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Another reduction expected next year but monetary policy committee is deeply divided over inflation prospectsBusiness live – latest updatesRachel Reeves has reason to be cheerful. After last month's budget, the Bank of England cutting interest rates will come as an early Christmas tonic for the chancellor by lifting some of the pressure on hard-pressed borrowers.The City had been heavily betting on a sixth cut since August last year, and Threadneedle Street delivered with a reduction in the base rate from 4% to 3.75%. The question, however, is how much further the Bank can go to bring to an end its current easing cycle, after a painful hump in inflation over the past year. Continue reading......

Corvex says Premier Inn owner should rethink strategy as company braces for business rate changes next yearBusiness live – latest updatesThe owner of Premier Inn is facing calls from an American activist investor to rethink its business strategy, just weeks after the company warned the budget would cost it up to £50m next year.Corvex, a New York-based hedge fund, told Whitbread it should begin a strategic review as it braces for big tax rises next year after changes announced by the chancellor, Rachel Reeves. Continue reading......

Study's author says society not tech companies paying for environmental impact of AI and asks if this is fairThe AI boom has caused as much carbon dioxide to be released into the atmosphere in 2025 as emitted by the whole of New York City, it has been claimed.The global environmental impact of the rapidly spreading technology has been estimated in research published on Wednesday which also found that AI-related water use now exceeds the entirety of global bottled-water demand. Continue reading......

US hedge fund Elliott thought to prefer London over New York, which could be welcome boost to UK stock marketBusiness live – latest updatesThe owner of Waterstones and Barnes & Noble is reportedly preparing to list the booksellers on the stock market.Elliott Investment Management, the hedge fund that owns the most popular bookstores in the US and the UK, has spoken to potential advisers about an initial public offering (IPO), the Financial Times reported. Continue reading......

From Quality Street to Toblerone to the Terry's classic, festive treats are becoming more of a luxury – and it's not just down to the price of cocoa You're right – it is smaller. The Terry's Chocolate Orange on shop shelves this Christmas weighs 12g less than it did this time last year. That's a decrease in size of 8% – not as big a cut as when the product lost 10% of its mass in 2016, but a further whittling away of a favourite Christmas treat.Prices have been going up too, although it's been a series of increases. Figures from market researchers Assosia show that across the big four supermarkets, the full price of a Chocolate Orange has increased from £1.24 in December 2022 to about £2.25 today – a rise of 81%. If you factor in the size reduction, you're actually paying 96% more. Continue reading......

From floods to droughts, erratic weather patterns are affecting food security, with crop yields projected to fall if changes are not madeExperts have warned that the world's ability to feed itself is under threat from the “chaos” of extreme weather caused by climate change.Crop yields have increased enormously over the past few decades. But early warning signs have arrived as crop yield rates flatline, prompting warnings of efficiency hitting its limits and the impacts of climate change taking effect. Continue reading......

Rolling coverage of the latest economic and financial newsUK inflation falls sharply to 3.2% amid slowdown in food price risesToday's decision isn't expected to be unanimous; indeed, it could be another 5-4 vote.That's because the Bank's monetary policy committee consists of four dovish committee members who worry about the weaker jobs market and slowing wage growth, and four hawks concerned about supply-side constraints in the economy and inflation persistence, plus likely swing voter Andrew Bailey.Stuck in the middle of it all is Governor Andrew Bailey. He sits between those two camps and almost certainly holds the deciding vote this week. Crucially, though, he wrote in the November meeting minutes that he has more sympathy with the doves.It sounded like he was edging towards voting for a cut last month, but wanted more evidence that inflation was coming down. On the basis that inflation has largely come in line with the Bank's forecasts since then, and if anything a tad below, we suspect he will f...

The oil and gas company's chair says 'increased rigour and diligence' required to maximise value for shareholdersBP announced on Wednesday that it would appoint Meg O'Neill as its chief executive officer from 1 April next year, as Murray Auchincloss steps down from the role.BP's executive vice-president, Carol Howle, will serve as interim CEO until O'Neill assumes the position. O'Neill currently serves as the chief executive of Woodside Energy. Continue reading......

Exclusive: UK government's 'naive belief' that Trump is a good faith actor 'could cost UK taxpayer billions', says health select committee chair Ministers and senior MPs have warned that the UK's agreements with Donald Trump are “built on sand” after the Guardian established that the deal to avoid drug tariffs has no underlying text beyond limited headline terms.The “milestone” US-UK deal announced this month on pharmaceuticals, which will mean the NHS pays more for medicines in exchange for a promise of zero tariffs on the industry, still lacks a legal footing beyond top lines contained in two government press releases. Continue reading......

Argument for ensuring ethylene production at Grangemouth is strong, yet policymaking on deindustrialisation is disjointed“Our commitment is clear: to back British industry, to stand by hardworking families, and to ensure places like Grangemouth can thrive for years to come,” said Keir Starmer as the Ineos ethylene plant on the Firth of Forth was saved for the nation with the help of £120m of public money.Is the commitment clear, though? What, precisely, does the prime minister mean by “places like Grangemouth”? Which heavy industries and plants is the government pledging to shield from the forces of sky-high energy prices and carbon taxes? Is there a strategy here? Or does intervention happen only at the 11th hour when an important plant is threatened with imminent closure and ministers panic about knock-on consequences? Continue reading......

The European Commission's proposals to water down a 2035 ban on new petrol and diesel cars will store up major problems for the futureTwo years ago, the European Union's adoption of a 2035 ban on the sale of new petrol and diesel cars was hailed as an act of global leadership, and a declaration of faith in the journey to net zero. That the home of BMW, Renault and Fiat should decisively reverse away from the internal combustion engine was seen as a symbolic moment.This week, Brussels proposals to water down that ban have sent a very different kind of message. Electric vehicles might be the future. But after intensive lobbying by German and Italian manufacturers, the European Commission has proposed a reprieve for new CO2-emitting cars that would allow them to be sold after the former cut-off date. According to the EU's industry commissioner, Stéphane Séjourné, this U-turn offers a “lifeline” to an ailing car industry that has struggled to cope with Donald Trump's trade wars and Chinese competit...

Residents of Gloster, Mississippi, are suing plant that exports wood pellets to UK and Europe. Company says it is reducing emissionsWhen Helen Reed first learned about the bioenergy mill opening in her hometown of Gloster, Mississippi, the word was it would bring jobs and economic opportunities. It was only later that she learned that activity came with a cost: the Amite Bioenergy mill, opened in 2014 by British energy giant Drax, emits large – and sometimes illegal – quantities of air pollutants, including methanol, acrolein and formaldehyde, which are linked to cancers and other serious illnesses.“When I go out, I can't hardly catch my breath,” Reed said. “Everything is worse since Drax came here.” Continue reading......

Daniel Chu, the company's founder, charged with directing multiple executives since 2018 to defraud investorsExecutives at Tricolor Holdings, the bankrupt subprime auto lender, were charged on Wednesday over their alleged roles in what US prosecutors described as a years-long, “systematic fraud” scheme.Daniel Chu, the company's founder and former CEO, was charged in an indictment unsealed in Manhattan federal court with directing multiple executives since 2018 to defraud investors and lending institutions through multiple schemes. Continue reading......

The US president wants a blockade of oil tankers under sanctions to stop them entering and leaving VenezuelaAnalysis: Maduro says the real reason for Trump's fixation is oil – is he right?Donald Trump has intensified pressure on Venezuela's president, Nicolas Maduro, and his government in a major escalation aimed at the country's main source of income: the oil industry.The White House called for a blockade on all Venezuelan oil exports one week after the US seized an oil tanker off the the country's coast in what Maduro called “an act of international piracy”. Continue reading......

Legal temporary farm workers also worry about the H-2A visa program and Trump's anti-immigration regimeThis article is a collaboration between the Guardian and Enlace Latino NC, an independent bilingual publication. On a cold December afternoon, about 10 workers load the season's final Christmas trees onto a truck at Wolf Creek Tree Farm and Nursery in Cullowhee, North Carolina. Nearby, another group takes a break, warming up around a barrel fire. More workers are out in the fields, a half-hour's drive up further into the mountains. Continue reading......

Directors blame 'challenging market conditions' as losses widen from £25m in 2024 to £33m Sales at Stella McCartney's fashion label sank by more than a quarter last year tipping it further into the red and adding to fears it could run out of money by 2028.Pre-tax losses at the British brand led by the daughter of former Beatle Sir Paul McCartney widened to £33.6m in 2024 from £25m the year before, while sales fell 27% to £16m, according to accounts filed at Companies House. Continue reading......

ShinyHunters group reportedly behind the hack affecting data of 200m users thought to be from before 2021Hackers have accessed the search history and viewing habits of premium users of Pornhub, one of the world's most popular pornography websites.A gang has reportedly accessed more than 200m data records, including premium members' email addresses, search and viewing activities and locations. Pornhub is a heavily used site and says it has more than 100m daily visits globally. Continue reading......

EarthQuaker Devices has served Smashing Pumpkins, PJ Harvey and Radiohead but says tariffs add costs up to 30%Julie Robbins and her team at EarthQuaker Devices have made guitar pedals for some of the biggest names in the world of music. The Smashing Pumpkins, Radiohead, PJ Harvey and others have sought out the company's bespoke, handmade pedals for their unique sounds and designs. Its most popular model, Plumes, has sold over 67,000 devices.Their made-from-scratch effects petals use more than 1,000 components, many which are imported directly from countries such as China and Vietnam or are bought from companies that bring them in from overseas. Continue reading......

Drop in November annual rate adds to case for Bank of England cut to interest rates on ThursdayAnalysis: Inflation drop makes Bank of England early Christmas present to Reeves almost a certaintyBusiness live – latest updatesUK inflation fell by more than expected in November to the lowest level in eight months amid a slowdown in food prices, clearing the way for the Bank of England to cut interest rates on Thursday.In a crunch week for the economy, the Office for National Statistics said the rate as measured by the consumer prices index eased to 3.2% last month from a reading of 3.6% in October. City economists had forecast a modest drop to 3.5%. Continue reading......

International network appears designed to profit from gamblers who have signed up with UK self-exclusion scheme GamStopThe Long family are facing up to their second Christmas without their eldest son.Last year, an eight-year cycle of gambling addiction, recovery and relapse came to an end when Ollie took his own life, aged 36. Continue reading......