Watch: National business news headlines in under two minutes - May 8 - video Dailymotion

Watch Watch: National business news headlines in under two minutes - May 8 - Insider Media on Dailymotion

Transcript

00:00Hello and welcome to the latest Business Brief on Thursday 8th May.

00:05The Bank of England is expected to cut interest rates later.

00:08Most economists predict a drop from 4.5% to 4.25%.

00:12Some policy makers may push for a bigger cut to ease financial pressure.

00:17It follows global trade tensions sparked by President Trump's tariffs.

00:21However, Donald Trump has said he'll announce a major trade deal today.

00:25U.S. media report the agreements with the U.K., though this is unconfirmed.

00:30The deal will be revealed at a White House press conference at 3 p.m. U.K. time.

00:34The U.K. government hasn't yet commented on the reports.

00:38As it stands, though, the U.K. is on course to miss key fiscal targets, raising the risk of tax hikes.

00:44Growth will likely be weaker than expected, according to an economic think tank.

00:48It blames low confidence, global uncertainty and rising costs for the slowdown.

00:53Growth forecasts for 2025 have been cut from 1.5% to 1.2%.

00:58Home buyer interest and sales dropped in April, according to surveyors.

01:03The end of stamp duty discounts and economic worries hit confidence.

01:06From April, the tax break became less generous.

01:09The Royal Institution of Chartered Surveyors says buyer inquiries have now fallen for three months in a row.

01:15Harbour Energy plans to cut around 250 jobs in Scotland.

01:19The firm blames punitive government measures for the move.

01:22Around a quarter of its Aberdeen workforce will be affected.

01:26This follows 350 job losses already made by the company last year.

01:31And British Steel is hiring again after its government-backed rescue earlier this year.

01:35More than 180 new roles are being advertised across its U.K. sites.

01:40The firm says it now has the raw materials to ramp up production in Scunthorpe.

01:44Jobs range from engineering and chemistry to cleaning and legal roles.

01:48That's all for today. Thank you for listening.