The latest economy news, headlines and analysis from The NE Times.
The Bank of England's Monetary Policy Committee is widely expected to keep interest rates at 3.75% on 18 June, with energy-driven inflation risks dividing the panel and dampening hopes of cuts later this year.
The Lords debate on welfare and a generation locked out of work framed the choice as compassion versus cost. The real failure is a system that pays to keep people idle rather than helping them back to work.
Official figures show output fell 0.1% in April, the first monthly decline since last summer, with businesses blaming disruption from the conflict in the Middle East.
Official figures show output contracting after a strong start to the year, with services, manufacturing and construction all falling and economists warning of an uncomfortable mix of weak growth and stubborn inflation.
The consultancy expects the economy to expand by just 0.8 per cent this year, warning that disruption to energy markets from the Iran conflict could push up inflation and weigh on output.
A surprise monthly drop reported by Nationwide has confirmed a cooling property market, with prices sliding in the south while northern regions and the devolved nations continue to climb.