Lloyds, Halifax and Financial institution of Scotland prospects hit by app outage
Lloyds Banking Group has apologised to its prospects after experiences of an outage of its on-line banking providers and apps.
The group has 26 million prospects throughout Lloyds Financial institution, Halifax and Financial institution of Scotland. Customers began reporting issues at round 11am, in accordance with the web tracker Downdetector.
In an announcement on X, Lloyds Financial institution mentioned:
We’re conscious some prospects are having points with our app and on-line banking. We’re actually sorry about this. We’re working arduous to repair it and can let you already know as quickly as we’re again to regular.
It isn’t the primary time this yr there have been issues with on-line banking at Lloyds. In March, the group personal data of nearly 500,000 customers in an IT glitch that left folks’s funds, account particulars and nationwide insurance coverage numbers visible to other users.
Key occasions
Social media is awash with complaints from Lloyds prospects who’re unable to entry their account to make both private or enterprise funds.
An error web page on the Lloyds app reads:
Sorry, we’re having a number of technical issues. Logging in once more might repair the difficulty, but when this doesn’t assist, please attempt once more later.
Lloyds replied to a buyer on X who couldn’t log into the app:
Sorry about this. Some prospects are having points with accessing our Cellular App proper now. Bear with us as we repair this.
There are experiences that the web service for Scottish Widows – the pension supplier additionally a part of the Lloyds group – is down. Issues additionally began at round 11am, in accordance with Downdetector.
Lloyds, Halifax and Financial institution of Scotland prospects hit by app outage
Lloyds Banking Group has apologised to its prospects after experiences of an outage of its on-line banking providers and apps.
The group has 26 million prospects throughout Lloyds Financial institution, Halifax and Financial institution of Scotland. Customers began reporting issues at round 11am, in accordance with the web tracker Downdetector.
In an announcement on X, Lloyds Financial institution mentioned:
We’re conscious some prospects are having points with our app and on-line banking. We’re actually sorry about this. We’re working arduous to repair it and can let you already know as quickly as we’re again to regular.
It isn’t the primary time this yr there have been issues with on-line banking at Lloyds. In March, the group personal data of nearly 500,000 customers in an IT glitch that left folks’s funds, account particulars and nationwide insurance coverage numbers visible to other users.
It’s round noon now, and the UK’s blue chip FTSE 100 continues to be down a bit by 0.3%. The worst performer at present is the asset supervisor ICG, with its shares down by about 5%. The distribution and outsourcing firm Bunzl is the perfect, with its shares up by 3.8%.
The FTSE 100 will announce its subsequent reshuffle at present, primarily based on yesterday’s closing costs – the London Inventory Trade has hinted that the housebuilder Berkeley, property portal Rightmove and packaging firm Mondi are prone to lose their locations, whereas IT reseller Computacenter, the asset supervisor Aberdeen and monetary providers agency Investec are anticipated to affix the index.
Trump administration threatens additional 10% tariffs on 60 nations together with UK
Donald Trump has threatened tariffs of between 10% and 12.5% on 60 nations together with the UK, EU and Australia over alleged compelled labour failures, within the newest try to revive his signature commerce coverage.
The allegations round compelled labour allow Trump to skirt earlier court-imposed limits on his protectionist agenda.
The US commerce consultant, Jamieson Greer, mentioned:
The failure of our most vital buying and selling companions to handle the importation of products made with compelled labor is unacceptable. This creates a dynamic the place American employees are compelled to compete globally on an unlevel taking part in discipline. We are going to now not tolerate this disparity.”
The European Fee has mentioned the EU “absolutely shares” US issues about compelled labour however “considers tariffs imposed on these grounds to be unjustified”.
Learn the total story by Lisa O’Carroll right here:
Currys appoints Fredrik Tønnesen as new CEO
The retailer Currys has appointed Fredrik Tønnesen as its new chief government, ranging from 3 August.
The FTSE 250 firm has promoted Tønnesen, who’s at present head of its giant Nordic enterprise, to interchange Alex Baldock, who introduced in March that he would step down after eight years within the prime job. Stories recommend he’s anticipated to change into the boss of Boots, because the pharmacy chain prepares for a possible inventory market itemizing in London.
Tønnesen joined Currys 20 years in the past as a sale assistant on the store ground. He mentioned in an announcement:
I’m extremely proud to be main Currys, an organization that I joined 20 years in the past on the store ground and know extraordinarily properly. This can be a nice enterprise comprising hundreds of succesful and dedicated colleagues, and it’s vastly thrilling to tackle its management at a time of such sturdy momentum.
My job, with the total help of the management group and all my colleagues, is to maintain this momentum going and discover each strategy to speed up it. I can’t wait to get began.”
Chair Ian Dyson mentioned:
I’m delighted to welcome Fredrik as our subsequent group chief government. He has big expertise contained in the enterprise and has led an especially spectacular working efficiency enchancment during the last three years. He understands our prospects, our colleagues and our tradition from the within, and brings the best mixture of readability, power and management to take Currys ahead, constructing on the sturdy foundations that Alex and the group have put in place.”
Extra knowledge from S&P International exhibits that euro zone non-public sector exercise shrank on the quickest tempo in 18 months in Could, weighed down by weaker demand for items and providers.
Its composite PMI, which incorporates each manufacturing and providers knowledge, dropped to 48.5 in Could from April’s 48.8, its lowest studying since November 2024. The headline providers PMI rose barely to 47.7 from 47.6.
Chris Williamson, chief busisness economist at S&P International, mentioned:
With enterprise exercise within the euro zone falling for a second successive month in Could, it’s trying more and more possible that the economic system will slip into contraction within the second quarter. The PMI knowledge are indicating a 0.2% quarterly GDP decline barring any important change in June.
UK providers corporations report first drop in exercise in over a yr
Firms within the UK’s providers sector have reported a drop in enterprise exercise for the primary time in additional than a yr, as stress across the Iran battle weighed on the business.
The S&P Global buying managers’ index (PMI), which surveys a whole lot of corporations throughout the UK every month, mentioned exercise amongst corporations working within the providers sector fell to 49.3 in Could, in contrast with April’s 52.7 –and the primary fall in output since April 2025.
The providers sector, which ranges from hospitality and retail to finance and IT, accounts for about 80% of the UK economic system, that means its efficiency has a big impact on GDP progress.
Tim Moore, economics director at S&P International Market Intelligence, mentioned:
Subdued enterprise and shopper demand, throughout each home and abroad markets, was cited as holding again efficiency.
Many service sector corporations famous that the Center East battle had an opposed affect on gross sales pipelines and normal enterprise prospects. These within the hospitality and transportation sectors sometimes commented on squeezed discretionary spending and stress from sharply rising enter prices, whereas skilled providers corporations reported a setback from rising threat aversion amongst shoppers. Enterprise funding spending on know-how providers remained a vivid spot for elements of the service economic system, nonetheless.
A fast acceleration in enter value pressures has been the foremost problem for service suppliers thus far this yr, pushed by increased gasoline costs and transportation payments. The general fee of enter value inflation did ease barely compared to April, nevertheless it was nonetheless increased than at another time because the power disaster in 2022.
Worries a few extended spike in inflationary pressures, mixed with elevated geopolitical tensions and subdued demand, continued to weigh on enterprise exercise expectations in Could. The diploma of optimism eased for the third time in 4 months, to its lowest because the US tariffs-related hunch in April 2025.”
Matt Swannell, chief financial adviser on the Merchandise Membership, predicts the economic system will proceed to lose momentum and flirt with recession within the second half of the yr. He mentioned:
Rising power payments and a deteriorating jobs market will squeeze households’ spending energy additional. In the meantime tighter monetary situations, elevated prices, and extended uncertainty will lead companies to postpone or cancel some funding plans.
…Corporations at the moment are going through a lot increased power payments, however in addition they proceed to expertise heightened labour prices. Illustrating the trade-off at present going through the Financial Coverage Committee, corporations are managing rising prices by each lowering headcount and pushing up shopper costs. We count on Financial institution Fee to be left unchanged for the remainder of this yr because it manages this dilemma, though dangers are skewed in direction of tighter coverage.
Oil costs rise after clashes between US and Iran
Oil pries are rising once more this morning – Brent crude, the worldwide benchmark, is up by about 2% to $98.8 a barrel after additional clashes between the US and Iran last night.
Kathleen Brooks, of the dealer XTB, says:
It’s unclear if talks to finish the battle and reopen the strait [of Hormuz] are ongoing, however the newest developments recommend that buyers might have been too fast to cost within the affect from final week’s promised memorandum of understanding between Iran and the US.
As we enter the beginning of the fourth month of the battle, there are clear indicators that the power value spike is changing into embedded within the world economic system.
Jim Reid, of Deutsche Financial institution, notes that there’s “rising pessimism {that a} US-Iran deal to reopen the strait of Hormuz is imminent”.
New clashes occurred in a single day as US forces performed strikes in opposition to Qeshm Island whereas Iran fired missiles and drones in direction of Kuwait and Bahrain, with the [Islamic Revolutionary Guard Corps] saying it focused the US fifth Fleet headquarters in Bahrain. In the meantime, additional Israel-Lebanon talks are anticipated at present, in accordance with the US.
Previous to that, we noticed little signal yesterday of concrete steps in direction of an imminent deal. For example, Iran’s Mehr reported that ‘The ultimate textual content from Iran continues to be underneath dialogue in Tehran and no response has been despatched but’. Then in a while, US secretary of state Marco Rubio mentioned that relating to a deal ‘it might occur at present, it might occur tomorrow, it might occur subsequent week’.
OECD predicts spate of recessions globally if Iran battle drags into 2027
Elsewhere this morning, the Organisation for Financial Co-operation and Improvement has warned that if the Center East battle drags on into subsequent yr it’ll hit world progress arduous, driving some economies into recession and inflicting power shortages.
In its newest Financial Outlook, the Paris-based membership of industrialised nations lays out a “extended disruption” state of affairs, wherein there isn’t a settlement between the US and Iran till 2027.
It forecasts such a state of affairs would scale back world GDP progress to 2.1% this yr, from 3.4% in 2025, “pushing some economies into or near recession” – with rising economies hit hardest.
Learn the total story right here by Heather Stewart:
Whereas the temper throughout the FTSE is total a bit glum this morning, there’s one clear standout – shares in B&M European Worth Retail have jumped 16%, even after the retailer reported that its pre-tax revenue dropped 38% to £284m.
Nevertheless, buyers had been anticipating a fall, and subsequently are targeted extra on how properly the corporate’s turnaround plan goes.
Susannah Streeter, of the dealer Wealth Membership, says:
UK like-for-like gross sales returned to marginal progress within the fourth quarter and administration mentioned its “Again to B&M Fundamentals” programme is delivering early progress. There are hopes that B&M has reached the nadir of poor efficiency and that its product line revamps and tighter value controls, alongside its areas in widespread retail parks will imply there shall be extra progress forward.
European inventory markets open decrease
European inventory markets have opened principally within the purple this morning – the UK’s blue chip FTSE 100 index is down 0.5%. The German Dax is down 0.8% and the French Cac 40 is down 0.43%.
The Stoxx Europe 600, which tracks the largest listed corporations on the continent, is down 0.4%.
Ovo agrees to £11.4m settlement with Ofgem over prepayment meters
Ovo Power has agreed to pay mre than £10m after the power reulator discovered that susceptible prospects have been left at a “threat of hurt” because of the provider’s insufficient monitoring of households on prepayment meters.
Ovo has agreed to a settlement together with a £7m fee to Ofgem’s voluntary redress fund and a £3.4m package deal of credit score and debt aid for a few of its most susceptible prospects, which the regulator mentioned was in lieu of compensation.
Cathryn Scott, director of market oversight and enforcement for Ofgem, mentioned:
It’s clear that OVO fell quick in its help of susceptible PPM prospects, and it’s proper that they’ve taken motion to enhance their processes. Because of our investigation, susceptible prospects will obtain debt write-off or credit score funds alongside a fee into our voluntary redress fund.
Prepayment meters are a constructive alternative for a lot of prospects, serving to them keep in command of their power use and reporting excessive ranges of satisfaction – nevertheless it’s not appropriate for everybody and powerful monitoring should be in place to guard susceptible shoppers.
This investigation types a part of Ofgem’s wider work to lift requirements throughout the power market and strengthen shopper protections, difficult suppliers to do extra to establish and help prospects in problem.
Anybody apprehensive about paying their invoice ought to contact their provider as early as attainable to entry the help obtainable and talk about the choices that go well with their circumstances.”
In January, the regulator also ordered Ovo to pay a £2.7m penalty after it discovered it had didn’t go on authorities help funds for winter power payments to hundreds of susceptible prospects in the course of the power value disaster.
Martin McCluskey, minister for power shoppers, mentioned:
Everybody has the best to be handled pretty – and it’s clear Ovo Power fell properly in need of its duties.
On the again of the latest settlement with British Fuel associated to compelled pre-payment meter installations, I’m glad to see Ofgem standing up for shoppers – they need to now make sure that these affected get the compensation they deserve.
Our reforms to strengthen the power regulator will imply it will probably crack down on power firm failings and make it a real shopper champion.”
A one-person family may wish as much as half 1,000,000 kilos for a “reasonable” life-style in retirement, business calculations recommend.
Right here’s an illustrative desk from Pensions UK, which supplies a information to the extent of annual non-public earnings or pension financial savings which might be wanted to satisfy every retirement dwelling customary. It’s primarily based on turning an outlined contribution pension into an annuity – a retirement product which trade a money lump sum for assured earnings till dying.
You will need to keep in mind too that these figures assume that the retiree will obtain the total state pension, and has no hire or mortgage prices. The calculations are additionally primarily based on present UK tax thresholds, and annuity assumptions of round £5,000 – £7,500 per £100,000 of pension financial savings.
Three quarters of employees not saving sufficient for ‘reasonable’ pension earnings, business warns
Elsewhere this morning, the pensions business has warned that about 75% of employees should not saving sufficient for a “reasonable” earnings in retirement, with many individuals going through a “cliff edge drop” after they cease work.
Trade physique Pensions UK has mentioned solely 23% of the working inhabitants are on tack for a reasonable life-style, which might require an earnings of £32,700 for a one-person family and £45,500 for 2 folks.
A “minimal” retirement life-style prices £13,900 a yr for a one-person family and £22,500 for 2 folks, whereas a “comfy” life-style prices £45,400 and £62,700 respectively.
The figures mirror on a regular basis prices equivalent to meals, important family payments and transport, in addition to social actions and hobbies. 82% of individuals are anticipated to satisfy the minimal degree.
Nevertheless, all three ranges assume receipt of the total state pension and no hire or mortgage prices.
Zoe Alexander, government director of coverage and advocacy at Pensions UK, mentioned:
The newest replace to the retirement dwelling requirements underlines a transparent actuality for many individuals – at present’s saving ranges won’t be sufficient for the retirement they count on.
With out motion, too many threat going through a cliff edge drop in earnings after they cease work.”
Ms Alexander added: “We additionally encourage folks to talk to their employer and see whether or not the organisation is ready to help them to avoid wasting above the minimal, equivalent to increased charges of matching pension contributions.”
Google will begin testing new search adjustments on ‘subset’ of UK web site homeowners at present
Google has mentioned it’ll instantly begin testing new adjustments that may enable a “subset of web site homeowners” within the UK to handle how their hyperlinks and content material seem in generative AI search options.
Mrinalini Loew, normal supervisor at Google Search Ecosystem, wrote in a blog post at present:
We’re additionally actively listening to suggestions from publishers and creators, and fascinating with regulators just like the UK’s Competitors and Markets Authority to make sure web site homeowners have the best instruments as person preferences evolve. As we speak, we’re starting to check a brand new management that lets web site homeowners handle how their hyperlinks and content material seem in generative AI Search options.
A brand new software will enable web site homeowners to determine if they need their web site to seem in and assist “floor responses” in Google’s AI search options equivalent to AI overviews and AI mode.
The management won’t be used as a rating sign for search outcomes exterior the generative AI Search options, Loew mentioned.
We’re additionally beginning to roll out new insights for web site homeowners in Search Console in regards to the look of their pages in generative AI Search options. These insights embody impressions metrics and details about which pages seem in AI responses and in what nations. We’re persevering with to work with web site homeowners to grasp what insights shall be most useful to tell their methods, and we’ll introduce further metrics over time.
We’re starting to roll these options out to a subset of web site homeowners within the UK, permitting for thorough testing earlier than rolling them out to web site homeowners globally. As AI opens up new alternatives for discovery, we’ll preserve enhancing our experiences to assist folks discover the net, and preserve constructing instruments for web sites to raised interact their audiences
Google has 9 months to implement adjustments to its search, regulator says
Google has 9 months to implement all of the required adjustments to its search providers, the competitors regulator has mentioned.
Nevertheless, the CMA has mentioned it expects “vital elements of the controls to change into obtainable to publishers properly earlier than that deadline”.
The regulator has additionally requested Google to submit and publish compliance experiences, explaining adjustments it has made and the way it has complied. These are due each six months for the primary yr, after which the CMA will then assessment the frequency of reporting.
Google is just not the one massive tech firm underneath the CMA’s sights – the regulator has launched strategic market standing investigations into Apple and Microsoft, too.
The foundations introduced at present come after the CMA determined final yr to designate Google with strategic market status typically search providers, a time period meaning the corporate has such market energy that it requires a particular regulatory regime.
The watchdog has the facility underneath new digital legal guidelines to order adjustments to how Google operates in these areas.
Will probably be a welcome change for a lot of information media organisations and net publishers, who’re hoping that it might improve their leverage to receives a commission if their content material is utilized in Google’s AI mode.
Cardell has additionally mentioned this morning that Google’s compliance could be actively monitored and that the regulator shall be “saying additional motion in relation to Google’s search enterprise within the coming weeks”.
Introduction: Google should give UK publishers alternative to dam AI search summaries, says competitors watchdog
Good morning, and welcome to our rolling protection of enterprise, the monetary markets and the world economic system.
The UK’s competitors watchdog has introduced that net publishers and information organisations will now be capable to choose out of AI overviews of Google search outcomes.
The Competitors and Markets Authority (CMA) has mentioned its new guidelines will put “publishers, like information organisations, in a stronger place to barter content material offers with Google”.
The intervention comes after complaints by media organisations that they’ve skilled a drop in click-through site visitors to their web sites – and subsequently their income – since Google began posting AI summaries on the prime of search outcomes.
CMA chief government Sarah Cardell mentioned in an announcement:
With options like AI Overviews quickly reshaping on-line search, it’s essential that content material publishers, together with information organisations, have acceptable bargaining energy over how their content material is used. On the similar time, these measures will assist tens of tens of millions of UK search customers higher perceive and belief the data introduced to them.
It’s additionally vital that any motion we take on this house can transfer with the occasions. Google has lately introduced adjustments to its search enterprise and the necessities we’ve launched at present are designed to answer what Google is doing now and sooner or later. We’ll additionally proceed to make use of the distinctive flexibility of the UK regime to watch and handle future issues as they come up and we shall be saying additional motion in relation to Google’s search enterprise within the coming weeks.
Beneath the brand new guidelines, Google may also now should be sure that writer content material is “correctly attributed”, utilizing clear hyperlinks in AI search outcomes.
It is going to even have to permit publishers to choose out of permitting their content material for use for the “fine-tuning of AI fashions” which is able to present “publishers with confidence that they are going to have management over the total vary of AI use-cases of their content material”, the CMA mentioned.
The agenda
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9am BST: Eurozone providers PMI
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9.30am BST: UK providers PMI
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3pm BST: US providers PMI
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As we speak: St Petersburg Worldwide Financial Discussion board
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As we speak: FTSE reshuffle to be introduced after market shut
