Business
Mortgage rates hit one-month high as oil tops $100
British business owners hoping the summer would bring cheaper borrowing have been dealt a blow. Average UK mortgage rates have risen back to the level of a month ago, as renewed tensions in the Middle East feed through to lenders and, ultimately, to homeowners.
Lenders’ funding costs have increased as markets conclude that a prolonged conflict reduces the likelihood of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders that have raised rates on new fixed deals in recent days.
The trigger is oil. Prices hit $100 a barrel on Thursday for the first time since May, after fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Rates had been falling while a ceasefire between the US and Iran appeared to hold; that optimism has evaporated.
For SME owners, the pain lands twice. Many finance their firms against personal property, or carry residential and buy-to-let mortgages alongside commercial borrowing. The swap rates that drive fixed mortgage pricing also underpin asset finance, overdrafts and commercial loans, so a repricing rarely stops at the front door. It comes on top of an already-subdued market in which high borrowing costs have deterred buyers and dampened activity.
More than eight in 10 mortgage customers hold fixed-rate deals, whose interest does not change until the deal expires, usually after two or five years. The average rate on a new two-year fix is now 5.59 per cent, according to financial information service Moneyfacts. That is the highest since 19 June, though still below the April peak of 5.9 per cent. The five-year average stands at 5.61 per cent, a level last seen on 7 June. HSBC has said it will raise its rates on Monday.
The direction of travel matters well beyond this summer. Bank of England projections suggest just over five million homeowners should expect their monthly repayments to rise by the end of 2028, a reminder that the era of cheap money is not returning quickly. The renewed climb chimes with warnings that a geopolitical shock to energy prices has thrown further cuts into doubt, with the Bank already signalling that cuts are “off the table” for now.
“It will be incredibly frustrating for borrowers to see rates rise back up to where they were a month ago. The positive progress over recent weeks now feels all but lost, but what the market needs is a period of stability,” said Rachel Springall, finance expert at Moneyfacts. She said 100 deals had been pulled temporarily as lenders reconsidered their pricing.
Her advice for anyone facing a remortgage this year is to lock in a deal now with their existing lender ahead of time, while still asking a broker to check whether there is anything better elsewhere. “Brokers are an anchor during turbulent times as they can help borrowers keep abreast of changes and be there step by step when going through a mortgage application,” she said.
Brokers say the reversal shows how quickly sentiment can turn. “Any borrower hoping for rate cuts to become an ongoing trend will need to rethink,” said David Hollingworth, of L&C Mortgages. “Momentum has performed an about turn and now clearly shifted to fixed rates rising in the near term at least.”
For business owners already juggling tight margins and rising costs, the message is a familiar one: plan for borrowing to stay dear, and do not bank on the cavalry of rate cuts arriving on schedule.
Business
Ford Recalls More Than 565,000 Bronco and Bronco Raptor SUVs in US Over Engine Compartment Fire Risk
Ford Motor Co. is recalling more than half a million Bronco and Bronco Raptor SUVs in the United States after determining that a wiring harness in the engine compartment can become damaged and short circuit, potentially increasing the risk of an engine fire, according to the National Highway Traffic Safety Administration.
The recall covers 565,691 vehicles, spanning Bronco and Bronco Raptor models from the 2021 through 2026 model years, according to NHTSA. Ford first reported the issue to the agency on July 20.
What’s wrong with the vehicles
According to safety documents filed with NHTSA, the primary wiring harness located inside the engine compartment of the affected vehicles is prone to premature wear and physical damage over time. That wear can eventually cause the electrical wiring to experience a short circuit. Because the engine bay is a tightly packaged space, a short circuit occurring there can generate excessive heat or produce sparks almost instantly. Under certain conditions, those sparks or heat sources can ignite nearby grease, plastic components or fuel vapors, significantly increasing the risk of a fire in the engine compartment.
Which vehicles are affected
The recall spans the entire production run of the current, sixth-generation Ford Bronco, covering specific production configurations of the standard Bronco across the 2021 through 2026 model years, as well as the high-performance, wide-body Bronco Raptor variant across the same production window. Ford has estimated that approximately 1% of the recalled vehicles actually contain the wiring harness defect, though the company is recalling the full population of eligible vehicles out of caution given the difficulty of identifying which specific units are affected without individual inspection.
How Ford is fixing the issue
As part of the recall remedy, Ford is directing dealers to inspect the factory wiring loom in each affected vehicle and install a new, heavy-duty protective sheathing layer over the vulnerable sections of the harness. According to Yahoo Autos, this specialized protective sleeve is designed to act as a barrier, isolating the live electrical wires and shielding them from the kind of friction or heat-related grounding faults that can lead to a short circuit. NHTSA confirmed that dealers will perform this repair free of charge to vehicle owners.
When owners will be notified
Official recall notification letters are scheduled to begin arriving in customer mailboxes starting Aug. 24, 2026, according to Yahoo Autos. In the meantime, owners concerned about whether their specific vehicle is included in the recall can check immediately by looking up their 17-digit Vehicle Identification Number through the online recall portal at NHTSA.gov.
Recall identification numbers
For reference, Ford’s internal recall number for this campaign is 26S55, while NHTSA’s official recall campaign number is 26V468. Vehicle identification numbers tied to the recall are searchable directly through NHTSA’s website using either of those reference numbers.
What owners should do
Owners of eligible Bronco and Bronco Raptor models are encouraged to contact their local Ford dealership to schedule the wiring harness inspection and, if necessary, the sheathing installation, even before receiving their official notification letter in the mail. Because the repair is being performed at no cost to owners, there is no financial barrier to having the inspection completed proactively, particularly given the safety concern involved.
Owners who notice unusual smells, visible smoke, or other warning signs potentially associated with an engine compartment electrical issue are advised to contact their dealer promptly and avoid operating the vehicle until it has been inspected, given the specific fire risk outlined in the recall notice.
Part of a broader pattern of recalls in the auto industry
The Bronco recall adds to a steady stream of vehicle safety recalls issued across the auto industry so far this year, reflecting the ongoing scrutiny automakers face over wiring, electrical and mechanical defects that can pose fire or safety risks to consumers. NHTSA continues to monitor and investigate a wide range of potential vehicle defects across manufacturers, with wiring harness issues in particular representing a recurring category of concern given the complexity of modern vehicle electrical systems and their proximity to heat-generating engine components.
Ford’s broader Bronco lineup
The Bronco, relaunched by Ford in 2021 after a lengthy hiatus from the model name, has become one of the automaker’s more prominent SUV offerings in recent years, drawing comparisons to rivals like the Jeep Wrangler in the off-road-focused SUV segment. The high-performance Bronco Raptor variant, aimed at a more extreme off-road audience, commands a significant price premium over the standard Bronco and has developed its own dedicated following among off-road enthusiasts since its introduction.
Given the recall’s scope, covering the entire production run of the current-generation Bronco since its 2021 relaunch, the issue touches a substantial share of the vehicles Ford has sold under the Bronco nameplate to date.
With notification letters set to begin going out next month, Ford and its dealer network are expected to spend the coming weeks and months working through the population of more than 565,000 affected vehicles, prioritizing inspections and repairs for owners who reach out proactively or who report symptoms consistent with the wiring defect. NHTSA will continue monitoring the rollout of the recall remedy and tracking any additional complaints or incidents tied to the issue as Ford works to complete repairs across the affected fleet.
Business
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Business
JPMorgan Chase Preferreds: Why It Might Be Better To Avoid High-Coupon Fixed-Rate Preferreds At Present
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New products and foodservice items with candy at its core are rolling out.
Business
Scotch whisky levy lifted as Trump imposes new wave of US tariffs
First Minister John Swinney said: “This a win for Scotland and a win for the United States.”
“It benefits businesses and workers on both sides of the Atlantic, and not just among whisky producers, but also the businesses and communities that support the sector across Scotland.”
Trump’s announcement in April that he would drop whisky tariffs had sparked a row over who was able to claim credit for changing his mind.
Swinney said he had raised the issue with President Trump during a previous meeting in the Oval Office.
But political opponents accused him of taking credit for the deal over King Charles.
The first minister said it had come courtesy of the “remarkable contribution of the King” and a “Team Scotland” approach.
He added: “We were able to partner with the bourbon industry in the United States, raise the issue with President Trump in the Oval Office, and get this issue on his agenda.”
Business
10 Things You Need to Know About Apple’s iOS 27, From Siri AI to Parental Controls in This Fall’s Update
Apple’s next major iPhone software update, iOS 27, is now in public beta testing ahead of its expected release this September, bringing a rebuilt version of Siri, expanded Apple Intelligence features and a range of refinements across the operating system. Here’s what iPhone users need to know about the update before it arrives.
1. It was unveiled at WWDC in June
Apple officially announced iOS 27 during the keynote presentation at its Worldwide Developers Conference on June 8, 2026, alongside companion updates including iPadOS 27, macOS Golden Gate, watchOS 27, visionOS 27 and tvOS 27. The conference ran from June 8 through June 22, with iOS 27 headlining much of the software-focused announcements.
2. A public beta is already available
Apple released the first public beta of iOS 27 on Monday, July 13, giving everyday users, not just registered developers, an early chance to test the new software ahead of its official release. A second public beta followed just nine days later, on July 22, according to 9to5Mac. Compared with prior years, iOS 27 has been described as one of Apple’s more stable betas, though the company continues to caution against installing beta software on a primary device, particularly one relied upon for health-tracking apps.
3. The public release is expected in September
While Apple has not confirmed an exact release date, the company has historically launched new iOS versions during the second week of September alongside new iPhone hardware. Based on that pattern, Macworld has projected Monday, Sept. 14, as a likely release date for iOS 27, timed to coincide with the launch of Apple’s newest iPhone lineup.
4. Siri is getting a complete overhaul
The centerpiece of iOS 27 is a rebuilt version of Siri, referred to internally as Siri AI, which uses generative AI technology to behave far more like a conversational chatbot than the voice assistant Apple has offered in the past. According to MacRumors, the new Siri can hold full back-and-forth conversations and draw on a user’s personal data to complete more complex, multistep tasks, functioning more similarly to AI assistants like ChatGPT or Claude than previous versions of Siri.
5. Not every iPhone will get every feature
While iOS 27 itself will be compatible with every iPhone that currently supports iOS 26, reaching all the way back to the iPhone 11, access to the newest AI-powered features will vary significantly by device. Apple Intelligence and Siri features generally require an iPhone 15 Pro or later, while more advanced capabilities, including on-device processing for improved dictation and a customizable Siri voice, are limited specifically to the iPhone 17 Pro and iPhone Air. The iPhone 15 and older models will not have access to any Apple Intelligence features at all.
6. Siri AI won’t launch everywhere at once
Due to regulatory constraints, Siri AI will not be available in the European Union on either iPhone or iPad at launch, according to PhoneArena, meaning users in that region will need to wait for a later rollout of the feature even after it becomes available elsewhere.
7. Safari is getting smarter tab management
Among the more practical Apple Intelligence additions in iOS 27 is a new capability in Safari that automatically sorts open browser tabs by topic, grouping related tabs together and allowing users to save those groupings for later. A companion “Notify Me” feature lets users flag a specific tab for ongoing monitoring, with Apple Intelligence alerting them automatically when something on that page changes, removing the need to manually check back.
8. Passwords and Messages get AI assistance too
Apple’s Passwords app in iOS 27 will be able to use Apple Intelligence in combination with Safari to automatically upgrade eligible accounts to stronger passwords, logging in and making the change on the user’s behalf without requiring manual intervention. Separately, in Messages, Apple Intelligence will be able to pull context from ongoing conversations and surface suggested actions based on what’s being discussed.
9. Parental controls are expanding significantly
iOS 27 introduces new “Ask to Buy” and “Ask to Browse” features that require children to obtain parental permission before downloading any app or visiting a new website in Safari, according to MacRumors. Parents will also gain the ability to manage their child’s contact list directly and require approval before a child can contact someone new. Separately, the update’s Communication Safety feature, previously focused on blocking nudity in Messages and FaceTime, will now also block graphic gore and violence.
10. The visual design stays largely the same
Unlike last year’s iOS 26, which introduced Apple’s “Liquid Glass” visual redesign across the operating system, iOS 27 does not represent another major visual overhaul. Instead, PhoneArena described this year’s update as more of a refinement pass on the Liquid Glass aesthetic Apple introduced previously, with most of the year’s headline changes centered on functionality, AI capabilities and performance rather than a fresh visual identity.
Additional features worth noting
Beyond the headline changes, iOS 27 includes a range of smaller updates. A new wallpaper extension feature uses Apple Intelligence to automatically expand a photo beyond its original frame so it fills the entire Lock Screen more naturally, according to MacRumors. The Wallet app is also gaining expanded support for more types of digital passes beyond the airline boarding pass upgrades introduced in iOS 26. For users on paid iCloud+ storage plans, iOS 27 unlocks additional perks, including increased daily usage limits for certain Apple Intelligence features, such as the revamped Image Playground tool, along with expanded access to some advanced Apple Intelligence capabilities in the Home app, though those specific features require a 2-terabyte iCloud+ tier or higher.
With the public beta already in its second iteration and additional beta releases expected throughout the summer, Apple is expected to continue refining iOS 27 in the weeks ahead before its anticipated public release alongside new iPhone hardware this September. Users curious about the update can join the public beta program now through Apple’s official beta software site, though the company continues to recommend testing beta software on a secondary device rather than a primary iPhone relied upon for daily use.
Business
Faisal Islam: The UK’s Trump trade deal no longer looks world-beating
It has been a long road for President Donald Trump as he looks for a justification to erect a tariff wall around the US, including against key allies.
From the opioid crisis to illegal migration, then the need to bring manufacturing back to America’s shores, the list goes on.
Through Trump’s second term, there has been a new justification almost every month for the trade levies he is seeking to place on allies.
Some have been overturned by the courts, others by economics and some even by their own logic. And so, Trump has now turned to effectively accusing dozens of trade partners of trading in goods that have been produced using forced labour.
These are “tariffs in search of an authority”, as one industry figure put it. The forced labour line shores up President Trump’s tariffs against a challenge from Congress or the courts.
In practice, the levies are curiously similar by country to a previous round of tariffs imposed supposedly for completely different reasons.
The good news for the UK is that the regime effectively remains the same as before.
What has changed is that our nearest neighbours in the European Union now have a much better deal than before, and in turn are in a better situation than the UK.
While the UK and the EU each appear to have a 10% rate, the EU’s is a flat rate, while the UK’s will apply alongside other tariffs, in a range of goods including footwear and textiles.
The government has struck effective side deals on medicines, steel, aluminium, cars and, with the help of King Charles, whisky.
At the end of this process however the overall trade-weighted effective tariff rate for the EU (8.5%) could end up a bit lower than the UK’s (6.8%).
It should not matter that much, but the help given by doing the first deal, and by post-Brexit trade freedoms, looks to have been short-lived.
The British Chambers of Commerce trade expert William Bain points to the competitive advantage for EU exporters into the US in some sectors.
The EU has secured better treatment because it has passed a ban on forced labour goods, which the UK has not.
This is not an accusation on the use of forced labour in supply chains. It is about the passing of specific legislation, mirroring the US ban on products that have used forced labour in supply chains.
Business
Skims opens first UK store on Regent Street
A shop unit that sat empty after one of Britain’s best-known high street names collapsed has a new tenant, and it says a good deal about where physical retail is heading.
Kim Kardashian’s shapewear and swimwear label Skims has opened its first standalone UK store on Regent Street, taking the 12,000 sq ft former Ted Baker flagship at 245-247 on a ten-year lease with landlord The Crown Estate.
The brand, valued at $4billion (£3billion) after a 2023 funding round, celebrated its grand opening today, with shoppers queuing for its bestselling styles. It marks Skims’ first international flagship and its first permanent standalone shop in the UK, having previously traded here only through pop-ups and concessions.
For UK business owners, the detail worth noting is not the celebrity. It is the commitment. A digitally native brand that could sell perfectly well online has signed a decade-long lease on one of the country’s most expensive retail streets, betting real money that a bricks-and-mortar presence still earns its keep.
That the unit was Ted Baker’s makes the point sharper. The British label fell into administration last year and closed its remaining UK stores, leaving prime space dark. Watching an American challenger fill it is a reminder that a struggling incumbent and a healthy high street are not the same thing. Location still commands a premium when the offer is right.
Jens Grede, Skims co-founder and chief executive, told The Times: “Launching a standalone Skims store on London’s Regent Street is a pivotal step in our global expansion.
“This iconic location allows us to forge a deeper, more personal connection with our UK customers, delivering the full Skims experience in a world-class retail destination with authenticity and vision at the heart of our brand.”
The company was founded seven years ago by Kardashian alongside British entrepreneur Emma Grede and her Swedish husband Jens Grede. Grede, who grew up in east London, has become one of the more instructive case studies for founders, having also co-founded Khloe Kardashian’s Good American and Kris Jenner’s Safely. Skims posted revenue of $750million (£570million) in 2023 and helped make Kardashian a Forbes billionaire in 2021.
The Regent Street site sits among a run of recent openings including Antler, Max&Co, Penhaligon’s, Michael Kors, Gant and Lululemon, part of a deliberate curation strategy by The Crown Estate, whose West End portfolio has been throwing off record profits. That clustering matters for smaller traders nearby: anchor names pull footfall that independents and cafes then convert.
Laura Thursfield, The Crown Estate’s retail leasing director, said the arrival “will enhance the diversity of the wider retail and leisure offering, boosting both footfall and commercial activity in the West End by driving different audiences towards the world-class destination that is Regent Street”.
Robert Norton, Skims chief commercial officer, called the opening “a landmark moment”, adding: “This milestone reflects our strategic focus on expanding into key global markets.”
Skims already stocks through Selfridges and Harrods, and earlier reported plans confirmed the Regent Street move back in May 2025. The lesson for UK retailers is not that everyone needs a flagship. It is that the best physical locations remain a scarce, valuable asset, and that the brands winning right now are treating stores as a growth channel rather than a cost to cut.
Business
Dave Portnoy demands USA Today fire Nancy Armour over Clark column
Barstool Sports founder Dave Portnoy criticizes an op-ed for comparing Caitlin Clark’s and Emmett Till, calling it ‘insane.’ He argues the WNBA constantly makes everything about race, exacerbating racial tensions.
Dave Portnoy called for the firing of a USA Today columnist who compared WNBA star Caitlin Clark to the 1955 lynching of Emmett Till, arguing the writer belongs in an “insane asylum” for the piece.
Speaking on “Varney & Co.,” the Barstool Sports founder ripped into columnist Nancy Armour, declaring her comparison between Indiana Fever star Clark and the murder of Black teen Emmett Till the “craziest thing” he’s seen in more than two decades of sports media.
“We’ve got to put her in a straightjacket. You’ve got to find the nearest institution. You’ve gotta put this author away and throw away the key,” Portnoy said Friday.
“Firing isn’t really far enough. You gotta put her in an insane asylum. You gotta lock her up. And people who say, ‘Hey, Dave, that’s too far’ — that’s nothing compared to what she just wrote,” he later added.
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Armour wrote that some of Clark’s supporters have interpreted her disputes with referees as a White woman who needs protection, then taken it out on other players on the court. Clark has been a frequent topic of discussion after facing physical play during games.
The author wrote that there is a “White nationalist element” to the dispute, and later added that, “it shouldn’t need reminding this country has an awful history of Black people being harmed, even killed, in the name of ‘defending’ white women.”
The writer then said the WNBA’s All-Star Game was being held in Chicago, where Emmett Till lived. Emmett Till was a 14-year-old Black boy who was abducted and lynched in Mississippi in 1955 after a White woman accused him of making advances toward her. The tragedy became a major catalyst for the modern civil rights movement.
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Dave Portnoy attends “Dave Portnoy in Conversation With Erika Ayers Badan: Cancel Me If You Can” at 92NY on June 29 in New York City. (Theo Wargo/Getty Images / Getty Images)
“I’ve been doing Barstool 24 years. I’m 49 years old. That’s the craziest thing I’ve ever seen in my life. The absolute craziest thing. To somehow equate the civil rights movement and Caitlin Clark arguing whether she got fouled or not,” Portnoy said. “It is pure insanity.”
Portnoy called for the firing of not only Armour, but also other members of the editorial staff involved with the article.
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“I do think she should be fired. I think the editor who allowed this to be published should be fired,” he said, later adding that not every story should be anchored around racial disputes.
“If you go looking for race under every single blank, every cover, you can make anything about race,” Portnoy said.
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Armour apologized for making the connection in her article in a statement posted Thursday on social media: “In my recent column, I made an inartful comparison with the murder of Emmett Till. I intended to connect the issues the WNBA is currently facing with its All-Star Game being hosted in Till’s hometown of Chicago,” she said, adding, “I obviously did not provide enough context for that.”
Armour also noted that she stands by the assertion that perceived threats toward White women are weaponized against Black Americans but added that she sincerely regrets that her “lack of appropriate context is overshadowing that important conversation and the action that needs to be taken by the WNBA to address it directly — for the benefit of all players.”
Dave Portnoy discusses the USA Today column comparing Caitlin Clark to Emmett Till, calling for the reporter’s firing. He also criticizes NYC Mayor Mamdani’s stance on Israel and rising antisemitism, and weighs in on WNBA trans athlete controversy.
Business
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