Currently

BBC Business • April 27, 2025 • Business

The article discusses how large financial payments to Russian soldiers and their families are leading to the creation of a new middle class in the country.

Key Facts:

• Russian soldiers and their families are receiving significant financial support.
• These payments are helping to form a new middle class in Russia.
• The financial benefits are linked to the soldiers' service.
• The creation of this new middle class is a current development in Russia.
• The information comes from a program available on BBC Sounds.

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BBC Business

Mortgages under 4% are back but dangers lurk for borrowers

BBC Business • April 26, 2025 • Business

Lots of UK lenders are now offering mortgages with interest rates below 4%. However, people should be careful, because these very low rates might not last.

Key Facts:

• Many big UK lenders are giving mortgages with rates lower than 4%.
• This is happening because lenders are competing with each other.
• To get the best rates, people often need a large deposit and have to pay a big fee.
• The Bank of England might cut interest rates more often this year because the world is having money problems.
• But, these predicted cuts in interest rates are already factored in the deals offered by lenders.
• Most people with mortgages (8 out of 10) have fixed-rate deals which means their interest rate does not change for a certain time.
• Those sub-4% mortgage offers came in February and are back now.
• Lenders are letting customers borrow bigger amounts, especially those who are buying their first house. This is an example of lender competition.
• There is a chance that these rates could quickly go up or down because of changes in the world economy.

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BBC Business

Could South America benefit from Trump's trade tariffs?

BBC Business • April 25, 2025 • Business

After President Trump announced that some countries would have to pay more to sell their goods in the U.S., many places in South America felt relieved since most of them got pretty low rates. Some people think this could mean other countries might want to buy more stuff from South America instead of paying extra to get it from the U.S., China, Canada, or Mexico.

Key Facts:

• President Trump introduced different tariff rates for different countries.
• Most South American countries only have to pay a 10% tariff rate to sell their goods in the U.S.
• Guyana and Venezuela were first told they'd have to pay more, but later it was changed to the same 10% rate.
• China has to pay a really high tariff rate of 145% to sell its goods to the U.S.
• Canada and Mexico are still charged a 25% tariff on some stuff they sell to the U.S.
• Brazil, a big player in South America, sells a lot of things like soybeans and oil to other countries.
• Because of the new tariff rates, Brazil could potentially sell more soybeans to China.
• Brazil also hopes to sell more beef to Japan, which currently gets a lot of its beef from the U.S.
• These new tariff rates might also help Brazil sell more coffee and shoes in the United States.

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BBC Business

Reeves suggests UK trade with EU more important than US

BBC Business • April 25, 2025 • Business

Rachel Reeves, the UK chancellor, said that trade with Europe is a bigger focus for the UK than trade with the United States. Even though she is talking to the US about a deal, she also thinks it is important to work with Europe because they are closer neighbors to the UK.

Key Facts:

• Rachel Reeves is the UK chancellor.
• She said that trade with Europe is more important for the UK than trade with the United States.
• At the same time, she is talking to the US about a deal that benefits both countries.
• She mentioned that the UK might lower the amount of extra money (called a tariff) it charges on US cars from 10% to 2.5%.
• She met with finance ministers from several European countries like France, Germany, Spain, Poland, Sweden, and Finland.
• She said it's important to rebuild trade relationships with Europe for the good of the UK's jobs and consumers.
• A person from the UK government said it's true and just a fact that the EU is the UK's biggest trading partner.
• A member of another UK political party (the Conservative Party) said his group would focus more on a deal with the US.
• A member of yet another UK political party (the Liberal Democrat Party) agreed that trade with Europe is more important, but criticized the government's actions so far.

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BBC Business

Gatwick to accept 'stricter limits' on plane noise

BBC Business • April 25, 2025 • Business

Gatwick Airport in the UK has agreed to follow stricter rules about airplane noise and has made plans to control noise better because the government has allowed a second runway. Also, they will need to make sure at least 54% of airport passengers use public transportation before they can open the new runway.

Key Facts:

• Gatwick Airport is planning to control noise better as they are allowed to have a second runway.
• The UK's Transport Secretary, Heidi Alexander, is likely to let Gatwick use their second runway.
• Before the new runway can be used, Gatwick has agreed 54% of passengers should be using public transport.
• If they can't get enough passengers to use public transport, they'll need to limit the number of cars on the road.
• Gatwick needs help from government and others to meet these conditions, including adding more Gatwick Express train services.
• If they can't meet their public transport or car limit targets, the new runway's opening will be delayed until they've made £350 million in road upgrades.
• Gatwick is also working on ways to make their airport design more sustainable and create less pollution.
• The final decision from the Secretary of State should be made by October 27.

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BBC Business

Hairdresser fears she could lose home over tax hikes

BBC Business • April 25, 2025 • Business

Hairdresser Kerry Larcher is worried she might have to close her salon and lose her home due to increased taxes. The government changed the taxes to help the economy, but this makes it harder for Kerry to keep her salon running.

Key Facts:

• Kerry Larcher owns a salon in East London.
• She started her business when she was 21 and has been running it for 30 years.
• Taxes on businesses like Kerry's have gone up, which means she has to pay an extra £23,000 each year.
• These are the biggest challenges Kerry has faced in 30 years running her salon.
• The government plans to lower taxes for businesses like hair salons in 2026.
• Right now, Kerry can't take on any new apprentices and may have to let some of her staff go.
• The tax changes are making it tough for Kerry to keep running her salon in the future.
• She is just one of 50,000 UK hairdressers who feel this way and are asking for help.

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BBC Business

What in the World

BBC Business • April 25, 2025 • Business

This news item discusses the idea that the clothes people choose can show if there's a tough time in the economy, also known as a recession. It specifically mentions a style called "office-core."

Key Facts:

• The article talks about how fashion choices might act as a 'recession indicator.'
• A 'recession indicator' is a sign that the economy is not doing well.
• The specific style it talks about is called 'office-core.'
• A style is a type of fashion, or way of dressing up.
• The 'office-core' style isn't just about the way you look.

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BBC Business

Inflation falls to 2.3% in Jersey

BBC Business • April 25, 2025 • Business

The cost of things in Jersey has gone up a bit, but not as fast as before. In fact, the speed at which prices increase, known as inflation, is now slower.

Key Facts:

• Inflation in Jersey has decreased to 2.3%.
• This is less than the 2.5% increase at the end of last year, meaning it has gone down by 0.2 percentage points.
• Most things in Jersey are costing a little more than they did in 2024.
• Leisure services, the fun things like going to the movies or playing games, have made prices rise the most.
• An indicator called 'All Items Retail Prices Index' tracks how prices change from one quarter of a year to the next for regular stuff that households buy.
• It's like a report card for the cost of things in Jersey.

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BBC Business

Annual energy bills predicted to fall by £166 in July

BBC Business • April 25, 2025 • Business

Prices for household energy are expected to decrease in July, making it cheaper for families in England, Wales, and Scotland. This means that people may save money if they use a typical amount of gas and electricity.

Key Facts:

• Prices for household energy are predicted to decrease by £166 per year in July.
• The new price is almost 9% less than the previous price.
• The decrease comes after energy prices went up three times in a row.
• The price of energy is calculated per unit, which means if you use more energy, you pay more.
• The energy prices are decided every three months by a group called Ofgem.
• About 22 million households in England, Wales, and Scotland are affected by these prices.
• The last time the price was this low was in September of the previous year.
• The reason for this expected decrease is due to lower costs of energy from suppliers.

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BBC Business

Reeves: There is a deal to be done with the US

BBC Business • April 25, 2025 • Business

Rachel Reeves, the Chancellor, said she knows why the US president is charging extra on goods (also known as tariffs). She believes they can make a deal because the UK neither owes the US money nor is owed money through trade. The talks will happen on Friday.

Key Facts:

• Rachel Reeves is the Chancellor.
• She indicated that she understands why the US president has extra charges on goods, also called tariffs.
• She is going to have a meeting with her American counterpart in Washington on Friday.
• She said there is room to make a deal with the US.
• The UK does not owe the US money nor is the UK owed money through trade from the US.
• This discussion about the extra charges on goods is happening because President Trump wants to fix global financial differences.
• Reeves seems confident about the future of the UK's trade relationship with the US.

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BBC Business

Water bosses could now face jail for cover-ups

BBC Business • April 25, 2025 • Business

Some people who run water companies might get a very tough punishment if they do anything wrong, like hiding information, about bad stuff like sewage getting into our rivers and lakes. This could even mean going to jail for up to two years. Also, a report says that the people who are supposed to be checking on these water companies aren't doing a good enough job.

Key Facts:

• People in charge of water companies in England and Wales could go to jail if they hide information or don't help with investigations about sewage spills.
• The new rule states they can be jailed for up to two years.
• A report made by a group that watches how they spend our money, the National Audit Office, says that these guys aren't doing a good job, and water bills are getting high because of that.
• This report also says that people trust these water companies the least ever.
• In recent years, some water companies have been caught letting sewage spills pollute our rivers and lakes.
• These companies are also accused of giving too much money to shareholders and executives without spending enough on taking care of the water systems as they should.
• The government has said it's needed to make these strict rules because in the past, water companies didn't give important information about illegal sewage leaks.
• A group called River Action says the new rules are good, but they will only work if they are actually used and people are really sent to jail.

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BBC Business

Retail sales see biggest rise for nearly four years

BBC Business • April 25, 2025 • Business

In the United Kingdom, stores sold more items between January and March this year than they had in almost four years. The Office for National Statistics says this happened because the weather was warm and sunny in March; this made people want to buy more clothes, items for home improvements, and things for their gardens. But they also said fewer people bought food from supermarkets.

Key Facts:

• Between January and March, stores in the UK sold 1.6% more items than they had in the last three months of the previous year.
• The last time the number of items sold grew this much was in July 2021.
• In March, stores that sell clothes and shoes sold 3.7% more items than they had in February.
• Garden centers also sold more because the weather was nice.
• But supermarkets sold 1.3% less food in March than they did in February.
• A study shows that people in the UK felt less confident about buying things in April.
• This might mean that stores will sell fewer items in the future.
• The study, done by GfK, shows that people are worried about paying more for bills and think the economy will do worse.

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BBC Business

Company bosses warn over tariffs impact

BBC • April 25, 2025 • Business

Several prominent U.S. companies including Intel, Skechers, and Procter & Gamble have cited tariffs as a cause of economic uncertainty, prompting them to either revise or withdraw their profit forecasts. This comes in the context of President Donald Trump's ongoing efforts to negotiate new trade agreements.

Key Facts:

• Notable U.S. companies have cut or withdrawn their profit forecasts citing economic uncertainty due to tariffs.
• Intel's Chief Financial Officer, David Zinsner, warned of potential economic slowdown and increased costs.
• Skechers, a footwear maker, withdrew its annual results forecast due to the dynamic current environment.
• Procter & Gamble hinted at the possibility of higher prices for its customers due to tariffs on materials sourced from China and elsewhere.
• Seven & I, owner of 7-Eleven stores, expressed concerns about trade tensions, noting that North America accounts for over 70% of its sales.
• South Korean car manufacturer Hyundai announced the formation of a task force to address fallout from tariffs.
• Despite these impacts, there have been signs of progress in trade talks between the U.S. and South Korea.

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BBC

Mum's pop-up shop aims to make prom affordable

BBC Business • April 25, 2025 • Business

A mom named Julie Sarahs started a store where kids can borrow outfits for prom without having to pay. She did this because she noticed that some prom dresses can be really expensive and her daughter couldn't go to two proms because of the Covid virus.

Key Facts:

• A woman named Julie Sarahs started a place called Stroud Community Costumes.
• At this place, students at school can borrow things like dresses, suits, shoes, and bags to wear to prom.
• Students don't have to pay to borrow these items, but they can give money if they want. That money is used to buy more things for the store.
• The store was started after Julie noticed the cost of some prom dresses becoming very expensive, some over £200.
• The idea to open the store came when Julie's daughter could not go to two proms because of the Covid virus.
• The store is in its third year and now has more than 100 dresses that teenagers can borrow.
• The store is located inside the Stroud Library.
• Julie wants to help students who might not have enough money for prom to still be able to go.
• The store needs more items for boys, like shirts, suits, and shoes.

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BBC Business

Struggling food bank to limit people to one bag

BBC Business • April 25, 2025 • Business

St Mary's Church in Darlington has to reduce its food bank offering to one food bag per person each month. The church is having money troubles and can't afford to give out more food.

Key Facts:

• St Mary's Church's food bank is in Darlington, a place in England.
• The food bank is currently not having enough money to run properly.
• The church used to spend more than £200 every week on the food bank.
• Starting in May, the food bank will only give out one food bag per person each month.
• Though weekly food bags are reduced, people can still come and get free coffee and donated fresh food every week.
• First-time visitors to the food bank will be given food bags for their first four weeks.
• Another food bank in Darlington, King's Church, also cut back its services because of less money.
• Last year, the food bank gave more than 125,000 free meals to people.
• Money from Darlington Borough Council's Household Support Fund was given to King's Church's food bank to help it run.

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BBC Business

Why the Post Office paid £600m to stay shackled to the faulty Horizon system

BBC Business • April 25, 2025 • Business

The Post Office has spent over £600m to keep using a problem-filled computer system called Horizon, even though it decided to stop using it 10 years ago. They could not get rid of it, even if it caused big trouble, because the original agreement with the computer company Fujitsu did not give them ownership of the important computer codes.

Key Facts:

• The Post Office paid more than £600m to continue using the Horizon IT system which had problems.
• The original deal in 1999 with Fujitsu didn't allow the Post Office access to key parts of the Horizon system.
• Since 2012, the Post Office has wanted to change suppliers, but it was too costly.
• The Post Office wrongly accused around 700 sub-postmasters of theft and fraud due to errors by the Horizon system.
• A try to change the system with a new one from IBM in 2016 failed and cost £40m.
• The Post Office contract with Fujitsu is set to end in March 2026, but it might need to be extended.
• The Post Office finally got rights related to the Horizon software and code in 2023.
• The computerizing deal of the Post Office branch network involved the Post Office, Fujitsu, its subsidiary ICL Pathway, and the government.

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BBC Business

China tells Trump: If you want trade talks, cancel tariffs

BBC Business • April 24, 2025 • Business

China has asked the United States to remove all tariffs on Chinese goods. This request follows a period when there were no trade talks between the two countries, despite claims from President Trump. The tension has led to a trade war with both countries setting high taxes on goods coming from the other country.

Key Facts:

• China has requested that the United States cancel all tariffs on Chinese goods.
• There have not been any recent trade discussions between the United States and China.
• Trade disputes between the United States and China have led to high taxes on each other's goods.
• President Trump claims the taxes he set on Chinese goods might be lowered, but not completely removed.
• China recently sent back planes it had ordered from Boeing, a U.S. company, an action retaliating against U.S. tariffs.
• Commerce Ministry Spokesman of China, He Yadong, says the U.S. must remove all the tariffs if it wants to resolve the issue.
• China conducted a meeting to discuss how U.S. tariffs affect foreign companies doing business in China.
• The head of Boeing confirmed that China returned their ordered planes due to trade tensions.

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BBC Business

Ed Miliband 'considering' regional energy pricing

BBC Business • April 24, 2025 • Business

Ed Miliband, the energy secretary, is thinking about making energy prices different in various parts of the country. How this would work is not clear, but it might make energy bills less for areas like Scotland, where a lot of energy is made. However, this idea is not liked by everyone, with some folks saying it could mean higher bills for a lot of people.

Key Facts:

• Ed Miliband is reviewing plans for "zonal pricing", a way of setting energy costs differently in different places.
• This idea might lower bills in areas that make a lot of energy, like Scotland.
• Not everyone likes this idea. Some people think it could make bills higher.
• This change could be the biggest one in the energy market since the 1990s.
• Different countries, like Australia, Italy, and Sweden use this kind of pricing.
• Some energy businesses like this idea, but others do not.
• The government has not made a decision yet. They are still thinking about all the options and want to make sure everyone's bills get lower, no matter where they live.

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BBC Business

Tax-free parcels rule used by Shein and Temu under review

BBC Business • April 24, 2025 • Business

The UK government is looking into changing a rule that lets small packages enter the UK without taxes if they are worth less than £135. Companies like Shein and Temu use this rule and some British businesses think it is not fair.

Key Facts:

• There is a rule that lets packages worth less than £135 enter the UK without taxes.
• Some people believe this rule gives companies like Shein and Temu an advantage over UK businesses.
• Rachel Reeves, a government worker, said they are going to review the rule because some businesses are not happy with it.
• This rule has helped Chinese retailers like Shein and Temu who ship small packages to lots of customers.
• Businesses that bring bigger shipments into the UK have to pay taxes.
• There are worries that companies may sell goods that don't meet the UK's environmental and ethical standards.
• Some people are concerned that the UK government is missing out on tax money because of this rule.
• Some people worry about goods from other countries like China being sold in the UK to avoid paying taxes in other countries.

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BBC Business

The Briefing Room

BBC Business • April 24, 2025 • Business

The article talks about if the UK can become a superpower in AI, which is what the government hopes for.

Key Facts:

• The UK government wants the country to become a superpower in AI.
• This topic is discussed in the "The Briefing Room" program on BBC Sounds.
• The program was released on 24 Apr 2025 and is available for over a year.
• AI stands for Artificial Intelligence, which means computers and machines that can think and learn like humans.
• The article does not provide more detailed information or other facts.

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BBC Business