Business news live: UK inflation set to stay unchanged and Royal Mail to scrap second-class Saturday post – UK Times

Bank of England governor Andrew Bailey has said he disagrees with Labour proposals to force pension funds to make bigger investments in domestic assets.

“I do not support mandating, I don’t think that’s appropriate,” he said.

Mr Bailey stressed pensions reform is needed.

Rachel Reeves is under fresh pressure not to cut the cash ISA limit after building societies penned an open letter to the chancellor, describing them as “a vital role in the broader economy”.

But the Building Societies Association (BSA) is now pleading with her to leave the popular savings product untouched.

Chip-maker Nvidia yesterday became the first company to surpass a $4 trillion valuation, with another recent share price surge seeing it beat Apple and Microsoft to the milestone.

Shares rose more than 2 per cent early on in Wednesday’s trading before dipping back soon after, as profit-taking ensued.

Matt Britzman, a senior equity analyst at Hargreaves Lansdown, labelled it a “historic” moment and suggested the stock could yet rise higher, given earnings valuations and market share dominance.

Good morning and welcome back to another day of business news on The Independent.

Coming up we’ve got stock market news, the latest on the wealth tax debate, UK economic data and more to come.