Costs

Donald Trump has indicated he will sign rare bipartisan initiative to tackle affordability after 358-32 vote in HouseThe House gave final approval on Tuesday to a broad bipartisan bill aimed at lowering the cost of housing, with lawmakers in both parties eager to show progress on affordability issues ahead of this year’s midterm elections.The 358-32 vote sends the bill to Donald Trump, who is expected to sign it into law on Wednesday at the Capitol. The Senate passed the legislation 85-5 on Monday. Continue reading...

Firm has been developing full EV version of its top-selling model in Europe at its plant in SunderlandBusiness live – latest updatesNissan has reportedly stopped developing a fully electric version of its Qashqai, its top-selling model in Europe, as the Japanese carmaker looks to cut a fifth of its models and slash costs.The carmaker has quietly halted development of a full EV version of the Qashqai at Sunderland, the site of the UK’s largest car factory, last year, according to a report by Reuters. Continue reading...

21st Century Road to Housing Act, which aims to boost supply and stop investors buying up homes, heads to HouseSign up for the Breaking News US email to get newsletter alerts in your inboxThe Senate on Monday passed a bipartisan measure aimed at lowering housing costs by streamlining construction and permitting, ending months of fraught negotiations on a priority for both parties ahead of November’s midterm elections.The 21st Century Road to Housing Act would limit investors’ ability to buy homes, waives some federal permitting rules in a bid to ease new construction, and authorizes pilot programs to facilitate grants for home improvements and planning affordable housing. It passed the Senate overwhelmingly, with a vote of 85-5, and now heads to the House of Representatives. Continue reading...

• UK borrowing costs experienced the fastest decline in Europe on Wednesday following news that inflation unexpectedly remained steady at 2%. • Market indicators suggest the Bank of England is unlikely to raise interest rates until November, pushing back previous expectations of a September increase. • Suren Thiru of ICAEW notes that softer May data makes an interest rate hold during Thursday's meeting highly probable.

• The Federal Reserve has maintained its target interest rate range for the fourth consecutive meeting, keeping borrowing costs elevated. • High interest rates on U.S. Treasury securities are directly increasing the federal government's overall cost of borrowing. • The Treasury projects that U.S. debt as a percentage of GDP will grow to more than five times the size of the economy over the next 75 years.

• Rising operational costs for proprietary AI models are driving investors and developers toward open-source alternatives to reduce dependencies on expensive closed systems. • Chinese firms are currently leading this movement, leveraging open-source frameworks to rapidly scale their AI capabilities and challenge Western dominance. • A "rebel alliance" of startups is emerging across the AI stack, focusing on creating accessible, transparent, and cost-effective infrastructure for enterprises.

• OpenAI reported a $3.7 billion loss in Q1 despite generating $5.7 billion in revenue and has confidentially filed for a U.S. IPO. • SoftBank Corp and OpenAI have launched a joint venture in Japan to deploy a cybersecurity product designed to protect critical national infrastructure. • The U.S. government invested $500 million into Nvidia-backed SandboxAQ to strengthen domestic semiconductor supply chains and reduce reliance on foreign tech.

Exclusive: Former minister calls for urgent action against companies such as X that allow incitement to violenceWes Streeting has called for Keir Starmer to take urgent action against X and other online platforms that have helped whip up social tensions, suggesting they should be forced to contribute to rebuilding costs after the riots in Belfast.The intervention by the former health secretary, who is seen as a likely challenger to Keir Starmer in any leadership contest, comes after Downing Street said any response would be left to Ofcom, the media regulator, meaning no action is likely for at least two months. Continue reading...

Kate Dearden says reforms such as enhanced sick pay simply bring UK into line with other big economiesLabour’s radical workers’ rights reforms have simply put the UK on a “level playing field” with other big economies, the employment minister, Kate Dearden, has said.The government’s Employment Rights Act became law last year, with specific provisions being implemented this year and next. Continue reading...

Exemptions being considered after March announcement of measures to support domestic steel productionBusiness live – latest updatesMinisters are expected to drop some planned tariffs on foreign steel after UK manufacturers warned the measures would significantly increase their costs.Representatives of the Department of Business and Trade are meeting leaders of steel trading business groups on Wednesday and Thursday with a view to finalising details of a reprieve for certain industries. Continue reading...

National average gas price stands at about $4.16 per gallon as Americans grapple with price hikes sparked by the warDonald Trump has claimed US fuel prices are “not very high, relatively speaking” as his administration grapples with affordability concerns after the surge in costs sparked by his war on Iran.The national average gas price stood at about $4.16 per gallon on Tuesday, according to AAA – $0.37 lower than a month ago, but still about $1 more expensive than the same time last year. Continue reading...

• NASA is considering a potential orbit reboost for the Hubble Space Telescope to counteract its decaying orbit. • The agency's Science Mission Directorate is currently evaluating how to lower operating costs to make such a mission financially viable. • This effort is part of a broader strategy to reduce the expenses of extended missions and free up funding for new scientific projects.

Shoppers turning to online options also affects BHF, which has carried out review of retail armThe British Heart Foundation is to close about 150 shops and cut jobs, as rising costs and the shift to online shopping makes about a quarter of the charity’s high street locations commercially unsustainable.The charity carried out a review of its retail arm, which employs almost 3,700 staff, after net profit across its 640 UK stores plunged from £18.8m in 2024 to £3.6m in the year to 31 March 2025. Continue reading...

More Americans are using small solar panels in their back yards or balconies as a clean way to cut their electric billsIf you feel like your electricity bill just keeps climbing, you aren’t imagining it. Since 2020, US residential energy prices have surged by about 30%, making power the largest household energy expense behind gasoline, according to the US Energy Information Administration.But for residents like Alex Curtis, the days of feeling powerless against rising costs are coming to an end. Curtis is waging a war on his electric bill, and his new weapon of choice is a lightweight, thin-film solar panel. Continue reading...

Investigation finds number of dairy farms where cows cannot go outside has more than doubled since 2015There has been a huge rise in factory-style dairy farming of “battery cows” in the UK as farmers struggle with increasing costs and face selling milk at a loss.The number of intensive dairy farms that permanently confine some of their cattle indoors has more than doubled in the past 10 years, an investigation by the Bureau of Investigative Journalism (BIJ) has found. Data suggests there are now at least 180 dairy farms where cows have no access to the outdoors, up from about 70 in 2015. Continue reading...

• Eurozone inflation has climbed to 3% year-on-year as of May 21, 2026, driven primarily by rising energy costs. • The economic surge is being hindered by an ongoing conflict with Iran, which caused confidence indicators and the composite PMI to drop below the expansion threshold in April. • This spike in inflation is significant as it threatens a fragile economic recovery and may take up to a full year to stabilize.

Chancellor launches ‘Great British summer savings scheme’ after Keir Starmer postpones fuel duty increasePlanned fuel duty rise to be scrapped, says Keir StarmerRachel Reeves is to promise free summer bus rides for children and cut tariffs on some food imports, as part of a package of measures aimed at easing the costs of the Iran conflict.The chancellor will give a statement in the House of Commons on Thursday, outlining her latest plans for cushioning the blow to consumers from an expected rise in inflation later this year. Continue reading...

Union says emphasis on academic goals conflicts with proposed measures on special educational needs provisionChanges to special educational needs provision in England could be thwarted by “academic attainment at all costs” policies that prioritise exam results and punish inclusive schools, headteachers have said in response to a government consultation.The Association of School and College Leaders said the government’s emphasis on academic goals conflicted with its measures designed to help mainstream schools accommodate more children with special educational needs and disabilities (Send). Continue reading...

Survey shows businesses ‘struggling to absorb latest economic shock’, while data says April vacancies down 7.7%The worsening fallout from the Iran war is forcing businesses to halt their UK investment and hiring plans, bosses have warned, as Britain enters a renewed period of political and economic instability.More than two months into the US-Israeli war on Iran, leading surveys of UK employers showed companies were increasingly prioritising cost management over growth as rising costs and global uncertainty weigh on confidence. Continue reading...

Under aviation regulator proposals rival companies would bid to design and build parts of airport expansionHeathrow could be forced to allow other companies to design and build its third runway and new terminal after the UK aviation regulator argued that rival bids could keep construction costs down.A long-awaited review by the Civil Aviation Authority (CAA) proposes changes to the regulatory model that governs how Heathrow runs and covers its costs. Continue reading...

Labor has announced funding for Australian Submarine Agency will jump to $512m in next financial year amid concerns the sovereign submarine fleet may never arriveFederal budget 2026 LIVE updates: Australia government budget announcement and speech – latest newsExplore all of our 2026 Australia federal budget coverageGet our breaking news email, free app or daily news podcastThe budget for Australia’s contentious Aukus deal has ballooned by more than $430m over four years, with the agency charged with securing the country’s nuclear-powered submarines requiring a massive injection of funding and staffing.The Australian Submarine Agency’s resourcing for next financial year will jump by a third – from $385m to $512m. Continue reading...

Bond yields soar and pound falls against dollar as investors brace for potential Labour leadership changeBusiness live – latest updatesUK politics live – latest updatesLong-term UK borrowing costs have soared to the highest level in nearly three decades while the pound and stocks fell, as investors braced for a potential change of leadership, with cabinet ministers urging Keir Starmer to quit.Starmer is consulting colleagues before a crunch cabinet meeting on Tuesday morning that comes after ministerial aides quit and more than 70 MPs publicly called for him to go. Continue reading...

Bond yields creep higher on concerns about potential for political instability and rising inflationBusiness live – latest updatesUK politics live – latest updatesThe cost of government borrowing has crept higher as Keir Starmer’s crucial speech failed to dispel investor “jitters” in the bond markets over political instability combined with fears of rising inflation.The yield, effectively the interest rate, on the benchmark 10-year UK government bonds (known as gilts) rose eight basis points (or 0.08 of a percentage point) to 5% on Monday. Continue reading...

Influential IPPR proposes capping rents at whichever is lower of consumer price inflation or wage growthUK politics live – latest updatesOne of the thinktanks closest to the Labour government is urging ministers to introduce private sector rent controls in England, as the chancellor weighs up how to ease a surge in living costs caused by the Iran war.The Institute for Public Policy Research (IPPR) has published a paper calling for a rent “double lock”, which would link rent increases to either wages or inflation, depending on which was lower. Continue reading...

• President Trump discussed the financial burden of the Iran conflict, potential Democratic impeachment efforts, and midterm election plans in an exclusive interview with Sharyl Attkisson on Full Measure. • He addressed his son Barron Trump's future political aspirations, vaccine safety concerns, and plans for a Fort Knox gold audit. • Trump also commented on NFL games shifting from free TV and broader policy topics amid ongoing geopolitical strains.

Bond yields drop as market fears ease that Labour leader will be replaced by a more leftwing rival Elections 2026 – live updatesBusiness live – latest updatesUK government borrowing costs fell and the pound rose on Friday as Keir Starmer vowed to remain as prime minister despite the Labour party losing hundreds of council seats across England.Investors calculated that some of the intense pressure on Starmer’s leadership had eased, as Labour appeared on track for a smaller losses than election experts had predicted. Continue reading...

Carmaker gives one of biggest warnings yet of conflict’s impact on businesses while Trump tariffs also take tollToyota has reported a £3bn hit from costs from the war in Iran, as prices of parts and materials soared and sales dropped.The world’s biggest carmaker said profits declined in its financial year to March as it was “likely unable to absorb newly added impact from the Middle East”, in one of the largest warnings yet of the war’s impact on businesses. Continue reading...

International Airlines Group expects to spend £1.7bn more on fuel than planned since US-Israeli attack on IranBusiness news – live updatesThe parent company of British Airways has issued a profit warning and said it expects to spend about €2bn (£1.72bn) more on fuel than planned this year due to the Iran war.International Airlines Group (IAG), which also owns Aer Lingus, Iberia and Vueling, said it has hedged 70% of its expected fuel use for this year with costs expected to be about €9bn, up from previous forecasts of €7.1bn. Continue reading...