{"id":301149,"date":"2025-07-29T12:10:10","date_gmt":"2025-07-29T12:10:10","guid":{"rendered":"https:\/\/www.europesays.com\/uk\/301149\/"},"modified":"2025-07-29T12:10:10","modified_gmt":"2025-07-29T12:10:10","slug":"business-news-live-uk-food-inflation-surges-again-and-ftse-100-results-with-greggs-facing-near-term-hurdles","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/uk\/301149\/","title":{"rendered":"Business news live: UK food inflation surges again and FTSE 100 results with Greggs facing \u2018near-term hurdles\u2019"},"content":{"rendered":"

<\/a>Uber loses tax battle over rival apps<\/p>\n

Uber have lost a UK supreme court case where they sought to force rival operators to pay 20 per cent VAT on profits outside London.<\/p>\n

The court found there was no contract between private hire operators and customers.<\/p>\n

It followed the 2021 case which classed Uber drivers as workers, having a knock-on effect on profits, taxes and obligations.<\/p>\n

Karl Matchett29 July 2025 13:00<\/p>\n

<\/a>Rachel Reeves and Bank of England battle over Revolut licence<\/p>\n

Rachel Reeves set up a meeting between key finance figures and the fintech bank Revolut – only for Bank of England governor Andrew Bailey to step in and prevent it, the FT has reported.<\/p>\n

Revolut has yet to receive full authorisation despite receiving a banking licence in the UK last year.<\/p>\n

The report claims the meeting was cancelled as the BoE believe regulation \u201cshould be independent from political interventions\u201d.<\/p>\n

Karl Matchett29 July 2025 12:40<\/p>\n

<\/a>UK tin mine set to reopen and create over 1,000 jobs<\/p>\n

The South Crofty tin mine, near the Cornish village of Pool, is set to reopen after almost 30 years.<\/p>\n

More than 1,000 jobs are set to be created by its reopening after a \u00a329m government investment.<\/p>\n

It was the last such mine to close in the UK when it shut in 1998 due to falling tin prices, but the price of the metal has more than doubled over the last decade with its use in consumer electronics and EVs.<\/p>\n

Don Turvey, the chief executive of Cornish Metals, said: \u201cTin is a critical mineral for the clean energy transition, essential to electronics, electric vehicles and renewable infrastructure. By reviving domestic production at South Crofty, we\u2019re not only creating over 300 direct jobs but also supporting many more across local supply chains and regional businesses.\u201d<\/p>\n

Karl Matchett29 July 2025 12:20<\/p>\n

<\/a>EU leaders share disappointment over US trade deal<\/p>\n

The EU and US have agreed a broad trade deal with a 15 per cent tariff rate – but leaders of nations within the European bloc are far from universally happy.<\/p>\n

\u201cThere is no escaping the fact that this is an asymmetrical deal in favour of the US,\u201d the European Trade Union Confederation said, while suggesting there would be \u201csignificant job losses\u201d in nations who export heavily.<\/p>\n

German chancellor Friedrich Merz said his nation would now expect to suffer \u201csubstantial damage\u201d, while French prime minister Francois Bayrou said the deal was a complete \u201csubmission\u201d to Donald Trump, labelling the deal a \u201cdark day\u201d for Europe.<\/p>\n

Spain\u2019s prime minister Pedro Sanchez said he was behind the deal but \u201cwithout any enthusiasm\u201d, while French European affairs minister, Benjamin Haddad, said the \u201cstate of affairs is not satisfactory and cannot be sustained\u201d.<\/p>\n

Karl Matchett29 July 2025 12:00<\/p>\n

<\/a>WH Smith sells online cards department for \u00a324m<\/p>\n

Card Factory<\/a> has agreed to buy online firm Funky Pigeon from WH Smith for \u00a324 million as it looks to boost its web offering.<\/p>\n

Funky Pigeon, which operates out of Guernsey<\/a> and Bristol<\/a>, specialises in personalised cards and gifts and makes around \u00a332 million in sales on average a year.<\/p>\n

Card Factory said it wants to expand its online business, with Funky Pigeon\u2019s technology platform set to be the basis for its digital business in the UK and Ireland<\/a> \u201cover time\u201d.<\/p>\n

It claims the deal will see it become the UK\u2019s second largest online card and related gift retailer.<\/p>\n

Karl Matchett29 July 2025 11:40<\/p>\n

<\/a>Bank of England data shows UK mortgage borrowing increased<\/p>\n

The latest Bank of England Money report is out and it shows that households are borrowing more through credit cards – but many are also managing to put more money into savings.<\/p>\n

While rates are still reasonably high that makes sense if people are indeed getting good interest on their cash – make sure you\u2019re raking in at least 4 per cent on your own money.<\/p>\n

However, the housing market is still looking pretty stuck, as Ian Futcher, financial planner at Quilter, explains.<\/p>\n

\u201cThe latest Bank of England figures illustrate the pressures the housing market continues to face, with the aftereffects of the stamp duty threshold changes, alongside ongoing affordability issues and the yearly summer lull all weighing heavily,\u201d he said.<\/p>\n

\u201cNet borrowing increased by \u00a33.1 billion to \u00a35.3 billion in June. This is up from \u00a32.2 billion of net borrowing in May, but is still a far cry from the \u00a313.0 billion seen in March.<\/p>\n

\u201cHowever, net mortgage approvals for house purchases, which is indicative of future borrowing, increased only marginally. The figure rose by just 900 to 64,200 in June and suggests prospective buyers have taken their foot off the pedal ahead of the summer months. Remortgages were similarly light, with approvals up just 200 to 41,800 in June.<\/p>\n

\u201cCredit card debt is growing at pace, up to \u00a30.7 billion in June from \u00a30.2 billion the month prior, and with rates on these products still high, this raises longer-term concerns around financial resilience.<\/p>\n

“On a more positive note, however, households have been topping up their savings considerably. Households\u2019 deposits with banks and building societies increased by \u00a37.8 billion in June from May and was mainly driven by \u00a33.6 billion being ploughed into ISAs.\u201d<\/p>\n

Karl Matchett29 July 2025 11:21<\/p>\n

<\/a>Why the FTSE 100 is breaking records \u2014 and why that\u2019s good for your pensions<\/p>\n

The FTSE 100 has surged to new record levels after investors piled back into the stock markets<\/a> they deserted in April following Donald Trump\u2019s announcements of tariffs.<\/p>\n

The new highs are seen as good news for investors but also for most people in the UK, whose pensions<\/a> will likely be invested in companies in the stock market.<\/p>\n

Here, The Independent takes a look at what this could mean for you in future:<\/p>\n

Karl Matchett29 July 2025 11:00<\/p>\n

<\/a>Investors not feeling the strain as stock markets continue to rise<\/p>\n

Russ Mould, investment director at AJ Bell, says the volatility index – also known as the fear index – is at a low level for the year, highlighting why markets have risen of late: investors are fine with the tariff uncertainty and are piling into equities again.<\/p>\n

As well as other risk-on assets, of course.<\/p>\n

\u201cThe FTSE 100 enjoyed another good start, lifted by positive market reaction to AstraZeneca\u2019s numbers and Games Workshop delivering yet another strong set of results,\u201d said Mr Mould.<\/p>\n

\u201cIt\u2019s a busy week for corporate earnings in the UK and US, and investors have plenty of news to digest. The latest set of UK results were generally well-received apart from Barclays\u2019 numbers which didn\u2019t trigger the all-important upgrade to guidance from management.<\/p>\n

\u201cGains were recorded across all the major European indices, with investors sitting more comfortably after the US\/EU trade agreement at the weekend.<\/p>\n

\u201cIn the US, the Vix measure of volatility sat at its lowest level since mid-February which indicates how investors are feeling much calmer after a whirlwind period on the markets.\u201d<\/p>\n

Karl Matchett29 July 2025 10:40<\/p>\n

<\/a>Three train operators given go ahead to run extra East Coast services<\/p>\n

Three East Coast<\/a> Main Line train operators have been granted permission to run additional services from December.<\/p>\n

Regulator the Office of Rail and Road (ORR) said it approved some proposals from open access operators Lumo, Grand Central<\/a> and Hull Trains<\/a> to enhance their timetables.<\/p>\n

It rejected some proposed services, citing concerns over insufficient capacity, the potential impact on performance, and the effect on the Government\u2019s revenue.<\/p>\n

The approvals include Lumo extending some of its existing London<\/a> King\u2019s Cross-Edinburgh services to Glasgow, and additional services between London King\u2019s Cross and Newcastle.<\/p>\n

Karl Matchett29 July 2025 10:20<\/p>\n

<\/a>UK food inflation continues to rise for sixth month in a row<\/p>\n

The price of groceries around the UK has risen for for the sixth consecutive month, analysis shows.<\/p>\n

British Retail Consortium (BRC) data shows meat and tea being key contributors to price rises, with food as a whole rising 4 per cent in July compared to a year ago.<\/p>\n

Bread, cereals, cake, meat, milk, cheese and eggs went up in price. There were small downward movements in chocolate products, as well as fruit juice.<\/p>\n

BRC chief executive Helen Dickinson said: \u201cFamilies will have seen their food bills increase as food price inflation rose for the sixth consecutive month.<\/p>\n

\u201cStaples such as meat and tea were hit the hardest as wholesale prices for both categories have been hit by tighter global supplies.\u201d<\/p>\n

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