{"id":231984,"date":"2025-07-02T12:29:37","date_gmt":"2025-07-02T12:29:37","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/231984\/"},"modified":"2025-07-02T12:29:37","modified_gmt":"2025-07-02T12:29:37","slug":"three-more-interest-rate-cuts-needed-this-year","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/231984\/","title":{"rendered":"\u2018Three more interest rate cuts needed this year\u2019"},"content":{"rendered":"

The UK competition watchdog is preparing to take legal action against Ticketmaster, having concluded that they are in \u201cfundamental disagreement\u201d over its pricing model for Oasis concert tickets.<\/p>\n

The Competition and Markets Authority said that Ticketmaster had declined to accept suggested remedies to address its concerns, and had not offered its own undertakings.The CMA is now preparing to litigate in the matter.<\/p>\n

An investigation found that fans who joined an online queue for tickets for the Britpop band\u2019s reunion tour last year were offered \u201cplatinum\u201d tickets once the initial batch of standing tickets had sold out. These were 2.5 times the price despite offering \u201cno additional benefit\u201d, and often being located in the same area of the stadium.<\/p>\n

This resulted in \u201cmany fans waiting in a lengthy queue without understanding what they would be paying and then having to decide whether to pay a higher price than they expected\u201d. The CMA said that it would continue to engage with Ticketmaster to secure a voluntary resolution, \u201cshould it indicate a clear and timely commitment to do so\u201d.<\/p>\n

Noel and Liam Gallagher reunite on stage at Cardiff\u2019s Principality Stadium on Friday for their first gig in 15 years, opening a five-month tour of stadium shows across the UK, Ireland, Japan and America.<\/p>\n

Housebuilder Hill Group hits record profits<\/p>\n

Britain\u2019s second-largest privately-owned housebuilder turned another record profit last year despite building fewer homes.<\/p>\n

Hill Group, based in Waltham Abbey, Essex, turned a pre-tax profit of \u00a390.5 million on revenues of \u00a31.15 billion in the 12 months to the end of March, surpassing the \u00a370.1 million it delivered in its previous financial year.<\/p>\n

The developer built 2,811 homes last year, down from 2,886 in 2023-24, although it sold them for \u00a3100,000 more, on average. That increase was more to do with \u201cproduct mix rather than general market price growth\u201d.<\/p>\n

Andy Hill, founder and chief executive, said it \u201cremains a challenging market\u201d. He and his family received \u00a35.26 million of dividends during the year, slightly less than the \u00a35.36 million they received in the previous year.<\/p>\n

Japan PM pledges to stand firm against Trump<\/p>\n

BRENDAN SMIALOWSKI\/AFP\/GETTY IMAGES<\/p>\n

Japan\u2019s prime minister has said he is determined to protect his country\u2019s national interests as trade negotiations with the US struggled and President Trump threatened even higher tariff rates on its Asian ally.<\/p>\n

Shigeru Ishiba, who heads the world\u2019s fourth largest economy, said: \u201cJapan is different from other countries as we are the largest investor in the United States, creating jobs.<\/p>\n

\u201cWith our basic focus being on investment rather than tariffs, we\u2019ll continue to protect our national interest while working to reduce the US trade deficit with Japan,\u201d he said.<\/p>\n

Trump has cast doubt on a possible deal with Japan<\/a>, indicating that he could impose a tariff of up to 35 per cent on Japanese imports, well above the 24 per cent he announced amid a slew levies on April 2 \u2018Liberation Day\u2019, which knocked more than 20 per cent from the Nikkei 225 index.<\/p>\n

Tokyo has yet to secure a trade deal after nearly three months of negotiations as it scrambles to find ways to exempt vehicle makers from 25 per cent industry-specific tariffs. Japan\u2019s tariff negotiator, Ryosei Akazawa, is reportedly organising his eighth visit to the United States as early as this weekend.<\/p>\n

Bank\u2019s Taylor says soft landing at risk\"Portrait<\/p>\n

UK interest rates may need to fall to below 3 per cent over the next two years to support a weakening economy and a slowing labour market, one of the Bank of England\u2019s rate-setters has said, Mehreen Khan, Economics Editor, writes.<\/p>\n

Alan Taylor, an external member of the Monetary Policy Committee, said the economy\u2019s \u201csoft landing\u201d from years of high inflation was at risk from trade disruption and weak consumption, warranting a faster pace of interest rate cuts this year.<\/p>\n

He said at the European Central Bank\u2019s annual conference in Sintra, Portugal: \u201cI see [the] soft landing as being at risk, and greater probability of a downside scenario in 2026 pushing us off track, as demand weakness and trade disruptions build.\u201d<\/p>\n

Taylor said three more interest rate cuts would be necessary this year to help support the economy. He estimated that the neutral rate for UK interest rates \u2014 when monetary policy is consistent with low inflation and an expanding economy \u2014 was around 2.75-3 per cent. The current base rate is 4.25 per cent.<\/p>\n

Taylor voted to cut interest rates in June, when the MPC voted 6-3 to hold.<\/p>\n

Tesla sales edge back to growth\"Backlash<\/p>\n

Backlash over Elon Musk\u2019s support of President Trump have affected sales<\/p>\n

SAUL MARTINEZ\/GETTY IMAGES<\/p>\n

Tesla\u2019s sales of its China-made electric vehicles inched up 0.8 per cent in June from a year earlier, breaking an eight-month losing streak<\/a>.<\/p>\n

Deliveries of Model 3 and Model Y vehicles made in its Shanghai factory, including both China sales and exports to Europe and other markets, rose 16.1 per cent from May to 71,599 units, data from the China Passenger Car Association showed.<\/p>\n

By comparison, global car sales for BYD, Tesla\u2019s biggest Chinese rival, increased 11 per cent year-on-year to 377,628 units last month.<\/p>\n

Tesla recorded the fastest-ever model ramp-up with just six weeks to full production of the refreshed Model Y in its largest manufacturing hub in Shanghai earlier this year. But its sales in China and Europe have been cooling and mounting pressures from rivals and the political backlash against Elon Musk, the chief executive, are dragging on demand.<\/p>\n

For all of 2025, Tesla\u2019s EV sales are expected to drop 10 per cent this year to make up 13 per cent of the global market, while BYD\u2019s global EV sales are forecast to grow by 45 per cent to one-fifth of the world\u2019s total, according to Counterpoint Research.<\/p>\n

Mid-cap index falls 111 points<\/p>\n

The more UK-focused FTSE 250 has fallen 0.5 per cent, or 111 points, this morning to 21,631 with corporate results weighing on the index.<\/p>\n

Bytes Technology, the computer reseller, and Greggs, the bakery chain, have both warned on profits this morning. The shares are down 26.86 per cent and 14.3 per cent respectively.<\/p>\n

The warning from Bytes hit sentiment in the sector, with Softcat and Computacenter both down more than 7 per cent.<\/p>\n

SPP was the biggest riser in the index after the catering group, which runs outlets such as Upper Crust and Caff\u00e8 Ritazza in airports and railway stations, delayed the listing and trading of the shares<\/a> in a joint venture in India until later this month.<\/p>\n

Ferrari can use Testarossa trademark, court rules\"Philip<\/p>\n

Philip Michael Thomas and Don Johnson with a 1986 Ferrari Testarossa in Miami Vice<\/p>\n

REX<\/p>\n

Ferrari has scored a win at the EU\u2019s second-highest court, which said the luxury sportscar maker had been wrongfully stripped off rights to the Testarossa brand name.<\/p>\n

Ferrari\u2019s rights on the mark were revoked in 2023 by the European Union\u2019s Intellectual Property Office, which said the company had not put them to \u201cgenuine use\u201d for a continuous period of five years between 2010 and 2015.<\/p>\n

But the EU\u2019s General Court annulled that decision, stating that Ferrari had used the trademark, through giving explicit or implied approval to dealers selling second-hand Testarossas and through licensing the brand for scale models.<\/p>\n

\u201cThe use of the trademark to guarantee the identity of the origin of the goods for which it was registered, when reselling second-hand goods is capable of constituting genuine use,\u201d the court said.<\/p>\n

Ferrari built its Testarossa cars, made famous by the 1980s TV show Miami Vice, between 1984 and 1996, and now only second-hand models are available. Its rights to the brand name had been challenged by the head of German toy maker Autec.<\/p>\n

Bytes Technology shares hit by go-slow<\/p>\n

A quarter of the market value was wiped from Bytes Technology after the software reseller warned that profits would be flat during the first six months of the year.<\/p>\n

The FTSE 250-listed IT company had said only two months ago that it was on course for \u201cdouble digit\u201d gross profit growth<\/a> over the first half.<\/p>\n

A challenging macroeconomic environment has pushed some companies to defer their \u201cbuying decisions\u201d, the company said. The tough trading backdrop had been compounded by a reorganisation of its sales teams.<\/p>\n

Bytes Technology shares were 128p, or 25.1 per cent, lower 381p in morning trading. Shares in FTSE 250 companies Softcat and Computacenter fell 7.9 per cent and 7.3 per cent, respectively. <\/p>\n

Santander and Sabadell shares rise on TSB deal\"TSB<\/p>\n

TSB was spun out of Lloyds Banking Group<\/p>\n

ALAMY<\/p>\n

Santander shares have risen 3 per cent this morning after it said it would buy British lender TSB<\/a> from Spain\u2019s Sabadell for \u00a32.65 billion in cash.<\/p>\n

The acquisition comes after Santander has entertained bids from both NatWest and Barclays for its UK retail arm, but rejected the offers due to disagreements over price.<\/p>\n

Sabadell shares rose 5 per cent today. The bank is fighting an \u20ac11 billion hostile approach from its domestic rival BBVA. It confirmed last week that it had received some preliminary non-binding expressions of interest for TSB.<\/p>\n

TSB was spun out of Lloyds Banking Group and briefly floated in 2014 before being bought by Sabadell for \u00a31.7 billion in 2015.<\/p>\n

Greggs share fall 14% on profit warning<\/p>\n

Greggs shares have dropped more than 14 per cent after the bakery chain issued a profits warning as the \u201cvery high temperatures impacted consumer purchasing patterns\u201d in June, leading to a decline in footfall to its shops.<\/p>\n

The FTSE 250 company said the drop in sales of sausage rolls and steak bakes was not offset by a jump in demand for its cold drinks. It expects full-year operating profit to be \u201cmodestly\u201d below the \u00a3195.3 million achieved in 2024.<\/p>\n

Greggs fell 286p, or 14.5 per cent, to a three-month low of \u00a316.88.<\/p>\n

Read in full: <\/b>Greggs warns on profits as heatwave hits sausage roll sales<\/b><\/a><\/p>\n

BP lifted by hopes for Castrol disposal\"Thomas<\/p>\n

BP put its Castrol lubricants business up for sale earler this year<\/p>\n

ALAMY<\/p>\n

BP shares have risen on a report that another bidder has emerged for its Castrol lubricants business.<\/p>\n

Sky News said Clayton Dubilier & Rice, the US private equity firm, is among the suitors which have tabled offers. Outgoing chairman Helge Lund is an adviser to CD&R.<\/p>\n

Murray Auchincloss, BP\u2019s chief executive, announced in February that the company was launching a strategic review of Castrol as part of its $20 billion divestment target as part of a turnaround at the troubled group. It is expected to fetch around $10 billion.<\/p>\n

Other parties reported to be interested include India\u2019s Reliance Industries, Saudi Aramco, and US buyout firms Apollo Global Management and Lone Star Funds.<\/p>\n

BP share rose 2.4 per cent to 377p this morning.<\/p>\n

Secure Trust Bank pulls out of car finance<\/p>\n

Secure Trust Bank, a specialist lender, is to stop new lending in vehicle finance and put the existing book into run-off.<\/p>\n

The move is part of \u201cstrategic pivot\u201d as the bank withdraws from an underperforming segment amid industry-wide uncertainty<\/a> after a court ruling on commission on motor finance.<\/p>\n

David McCreadie, chief executive, said the company would redeploy capital into \u201chigher-returning\u201d retail finance, real estate finance and commercial finance businesses.<\/p>\n

Vehicle finance accounted for 30 per cent of Secure\u2019s adjusted operating costs in 2024 and generated a loss before tax and exceptional items of \u00a321.8 million.<\/p>\n

It will support its existing customers and loan portfolio in vehicle finance, but expects 284 jobs to be at risk by 2030, including 78 roles in 2025. Secure share rose 7 per cent, or 56p, to 836p this morning.<\/p>\n

Geely to sell its EX5 electric car in Britain<\/p>\n

Chinese carmaker Geely is to start selling its electric EX5 SUV in Britain.<\/p>\n

Geely, which in the UK owns Lotus and the black cab maker LEVC, said in a statement that the EX5, which is still undergoing \u201cintensive development work\u201d to meet British car buyers\u2019 standards, will be the first in a \u201cdiverse range of high-quality, accessible vehicles tailored for the UK\u201d.<\/p>\n

The car is expected to be on sale in the last quarter of the year.<\/p>\n

It joins a number of other Chinese carmakers which are selling in Britain, including BYD, MG, and Chery\u2019s Omoda and Jaecoo brands.<\/p>\n

Banks and insurers lift FTSE 100<\/p>\n

Investors remain wary about the economic outlook as they look ahead to US payroll data, Trump\u2019s trade deal deadline, and assess Federal Reserve chairman Jerome Powell\u2019s cautious stance on interest rate cuts.<\/p>\n

The dollar has strengthened slightly but is still close to 3\u00bd-year lows against a basket of currencies. This weighed on the pound, which has eased back but is still trading above $1.37. The price of gold has also dipped to $3,330.56 an ounce on the rise in the dollar.<\/p>\n

Banks, insurers and miners are higher this morning, while gold miners and retailers are down.<\/p>\n

State pension triple lock \u2018should be scrapped\u2019\"a<\/p>\n

The triple lock on state pensions should be scrapped after this parliament and employers should pay into workplace pensions even if their employees do not, according to a think tank calling for a sweeping overhaul of Britain\u2019s retirement system.<\/p>\n

The Institute for Fiscal Studies (IFS) warned that mounting pressure on the state pension system and the fact that some workers were not saving enough privately for retirement meant the system faced \u201csignificant challenges\u201d.<\/p>\n

Ben Martin has the full story here<\/a>.<\/p>\n

Ofgem to investigate Heathrow fire\"The<\/p>\n

The fire at the North Hyde electrical substation near Heathrow Airport, which disrupted travel from the airport in March<\/p>\n

AP<\/p>\n

The energy regulator Ofgem has launched an investigation into the fire that caused a shutdown at Heathrow airport in March after the National Energy System Operator (Neso) said in a report that the likely cause was the failure of a component at the North Hyde electricity substation.<\/p>\n

Neso said in the report: \u201cThis review has seen evidence that a catastrophic failure on one of the transformer\u2019s high voltage bushings at National Grid Electricity Transmission\u2019s \u2026 substation caused the transformer to catch fire. This was most likely caused by moisture entering the bushing, causing an electrical fault.\u201d<\/p>\n

Ofgem said it would review whether National Grid complied with the relevant legislation and licence conditions relating to the development and maintenance of its electricity system at North Hyde.<\/p>\n

Hot weather hits sales at Greggs\"A<\/p>\n

Greggs is well known for its hot sausage rolls<\/p>\n

GETTY IMAGES<\/p>\n

Greggs, the high street baker, has warned that it will miss City forecasts after sales were hit by the unseasonably warm weather. <\/p>\n

Sales rose 6.9 per cent to \u00a31.02 billion in the 26 weeks to June 28, the group reported in an unscheduled trading update. <\/p>\n

Greggs said \u201cgood progress in May\u201d was followed by \u201cslower growth in June as high temperatures impacted consumer purchasing patterns\u201d. <\/p>\n

The FTSE 250 group said it now anticipates that full year operating profit \u201ccould be modestly below that achieved in 2024\u201d, having previously guided that it would \u201cdeliver another year of progress in 2025\u201d.<\/p>\n

Spectris recommends KKR\u2019s all-cash offer\"Worker<\/p>\n

Spectris is a FTSE 250 industrial technology specialist that supplies precision instrumentation and controls<\/p>\n

SPECTRIS<\/p>\n

The US private equity group KKR has struck a \u00a34.1 billion deal to buy Spectris, the FTSE 250 instrumentation and testing group, trumping an offer from rival private equity group Advent.<\/p>\n

Last week, the Spectris board recommended<\/a> that shareholders accept a cash offer of \u00a337.63 a share from Advent International. It has switched its recommendation after KKR tabled a \u00a340-a-share all-cash deal. <\/p>\n

The offer is at a 96 per cent premium to the \u00a320.38 that the shares were trading at before Advent tabled its first offer in June. Spectris shares closed at \u00a338.40 last night.<\/p>\n

Spectris shares were trading at more than \u00a340 in late 2021, but the company has been hit by a decline in revenues and profits, and the market volatility prompted by trade war concerns.<\/p>\n

Market focus turns to July 9 tariff deadline<\/p>\n

Asian stock markets are lower, and the dollar has remained around 3\u00bd-year lows against a basket of currencies on concerns about a scramble for trade deals ahead of President Trump\u2019s July 9 deadline for tariffs. <\/p>\n

Trump said he was not considering extending the July 9 deadline for countries to negotiate trade deals with the United States. He also cast doubts again that an agreement could be reached with Japan, although he expects a deal with India.<\/p>\n

Reaction to Trump\u2019s massive tax-and-spending bill being passed by the narrowest of margins by the US Senate Republicans was muted. The legislation, which is expected to add $3.3 trillion to the national debt, heads to the House of Representatives for possible final approval.<\/p>\n

The fiscal worries, trade uncertainties, and the US rate path trajectory have all led investors to sell US assets and look for alternatives. The dollar has had its worst first-half performance since the 1970s. In commodities, gold edged higher to $3,343 an ounce on safe-haven flows.<\/p>\n

Paramount pays Trump $16m over 60 Minutes lawsuit\"President<\/p>\n

President Trump alleged that the interview with Kamala Harris on 60 Minutes in October was edited to \u201ctip the scales in favour of the Democratic Party\u201d in the election<\/p>\n

AP<\/p>\n

CBS parent company Paramount has settled a lawsuit filed by President Trump over an interview with the then-vice president and presidential candidate Kamala Harris on its 60 Minutes programme aired in October.<\/p>\n

Trump filed a $10-billion lawsuit against CBS in October, alleging the network deceptively edited the interview to \u201ctip the scales in favour of the Democratic Party\u201d in the election. In an amended complaint in February, he bumped his claim for damages to $20 billion.<\/p>\n

CBS aired two versions of the Harris interview in which she appears to give different answers to the same question about the Israel-Hamas war, according to the lawsuit filed in federal court in Texas.<\/p>\n

Paramount said the money would be for Trump\u2019s future presidential library, and would not be paid to Trump \u201cdirectly or indirectly\u201d. \u201cThe settlement does not include a statement of apology or regret,\u201d the company said.<\/p>\n","protected":false},"excerpt":{"rendered":"The UK competition watchdog is preparing to take legal action against Ticketmaster, having concluded that they are in…\n","protected":false},"author":2,"featured_media":157154,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3090],"tags":[51,91087,1700,19774,9461,20996,91088,29341,9989,29733,16,15,3118],"class_list":{"0":"post-231984","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-economy","8":"tag-business","9":"tag-cuts","10":"tag-economy","11":"tag-interest","12":"tag-live","13":"tag-more","14":"tag-needed","15":"tag-rate","16":"tag-this","17":"tag-three","18":"tag-uk","19":"tag-united-kingdom","20":"tag-year"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@uk\/114783648074018774","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/231984","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/comments?post=231984"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/posts\/231984\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media\/157154"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/media?parent=231984"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/categories?post=231984"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/uk\/wp-json\/wp\/v2\/tags?post=231984"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}