Business live: UK borrowing costs in focus as Currys resumes dividend

Times

2 days ago

The electrical retailer has resumed dividend payments as it posted upbeat full-year results this morning.
Headline profit at Currys rose 37 per cent to £162 million in the 12 months to the end of April, from £117 million. Revenue over the period rose 3 per cent to £8.7 billion, from £8.47 billion the previous year. Like-for-like sales were up 2 per cent across the group, driven by a 4 per cent increase in the UK.
The retailer announced a full-year dividend of 1.5p a share. Currys suspended dividends in 2023 as it grappled with its then-troubled Nordic business, which is now back on track.
Government borrowing costs will be in focus this morning after Sir Keir Starmer rushed to back the chancellor Rachel Reeves after doubts were raised about her future following about-turns on welfare reforms that blew a hole in her budget plans.
Bond yields rose sharply across the board and the pound dropped yesterday after the chancellor appeared tearful during prime minister's question time after Starmer had refused to confirm that she would stay as chancellor until the next election when questioned by Kemi Badenoch.
While the rise in bond yields and the fall in the pound eased after Starmer's support for Reeves, the graphs show markets remain nervous. Economists say the chancellor will struggle to meet her fiscal rules after the £5 billion in savings from proposed welfare reforms are wiped out by this week's amendments. It raises the prospect of higher taxes and a freeze on tax thresholds.