AI will ‘destroy and create jobs,’ says HSBC boss May 20, 2026 The boss of Europe’s largest bank has warned that the growth of AI will both “destroy” and “create” new jobs as the banking industry continues to be reshaped in the face of new technology. Georges Elhedery, chief executive of HSBC, warned that the bank’s staff must avoid “fighting us” as it unveiled its latest AI [...]
Costco UK profit soars as Brits buy in bulk amid cost of living pressures May 20, 2026 Profit at Costco’s UK subsidiary has soared as Brits flocked to the wholesaler to buy in bulk in a bid to swerve cost of living pressures. The grocery chain, which has 29 stores across the UK, including six in London, generated pre-tax profit of £218.6m in the year to the end of August 2025, a [...]
Reeves to protect energy and infrastructure projects from court challenges May 20, 2026 Chancellor Rachel Reeves is drawing up reforms to give parliament the power to insulate essential energy and infrastructure projects from court challenges. The government is expected to put forward plans to keep the projects safe from judicial review. “For too long, vital infrastructure delivery has been delayed by judicial reviews of projects,” a Treasury spokesperson [...]
M&S boss says supermarket price caps ‘completely preposterous’ May 20, 2026 The boss of M&S has dubbed government proposals to urge supermarkets to cap the prices of foods as “completely preposterous”. Stuart Machin, chief executive of the retail giant, called on the government to cut red tape and taxes on grocers instead of pressuring supermarkets to cut prices. The Treasury has reportedly been asking supermarkets to [...]
Andy Burnham refuses rule out manifesto-busting tax hikes May 20, 2026 Andy Burnham has refused to commit himself to protecting Labour Party manifesto commitments to not raise taxes. Burnham, who is Labour’s candidate in an upcoming by-election in Makerfield, declined to comment on whether he supported the party’s 2024 election manifesto. The Manchester mayor appears to be on a path towards becoming Prime Minister, sharing clips [...]
Starmer eases sanctions on Russian oil despite calls to ramp up North Sea drilling May 20, 2026 Keir Starmer is to allow Russian imports of diesel and jet fuel in a major softening of what has been a hardline stance towards Russia since its invasion of Ukraine in 2022. A licence issued on Wednesday will allow such products to enter the UK “indefinitely”, as long as the oil has been refined in [...]
Goldman Sachs lands lead role on SpaceX’s record $1.75 trillion IPO May 20, 2026 SpaceX is preparing to launch what could become the largest stock market flotation in history, after Goldman Sachs secured the coveted lead left underwriting role on a proposed $75bn initial public offering. The Elon Musk-led rocket, satellite and AI group is expected to publish its prospectus as early as Wednesday ahead of a planned Nasdaq [...]
M&S profit slumps in fallout from cyber attack May 20, 2026 Marks & Spencer saw its profit slump by a quarter as the retailer took more than a £100m hit from its “traumatic” cyber attack last year. The FTSE 100 supermarket and clothing business saw pre-tax profit fall by 29 per cent to £365m in the year to March, despite sales growing by 25 per cent [...]
Inflation drops as Labour subsidies delay price surge May 20, 2026 Inflation dropped slightly compared to the result in the month before as Chancellor Rachel Reeves’ Budget policies stalled an expected surge in price growth. The Office for National Statistics revealed that the consumer price index (CPI) reading was 2.8 per cent, lower than expected by City forecasters. The data for price growth in the year [...]
As it happened: FTSE 100 rises as oil slips; Analysts warn of ‘short-lived’ inflation drop May 20, 2026 Good morning and welcome back to the City PM liveblog. The City has welcomed news of undershooting inflation this morning, but warning signs already suggest it’s a temporary blip. The Consumer Price Index rose 2.8 per cent in the 12 months to April, that’s under the three per cent pencilled in and a major drop [...]
