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Reeves says she was 'clearly upset' at PMQs and reasserts it was 'a personal issue'

Ten-year bond yields dropped and steadied towards the end of the week after Labour came out with a somewhat more forceful defence of chancellor Rachel Reeves, giving assurances about her role and leading the markets to reverse their earlier alarm. The pound also rose against the dollar slightly and the FTSE 100 finished the week flat.

In business news, the cost of tariff impacts to UK SMEs was revealed in a survey showing they faced an average hit of £17,000 each, while fears continue over AstraZeneca pushing to leave the London Stock Exchange in favour of a US listing.

Elsewhere, new data shows one in four cars sold in the UK during June were electric vehicles, NS&I are reducing the rate on their Junior ISA and two people have been jailed for a combined 12 years for a £1.5m crypto scam.

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Business news live - Friday

The FTSE 100 is set to finish flat or near as makes no difference, bouncing back this afternoon after opening lower.

No US markets today remember as it’s 4th of July so we’re about wrapped up.

That’s it from us today and for this week - we’ll be back on Monday from 7am as usual so have a great weekend in the meantime.

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Karl Matchett4 July 2025 16:29

Trade deal deadline approaching - stock markets could see heightened volatility

Expecting a return to the early April and May madness of the stock markets around the world might be the best mindset as we head into the next week.

That’s because the deadline for Trump’s tariff pause is 9 July and plenty of nations, or blocs, have not arranged agreements yet.

Not that investors should be panicking - but do be aware of the situation, Dan Coatsworth, investment analyst at AJ Bell, said.

“There is the potential for a market wobble if we don’t get substantial progress with trade talks over the next few days. Only a handful of countries have struck framework deals so far, suggesting there isn’t enough time for everyone to reach an agreement before the 9 July deadline.

“Investors might want to sit tight and ride out any volatility as history suggests markets bounce back from selloffs.”

High street retail stores continue real-terms decline

Data from BDO’s High Street Sales Tracker suggests all is not well with UK retail.

The most recent information shows the ninth consecutive month that overall sales volume has fallen; while sales in-store grew 0.6 per cent, it’s way below the current rate of inflation (3.4 per cent in May) which means a real-term decline overall.

Online sales grew 4.3 per cent but more needs to be done, says Sophie Michael, head of retail at BDO.

“There is a growing gap between the performance of physical stores and online retail. Perhaps this is because online retailers have greater agility to adjust their inventory and promotional material to quickly align to consumer preferences, such as promoting summer outfits in extreme high temperatures and pivoting to waterproofs when the rain arrives,” Ms Michael said.

“Some retailers are making targeted investments to improve their store estates to attract more footfall, but we need to see this across the industry along with more support to revitalise our high streets. Store propositions need to be reinvented. Strategic and targeted investment is what is really required for retailers with a significant physical footprint to remain competitive. At the same time, retailers need to continue to invest in blending their physical and online offerings. Without this investment and local government support, we risk seeing further store closures which has a detrimental effect on our towns and communities.”