‘Billionaires’ bonanza’: Labour derides Reform plan to offer tax exemptions to wealthy Nigel Farage defends policy to top up poorest workers from £250,000 ‘landing fee’ on rich UK newcomers
Economic policymaking needs to adapt to the climate emergency Tackling inflation from companies raising prices during cost shocks requires more than adjusting interest rates
‘They feel betrayed’: how Reform UK is targeting votes in Britain’s manufacturing heartlands In the first in a series, the Guardian maps out the rise in support for Farage and how parties are targeting the UK’s deindustrialised areas
UK grocery watchdog investigating Amazon over alleged supplier payment delays; company insolvencies jump – as it happened Groceries Code Adjudicator calls on suppliers to share their experiences of working with Amazon
Developing countries ‘need more debt relief’ to fund education and health Research warns poorer governments prioritising debt payments over essential development spending
Reeves may need to raise taxes by £20bn in autumn after UK borrowing rises May figure second highest for month on record amid fears chancellor is struggling to keep within spending rules
UK consumer confidence up but fragile amid tariff and Middle East concerns Analysts say households are remaining cautious under ‘dark shadow of inflation’
Bank of England warns of ‘elevated’ global uncertainty after leaving interest rates on hold – as it happened UK central bank split 6-3 on interest rate decision, and warns that escalating Middle East conflict is pushing up energy prices
Bank’s rate decision leaves frustrated Reeves praying for an August cut Lower interest rates will be a lever for growth but the Middle East conflict and rising food prices will have troubled MPC
Bank of England keeps interest rates at 4.25% but hints at cuts to come Governor says rates still on downward path but hard to predict timing of reductions in ‘highly unpredictable’ world
Shell boss warns of ‘huge impact on trade’ if Israel-Iran conflict escalates Blockage of strait of Hormuz, through which about 25% of world’s oil passes, could shock energy market, says Wael Sawan
UK air pollution killing more than 500 people a week, doctors say Royal College of Physicians also says poor air quality costs country more than £500m a week
Federal Reserve holds interest rates, defying Trump’s demand to lower them Hours before the decision, the president called the Fed’s chair, Jerome Powell, ‘stupid’ for anticipated rate hold
UK transport secretary calls HS2 an ‘appalling mess’ as she confirms delay – as it happened Heidi Alexander vows to ‘sort out’ HS2 project which is delayed beyond 2033; UK inflation dips to 3.4%
UK inflation eases slightly to 3.4% as food price rises offset transport cost falls Annual rate slows in May from 3.5% in April despite record increase in chocolate prices