Inflation cools to 3.5% in June in relief brought by brief US-Iran peace deal Recent strikes have sent oil prices climbing again, with average gas price per gallon up by $0.70 compared with 2025
Oil price jumps as US-Iran clashes raise odds of interest rate rises Energy prices later stabilise after Trump abandons plan for 20% levy on traffic through strait of Hormuz
China’s monthly car exports top 1m for first time as overall trade soars Country risks new tariffs from US and EU as it looks likely to match or beat last year’s record surplus of $1tn
North Sea oil industry urges Burnham to approve new drilling in UK waters Lobby appeals to prospective PM’s reindustrialisation agenda as it pushes for Rosebank and Jackdaw approval
World Cup and sunshine prompt UK consumers to splash out on beer and online shopping Despite spending increase in June, Barclays says most people still pessimistic about economy
UK must cap political donations to stop the rich buying influence If Keir Starmer won’t act then his successor should – by restricting the power of a small group of mega-donors
‘Super’ El Niño could cause global food price shock lasting into 2028, analysts say Weather cycle threatens harvests worldwide, adding to inflation already fuelled by the Iran war
World Cup quarter-final expected to generate £500m sales boost for UK economy As England prepare to take on Norway on Saturday, sales of pints, takeaways and new TVs continue to surge
Labour MPs call for Andy Burnham to restore aid spending target set by Brown Thinktank urges prospective prime minister to reclaim UK’s role as an international leader on development
Developing countries spend more repaying foreign debt than on education, UN reveals Unesco report shows children lost out to servicing debt in 113 countries, with 18 spending five times more on loans
Oasis reunion helps draw record 25m ‘music tourists’ to UK concerts Gigs by Gallagher brothers, Coldplay, Lana Del Rey and Beyonce gives £11bn boost to the economy
Andy Burnham urged to scrap income tax and NI in radical fiscal overhaul Economists including Jim O’Neill write open letter calling for single levy to replace six key taxes to raise money for public services
Invest in Britain or I’ll force you to, minister tells pension funds Business secretary Peter Kyle says asset managers should feel a patriotic duty to make the UK a success
UK Treasury yet to do due diligence on finding extra money for defence How to hit the 3.5% of GDP spending promise made to Nato would be a matter for the next prime minister, MPs told
IMF upgrades UK growth forecast as fears over impact of Iran war diminish July update projects GDP growth of 1% this year, making UK the third fastest-growing economy in the G7