Paul J. Davies is a Bloomberg Opinion columnist covering banking and finance. Previously, he was a reporter for the Wall Street Journal and the Financial Times.

Sainsbury’s today announced it will cut over 3,000 jobs, including 20% of senior managers — a headline we shared among colleagues in the newsroom simply with the comment: “oof.”“Oof” is right. It is a big blow to the thousands of people set to lose their jobs,

We got the latest UK employment data this morning. With the usual caveats around its reliability, there are signs of the market slowing — unemployment rose from 4.3% to 4.4% — but wage growth remains strong. Both regular pay and pay with bonuses rose by 5.6% in the year to November, which means wages are rising well ahead of inflation.

Chancellor of the Exchequer Rachel Reeves said she will relax some of her changes to the UK’s tax regime for wealthy foreigners, known as “non-doms,” amid concerns the Labour government’s policies are pushing millionaires to leave the country.

Martin Ivens is the editor of the Times Literary Supplement. Previously, he was editor of the Sunday Times of London and its chief political commentator.

The boss of Lloyds Banking Group Plc said he welcomed the UK government’s recent decision to intervene in a landmark court case over controversial car loans, saying the move could help keep Britain investable.

Rachel Reeves came into government promising a growth miracle, economic security and stability in the public finances. Six months in and her project is close to being in tatters.”

Chancellor of the Exchequer Rachel Reeves joked about Elon Musk’s online “trolling” of world leaders, in a break from the UK government’s careful efforts to avoid responding to frequent criticism from the close Trump ally.

Chancellor of the Exchequer Rachel Reeves said the chair of Britain’s antitrust watchdog stepped down because he knew it was time to “make way for someone who does share the mission” of her Labour government to prioritize growth.

A huge row broke out over the future of Heathrow today following reports that Rachel Reeves is preparing to give her support to a third runway.It was claimed that the Chancellor will pledge to give her backing to the £14 billion expansion of the west London hub as well as a second runway at Gatwick and a major increase in capacity at Luton airport in a bid to kick-start economic growth.

Forcing banks to pay drivers billions of pounds in compensation for mis-sold car finance would be “bad for working families”, Rachel Reeves has said...

The EU has said the 'ball is in the UK’s court' when it comes to rejoining the Pan-Euro-Mediterranean Convention