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Number of job vacancies hits five year-low

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Latest figures suggest companies are becoming more cautious about taking on new staff.

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We recommend all students purchase the new AQA A Level Business textbook (available from August 2026).

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Malcolm Surridge (Author), Andrew Gillespie (Author), George Vlachonikolis (Author) & 0 more Format: Paperback

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AQA A-level Business (Surridge, Gillespie and Vlachonikolis) Sixth Edition

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Buy AQA A-level Business (Surridge, Gillespie and Vlachonikolis) Sixth Edition by Surridge, Malcolm, Gillespie, Andrew, Vlachonikolis, George (ISBN: 9781036003265) from Amazon’s Book Store. Everyday low prices and free delivery on eligible orders.

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The latest BBC Business News: breaking personal finance, company, financial and economic news, plus insight and analysis into UK and global markets.

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An imaginary basket of 700 goods and services bought by households has gone up in price by 2% in the year to May, down from 2.3% in the year to April.

In autumn of 2022, the consumer price inflation (CPI) rate peaked at 11.1%. Energy prices had soared in the wake of disruption to Russian oil and gas imports. Liz Truss's tax-cutting mini-budget was piling more demand into prices.

The fall in price inflation does not mean that prices are falling. Some fall, but overall, the cost of that basket is now not rising as fast.

And while inflation is down and back on target, the past two years have left prices much higher than they were. Food, for instance, is 25% more expensive than it was. So for many whose income rise has not matched price increases, the cost of living pressures remain.

This month's figures show food inflation down to 1.7% over the year to May, from 2.9% in the year to April. Easing that price inflation rate were bread and cereals, vegetables, sugar, jam, syrup, chocolate and sweets. Still going up were cooking oils, dairy and eggs.

The cost of buying a pet is easing, after the pandemic saw prices soar. Also bearing down on price inflation are package holidays, books, vacuum cleaners, fridges, freezers and washing machines.

Offsetting that has been the cost of petrol, with a litre of unleaded up 4p on May last year, though in that transport category, the average price of a used car has fallen by more than 11% in a year, with the unwinding of disruption to manufacturing of cars during the pandemic.

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Coming down but still going up: the trouble with inflation

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The government is happy to trumpet falling inflation but that does not mean prices are falling.

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Figure strengthens expectations that Bank of England will keep interest rates unchanged this week

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The Bank of England has held interest rates at 5.25%.
The decision followed 14 successive increases since November 2021 as the Bank tried to control inflation, which has been slowing but remains high.

The Bank of England is the UK's central bank. It is independent of government but works closely with the Treasury.

Despite the latest fall, CPI is still more than three times the Bank's target.

"Core" inflation - which excludes the price of energy, food, alcohol and tobacco - dropped to 6.2% in August, down from 6.9% in July.

The recent sharp increases in inflation were initially due to rising energy and food costs - largely caused by global events such as the war in Ukraine - but other factors, things like wage increases in the UK, have also helped keep prices high.

The bank's traditional response to rising inflation is to increase the UK's official interest rate.

This influences the saving and borrowing rates charged by High Street banks to individuals and businesses.

Since November 2021, the Bank has increased interest rates on 14 successive occasions.

Fewer people wanting to buy things should, in theory, mean that prices rise less quickly.

It also makes it harder for firms to borrow money and expand.

Alternatively, if the bank cuts interest rates, borrowing becomes cheaper, and people have more money to spend on other things.

This can encourage businesses and people to borrow and spend more, boosting the economy.

Despite the recent falls in the headline rate of inflation, the Bank of England was still expected to raise Interest rates again in September.

The Bank's Monetary Policy Committee (MPC) meets eight times a year to set rates.

Minutes of the meeting at which the decision was taken are also published.

Bonds are a bit like an "I owe you" from the government, which uses them to raise money to help meet its spending commitments.

Once that intervention ended, the bank said it would go ahead with a plan - first announced in August 2022 - to sell off some of the government bonds it holds.

produces banknotes and oversees credit and debit card payments

regulates banks and building societies

monitors risks in the UK financial system and acts to reduce them, like lending to banks if they need it. It shares responsibility for this with the Treasury and financial regulator, the Financial Conduct Authority

stores the UK's gold reserves - 400,000 bars worth more than £200bn - as well as those of other central banks.

He was the bank's chief cashier from January 2004 until April 2011, which meant his signature appeared on billions of UK banknotes.

As well as being responsible for overseeing the bank, the governor also chairs three important committees that help it work towards its targets: the Monetary Policy Committee, the Financial Policy Committee and the Prudential Regulation Authority.

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What is the Bank of England and why does it change interest rates?

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The Bank of England has held rates at 5.25%, after 14 successive increases since November 2021.

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UK MPs have also expressed concern, but Labour's shadow business secretary Jonathan Reynolds indicated on Monday that he would welcome Shein listing its shares in London, as it would open the company up to closer scrutiny.

In a business election debate, hosted by Bloomberg, Mr Reynolds said he had met representatives from the company.

"My view on any business of this sort is that if they're doing business in the UK, we should ideally seek to regulate them from the UK.

"The kind of expectations we would have, whether that is on labour market or regulatory compliance, or tax - that is best done from them being based in the UK.

"So if a listing was to be considered, I would want that, because I would know that is the way we can enforce the high standards we would expect," he added.

His opponent in the debate, the Conservative Business Secretary Kemi Badenoch, said she had concerns over a potential listing but added: "It doesn't mean we don't want them."

Admitting that she was yet to meet anyone from the company, Ms Badenoch said one concern was around Shein's business model of sending smaller packages direct to customers in the UK. Under customs rules, duties are not paid on goods under £135 and she said that could mean "quite a lot lost in terms of taxes" for the government.

Ms Badenoch also said she would "want to look at" allegations around forced labor.

"The City is regulated and we have regulators that do that. I'm talking specifically about this business and what we'd want to see.

"We don't want a situation where the business secretary is interfering in every single listing... but those are my specific problems with Shein," Ms Badenoch said.

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Shein moves closer to listing on London Stock Exchange

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The Chinese firm has filed official confidential paperwork with UK regulators, the BBC understands.

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The deal creates a joint venture that will allow VW and the US-based electric vehicle (EV) maker to share technology.

Rivian shares jumped by almost 50% after the announcement.

The tie-up comes as competition intensifies between EV makers and Western countries move to impose tariffs on Chinese imports.

Under the agreement, VW said it will initially invest $1bn in the electric truck and SUV maker, with another $4bn to be put into the company by 2026.

Founded in 2009, Rivian has not yet posted a quarterly profit. In the first three months of 2024 the company saw a net loss of more than $1.4bn.

VW, like other motor industry giants, has come under pressure from rivals like Tesla and China's BYD as it tries to make the shift from fossil fuel-powered vehicles.

Meanwhile, some EV start-ups have struggled to make headway in the highly competitive market and as higher interest rates hit demand for big ticket purchases.

The partnership will give VW immediate access to Rivian's software allowing the German car maker to use it in its cars.

Motor industry giants like VW have also been facing growing competition from Chinese EV makers, which have been expanding globally.

Earlier this month, the European Union (EU) warned that it will raise tariffs on Chinese EV imports by as much as 38%.

Officials from China and the EU have held talks ahead of a 4 July deadline.

A months-long investigation by the European Commission found that Chinese EV companies had been "unfairly subsidised".

In response, China said the tariffs violated international trade rules and described the investigation as "protectionism".

The plan came just a month after the US said it will increase import levies on Chinese EVs from 25% to 100%.

This week, Canada said that it was considering a similar move to align itself with allies.

Separately on Tuesday, Tesla said it would recall most of its Cybertrucks sold in the US over issues with their windscreen wipers and exterior trim.

The recalls cover more than 11,000 of the vehicles, which first went on sale at the end of November last year.

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German car maker VW to invest up to $5bn in Tesla rival Rivian

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Shares in the US-based electric truck and SUV maker jumped by almost 50% after the announcement.

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Free Homework & Revision for A Level, GCSE, KS3 & KS2 (senecalearning.com)

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Free Homework & Revision for A Level, GCSE, KS3 & KS2

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Free revision for your GCSE & A Level exams. Join over 6.5 million students learning 2x faster across 250+ exam board specific A Level, GCSE & KS3 Courses.

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Great Website for Past Paper Questions and Mark Schemes

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Good Website for Revision Notes/Flashcards

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