Business
Bank of England rate-setter says risks to UK inflation justify slower cuts

Risks to the UK’s inflation outlook may have increased, justifying the need to take a cautious approach to cutting interest rates, a Bank of England policymaker has said.
Megan Greene, a member of the Bank’s rate-setting committee, said the current uncertainties and risks facing the economy meant it may be better to “skip” rate cuts rather than lower them quickly.
Speaking at Adam Smith Business School at the University of Glasgow, Ms Greene said “supply shocks” to the economy were likely to become more frequent.
This refers to events such as the Covid pandemic and the war in Ukraine that impact production and therefore can send prices higher.
She said the lessons learned from recent supply shocks “suggest that the risks to our inflation outlook have shifted to the upside”.
This was partly because of weak productivity growth in the UK as well as the rising unemployment rate, which both put pressure on overall inflation.
Ms Greene said it was clear that a “year-long tick up in inflation puts the UK in stark contrast with our developed economy peers”.
She also pointed to climate change and higher tariffs as factors that could generate supply shocks in the future.
However, the policymaker said the risks from global trade tensions had “abated somewhat” due to a “flurry of trade agreements” between the US and other countries helping to reduce uncertainty.
Ms Greene stressed that she was “not in favour of policy reversals by central banks” – referring to sharp interest rate cuts – and that could mean “skipping cuts” was a better approach.
“Instead, I believe an appropriate response to the uncertainty and risks we are currently facing should involve a cautious approach to rate cuts going forward,” she concluded.
Business
‘Jimmy Kimmel Live!’ return draws 6.26 million viewers, ABC parent Disney says

File photo: “Jimmy Kimmel Live!”
Randy Holmes | Disney General Entertainment Content | Getty Images
“Jimmy Kimmel Live!” returned to air Tuesday night, generating 6.26 million total viewers despite significant preemptions across 23% of U.S. TV households, according to data from Nielsen shared by Disney.
This viewership is exponentially higher than average. During the 2024-2025 season, a period that ran from September to May, Kimmel’s average viewership was 1.42 million.
The pretaped show, which airs on the Disney-owned ABC, marked the first time host Jimmy Kimmel publicly addressed his suspension from late night following comments he made during a previous show’s monologue that criticized members of President Donald Trump’s MAGA movement for their reaction to conservative activist Charlie Kirk‘s killing.
“It was never my intention to make light of the murder of a young man,” he said Tuesday night. “I don’t think there’s anything funny about it.”
In addition to linear ratings, Kimmel’s monologue, which clocked in at over 28 minutes, garnered more than 26 million views across YouTube and social platforms, Disney reported Wednesday. The company also touted that Tuesday’s show earned its highest rating among adults aged 18 to 49 years in more than a decade.
“[Trump] tried his best to cancel me. Instead, he forced millions of people to watch the show,” Kimmel joked Tuesday during his monologue. “Backfired bigly.”
Local station owners Nexstar Media Group and Sinclair both said they would preempt the show’s return on Tuesday, meaning many markets across the country were not able to watch the program through local channels. Together, the two companies own roughly 70 ABC affiliate stations. According to Disney and Nielsen that preemption impacted a little less than one-fourth of the country.
Nextstar and Sinclair said they would preempt the show last week following comments from from Federal Communications Commission Chair Brendan Carr that suggested ABC and its affiliate stations could be at risk of losing broadcast licenses over the comments.
On Wednesday, Nexstar said it was “continuing to evaluate” the status of “Jimmy Kimmel Live!” and was “engaged in productive discussions” with Disney executives.
A Sinclair representative on Wednesday referred CNBC to its statement on Monday, which said the company’s stations would be preempting the show and that “discussions with ABC are ongoing as we evaluate the show’s potential return.”
Business
Labubu dolls made up 90% of fake toys seized at UK border

Labubu dolls made up 90% of the £3.5m worth of fake toys seized at the UK border so far this year, according to Home Office data.
Labubu is a quirky monster character created by Hong Kong-born artist Kasing Lung, and popularised through a collaboration with toy store Pop Mart.
Although they are mainly marketed as adult collectibles and fashion accessories, with some even stating they’re only suitable for those over 15 on the box, they’re very popular with young people and children.
But nearly three in four seized toys failed safety tests, with the “dangerous fakes” being found with harmful chemicals or choking hazards according to the Intellectual Property Office (IPO).
A new campaign from the IPO called Fake Toys, Real Harms is aiming to highlight the dangers of buying counterfeit items.
The IPO found seven in ten fake toy buyers are motivated by cost, and just 27% cited safety as a purchase consideration.
Rare editions of real Labubus can can sell for hundreds of pounds on resale sites.
Demand for the limited toys became so great that Pop Mart paused sales in all its 16 UK shops in May following reports of customers fighting over them. The toys are now sold through an online lottery system.
Of the 259,000 fake toys seized by the IPO in 2025, 236,000 were counterfeit Labubus.
Nearly half of people who purchased fake toys reported problems, the government body also found.
Issues range from toys breaking almost instantly to unsafe labelling, toxic smells and even reports of illness in children.
The IPO’s deputy director of enforcement, Helen Barnham said: “These products have bypassed every safety check the law requires, which is why we’re working with our partners to keep these dangerous fakes out of UK homes.”
She added: “Child safety must come first, so we’re urging parents – please don’t let your child be the tester.”
The IPO stressed that experts are warning the Labubu trend “is just the tip of the iceberg.”
It warned that counterfeiting criminals target a wide range of popular toys and it’s important to be vigilant and aware of what you are purchasing.
Business
UK drug price rises ‘necessary’, says Lord Patrick Vallance

The price the NHS pays for medicines will need to rise to stop a wave of pharmaceutical investment leaving the UK, science minister Patrick Vallance has said.
His comments follow several recent announcements from some of the world’s largest drug companies either pausing or scrapping UK projects.
Critics in the sector say low prices for new drugs, a lack of government investment, and tariff pressure from US President Donald Trump have been pushing firms away from the UK.
Lord Vallance told the BBC “price increases are going to be a necessary part” of solving that problem.
“Where the additional money would come from to pay higher prices is a matter for the department of health and the Treasury to figure out,” he added.
Lord Vallance was speaking at the opening of US vaccine giant Moderna’s new centre in Oxfordshire where millions of flu and Covid jabs will be made.
Health Secretary Wes Streeting, who cut the ribbon at the development project on Wednesday, told the BBC there was “a live conversation between government departments and the pharma industry” on drug pricing.
Lord Vallance added: “We must end up with a deal of some sort… because it’s in the interest of the economy, it’s in the interest of patients.”
According to the government, Moderna is investing more than a £1bn in UK research and development as part of a 10-year partnership to create new treatments jobs and boost pandemic resilience.
Its commitment, made three years ago, stands in contrast to Merck’s decision this month to scrap a £1bn project in Liverpool and AstraZeneca’s pausing of a £200m investment in Cambridge, also this month.
Meanwhile, Novartis said in August that NHS patients will lose access to new cutting-edge treatments because of skyrocketing costs.
It said it was not considering the UK for major new investments in manufacturing, research, or advanced technology because of “systemic barriers”.
Another pharmaceutical firm Eli Lily told the Financial Times on Wednesday the UK was “probably the worst country in Europe” for drug prices.
Over the last 10 years, UK spending on medicines has fallen from 15% of the NHS budget to 9%, while the rest of the developed world spends between 14% and 20%.
Elsewhere, Trump has put pressure on pharmaceutical companies to lower prices and invest more in the US.
Last month, talks broke down between Streeting and pharma firms over the cost of medicines for the UK.
The UK government said at the time it had put forward a “generous and unprecedented offer to accelerate growth” in the pharmaceutical sector.
Streeting previously insisted that he would not allow pharma companies to “rip off” taxpayers and described drug companies’ approach as “short-sighted”.
However, he struck a more conciliatory tone on Wednesday saying “it’s a live conversation – not just domestically with the industry but internationally with the US as well”.
“There’s an intersection between the growth ambitions of the government, the health ambitions of the government, the trade ambitions of the government and bilateral relations with the US,” he added.
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