The yields on UK ten year bonds rose sharply on Wednesday as Keir Starmer failed to guarantee the job of chancellor Rachel Reeves, resulting in higher borrowing costs, before stabilising after a Labour statement said Ms Reeves was “going nowhere”. That didn’t stop market speculation, as the pound also sank in reaction - but today has seen a partial recovery on both counts. The FTSE 100 has also been on the rise on Thursday.
Meanwhile, news across the business world saw TSB confirm it would be bought by Santander to create the UK’s third-biggest bank, pending approval, and AstraZeneca’s CEO has held conversations over moving the biggest firm on the London Stock Exchange to a US listing. Elsewhere, Microsoft are cutting 9,000 jobs as the race to employ AI for tasks continues, while Thursday also sees The Independent show how Trump tariffs are impacting small and medium businesses across the UK.
