gold price right now, as the $5,000 per ounce level beckons.Investors may be willing to buy stocks in this environment, but geopolitical risk and an unconventional US President is keeping demand for the yellow metal alive as we move through January.“I think the trust is undermined. When you keep repeating the same pattern of undermining the rule of law, undermining the contracts, undermining what has been agreed between parties, then parties begin questioni...

Millions of graduates are trapped by ballooning debts, as their repayments are dwarfed by the interest addedHelen Lambert borrowed £57,000 to go to university and began repaying her student loan in 2021 after starting work as an NHS nurse.Since then she has repaid more than £5,000, typically having about £145 a month taken from her pay packet. But everything she hands over is dwarfed by the £400-plus of interest that is added to her debt every month, thanks to rates that have been as high as 8%. Continue reading......

AI evangelist Peter Kyle wants to scale up businesses, attract overseas investors and look out for UK's poorer regionsThe UK business secretary, Peter Kyle, has said he is “betting big” and “picking winners” as the government takes direct stakes in growing businesses to boost economic growth.Speaking at the World Economic Forum in Davos, where he and the chancellor, Rachel Reeves, have been talking up Britain's prospects, Kyle said ministers were taking an “activist” approach to industrial policy. Continue reading......

Despite the recent interest rate cut, many fixed-rate bond or easy-access account rates have held up longer than expectedSavers are being urged to shop around and move fast if they want to get hold of one of the competitive deals still available. These include one-year fixed-rate savings bonds paying up to 4.35% and an easy-access account with a rate of 4.5%.The impact of the Bank of England's pre-Christmas interest rate cut – the sixth reduction since August 2024 – has been making itself felt, with reductions to rates on many savings accounts. But some best-buy savings rates have arguably held up better than one might have expected. Continue reading......

In today's newsletter: As global tensions rise, this year's Davos gathering reveals a world struggling to adapt to shifting power dynamics and the erosion of old certaintiesGood morning. The annual gathering of political and business leaders in Davos opened against a backdrop of war, trade threats and a rapidly fraying global order – with the World Economic Forum once again struggling to reconcile its talk of cooperation with the realities of great-power confrontation.Above all, one figure has dominated the week more than any theme or panel discussion – Donald Trump. He appears to have been determined to use the Alpine summit as a stage for his own vision of how the world should work.Davos | Volodymyr Zelenskyy has taken aim at Europe in a fiery speech at Davos, accusing leaders of being in “Greenland mode” as they waited for leadership from Donald Trump on Ukraine and other geopolitical crises rather than taking action themselves. The day ended with news of trilateral talks to start on Friday i...

James Daley says anti-competitive behaviour led to additional charges that have pushed up costs for millionsThe financial campaigner James Daley has launched a £1.5bn class action lawsuit against Apple over its mobile phone wallet, claiming the US tech company blocked competition and charged hidden fees that ultimately harmed 50 million UK consumers.The lawsuit takes aim at Apple Pay, which they say has been the only contactless payment service available for iPhone users in Britain over the past decade. Continue reading......