The reduction will see the average U.K. household pay \u00a31,720 per year, down 28% or \u00a3660 lower than during the energy crisis at the onset of 2023. However, costs remain 10% higher than the same period last year.<\/p>\n
“A fall in the price cap will be welcome news for consumers, and reflects a reduction in the international price of wholesale gas. However, we’re acutely aware that prices remain high, and some continue to struggle with the cost of energy,” Tim Jarvis, director general of markets at Ofgem, said.<\/p>\n
“In the longer term, we need an energy system where prices are insulated from the volatile international gas market, and which ensures more stable prices and energy security,” Jarvis added.<\/p>\n
\u2014 Sawdah Bhaimiya<\/p>\n
Johnson Matthey in focus after Honeywell’s $2.4 billion catalyst unit acquisition<\/p>\n
Shares of London-listed Johnson Matthey<\/a> traded around 4% lower on Friday, one day after U.S. industrial giant Honeywell agreed to acquire the U.K. firm’s catalyst technology business for \u00a31.8 billion ($2.4 billion).<\/p>\n Johnson Matthey’s stock price soared by more than 30% in the previous session as investors digested the news.<\/p>\n The all-cash deal values Johnson Matthey’s unit at 11 times adjusted earnings and will sit within Honeywell’s energy and sustainable technologies division once the transaction completes.<\/p>\n The sold unit is a supplier of catalysts, which makes industrial chemical reactions more efficient, with about 1,900 employees based in the U.K. U.S., Europe and India.<\/p>\n Deutsche Bank’s analyst Tristan Lamotte said the British company struck a “good price” for the sale.<\/p>\n “This valuation is clearly higher than general perception (~estimated \u00a31bn, ~8.5x [adjusted earnings]) but closer to [Deutsche Bank estimate],” said Lamotte in a note to clients. “The sale should generate a strong positive reaction today and this represents delivery on our Buy case.”<\/p>\n Stock Chart IconStock chart icon UniCredit doubles down on BPM bid despite government ‘Golden Rules’ conditions<\/p>\n Italy’s second largest bank UniCredit<\/a> has doubled down on its takeover bid for domestic peer Banco BPM<\/a>, noting it will file a legal complaint over the use of Rome’s “Golden Power” rules in this transaction.<\/p>\n The Golden Power legislation enables the Italian government to intercede or set conditions on foreign and domestic corporate takeovers in key sectors, including banking. Under the regulation, Rome had in April imposed a set of requirements for UniCredit in order to press ahead with its intended $10.5 billion takeover bid of Banco BPM, which rejected the acquisition offer shortly after its issuance in November.<\/p>\n Earlier this week, market regulator Consob said it suspended the bid process for 30 days, following UniCredit’s objections that more clarity was required on the government’s recent deal conditions. Banco BPM criticized the pause as “abnormal.”<\/p>\n “This suspension is aimed at creating the necessary time to provide both UniCredit and BPM investors with clear and adequate information, enabling them to make an informed assessment of the Offer, taking into account the exercise of the “golden power” and its related prescriptions set forth in the April 18 decree of the Presidency of Council of Ministry,” UniCredit said in a Friday statement.<\/p>\n \u2014 Ruxandra Iordache<\/p>\n Sterling rallies after positive signals for UK economy<\/p>\n The British pound was 0.5% higher at 9:57 a.m. in London. <\/p>\n The move took place after the GfK U.K. consumer confidence index rose by a higher-than-anticipated 3 points in May, while April retail figures also beat expectations.<\/p>\n \u2014 Chloe Taylor<\/p>\n German economy grew by 0.4% in first quarter<\/p>\n German gross domestic product rose by 0.4% quarter on quarter in the three months to March, data<\/a> from the country’s Federal Statistical Office showed on Friday.<\/p>\n The figures revised an earlier preliminary GDP print<\/a> up by 0.2 percentage points, and means the first-quarter reading now marks the strongest quarterly economic growth in Germany since 2022.<\/p>\n Officials attributed the upward revision to stronger-than-expected growth in manufacturing output and exports.<\/p>\n \u2014 Chloe Taylor<\/p>\n UK retail sales boost \u2018won\u2019t last,\u2019 economist predicts<\/p>\n Shrewsbury town center on April 29, 2025, in Shrewsbury, England.<\/p>\n Mike Kemp | In Pictures | Getty Images<\/p>\n Alex Kerr, U.K. economist at Capital Economics, warned that “the sun won’t shine on [Britain’s] retail sector forever.”<\/p>\n “Although for the first time since 2015, excluding the pandemic, retail sales volumes have risen for four months in a row, April’s impressive 1.2% m\/m rise was largely driven by the unusually warm weather,” he said in a note sent shortly after the figures were published.<\/p>\n “That boost won’t last. So even though consumer confidence ticked up slightly in May, we suspect retail sales growth will slow over the coming months.”<\/p>\n \u2014 Chloe Taylor<\/p>\n European markets open higher<\/p>\n It’s 8:10 a.m. in London, and regional stocks are broadly trading in positive territory.<\/p>\n The pan-European Stoxx 600 is 0.3% higher, with most sectors seeing gains.<\/p>\n London’s FTSE 100<\/a>, Germany’s DAX<\/a> and the French CAC 40<\/a> are all up by around 0.3%.<\/p>\n \u2014 Chloe Taylor<\/p>\n U.K. retail sales rise by better-than-expected 1.2% in April<\/p>\n Shoppers walk past the Lindt chocolate shop at Piccadilly Circus on 2nd April 2025, in London, England.<\/p>\n Richard Baker | In Pictures | Getty Images<\/p>\n U.K. retail sales rose by an estimated 1.2% in April on a monthly basis, data from Britain’s Office for National Statistics showed<\/a> on Friday.<\/p>\n The print exceeded a month-on-month rise of 0.2% anticipated by analysts, according to Reuters.<\/p>\n The April print marked a notable recovery from the previous month, when retail sales rose by 0.1% month-on-month. The March figure was revised down from a preliminary estimate of 0.4% growth in sales volumes.<\/p>\n The ONS said the April growth was helped by strong food store sales \u2014 which were up 3.9% on a monthly basis \u2013 that retailers attributed to good weather throughout the month.<\/p>\n \u2014 Chloe Taylor<\/p>\n What\u2019s been happening outside of Europe?<\/p>\n![\"hide](\"https:\/\/www.europesays.com\/uk\/wp-content\/uploads\/2025\/04\/a54b41835a8b60db28c2.svg.svg+xml\")
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