BoE's Bailey sees weakening labour market in CNBC interview
"I do see some underlying weakening, particularly in the labour market - and the labour market is softening," Bailey said in an interview with CNBC from a central bank summit in Sintra, Portugal.
He repeated his view that interest rates are likely to fall gradually. On the outcome of the BoE's next meeting in August, Bailey said: "We'll see."
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Telegraph
11 minutes ago
- Telegraph
Inside Everton's mass exodus as new owners look to clean up Moshiri's mess
When Everton's outgoing director of football, Kevin Thelwell, left at the end of last season, one wonders if he was tempted to leave behind a pithy note for the revamped executive team. 'Sorry there are no players left. Best of luck xx' David Moyes' squad return to training this Friday and the coach might struggle to organise an internal match, the Finch Farm dressing room doubling up as a departure lounge. In all, 15 players were out of contract on July 1. Exciting South American Carlos Alcaraz was signed on a permanent deal and veteran club captain Seamus Coleman was retained. Both Idrissa Gana Gueye and Michael Keane are understood to be close to agreeing new contracts, too. There is also a possibility Jack Harrison will return after successive loan spells. The rest constitute an exodus. Dominic Calvert-Lewin, Abdoulaye Doucoure, Ashley Young, Jesper Lindstrom, Armando Broja, Orel Mangala and back-up goalkeepers Asmir Begovic and Joao Virginia moved on. Individually, none are irreplaceable. Indeed, departures such as the already exiled striker Neal Maupay prompted sighs of relief more than anxiety. But as a collective, Moyes has a chasm to fill to ensure his squad is competitive. This is the remaining debris of Farhad Moshiri's legacy in need of cleaning up. The former owner recently broke his silence to assume credit for the £750 million Hill Dickinson Stadium which represents Everton's future. He can accept due applause for that. It should not disguise the challenge the new owners Friedkin Group (TFG) face ensuring a squad of 18 first team players will be available to play in the first Premier League home game against Brighton and Hove Albion on Aug 23. The contract situation is the consequence of years of scratching around trying to cobble a squad together, Everton maximising loan deals while paying the price for the profit and sustainability breaches of the more reckless Moshiri spending era. The problems were being pushed along the road for a later date, and now the calendar is eating up the days as the club endeavours to find enough players. 'I'm going to keep you busy this summer' The start of July was always going to bring more clarity, particularly with those who were pondering their future having been offered reduced terms - most notably Calvert-Lewin. His departure, alongside Broja's return to Chelsea, means Everton need two strikers. They also want a full back, central midfielders, wingers and at least one back-up goalkeeper. 'I'm going to keep you busy this summer,' Moyes said in the final press conference of the season, forewarning of transfer activity. Tellingly, he said this with a smile and spring in his step. Despite the work ahead, no-one at Everton is fretting yet, seeing this summer as an opportunity rather than a personnel nightmare. Internally and among the fanbase, the club has not felt so upbeat for years, the expectation being short-term difficulties will precede the longer-term stability and eventual success which eluded Moshiri. Everton are starting again under a new regime, the refresh which began with Moyes' return midway through last season gathering pace with what was described as a series of 'leadership appointments' overseen by new chief executive Angus Kinnear. Thankfully, TFG's takeover ensured Kinnear did not join a sinking ship. He still has to navigate the choppiest of waters before reaching dry land, but the strategic changes are a notable direction shift. Rather than find a like-for-like replacement for Thelwell (who has since joined Rangers), Everton have created a football unit, headhunting Technical director Nick Cox from Manchester United's academy, and Director of Scouting and Recruitment James Smith from the City Group. Chris Howarth was also appointed to direct the club's football strategy and analytics operations, while Nick Hammond is leading the club's player trading activity. For however long they are at Everton, they will never have a busier, more complicated period than their early months. Moyes had already tentatively begun working on targets towards the end of last season. Critically, there is a transfer budget available as the previous regime's PSR woes were dealt with. But Moyes and the recruiters must weigh up the merits of spending big on a couple of game-changers or spreading out the resources on those who will add to the numbers, but not necessarily transform the club's ambitions beyond Premier League preservation. Moyes is inclined to think bigger, eager to buy proven talent at a price before exploring the loan and bargain market again to swell the numbers. But as he discovered when missing out on Liam Delap to Chelsea, securing coveted targets is nigh on impossible when Champions League clubs are rivals for the signature. Even a move for Fulham's Kenny Tete was frustrated as he chose to stay in London. The core of the team which was unrecognisable in form and resilience to that which stumbled into another relegation fight under Sean Dyche remains intact; Jordan Pickford, James Tarkowski, Iliman Ndiaye, James Garner, Jake O'Brien and Dwight McNeil are the foundation of a competitive line-up. And then there is the first truly symbolic move of the summer as Jarrad Branthwaite signed a new five year contract on Wednesday morning, Everton in a stronger position to resist moves for prime assets. 'We believe he can have a huge role to play in an exciting new era at the football club,' said Moyes. Keeping Branthwaite was a necessary and reassuring statement of intent. More will be needed over the next six weeks. The 2024/25 campaign was the season of goodbye at Everton; to coaches, players, executives, owners and even the beloved stadium. Now they need this to be the summer of hello.
Telegraph
12 minutes ago
- Telegraph
Rayner's housebuilding pledge in crisis
Angela Rayner's pledge to build more than 1m new homes across the country is under threat after key housebuilding activity indicators suggested fewer houses were being built. The Home Builders Federation (HBF) said several different measures to track how many homes are on course to built in future have stalled over the past year, underlining the challenges the Government faces to hit its target of 1.5m new homes. Those indicators include the number of Energy Performance Certificates (EPCs) issued for new homes, with numbers falling to 205,000 for the year to March 2025, down from 212,000 in the previous year. Records from the Government's council tax base also show 213,000 more homes were registered in England in the year to September 2024, down from 237,000 in the previous year. Meanwhile, planning approvals for homes in England have dropped to their lowest point in more than a decade, down 5pc year-on-year to around 234,000 in March 2025. The figures show the scale of the challenge ahead for housing ministers, who have set out to boost housebuilding rates through major changes in planning reform. Measures have included introducing a 'grey belt' designation to unlock lower-quality green belt land for housebuilding. 'Central to economic growth' Researchers at the HBF said that although ministers had taken 'bold' steps to speed up housebuilding through planning policy reforms, housing delivery was still dropping and would fall 'well short' of levels needed to meet its target to build 1.5m homes. The organisation said the overall outlook was 'deteriorating ' so long as other policy challenges, particularly on the demand side, stay unresolved. It estimated a further 100,000 homes could be unlocked if a first-time buyer support scheme was introduced. Neil Jefferson, HBF chief executive, said: 'Over the past year, the Government has made some bold and positive steps to fix the planning system, and these have been welcomed by the industry. 'But unless ministers act quickly to address the wider constraints blocking delivery, that early progress risks being wasted. 'From the growing backlog of affordable homes to the lack of demand-side support for buyers, urgent and coordinated action is now needed to get supply back on track. 'Housebuilding is central to economic growth, opportunity and social mobility, but that potential is not being realised. If Government is serious about hitting its housing target, it must match its ambition on planning with a more radical and joined-up response across the board.' The report comes as Ms Rayner promised this week to build 300,000 affordable homes by 2035 under her £39bn funding plan, with 60pc of these let at social rent. But the HBF's progress report, focusing on housing delivery since the general election a year ago, said her initiatives will do 'little in the short term'. It said more than 100,000 private homes and at least 17,000 affordable homes had stalled owing to a lack of bids from housing associations.
The Sun
12 minutes ago
- The Sun
I tested a food waste app for a week – it cost half as much as my usual shop but there was a big downside
I TRIED to survive off nearly-scrapped meals for a week through a food wastage scheme offering wonky veg and restaurant leftovers at bargain prices. The app definitely saved me money - but there was a big downside. 5 Here's how it works... You open the Too Good To Go app and set the location radius from between 1km and 30km to scout out the options in your area. There are establishments offering meals and groceries, as well as bakeries and shops selling breads and pastries. Each shop will have a surprise bag (or box) of surplus goods that are about to go off, and will set a pick-up window for collection. You won't know what you've got until you open your bag - which is all part of the fun, but can be quite annoying as I learned. Even with the same shop, what you get will change with each order on a daily basis. What you receive depends on what is left over at the end of the day, although the app does tell you what you can expect as a rough guide. Days 1 & 2: A box of limp veg Day one and my first problem arose - trying to find a Too Good To Go option that I could pick up outside of my working hours. Fortunately, I found a £4 surprise bag from Petit Village, a nearby green grocers roughly a 15 minute walk from my house. It was the last one left, and had a decent collection time between 12pm and 6pm. From worm bread to mealworm kebabs... could eating bugs and insects in everyday food be the future? I dashed off after to work to go collect my bounty. While some establishments will need to cook or pack your food once you arrive to collect your order, others - like Petit Village - will have your surprise bag ready and waiting. I showed the man behind the counter my collection code, and confirmed in the app that I was collecting, before being handed a crate full of vegetables. I got a bag of cherry tomatoes, three larger tomatoes, two avocados, a head of lettuce, a green pepper, four red chillies, seven carrots and a fistful of beets. Now, these vegetables were pretty limp, one of the avocados was squishy, some of the carrots were bendy and the lettuce had certainly seen better days. But that's the whole point, right? They were all edible (apart from a funky-looking carrot I composted). And as another example of technological brilliance (or laziness) I used ChatGPT to conjure meals with those exact ingredients. You can do the same, with my prompt: "Please give me five recipe ideas using at least four of the following ingredients..." and then list your produce. You can even throw in a few bits you might already have in your cupboard - like pasta or cous cous, or some stuff lurking in the freezer. All the options sounded great, and I reworked a roasted vegetable salad suggestion into a Moroccan-style cous cous, and whipped up a spicy tomato salsa and guacamole to have with some chips. The lettuce went into a salad along with the second avocado and some more cherry tomatoes on Day 2, which paired nicely with a fishcake I had in the freezer. When it comes to making meals with surplus goods - time is of the essence. You don't have long until these veg are deemed inedible. That's when I start looking for my next meal... 5 Days 3 and 4: Monster lasagna At this point, my box of veg is running low - and it's all getting too limp for my liking. The night before, I tapped 'buy' on a £3.99 surprise bag from The Laundry, a popular restaurant in London's Brixton that is a two minute walk from a friend's flat. It's a lovely restaurant that my friend and I have been meaning to try for a while - where a main costs between £18 and £26. So, £3.99 is a steal - and the generous portion of lasagne with a side of carrots and roasted butternut squash tasted really good. It even had a decent collection slot of between 10am and 11:40am - which I could dash out to as I wasn't working that day. This was my lunch on Day 3, and even on Day 4 - the portion really was of monster proportions. One surprise box from this place could honestly feed two! WHAT OPTIONS ARE THERE? There are all kinds of shops, bakeries, cafes, restaurants, and supermarkets giving food away for cheap on the Too Good To Go app. Shops include: Aldi, Morrisons, Co-op, Budgens, Londis, Nisa and even M&S. Restaurants and cafes include: Greggs, Pizza Express, Fireaway, Costa, Starbucks, Pret, Cafe Nero, Gail's, Yo Sushi, Carluccios, Harvester, Toby Carvery and more. Some train stations even have options. Plus, there are tons of independent cafes, restaurants, bakeries and delis if you want to try something new without breaking the bank. You will have more options in large towns and cities, like London. Although some quieter parts of the capital do seem a bit short of choice. Smaller places and villages might not have any retailers listed - and when they do, you could have some competition. 5 Days 4 and 5: Mid Mediterranean Now even though I have lunch lined up for Day 4 - I need to be alert to what my options are for the rest of the day. All the best deals get snapped up quick. So on a hot day, I opted for a £5.20 surprise bag from Paella Street, a stall at Tabard Street Food Market, just a 10 minute walk from the office. It was supposed to be a post-lunchtime deal, and gave me the smallest collection window I had encountered yet: between 2pm and 2:15pm. I received two very sweaty boxes of vegan paella - which wouldn't have cost much more to have fresh. And to be honest, the state of them left me Googling how to revive old paella. However, once successfully revived on the hob at home, just one box of the two made a very nice dinner. The other I stuck in the freezer for a rainy day. Day 6: Out of options At this point, I'm running out of options. I have a choice to make: eat baked goods for dinner (not ideal), or wait until 10pm to collect a meal suitable enough for tea (also not ideal). This is where I had to draw the line and go to an actual supermarket. But it taught me an important lesson about the best time to buy surprise goodies on Too Good To Go. The verdict I have spent a total of £13.19 in five days, over three payments. That's about £4.40 on average - nearly half what I would usually spend on eating per day. I usually spend around £170 a month on groceries, across an average of 19 transactions - which is nearly £9 on average every time I go to the shops. So it does work out cheaper - but is it worth it? Pros: Good variety of food Pushes you out of your comfort zone Great if you can be spontaneous Even better if you use to supplement a slightly smaller weekly shop Cheap way to try local restaurants Reduces food waste Cons: Often inconvenient in terms of collection hours or location Not good for people with allergies or dietary requirements 5
