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Federal Reserve Chairman Kevin Warsh looks on during his first news conference since taking the helm at the central bank, on June 17, 2026 in Washington, DC. Chip Somodevilla/Getty Images New York —The public is fed up with the high cost of living, and the Federal Reserve is once again under pressure to act. Kevin Warsh, the new Fed chairman, has vowed to get inflation back to 2%. Some investors suspect the Warsh-led Fed will show it’s serious about that pledge by raising rates as soon as Wednesday. And yet: As powerful as the Fed is, its inflation-fighting tools are limited when it comes to combating the supply-driven inflation America is facing now. The Fed can’t conjure a durable ceasefire in the war with Iran, reopen the Strait of Hormuz, nor disappear President Donald Trump’s high and volatile tariffs . “Rate hikes won’t keep the bombs from dropping,” said Benson Durham, a former Fed official and founder of DASM LLC, an independent research firm. Supply trouble causing inflatio...

Pension fund could be used to back the next generation of high-growth British science and technology companies. Major UK pension providers are exploring the establishment of a new UK Scale-up Fund of over £ 1 billion to back the next generation of high-growth British science and technology companies. The fund aims to increase UK growth capital and give pension savers greater access to returns from successful UK companies. The fund would help the UK’s most promising innovators to scale faster, commercialise breakthrough technologies and create skilled jobs across the country. A consortium of some of the UK’s largest pension providers today (Monday 27 July) announces their commitment to explore the establishment of a first-of-its-kind vehicle dedicated to investing in scaling UK businesses. The ambition is a fund of sufficient scale to target the best opportunities born out of UK innovation in science and technology. The fund would seek to deliver strong long-term returns for pension pro...

Image source,Getty Images By Kevin Peachey Cost of living correspondent UK average mortgage rates have risen back to the level of a month ago as renewed tensions in the Middle East feed through to homeowners. Lenders' funding costs have increased as markets judge that a prolonged conflict reduces the possibility of interest rate cuts by central banks. The five biggest High Street banks are among a host of lenders which have increased their interest rates on new fixed deals in recent days. Recent projections by the Bank of England suggest just over five million homeowners should expect their monthly mortgage repayments to increase by the end of 2028. Mortgage rates had been falling as a ceasefire between the US and Iran initially appeared to hold. But fresh strikes and Houthi militia attacks on oil tankers in the Red Sea reignited fears over global energy supplies. Oil prices hit $100 a barrel for the first time since May on Thursday after several days of increases, stoking fears...

Martin Lewis explained that using debit instead of credit cards could, in fact, hit you in the pocket more -Credit:ITV Martin Lewis has issued an alert to anyone with a debit card with major banks including HSBC, Barclays, Lloyds, NatWest, Santander UK and Nationwide - and said they are ‘more dangerous’. The personal finance expert explained that people often use debit cards ahead of credit cards because of the interest rates. However, on Facebook Mr Lewis, who regularly appears on ITV and the BBC, said this could be a mistake - and people can be hit in the pocket badly. He said: “Is your debit card really a secret debt card? Many people say credit cards are bad, debit cards are good, but actually the typical high street interest rate of a credit card is 25%. “Typical high street interest rate of an overdraft 40%. So of the two, it’s your debit card spending if you’re overdrawn that is more dangerous than a credit card, though neither of course are good. Now we have to take that hones...

Image source,Getty Images By Kevin Peachey VAT will be cut from household electricity bills, the government has announced, as part of new Prime Minister Andy Burnham's pledge to help with the cost of living. The reduction from 5% VAT to zero will come into effect on 1 October, saving a typical household about £45 a year. Ministers said it would be funded by savings from the cancellation of the digital ID programme, which was going to cost £1.8bn over the next three years. The government estimated it will cost £850m this financial year. But Labour's Darren Jones, who was sacked as chief secretary to the prime minister on Monday, accused the government of announcing an unfunded tax cut. Jonathan Reynolds, the new business secretary, said the cut would give people some "breathing space". He said it was funded until "the end of the financial year" in March 2027 and any changes beyond that would have to be announced in the next Budget. Suppliers have been told th...

Started working for yourself between 2015 and 2024? If you didn't tell HMRC using the specific CWF1 form – even if you registered for self-assessment – you may have incorrect gaps in your National Insurance (NI) record. And if that means you're not on track for the full State Pension, you're at risk of being underpaid £1,000s. But you don't need to do anything right now, as HMRC will contact you directly if you're affected. Hannah McEwen  &  Abby Wilson 14 July 2026 Save HMRC estimates that 800,000 people have been hit by this latest State Pension issue, with 160,000 of those already at (or within two years of) the State Pension age. Below we explain what went wrong and what HMRC is now doing. We also plan to publish more detailed, step-by-step guidance soon – sign up to our weekly email and we'll let you know when this is ready. How State Pension entitlement works when you're self-employed To get the full new State Pension – currently £241.30 a week –...