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  • Today's business and finance round up 27th July 2022

Today's business and finance round up 27th July 2022

Downgraded: IMF cuts UK growth forecast to the lowest in G7

27th July 2022

Bite-sized business news from the UK and beyond

Good morning Congratulations to England who reached the final of the Women’s Euros yesterday after beating Sweden 4-0 in the semis. The Lionesses now have a chance to win their first major football trophy on home soil at Wembley Stadium on Sunday.

Today's stories

  • Downgraded: IMF cuts UK growth forecast to the lowest in G7

  • Gas off: EU agrees to winter gas ration amid Russia fallout

ECONOMYIMF cuts UK growth forecast to the lowest in G7

Other stories to keep you in the loop

  • Tory leadership debate halted after presenter faints

  • London Tube strike announced for 19 August in row over jobs and pensions

  • Lloyds to close 66 branches this winter

  • Heathrow boss blames passengers with too much makeup for massive delays

  • Britain's DIY market is weakening, warns Wickes

  • UK e-commerce firm THG ends investment deal with Japan’s SoftBank

  • Marmite maker Unilever raises prices by 11% as inflation increases costs

  • Google-owner Alphabet misses earnings and revenue targets

  • Microsoft blames economic woes for missing profit targets

  • Shopify lays off 10% of staff amid e-commerce slowdown

ENERGYEU agrees to winter gas ration amid Russia fallout

Yesterday EU energy ministers agreed to reduce gas usage by 15% this winter to avoid shortages as supplies from Russia look increasingly more uncertain.Since Russia invaded Ukraine in February and the West retaliated by imposing economic sanctions, 12 EU countries have faced halts to, or reductions in, their Russian gas deliveries.The EU believes that Russia is using its energy exports as a weapon to hit back at the West for the punishments it’s had to endure.Yesterday’s decision to cut back on winter gas use came after the Russian state-run energy company Gazprom said that it’s choking the flow of natural gas to Germany starting today to 20% of its typical capacity. That’s giving major anxiety to European leaders who are already concerned about an energy crunch come the winter.Although the EU has agreed to ban oil and coal from Russia starting later this year, the bloc has stopped short of doing the same for Russian natural gas because it relies heavily on imported gas, it’s estimated that in 2021 45% of EU gas came from Russia.But given the geopolitical turmoil Europe is trying to wean itself off Russian gas and it’s made strides already.Pre-invasion, Germany relied on Russia for about 55% of its natural gas needs. Germany has since slashed its reliance down to 30%.Yesterday gas prices – already more than four times higher than they were a year ago – spiked even further to hit their highest in five months.

Stat of the day

According to a recent survey Brits spend almost 59 hours a week online, that's equivalent to more than 2 full days in a week

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