Business news live: FTSE 100 near record levels and latest gold, bitcoin and oil price updates
In the domestic mortgages market, lenders continue to battle for the hundreds of thousands of homeowners expected to seek new terms on their deals this year, with Barclays lowering more rates into the sub-4 per cent range and Lloyds announcing their plans to make the most of changed regulations allowing more than 4.5 times income to be lent to prospective buyers.
Meanwhile, two investment banks - Bank of America and Goldman Sachs - have differing views on how fast the Bank of England will reduce interest rates for the rest of 2025, though both expect a cut in August.
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Auto Express
10 minutes ago
- Auto Express
Car Deal of the Day: This cheap BMW iX1 is perfect for high-mileage drivers
Sporty handling; desirable M Sport trim 12,000 miles a year; 287-mile range Just £285.79 a month The BMW iX1 might be the smallest electric SUV the German brand makes, but it packs a big punch. That's because it's a true all-rounder – practical, good to drive and efficient, plus it has that same mystical kerb appeal larger BMWs have in spades. Despite this strong list of attributes, the iX1 isn't as expensive as you might think, judging by today's offer. Advertisement - Article continues below This deal, from Lease Car UK, is perfect for high-mileage drivers because it offers a whopping 12,000-miles-a-year allowance for just £433.71 a month. It's a four-year deal that requires £5,552.52 as an initial payment – that's not bad for an agreement like this with such a high mileage limit. You'll be taking the keys to the eDrive 20 model, so that means one motor powering the front wheels. With 204bhp, performance is brisk, while that single motor brings a WLTP range of 287 miles. In our testing we've found 245 miles to be realistic in everyday driving, which is pretty impressive, while a 130kW maximum DC charging rate means a 10-to-80-per-cent charge takes around 30 minutes. This deal gets you an iX1 in desirable M Sport trim. Along with a racy bodykit, this model gives you bi-colour alloy wheels, aluminium trim on the interior, an M Sport steering wheel, and adaptive suspension to give a sportier drive. That's on top of the standard car's excellent curved display that has sat-nav and Apple CarPlay and Android Auto connectivity. The iX1 gives a sportier drive than its rivals, but remains plush and cosseting just like you'd expect from a BMW. It's also roomy despite its compact size, with plenty of rear-seat space and a good 490-litre boot. The Car Deal of the Day selections we make are taken from our own Auto Express Find A Car deals service, which includes the best current offers from car dealers and leasing companies around the UK. Terms and conditions apply, while prices and offers are subject to change and limited availability. If this deal expires, you can find more top BMW iX1 leasing offers from leading providers on our BMW iX1 page. Check out the BMW iX1 deal or take a look at our previous Car Deal of the Day selection here… Find a car with the experts MG4 and MGS5 EV prices slashed in reply to Government Electric Car Grant MG4 and MGS5 EV prices slashed in reply to Government Electric Car Grant In order to boost sales, MG is announcing its own a £1,500 grant for some of its EVs Chinese cars will take over as Britain's best sellers Chinese cars will take over as Britain's best sellers With a dramatic rise in sales, Mike Rutherford thinks it's only a matter of time before Chinese cars outsell all other countries in the UK Roll over diesel: EVs are now doing the big mileage in the UK Roll over diesel: EVs are now doing the big mileage in the UK The average UK electric car now covers more than 10,000 miles per year, a similar amount to the average diesel.
The Sun
11 minutes ago
- The Sun
Dragon's Den star & gold medal-winning athlete took out £100k in fraud loans despite £75k show investment
A DRAGON'S Den winner and former Team GB gold medallist fraudulently used Covid loans to buy himself a £1.8million mansion. Rick Beardsell illegally pocketed £100,000 worth of taxpayers cash to purchase his home - despite receiving a £75,000 investment during his stint on the BBC show. 6 6 6 The 46-year-old fiddled two Covid Bounce Back loans to buy himself five-bed Holly House in the exclusive village of Prestbury, Cheshire. Dad-of-two Beardsell was only entitled to apply for one loan worth £50,000, but fraudulently applied for two and greatly exaggerated his annual turnover by up to 23 times. It came after the world champion sprinter had successfully secured investments from TV Dragons Tej Lalvani and Deborah Meaden for his successful protein shake bottle business, ShakeSphere. Chester Crown Court heard he applied for the loan to prop up his other company, Sports Creative Ltd, but none of the money went towards the sportswear business. Prosecutor Geoff Whealan told the court Beardsell made the fraudulent applications to HSBC in December 2020 and then to NatWest in January 2021. He said: ''The defendant stated on the HSBC form that the turnover of Sports Creative was £485,000 and on the NatWest form said it was £320,000. "But unaudited financial statements showed turnover for the year end February 2020 was £20,622. ''The turnover was clearly exaggerated to secure the maximum bounce back loan. "Subsequent transactions showed the bounce back loan funds were not being used for the economic benefit or business purposes of Sports Creative at this time.'' The money arrived in Sports Creative's account in January 2021, but then almost £400,000 was transferred to Beardsell's personal Santander account in the space of six months. Then £431,160.80, including the remaining bounce back loan funds, was transferred to a firm of solicitors for the purchase of Holly House he bought with his wife Ezster. Mr Whelan added: ''In effect the bounce back loan funds had been used for this purchase. "It can be inferred from the defendant's conduct that it was his intention to use the bounce back loans for this purpose at the time he made the application for it." Beardsell, who won two World Records for sprinting, faced three years in jail after he admitted two charges of fraud. In October 2024, he attended an interview under caution at the Insolvency Services offices. In a statement he said: ''The guidance pertaining to Bounce Back Loans indicated that the proceeds of such loans may be utilised for any purpose that yields a direct benefit to the company. ''At that juncture, I sought professional advice and was advised that such purposes include, but are not limited to, the coverage of overhead expenses or outstanding liabilities, as well as the investment in company assets or property. "The funds that were transferred to my personal account constituted a director's loan and other economical overheads for the business.'' Mitigating, his counsel Nichola Cafferkey explained that the loans had been repaid in full to the banks. She said: ''The loss of his good character is of some significance in respect of a man who has dedicated his life to his family, his professional entities and also his sporting endeavours. "These offences were out of character and were committed four years ago. "He has taken responsibility and repaid the money back. He knows that it's his own fault. "He has brought shame on his family and brought shame on himself. ''His wife is also his business partner and concerns that they have had about the ability to provide financially for their young children have been significant." The court also heard that Beardsell had suffered a series of medical issues both before and after securing the loans. Ms Cafferkey continued: "A year prior to the submission of the first loan application, the defendant was diagnosed with an aggressive form of testicular cancer and required surgery and extensive chemotherapy. "The chemotherapy was successful but led to some significant side effects. ''One of those being vertigo, of which he had a severe episode which required hospitalisation and thereafter there are ongoing long-term issues as a result of that. 6 6 "The investigations brought on by the defendant's own actions has had an impact on his family which has led to a situation where he has been experiencing significant stress over the past few years. "On top of that there are ongoing knee pains associated with his athletic success at national and international level. "He has been running a business for many years without issue and it is plain he is extremely remorseful and regretful for his actions. "The impact on his wife's physical health in terms of stress and strain has been significant. There has been significant weight loss and insomnia. "This will be the only time that Richard Beardsell appears before the court." Beardsell was sentenced to 18 months in prison, suspended for two years. He was also ordered to complete 250 hours of unpaid work and pay costs of £11,142.70. Judge Simon Berkson told Beardsell: "You fraudulently lied and lied again in your applications for these loans. "They were supposed to be for use in keeping your business running but the money was used for your own personal needs and the needs of your family. "This is not a victimless crime. The government was trying to help struggling businesses at the time of national crisis. "People were in lock down, people were dying and people were very ill at the time when people required their public services. "You used fraudulently obtained public funds for your own use, depriving honest people of the scheme's funds when the country was in crisis. "You are a generally successful man both in business and in sports, particularly your involvement with athletics. "You continue to run your business and it was on the TV programme Dragons' Den. "You are a married person with two children and they are young children. You have survived an aggressive form of cancer. "I have concluded that an immediate custodial sentence would have a significant harmful impact on your wife and children.'' 6
Reuters
39 minutes ago
- Reuters
FTSE 100 closes at record high as investors assess earnings and US-Japan trade deal
July 23 (Reuters) - Britain's FTSE 100 rose on Wednesday to a record close for a third straight session, helped by positive corporate updates, while a U.S.-Japan trade deal also boosted global sentiment. The benchmark FTSE 100 (.FTSE), opens new tab closed up 0.4% at 9,061.49 points. The domestically oriented midcap FTSE 250 (.FTMC), opens new tab also gained 0.4%. U.S. President Donald Trump struck a trade deal with Japan, lowering tariffs on auto imports and sparing Tokyo from punishing new levies on other goods in exchange for a $550 billion package of U.S.-bound investment and loans. The UK's automobiles and parts index (.FTNMX401010), opens new tab rose 2.5%, tracking strength in Asian rivals. Aston Martin (AML.L), opens new tab and Dowlais Group (DWL.L), opens new tab gained 8.1% and 1.2%, respectively. Healthcare stocks (.FTNMX201030), opens new tab rose 2.5%, with AstraZeneca (AZN.L), opens new tab and GSK (GSK.L), opens new tab gaining 3.1% and 1.8% respectively. Medical equipment and services (.FTNMX201020), opens new tab rose 1.5%, with a boost from Smith+Nephew (SN.L), opens new tab, up 1.8%. Media stocks (.FTNMX403010), opens new tab advanced 2.2%, boosted by Informa's (INF.L), opens new tab 4.9% rise after the events and academic publishing group raised its annual underlying revenue growth forecast. Conversely, construction and materials (.FTNMX501010), opens new tab stocks lost 1.5%, with Breedon Group (BREE.L), opens new tab down 7.5%, after the company forecast annual results at the low end of market expectations. In company news, Alpha Group (ALPH.L), opens new tab hit a record high and was last up 25.6% after U.S. payments firm Corpay (CPAY.N), opens new tab said it would buy the financial services provider in a $2.2 billion (1.6 billion pounds) cash deal. Hochschild Mining (HOCM.L), opens new tab rose 7.6% on stronger-than-expected quarterly silver output. J D Wetherspoon (JDW.L), opens new tab gained 1.9% after the pub group reported a rise in sales in recent weeks since May. British stocks have rallied this year, pushing the FTSE 100 to all-time highs in recent weeks, as hopes of interest rate cuts, optimism over the UK-U.S. trade deal and a surge in commodity prices lifted sentiment. Traders are currently pricing in an 89% chance of a 25 basis point BoE cut next month, according to data compiled by LSEG. This week, attention is on the UK flash Purchasing Managers' Index for July, due on Thursday, and retail sales data for June on Friday. Meanwhile, India and Britain will sign a free trade agreement on Thursday during Indian Prime Minister Narendra Modi's visit to Britain, officials said.
