FTSE 100 falls but still ends the week higher<\/p>\n
That\u2019s it for us for today and the week – hope you all enjoy the weekend, sunny as it looks set to be.<\/p>\n
For our closing note, the FTSE 100 has finished the day 0.38 per cent down, but still clocks a week more than 1.3 per cent up, particularly after a strong day yesterday.<\/p>\n
On Monday it starts all over again – and next week we have the chancellor\u2019s Mansion House speech to look forward to as well as official inflation data.<\/p>\n
Read more<\/p>\n
Karl Matchett11 July 2025 16:58<\/p>\n
<\/a>Business news live – Friday 11 July<\/p>\n Good morning and welcome to our final day of the week covering the rolling business and stock market news.<\/p>\n Karl Matchett11 July 2025 06:57<\/p>\n <\/a>Why a wealth tax in the UK would fail, according to experts<\/p>\n Any attempt by Rachel Reeves<\/a> to plug the gap in the UK\u2019s public finances through a wealth tax<\/a> would be \u201cnaive\u201d, with very few success stories from other nations, experts have warned.<\/p>\n The chancellor may need to find as much as \u00a330bn in savings through either cutting costs or raising taxes ahead of her Budget, with Keir Starmer\u2019s government under pressure to find ways of raising funds for the public purse.<\/p>\n But a leading tax lawyer told The Independent a wealth tax would actually have a detrimental effect on the UK\u2019s tax take \u2013 and that the government would be \u201carrogant\u201d to think it would work in this country.<\/p>\n Karl Matchett11 July 2025 07:06<\/p>\n <\/a>Labour warned over potential AstraZeneca loss<\/p>\n Former chancellor Lord Norman Lamont has told the government that the loss of AstraZeneca, the biggest public listed company on London\u2019s FTSE 100, would be a huge blow.<\/p>\n He said: \u201cThe loss of AstraZeneca, were it to happen, would be a devastating blow to the London Stock Exchange.<\/p>\n \u201cIs it not therefore very important, if we are to retain the listings, that the Government have a supportive policy for life sciences in particular?<\/p>\n \u201cIs it not regrettable, first, that the life sciences review has not yet appeared and, secondly, that the Government refused to back the vaccine plant at Speke near Liverpool?<\/p>\n \u201cIs it not important that, if we want to retain the listings, which will mean retaining the research, development and employment, we have a proper strategy with these companies and do not just regard them as cash cows but valuable investments to be encouraged?\u201d<\/p>\n Karl Matchett11 July 2025 07:16<\/p>\n <\/a>Can FTSE 100 finish week strongly?<\/p>\n The FTSE 100 had been on a fairly flat trajectory for most of the week up until the last couple of days – and yesterday was a bumper day with the index closing 1.2 per cent up.<\/p>\n Barring some pretty bad news it should finish in positive territory for the week, given it\u2019s up almost 1.8 per cent all told, but profit-taking is always possible after the index hit a new all time high level.<\/p>\n The 9,000 milestone is now very close indeed.<\/p>\n Karl Matchett11 July 2025 07:28<\/p>\n <\/a>UK economy shrinks for second month in a row<\/p>\n May figures are in for the UK\u2019s GDP and it\u2019s more bad news for Rachel Reeves and co.<\/p>\n Data from the Office for National Statistics (ONS) shows the economy shrinking 0.1 per cent following April\u2019s more stark 0.3 per cent contraction. Lower production and construction were partly to blame for May\u2019s disappointing figures.<\/p>\n \u201cMay\u2019s fall in production was driven by oil and gas extraction, car manufacturing and the often-erratic pharmaceutical industry,\u201d said ONS director of economic statistics Liz McKeown.<\/p>\n \u201cWhile services grew overall in May with a strong month for legal firms, which recovered from a weak April, and computer programming, these were partially offset by a very weak month for retail sales.\u201d<\/p>\n Karl Matchett11 July 2025 07:38<\/p>\n <\/a>Reeves admits ‘disappointing’ GDP figures<\/p>\n On those economic figures, chancellor Rachel Reeves said:<\/p>\n \u201cGetting more money in people\u2019s pockets is my number one mission. While today\u2019s figures are disappointing, I am determined to kickstart economic growth and deliver on that promise.<\/p>\n \u201cThe choices we have made in our first year in government have seen us extend the \u00a33 bus fare cap, fund Free School Meals for over half a million more children, press ahead with plans to deliver free breakfast clubs for every child in the country and increase the National Minimum and National Living Wage, giving a pay rise to 3 million workers.<\/p>\n \u201cThere\u2019s more to do, that\u2019s why in the Spending Review we boosted investment and jobs, through better city region transport and record funding for affordable homes, as well as backing major projects like Sizewell C.\u201d<\/p>\n Karl Matchett11 July 2025 07:53<\/p>\n <\/a>Bitcoin hits new record high after 6% surge<\/p>\n Bitcoin has shot up again, with a six per cent rise putting it to a new all time high.<\/p>\n That put it briefly above $118,000, though it has now fallen back slightly to $117,500, still well above the $107-109k band it travelled along at for some time.<\/p>\n Our tech expert Anthony Cuthbertson notes that the new record puts bitcoin\u2019s market cap above $2.3 trillion, ranking it above tech giants like Alphabet and Meta. While still only a fraction of gold\u2019s estimated market cap of $22 trillion, it has now overtaken silver.<\/p>\n Karl Matchett11 July 2025 08:10<\/p>\n