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The Financial Times
Britain’s culture of welfare reliance has been transformed, with the proportion claiming out-of-work benefits now its lowest for 35 years, according to an analysis of official figures
Osborne tries to spread savings after OECD warns him against stifling growth
George Osborne has announced new government cuts of £3bn- topped up by £1.5bn of asset sales including the Royal Mail- amid claims the Conservatives risked misleading voters on the size of the cuts to come.
Companies and Markets
Chief tells Opec that lower crude prices will not stop unconventional oil and gas
Statoil and ExxonMobil call for fresh examination of divisive drilling process
Oil prices were sent lower yesterday as it appeared likely that Opec would not bow to pressure from some of its members to cut production
The Daily Telegraph
Families will finally feel the benefits of Britain’s recovery this year through stronger pay growth, even as the recovery slows, according to the British Chambers of Commerce.
Car sales have continued to rise with the number of new registrations increasing for the 39th month in a row to almost 200,000, figures show.
The Society of Motor Manufacturers and Traders (SMMT) also reported “remarkable” growth in demand for plug-in vehicles amid a huge increase in sales of low emission cars.
Tougher European rules on car emissions have helped Johnson Matthey enjoy a surge in profits.
The chemicals company, which is the world’s biggest maker of autocatalysts, posted a 22pc jump in full-year pre-tax profits £495.8m, on revenues that dipped to £10.1bn from £11.2bn in 2014.
New car registrations rose for the 39th month in a row in May, climbing by 2.4 per cent year-on-year to 198,706 vehicles.
The Society of Motor Manufacturers and Traders said sales since January had been boosted by a four-fold rise in purchases of ultra-low emission vehicles.
The Bank of England kept interest rates at a record low of 0.5 per cent as it waited to see how quickly the economy recovers from a surprisingly sharp slowdown earlier this year.
The former chairman of Shell has said that investors moving their money out of fossil fuel companies is a rational response to the industry’s “distressing” lack of progress on climate change.