Here are 5 important things happening in the UK today – 30 July 2025.
- IMF says Bank of England must cut rates twice this year: The Bank of England should cut interest rates two more times this year to boost Britain’s economy, the International Monetary Fund (IMF) has said. The Fund urged Threadneedle Street to keep lowering borrowing costs from the current level of 4.25% against the backdrop of an economy that is still reeling from Rachel Reeves’s record tax raid. It also warned that mounting debts and uncertainty about Donald Trump’s trade policies risked triggering renewed turmoil in financial markets, even as it upgraded its global growth forecasts. [Telegraph]
- UK households save more in bank accounts as tax fears loom: UK households stashed more money away in bank accounts in June, according to Bank of England figures that suggest consumers are still cautious about splashing out on spending. Figures published on Tuesday showed households’ deposits with banks and building societies increased by £7.8 billion between May and June, compared with a net increase of £4.3 billion the previous month and a six month average of £5.6 billion. [Financial Times]
- Up to 40,000 homes to be built on disused railway land: The UK government has pledged to build up to 40,000 new homes on disused railway land, including former goods yards, industrial sites and station buildings, over the next ten years. The £1 billion development plans will start with previously identified projects in Manchester, Newcastle, Nottingham and Cambridge. The government said it was part of its “brownfield first” approach and would create “vibrant” new communities. [BBC]
- Minister faces legal action for failing to act over Thames Water: A river charity is taking legal action against the environment secretary, Steve Reed, accusing him of an unlawful failure to publish his policy on taking failing water companies into temporary nationalisation. Lawyers for River Action argue that Thames Water has breached its duties and violated its licence conditions seriously and repeatedly, making it the clearest possible case for special administration. [Guardian]
- On Wednedsday, Oil was trading higher at $72.52. The pound is trading at £1.34 to the dollar, £1.16 to the euro and £9.59 to the yuan.
Leave a Reply