Governor Andrew Bailey warned inflationary pressure remained in the pipeline despite a fall in energy prices

The Bank of England says it will accept a delay in returning inflation to its two per cent target, after holding interest rates at 3.75 per cent in a divided Monetary Policy Committee (MPC) vote.

Bank officials revealed they were keeping a close eye on the outcome of a peace agreement being reached between the US and Iran, which had pushed international oil and gas prices downward and alleviated concerns over a looming economic crisis in the UK.

However, the Bank cautioned that it still anticipated inflation would creep upwards this year, climbing above 3.3 per cent from its current rate of 2.8 per cent.

Minutes from the MPC decision revealed that members were required to assess how swiftly the Bank could bring inflation down to two per cent and how long it would be willing to accept sluggish growth.

The majority of members also concurred that elevated bond yields and mortgage costs affecting businesses and households “were already acting to reduce inflation over time”, tempering inflationary pressures and enabling the Bank to avoid raising interest rates, as reported by City AM.

The Bank signalled that its inflation outlook had been revised downwards following the peace deal’s impact on energy markets, alongside unexpected figures from within the UK suggesting price pressures had begun to ease.

Governor Andrew Bailey, who supported holding interest rates, described a drop in oil prices to below $80 per barrel as “encouraging”, though cautioned that they remained elevated compared to levels seen before the Iran conflict began. “Whatever happens in the future, the higher energy prices of the past four months mean there’s already some inflationary pressure in the pipeline,” he said.

Discussing his vote to hold interest rates steady, he indicated he was willing to accept inflation remaining above the Bank’s two per cent target in the medium term.

“Our remit recognises that attempting to bring inflation back to target too quickly may cause undesirable volatility in output,” he wrote.

“Given the context at present of softness in the real economy and uncertainty around the scale and duration of the shock to energy prices, tolerating temporarily above-target inflation as part of a return to target is an appropriate way to approach the trade trade-off, providing inflation expectations remain contained.”

The two Bank policymakers who voted in favour of raising interest rates were chief economist Huw Pill and external member Megan Greene.

Both Pill and Greene cautioned that businesses and households could be more vulnerable to inflation shocks than they were back in 2022, when Russia’s full-scale invasion of Ukraine sent gas prices soaring fourfold.

Pill argued that an interest rate rise would help curb spiralling wage and price-setting pressures, and “put the MPC in a good place from which to respond” to the current situation. Catherine Mann, who voted to hold interest rates on this occasion, appeared to indicate that an early rate rise could unsettle businesses and households, despite elevated pricing measures “needing an activist hike”.

She said she “had time” to assess whether workers would push for higher wages, which could drive prices above expected levels.

Fellow members who voted alongside her indicated they would be willing to raise interest rates should tensions in the Middle East flare up once more.

The MPC also cautioned that it would need to reach an early judgement on whether “second-round effects” — whereby rising wage pressures drive up prices — would take hold across the UK, given that a delayed rate rise may prove insufficient to bring inflation under control swiftly enough.

Some economists have argued that a sluggish jobs market and moderating wage growth — particularly within the private sector — would result in weaker second-round effects than those witnessed following the outbreak of the war in Ukraine in 2022.

Universal Constructions has booked a $33 million contract with the state government over a new primary school.

The Department of Education recently awarded the Balcatta-based construction company a contract over a new school construction in Jandakot, dubbed Treeby East.

According to TendersWA, the contract starts on July 2 and covers about 15 months of work.

The proposed Treeby East primary school is expected to open in 2028, to accommodate 650 students.

It will comprise a seven-classroom early childhood teaching block, two double-storey teaching buildings, and a single-storey block for art and science.

Other features include a library, and administration building, a covered assembly building, staff facilities, and a full-size AFL oval with associated amenities delivered by the City of Cockburn.

“The construction of a new primary school in Treeby East will support families and benefit the growing local community,” the department said online.

The Treeby East PS is one of four new primary schools the state government flagged for a 2028 opening, as part of a $140 million re-election commitment.

Butler has been earmarked for two primary schools, dubbed Eglinton North and Yanchep East.

The state government also flagged a new primary school in Vasse, in the state’s South West.

Universal Constructions had been involved in the construction of Treeby Primary School, which opened in 2022.

In 2020, the state government awarded Universal a $14.6 million contract for works for the school.

 

SOUTHAMPTON, N.Y. — Rory McIlroy arrived at Shinnecock Hills this week carrying six major championships, considerable credibility, and a pointed warning for the PGA Tour’s leadership: the sweeping structural overhaul being crafted behind closed doors risks degrading the very tournaments that define professional golf.

Speaking to reporters Tuesday ahead of the U.S. Open, McIlroy said he fears the proposed two-track competition model — a promotion-and-relegation framework modeled loosely on European soccer — will drain prestige from long-standing events that cannot secure elite-level sponsorships.

“I just think there’s going to be certain events that might lose their stature if a sponsor doesn’t pony up $30 million, so that’s the tough thing,” McIlroy said. “An event like last week, the Canadian Open, potentially going to one of these Track Twos — I don’t think the Canadian Open should be one of those.”

The comments were direct, unsolicited and striking in their scope. McIlroy, who briefly served on the Tour’s policy board in 2023 and was arguably the most visible player-ambassador during golf’s civil war with LIV, went further than criticizing the plan’s mechanics. He questioned its entire premise.

“I think, as they’ve done all this work, you start to realize that the way the Tour was before LIV came along was actually pretty good,” McIlroy said. “It was a pretty good structure, and everything sort of worked pretty well.”

A Restructure Years in the Making

The PGA Tour has been working toward a fundamental competitive overhaul since CEO Brian Rolapp took over last fall. At the Players Championship in March, Rolapp publicly signaled the Tour would adopt a two-tiered framework, citing the Premier League’s promotion-relegation model as an inspiration. Since then, a Future Competition Committee and a Player Advisory Council have been meeting regularly to hammer out details.

Under the proposal taking shape, Track One would comprise roughly 15 to 18 tournaments — including the four major championships and The Players Championship — featuring fields of approximately 120 to 130 players with 36-hole cuts restored at every event. Track Two would serve as a direct competitive pathway to Track One, with smaller purses, lower sponsorship thresholds, and fields of around 140 players. Between 20 and 30 spots would be available each season for Track Two players to earn promotion, with an additional 10 players joining annually from the DP World Tour under the current Strategic Alliance.

Rolapp said the model is designed to restore competitive meritocracy after years of signature events with 72-player fields and limited cuts. “I think we have lost a lot of that with the smaller field, no-cut events,” he said at the Memorial Tournament earlier this month. “The competitive meritocracy that makes this sport great and unique — we’ve gotten away from, and we’re getting back to it.”

Despite the momentum, Rolapp acknowledged that the full model likely will not launch until the 2028 season given the complexity involved. “There’s all sorts of questions,” he said. “It looks like it’s more ’28 just because of the complexity of not only the competitive model, but also the commercial things you need to do to actually put a new competitive model in place.” The Tour’s policy board is expected to vote on the framework June 22, the Monday before the Travelers Championship, when Rolapp is also scheduled to brief the media.

McIlroy Is Not Alone

The resistance to the proposed changes extends well beyond one player. Jack Nicklaus, the 18-time major champion whose Memorial Tournament is one of the events most likely to remain on Track One, expressed reservations of his own earlier this month in Dublin, Ohio.

“I don’t want to comment on the Tour’s schedule because I’m not exactly in favor of what they’re doing right now,” Nicklaus said at the Memorial. “I want to sit down with Brian and have that conversation. I hate to see tournaments bunched too much together with too many big tournaments too close together. That’s a problem, I think, and I think that’s going to be a problem for the Tour in the future.”

Tournament operators bracing for a second-tier designation have raised similar alarms, questioning whether they would commit to major prize funds for what amounts to a feeder circuit. Broadcast partners have sought clarity on what they are actually paying to air under existing rights agreements. And as Golf Digest reported Tuesday, some players see the proposal as little more than the existing PGA Tour and Korn Ferry Tour hierarchy repackaged under a different name.

McIlroy’s use of the phrase “glorified Korn Ferry events” was blunt in that regard — a direct comparison to a developmental tour that sits below the PGA Tour and carries substantially less prestige.

The LIV Factor

Central to McIlroy’s skepticism is the shifting landscape that gave rise to the reform push in the first place. The PGA Tour’s scramble to cut fields, increase purses, and consolidate talent at the top was a direct response to LIV Golf’s Saudi-backed challenge beginning in 2022. But with LIV’s funding from Saudi Arabia’s Public Investment Fund set to be pulled after this season, McIlroy argued the threat that justified those emergency measures has largely dissipated.

“LIV created this false economy where we had to up prize funds and had to cut fields and try to support the top players and all that stuff,” McIlroy said. “Which I think needed to happen because that was the only way to retain talent at the time, but now that LIV looks like it’s less of a threat, I think, as I said, the old ways of the PGA Tour weren’t actually that bad.”

That view — that the Tour may have overcorrected in its response to LIV and is now building a permanent structure on a foundation that was always meant to be temporary — is one Rolapp has not publicly engaged with directly. The CEO has maintained that the new model is about restoring the competitive integrity of professional golf for the long term, not about managing the LIV threat specifically.

A Critical Week Ahead

The timing of McIlroy’s remarks, arriving days before a consequential policy board vote, is unlikely to be lost on Tour leadership. The six-time major winner acknowledged he no longer has a seat at the table — “I’m not in those rooms,” he said — but his words carry weight well beyond the committee rooms at Tour headquarters.

Rolapp is expected to deliver a comprehensive public update on June 23, the day after the board vote, at the Travelers Championship in Cromwell, Connecticut. The announcement is anticipated to include which tournaments will be assigned to each track, new market expansions under consideration — cities including Boston, Chicago, Denver, New York and Philadelphia have been discussed — and details on a revamped postseason format that could include match play.

For now, one of professional golf’s most influential voices is not yet sold. “I’ll continue to play my schedule,” McIlroy said, “which is getting less and less as the years go on.”

The U.S. Open continues this week at Shinnecock Hills Golf Club in Southampton, New York. The PGA Tour’s policy board vote is scheduled for June 22.

Accenture lowered the upper end of its annual revenue growth forecast on Thursday, signalling that companies remain cautious on discretionary technology spending despite continued investment in artificial intelligence and cybersecurity.

The consulting giant now expects revenue growth of 3%-4% for FY26, narrowing its earlier guidance of 3%-5%. It also forecast fourth-quarter revenue of $17.75 billion-$18.4 billion, below analysts’ consensus estimate of $18.47 billion, according to LSEG data.

The weaker outlook overshadowed Accenture’s announcement of $4.18 billion worth of cybersecurity acquisitions, sending its shares down more than 11% in premarket trading.

The company said it will acquire asset intelligence company runZero and device security specialist NetRise, while also taking a majority stake in industrial cybersecurity firm Dragos. The transactions are expected to close in August or September, subject to regulatory approvals.

The acquisitions are aimed at expanding Accenture’s cybersecurity capabilities, particularly in protecting industrial operations and critical infrastructure such as power grids, factories, pipelines and data centres amid rising cyber threats and increasing adoption of artificial intelligence.

Together, the acquired businesses generate annual recurring revenue of about $208 million and will strengthen Accenture’s cybersecurity business, which currently generates around $10 billion in annual revenue.
The revised forecast suggests clients continue to delay or reduce spending on discretionary consulting projects as they navigate an uncertain macroeconomic environment.

While demand for AI and cybersecurity services remains resilient, enterprises are becoming more selective in committing large transformation budgets, weighing on the broader consulting industry.