Business news live: UK house prices hit record level and retail sales data shows concern for autumn – UK Times

British businesses spent nearly £236,000 each on artificial intelligence (AI) in the past year as they look to get ahead in the race to embrace the new technology, according to a report.

The latest Barclays Business Prosperity index survey found that large corporates with more than 250 workers invested the most – at an average of £400,000 on AI and emerging technologies over the past 12 months – compared with £225,500 from medium firms and £125,250 from small companies.

More than two thirds – 68% – of all businesses are also looking to increase this spend in the coming year as the AI revolution shows no sign of slowing.

One firm is sharing with consumers some tips to save money ahead of Christmas, when it comes to buying online.

Using a combination of the right Google searches and some specific prompts with AI systems like Chat GPT can lead to serious savings, they say.

Adam Collins, CEO of search marketing agency Ignite SEO, said:

“Google’s great for precision searching — but AI is like a shortcut to the end result. The smartest shoppers this Christmas will use both in tandem: Google to dig into retailer sites, and ChatGPT to do the heavy lifting.

“Most shoppers only scratch the surface of what’s online. Google can surface outlet stock and voucher codes if you know the right searches. Pair that with ChatGPT prompts that compare products, round up deals, or uncover hidden bundles, and you’ve basically got a digital personal shopper working for free.”

A couple of examples given are:

Ask AI: Find Christmas beauty gift sets under £30 that include perfume. It can be 20–40% cheaper than buying separately.

Ask Google: “discount code” + brand name, eg “Boots discount code November 2025”. It can get Up to 20% off beauty and fashion.

You can also add browser extensions like Honey and Quidco which will find you best deals or give cashback for pages you are on without you doing any extra work.

Transport for London has issued a last-minute appeal for Tube strikes to be called off, as thousands of workers prepare for walkouts set to cause travel chaos in the capital.

Members of the Rail, Maritime and Transport (RMT) union, including drivers, signallers, and maintenance staff, are set to launch a series of strikes over pay and conditions, which will cause huge disruption to services next week.

Transport for London (TfL) has warned of few or no services between Monday and Thursday, with some disruption on Sunday.

The FTSE 100 has risen this morning, up 0.25 per cent so far.

All told – and if it stays the same until closing – it would mean another slight rise of 0.5 per cent or so in total this week for London’s main index.

It could yet change though once US data and markets fire up this afternoon.

“Equity markets are quiet at the end of the week, albeit there is still a chance for a last-minute wobble if US jobs data delivers a shock,” says Russ Mould, investment director at AJ Bell.

“Constant movement regarding tariffs in recent months have been a nightmare for businesses trying to plan for their future. Ongoing uncertainty has the potential to put a freeze on hiring, thereby depressing the labour market.

“This situation isn’t ‘new’ news to investors, but they are watching every data point like a hawk to see if things are getting worse or better.

“Elsewhere, gold crept higher, fuelling the rally in FTSE 100 miner Fresnillo which has sparkled on the stock market this year.”

Millions of pensioners will miss out on receiving more money through the new state pension’s triple lock next year due to a key difference between the old and new versions.

For the new state pension, the triple lock ensures it goes up each year in line with whichever is higher out of inflation, wage growth or 2.5 per cent.

This year, wage growth is set to be the highest of those. Inflation is set to hit around 4 per cent late this year, but wage growth is already at 4.6 per cent, meaning at least a £550 increase to a full state pension next year, from £11,973 to £12,523 from April onwards.

However, there are an estimated 8-9m people on the old state pension – that’s for men born before April 6 1951 and women born before April 6 1953.

Here’s how it all plays out:

A few quickfire expert reactions on that retail data and what it means:

Aled Patchett, head of retail and consumer goods at Lloyds:

“Retail sales rose for a second month, driven by clothing stores and non-store retailers.

“Consumers remain value-conscious, with loyalty schemes and promotions playing a key role in driving spend. In grocery, food inflation is leading more customers to compare prices and seek out deals.

“Supermarkets are investing in technology and workforce skills to deepen customer engagement and build loyalty.”

Isaac Stell, Investment Manager at Wealth Club:

“Retail sales rose above estimates in July with the Uefa Women’s Euro 2025 tournament helping to bring sales home for retailers.

“The warm weather in July also helped retailers score, but the question is how long can this be sustained. The summer’s feel good factor is well and truly over. Looming tax rises and rampant speculation are likely to keep consumers cautious in the run up to the Budget. With the weather also starting to change for the worse, retailers will be lucky to not be caught offside in the coming months”

We’ll bring you now the latest retail data from ONS, but with the caveat they are coming under pressure more often now as a result of errors and mistrust from some quarters.

Anyway, with that in mind…

ONS Director General of Economic Statistics James Benford said:

“Overall, retail sales were a little lower over the latest three months as a whole compared to the previous three. Supermarkets, sports shops and household goods stores had a strong start to the year, but spending there has fallen since March. That weakness was partially offset by the strong showing from online and clothing and footwear stores.”

Retail sales fell by 0.6 per cent in the second three months of the year compared to January-March.

In July specifically, clothing and footwear provided the biggest boost to sales, with department stores suffering the biggest drop.

Jaguar Land Rover has reportedly instructed factory staff to work from home until at least next Tuesday, as the luxury carmaker grapples with the aftermath of a significant cyber attack.

Production has been halted at its key manufacturing sites, including Halewood in Merseyside, Solihull in the West Midlands, and the engine plant in Wolverhampton.

Reports indicate that production line employees have been advised not to return before September 9, with the situation remaining under review.

The Bank of England have already suggested inflation means there won’t be further interest rate cuts across 2025, so mortgage products aren’t likely to be made cheaper imminently either.

Alice Haine, personal finance analyst at Bestinvest, explains this – added to Budget uncertainty over tax and stamp duty changes in November – is already starting to see buyers pull out of deals for property.

“This aligns with market expectations that there will be no further rate cuts this year – a blow for borrowers hoping for further respite from high mortgage repayments. This will be particularly unsettling for those emerging from cheap fixed-rate deals secured before the BoE began hiking rates, as they may face an even higher jump in their monthly costs than planned

“With the Autumn Statement now set for November 26 – a month later than last year – speculation around property tax reform is likely to grow.

“The uncertainty around what might transpire is already prompting some buyers to pull out of deals just weeks after putting in offers, agents report.

“Both buyers and sellers should also seek trusted tax advice to ensure they are meeting their stamp duty and capital gains tax obligations correctly.

“After all, if the country’s housing minister can get it wrong, it’s a reminder that everyone must do their due diligence when navigating complex tax rules.”

The John Lewis Partnership (JLP) is hiring for 13,700 Christmas roles in its biggest ever recruitment drive as it prepares for the busy shopping season.

The retail group, which incorporates John Lewis department stores and the Waitrose chain, said it was investing to meet the expected surge in demand from consumers.

The seasonal roles will include 3,000 across 35 John Lewis stores, 8,500 within Waitrose shops and nearly 2,200 across its warehouses and supply chain network.