Is it bad that Elon Musk has a trillion dollars? Yes, and here’s why

Just as the ‘poverty line’ determines what’s required for basic living, we need a ‘wealth line’ to show when extreme wealth becomes harmful, says economist and philosopher Ingrid Robeyns

US small business owners: how are you operating in the current economic climate?

We would like to hear from small business owners in the US about how they’re adapting to challenges such as inflation

Brent crude falls to three-month low below $80 as Iranian oil tankers ‘resume shipping’ – as it happened

Rolling coverage of the latest economic and financial news

Bank of Japan raises interest rates to 31-year high … of 1%

Country acts amid Iran war inflation pressures, but US Fed and Bank of England expected to hold rates

RBA interest rates: Reserve Bank holds official cash rate at 4.35%

Reserve Bank of Australia decision on Tuesday comes after three consecutive cash rate hikes this year

Starmer vows new sanctions on Russia and nuclear energy support for Ukraine

G7 told ‘we will stand with Ukraine for as long as it takes’, with Russia’s finance networks and shadow fleet targeted

Wall Street and European markets hit record highs and oil price falls to three-month low after US-Iran peace deal – as it happened

Rolling coverage of the latest economic and financial news

EU trade deficit with China reaches record €1bn a day, data shows

Import and export figures come as European leaders prepare to meet this week to address growing imbalance

Oil and gas unlikely to return to prewar prices for months even if Hormuz reopens

Markets welcome US-Iran peace deal but prices may stay high as buyers race to refill depleted emergency crude stockpiles

US and UK central banks expected to keep interest rates on hold amid Iran peace deal

Federal Reserve to make first decision under Kevin Warsh as Middle East hopes ease inflation pressures

From Bloomsbury to Whitehall: new play reimagines life of John Maynard Keynes

The Standard of Living by James Graham traces economist’s influence on British politics and culture

Macron frames Évian G7 agenda in hope Trump will stay for whole summit

US president left last meeting early, but world leaders aim to end Ukraine war and push for resolution in Gaza and Iran

How Brexit has made Britain poorer – in charts

Forecasters were wrong about an immediate recession but right that we would be worse off outside the EU

The case for Labour to introduce a wealth tax has never been stronger

A 2% levy on fortunes above £100m – with no exemptions – could begin to reverse decades of rising inequality

Elon Musk becomes world’s first trillionaire as SpaceX ends trading day with valuation of $2.1tn – as it happened

One economist says Musk’s world-first level of extreme wealth highlights massive economic disparities and could have profound effects on society