UK cost of living squeeze tightens as mortgage rates rise ; JLR announces 4,000 job cuts – business live
Posted on Monday September 07, 2026

Rolling coverage of the latest economic and financial news

• UK house prices fall for first time in nearly three years, says Lloyds

The rise in mortgage rates could cool demand in the UK housing market, where (as reported earlier) prices fell last month.

Tom Bill, head of UK residential research at Knight Frank, says:

“We have seen a spring slump rather than a seasonal bounce this year as prices and transactions came under pressure from higher mortgage costs and an ever-present concern around which taxes the government may raise next.

Falling house prices are a natural consequence of that and whether we see a seasonal autumn bounce will depend on the level of any pre-Budget speculation and how the unpredictable conflict in the Middle East unfolds and impacts on UK inflation expectations.”

The average 2-year fixed residential mortgage rate today is 5.63%. This is up from 5.60% the previous working day.

The average 5-year fixed residential mortgage rate today is 5.68%. This is up from 5.64% the previous working day.

“The pricing margins among major lenders are under pressure due to renewed volatility in the swap rate market, so it is somewhat inevitable for them to adjust rates. Major lenders, which include HSBC and NatWest, have increased rates since the start of September. The recent uplift in swap rates has started to filter into the pricing of fixed rate mortgages, with more moves expected in the coming days. Swap rates are much higher than they were a month ago and are a key influence on how lenders price their fixed-rate mortgages. Lenders look at margins very carefully, so it would be unwise to price their deals too low, if the expectations are for interest rates to rise, even if over the short-term.

“Mortgage rates are rising due to the escalating military conflict between the US and Iran, reigniting inflationary fears. The UK 10-year gilt yield has also risen further above 5% to an 18-year high recently due to a global bond sell-off, adding further pressure to the wholesale funding costs that underpin fixed mortgage pricing. However, the hit to the mortgage market over recent days pales in comparison to when the conflict in the Middle East began around six months ago, when many lenders pulled fixed rate deals. While this alone might still not reassure some borrowers, it is worth noting that the pressure on swap rates over the past six months has not been caused by UK fiscal policy, which is why withdrawals and rate hikes are nowhere near the scale experienced in the aftermath of the ‘mini-Budget’ in 2022.

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UK’s biggest private hospital firm Spire agrees £1bn takeover by hedge fund
Posted on Monday September 07, 2026

Toscafund, founded by City figure known as ‘the Rottweiler’, signs deal amid fears over creeping privatisation of NHS

• Business live – latest updates

Britain’s biggest private hospital operator has agreed to a £1bn takeover by a hedge fund manager known as “the Rottweiler” for his aggressive business tactics.

Spire Healthcare, which owns the Claremont hospital in Sheffield and St Anthony’s hospital in south London, has agreed to a 250p a share offer by an investor group led by Toscafund Asset Management, which values the business at £1.03bn.

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Chancellor to argue UK economy can ‘turn corner’ despite bond market turmoil
Posted on Sunday September 06, 2026

John Healey speech on Monday will stress links between fiscal discipline and growth amid concerns his cautious approach jars with Burnham’s radical plans

John Healey will argue the government’s plans to boost growth across the whole country will enable the British economy to “turn a corner” despite anxiety over volatile bond markets derailing Labour’s crucial first budget.

The chancellor is expected to argue that fiscal discipline is “indivisible” from good growth, especially at a time of difficult global headwinds, amid concerns that his cautious approach jars with Andy Burnham’s more radical policy plans.

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Tiny cash buffers leave small UK TV firms at risk of going bust, analysis finds
Posted on Monday September 07, 2026

Median £42,000 in reserve not enough to cover filming overrun or delay to series, industry body warns

Hundreds of small UK TV companies have so little cash in reserve that a filming overrun or a delay to a series could send them bust, an industry body has warned, as programme budget cuts by broadcasters threaten their future.

Analysis of the Companies House accounts filings of more than 200 of the estimated 800 independent TV production companies in the UK by the industry body Indielab has found that 40% face running out of cash within the next two years.

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Pixel 11 review: Google sets the bar for standard flagship phones
Posted on Monday September 07, 2026

Longer battery life, faster chip, actually useful AI tools and better cameras keep quality Android ahead of competition

Google’s Pixel 11 continues to set the standard for what you should expect from the base model of a flagship phone with class-leading cameras, long software support and almost all the bells and whistles of its most expensive phones.

The regular Pixel 11 costs £879 (€999/$899/A$1,499) making it £80 or equivalent more expensive than last year’s model as the cost of RAMageddon continues to bite. It’s not cheap by any stretch of the imagination, but it comes with 256GB of storage and is £200 less than the Pixel 11 Pro, matching rival Samsung’s Galaxy S26.

Screen: 6.3in 120Hz FHD+ OLED (422ppi)

Processor: Google Tensor G6

RAM: 12GB

Storage: 256 or 512GB

Operating system: Android 17

Camera: 48MP+ 13MP UW + 10.8MP 5x tele; 10.5MP selfie

Connectivity: 5G, eSIM, wifi 6E, UWB, NFC, Bluetooth 6 and GNSS

Water resistance: IP68 (1.5m for 30 minutes)

Dimensions: 152.8 x 72.0 x 8.6mm

Weight: 197g

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I’m a father of three who studies the impact of artificial intelligence: this is what parents need to know about AI
Posted on Sunday September 06, 2026

A Dr Seuss-style story written in seconds alerted me to the power – and perils – of the technology. But how can children embrace it without forgetting core skills?

When I was growing up, my dad and I often talked about a story we wanted to write together. It was called “The Day Nobody Went to Disneyland”. One day, the story goes, the weather is so perfect that everyone in the world decides to stay away from Disneyland because they expect it to be far too busy. But my dad, who has the same thought as them, sees the disappointment on my face that morning – and decides to risk it. We set off. And when we arrive, the park is completely empty. Nobody else was brave enough to visit. We have everything – the rides, shows, food – to ourselves.

I loved the idea of writing that story. But, as so often happens, we were too busy to do anything about it. Life ran away from us. I grew up, and we both forgot about it.

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Premier League: 10 talking points from the weekend’s action
Posted on Monday September 07, 2026

Fulham need a win, Tottenham show some spirit and Jack Grealish offers Everton much-needed energy

With 25 minutes to go against Manchester United, the Everton supporters had something to roar about as Jack Grealish made his return after rejoining on loan. The attacking midfielder remains universally popular thanks to his desire to entertain, getting the hosts back on their feet by creating dangerous situations within seconds of his arrival. Everton were limited in the final third for long periods as Thierno Barry sat on the periphery. If David Moyes is to keep his side pushing for a top-half finish, he will need Grealish to be a creative focal point. Will Unwin

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Will hordes of influencers, weed smokers and mid-point talkers bring down the US Open?
Posted on Monday September 07, 2026

This year, the noise at the Billie Jean King National Tennis Center has officially become A Problem. But changing it would mean changing society

The first thing you notice while sitting in the upper tiers of Arthur Ashe Stadium is the noise. A persistent exterior hum filters up from ground level, fed by the massive ventilation and cooling units that sit outside the stadium, the clack of the Long Island Rail Road to the north, and the forklifts receiving goods from the refrigerator trucks that keep the USTA Billie Jean King National Tennis Center flush with its essential supplies of Evian, champagne, and premium IPA. Overhead, planes descending toward LaGuardia airport ensure the auditory assault takes place by land and air simultaneously. In the lower rakes of the stadium, the babble of the spectators is incessant; it’s not unusual to overhear full-volume conversations on various non-tennis topics – work, family, romance, last night’s dinner – that continue without interruption for the duration of an entire match.

New York is famously noisy, and the US Open, as the most glamorous annual sporting event in town, has always been loud in sympathy with its environment. Indeed, the brashness of the American grand slam has historically been its major selling point, the signature that distinguishes it from the Australian Open (the “happy slam”), Wimbledon (strawberries and cream, all-white attire, the home of tennis), and the French Open (French). People have been complaining about the volume of the New York crowd for decades. But this year the noise at the US Open feels different. This year noise at the noisy slam has become A Problem.

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