Thursday 5 July 2018

The services industry may open the door for the Bank of England to raise interest rates next month. The dominant sector is growing at its fastest rate since October last year, with its businesses saying that the sunny weather had boosted consumer spending. Commentators believe that this significantly increases the chances that Mark Carney’s BOE will vote to raise interest rates.

The chief executive of J Sainsbury defended the planned merger with Asda after his own retailer reported weak growth. Sainsbury’s reported an increase in like-for-like sales of 0.2% over the 16 weeks to the end of June. Mike Coupe denied that the planned merger means he has taken his eye off the ball. "I would absolutely refute that. I don’t agree with the premise," he said, adding that his planned takeover was "not a distraction".

Top bankers are shirking responsibility for stopping money laundering, say senior crime fighters. Mark Thompson, interim director of the Serious Fraud Office, told MPs top bankers are trying to avoid them or their companies suffering the consequences if clients turn out to be corrupt. He said the authorities should consider "whether it is possible that senior figures in the banks avoid being involved in these decisions".