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Plan will start with TransPennine upgrade with new line connecting Liverpool and Manchester in second phaseLong-awaited plans for better railways across the north of England have been given government backing with an undertaking to “reverse years of chronic underinvestment” by spending up to £45bn building Northern Powerhouse Rail.Just over £1bn has been allocated to work up a detailed three-stage plan to connect cities from Liverpool to Newcastle, which could fulfil most of the demands of northern leaders, in a series of long-term projects. Continue reading......

Attacking Jerome Powell distracts from Republicans' thin legislative record and policies that continue to squeeze American household incomesThe US government's authoritarian and vexatious attack on Jerome Powell, the chair of the Federal Reserve, should be seen in the light of America's affordability crisis, which Donald Trump once dismissed, but is now scrambling to claim as his cause. The cost of living is eroding his support ahead of the congressional midterms. By launching a legal assault on the Fed, Mr Trump is trying to shift blame for borrowing costs.Yet despite controlling the presidency, Senate and the House, Republicans have passed little beyond a large tax-cutting bill that benefits the rich. They have not legislated on housing supply, childcare, healthcare costs or wages. Indeed most of their actions are worsening affordability, notably deferring action even though millions face a sharp rise in their health insurance bills. Mr Trump's sudden enthusiasm for credit card caps and housing inte...

Highly respected figure has cast off restrained approach in defending central bank from escalating attacksThere are often few surprises with Jerome Powell. At his handful of public appearances each month, the US Federal Reserve chair always sports the same softly stern expression. His voice, typically dispassionate and near-monotone, never wavers.As one of the most powerful officials in the world, commanding a platform that has the ability to move global markets with a few words, Powell is often reserved in a way that fails to yield soundbites in this social media era: boring, even. Continue reading......

From smartglasses to nano phone chargers, these futuristic products from the Consumer Electronics Show are available right awayI'm a digital nomad who works on the road. These seven travel gadgets go with me everywhereEvery year, the Consumer Electronics Show (CES) gives us a glimpse of what's around the corner in tech: creepy humanoid robots, robovacs that climb stairs, AI baked into everything.Some of these products will never come to fruition. Some will arrive months later. And some – the rarities we picked out below – are available to order right now. I had a chance to try each one in person on the show floor in Las Vegas. So if you're looking for a taste of the future today, here's your fix. Continue reading......

Coroner's court hears how Ollie Long, 36, became ensnared in debt after using offshore operators run by 'international criminal networks'A football fan took his own life after his love of the sport fuelled a gambling addiction that led him to bet with illegal offshore operators that “prey on” vulnerable people, a coroner has heard.Ollie Long, from Wendover in Buckinghamshire, died in February 2024, aged 36, after struggling with his addiction for eight years. Continue reading......

Toby Ovens of Broughton Transport called Brexit a nightmare, and said he hoped a reset with the EU would mean 'light at the end of the tunnel'British vets have been forced to chase lorries down the motorway on their way to Dover due to the “pure hell” of Brexit paperwork needed by inspectors in Calais, MPs have been told.Toby Ovens of Broughton Transport told the business and trade committee that Brexit has been a costly and logistic nightmare and hopes of a reset with the EU represented “light at the end of the tunnel”. Continue reading......

Responding to John Harris's article on the decline of shops on the high street, Trevor Hopper and John Boaler point to consumer choices, while Peter Smith and Robin Stott look to local initiatives and marketsI fear that John Harris is partially buying into Reform UK's rhetoric about the decline of the high street (The UK's high streets have reached a tipping point – and Reform will reap the benefits, 11 January).The decline of small businesses in our high streets is largely the result of consumer choice. That's why supermarkets exist. They sell goods more cheaply and have a range that would be equivalent to numerous shops. The majority of the population prefers to drive and do it all in one go, regardless of income. Continue reading......

Nine governors including Bank of England's Andrew Bailey and ECB's Christine Lagarde say independence is criticalBusiness live – latest updatesGlobal central banks have issued an extraordinary joint statement offering “full solidarity” to the US Federal Reserve chair, Jerome Powell, in the face of the latest threat to his independence from Donald Trump's White House.“The independence of central banks is a cornerstone of price, financial and economic stability in the interest of the citizens that we serve. It is therefore critical to preserve that independence, with full respect for the rule of law and democratic accountability,” the statement said. Continue reading......

Global growth 'downshifted' since Covid pandemic and sub-Saharan Africa particularly affected, report saysBusiness live – latest updatesA quarter of countries in the developing world are poorer than they were in 2019 before the Covid pandemic, the World Bank has found.The Washington-based organisation said a large group of low-income countries, many in sub-Saharan Africa, had suffered a negative shock in the six years to the end of last year. Continue reading......

Merger between Paris-based Banijay Group and RedBird IMI-owned All3Media would create a European TV production giant The world's largest independent television production group behind shows ranging from Peaky Blinders to Big Brother is reportedly in talks to merge with the UK-based maker of hits TV shows including The Traitors.Paris-headquartered Banijay Group, which last year considered making a takeover offer for ITV's studio operation, is said to be in advanced talks with All3Media, which is owned by RedBird IMI, the Abu Dhabi-backed company that is trying to off-load the Telegraph titles to the owner of the Daily Mail. Continue reading......

Consumer price index rose 2.7% in year to December, in line with November, as president feuds with Fed over rate cutsUS politics live – latest updatesUS inflation held firm last month as Donald Trump faces mounting pressure over the cost of living for millions of Americans.The closely-watched consumer price index rose 2.7% in the year to December, in line with the previous month, according to official data published on Tuesday morning, ahead of a speech by the US president on the economy. Continue reading......

PM says he has shifted position after becoming alarmed at reports about five-year-olds spending hours on screensKeir Starmer has told MPs he is open to the idea of an Australian-style ban on social media for young people after becoming concerned about the amount of time children and teenagers are spending on their phones.The prime minister told Labour MPs on Monday evening he had become alarmed at reports about five-year-olds spending hours in front of screens each day, as well as increasingly worried about the damage social media is doing to under-16s. Continue reading......

The inquiry into the Federal Reserve chair sends a message to anyone standing in Trump's way – including the supreme courtNews that Donald Trump's justice department has launched an investigation of Jerome Powell, chair of the Federal Reserve, is the latest example of the president's governing philosophy: do what I want, or I will crush you. The desire to make Powell's life miserable is also a warning sign to anyone who thinks that they have an independent source of authority.What is happening to Powell is a test, not just for him and the Fed, but for any other person or institution that dares to stand up to the president.Austin Sarat, William Nelson Cromwell professor of jurisprudence and political science at Amherst College, is the author or editor of more than 100 books, including Gruesome Spectacles: Botched Executions and America's Death Penalty Continue reading......

Reported move would be part of new CEO Dave Lewis's streamlining of world's largest spirits makerBusiness live – latest updatesDiageo's new boss, Dave Lewis, has barely started in the role, and the maker of Guinness and Johnnie Walker is already reportedly considering selling off its Chinese assets to trim down its portfolio.The world's largest spirits maker, whose other brands include Smirnoff vodka, Captain Morgan rum and Don Julio tequila, is working with Goldman Sachs and UBS to review its operations in China, where sales have been falling, according to Bloomberg News. Continue reading......

ICO says it is making inquiries with banking group over data privacy after it accessed 30,000 staff accountsThe information watchdog is questioning Lloyds Banking Group over a potential breach of privacy rules after it accessed data from 30,000 staff bank accounts during union pay talks last year.Lloyds – which owns the Halifax and Bank of Scotland brands – used aggregated salary, spending and savings data as part of a presentation to staff union representatives, which suggested that its lowest-paid staff had been in a better financial position than the wider population in recent years. Continue reading......

US president speaks after saying that any country that does business with Iran will face 25% levy on trade with USBusiness live – latest updatesDonald Trump has said “it would be a complete mess” if the US supreme court were to strike down his global trade tariffs.In a lengthy post on social media, the US president said “WE'RE SCREWED” if the supreme court rules against the tariffs, before the decision, which could come as soon as Wednesday. It is a crucial legal test of his controversial economic strategy and his power. Continue reading......

UK media regulator is investigating whether X has breached the Online Safety Act – what could happen next?The UK government is threatening Elon Musk's X with the nuclear option under the country's online safety laws: a ban. The social media platform is under pressure from ministers after it allowed the Grok AI tool, which is integrated within the app, to generate indecent images of unsuspecting women and children.The government has said it will support the media regulator Ofcom, which has launched an investigation into X, if it decides to push ahead with a ban. But is such a move likely? Continue reading......

Rolling coverage of the latest economic and financial news, as Trump says countries doing business with Iran face 25% tariff on US tradeSpeaking of tariffs…. Donald Trump has also claimed that the US would be “screwed” if the supreme court does not uphold his trade levies.In a post last night, Trump claimed the US would have to repay “many Hundreds of Billions of Dollars” if the US highest court rules against the White House, plus the “payback” which companies building factories in America to avoid tariffs would – he argues - demand.When these Investments are added, we are talking about Trillions of Dollars! It would be a complete mess, and almost impossible for our Country to pay. Anybody who says that it can be quickly and easily done would be making a false, inaccurate, or totally misunderstood answer to this very large and complex question.Remember, when America shines brightly, the World shines brightly. In other words, if the Supreme Court rules against the United States of America o...

President posts online as US weighs response to situation in Iran, which is major facing anti-government protestsDonald Trump has said any country that does business with Iran will face a tariff rate of 25% on trade with the US, as Washington weighs a response to the situation in Iran, which is seeing its biggest anti-government protests in years.“Effective immediately, any Country doing business with the Islamic Republic of Iran will pay a Tariff of 25% on any and all business being done with the United States of America,” the US president said in a post on Truth Social on Monday. Tariffs are paid by US importers of goods from those countries. Iran has been heavily sanctioned by Washington for years. Continue reading......

Sales of clothes and computers fall, but discount supermarkets Aldi and Lidl enjoy bumper tradingRetailers suffered a “drab Christmas”, ending the year with disappointing sales in their most important month, according to new data underlining the difficulties facing Britain's high streets.Overall retail sales grew by just 1.2% in December compared with a year earlier, the British Retail Consortium (BRC) said. That was below the 12-month average of 2.3%. Continue reading......