Business

EU rejects suspending biometric border controls despite 20 ‘difficult spots’
Posted on Tuesday July 07, 2026

Officials admit new post-Brexit EES system is ‘not perfect’, as airports and airlines voice fears over delays

The EU has rejected calls by airports and airlines to suspend the implementation of new fingerprinting and facial recognition border controls even though it admits there are “20 difficult spots” with queue chaos.

With only a week to go before the peak summer holiday season starts, EU officials said the new entry/exit system (EES) was “not perfect” but would tell travel industry representatives that a full suspension was “not needed” and “not possible”.

Bank of England plans to ease capital rules despite AI stability fears
Posted on Tuesday July 07, 2026

Central bank’s financial policy committee members voice concern on trimming big lenders’ financial buffers

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The Bank of England is planning to loosen capital requirements for major UK lenders, even as policymakers expressed concern about the threat to financial stability from rapid AI developments and debt-fuelled stock investments.

The central bank said on Tuesday it was looking to remove and loosen some rules introduced after the 2008 financial crisis that determine the size of the financial cushion required to absorb losses and protect consumers and taxpayers when things go wrong.

Act soon to change ‘unsustainable’ direction of UK debt, OBR warns
Posted on Tuesday July 07, 2026

Forecaster says curtailing rising costs such as health and pensions ‘are today’s challenge, not just tomorrow’s’

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Policymakers must act to prevent public debt rising unsustainably in coming decades as the population ages and defence spending rises, the government’s independent economic forecaster has said.

In a fresh illustration of the challenges facing the prime minister in waiting, Andy Burnham, the Office for Budget Responsibility (OBR) said that without government action “debt would move on to what would be an unsustainable, ever-upward path from around the 2040s”.

Thames Water creditors ‘will bid for company even if it is nationalised’
Posted on Tuesday July 07, 2026

Group of 100 investors still discussing £10bn rescue proposal with officials from regulator Ofwat, says report

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Thames Water’s creditors are willing to pursue their bid for the debt-laden company even if the probable next prime minister, Andy Burnham, brings it into temporary nationalisation.

The group of 100 institutional investors, which hold about £14bn of Thames’s senior debt, are still discussing a £10bn rescue proposal for the struggling company with officials from the regulator Ofwat, and they have held meetings in recent days.

UK house prices rise for first time since start of Iran war
Posted on Tuesday July 07, 2026

Typical property cost £299,330 in June, 0.2% more than the month before, says Lloyds

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House prices across the UK have risen for the first time since before the onset of the Iran war, leaving property values narrowly below those at the start of the year, according to a survey.

The typical property cost £299,330 in June, a 0.2% increase on the month before. This came after a monthly drop of 0.2% in May, according to the latest Lloyds house price index, previously known as the Halifax HPI. The annual growth rate edged higher to 0.6% from 0.5%.

Prince Harry loses lawsuit against Mail publisher over phone-hacking claims
Posted on Tuesday July 07, 2026

Duke of Sussex and other prominent figures sued Associated Newspapers alleging it sourced stories using unlawful methods

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The Duke of Sussex and six other prominent figures have lost their case against the publisher of the Daily Mail over claims it sourced stories using an array of unlawful methods over two decades.

In a ruling that is likely to signal an end to new litigation relating to the phone-hacking scandal, the high court dismissed all the claims, stating the claimants had not proved information had been obtained unlawfully.

Curry, bagels … and AI? Londoners fight plan for huge datacentre in Brick Lane
Posted on Tuesday July 07, 2026

Residents and council say creating affordable housing is more urgent than ‘high-frequency trading’ in nearby City

Campaigners in east London are opposing plans for a datacentre in Brick Lane that they say will worsen the area’s housing crisis and drive long-term residents away.

The road, famed for its curry houses and 24-hour bagel shops, is the latest flashpoint in the rapid rollout of datacentres across the UK that aims to meet demand created by artificial intelligence.