Finance

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Editors’ Picks EUR/USD climbs above 1.1650 area on improving risk mood EUR/USD extends its daily rally and trades above 1.1650 in the American session on Friday. The sharp decline seen in the 1-year Consumer Inflation Expectations component of the UoM Consumer Sentiment Index weighs on the US Dollar and helps the pair push higher. GBP/USD rises above 1.3450 on USD weakness GBP/USD gathers bullish momentum and trades above 1.3450 on Friday after struggling to find direction on Thursday. The positive shift seen in market mood and the pullback seen in US consumer inflation expectations hurt the US Dollar and support the pair heading into the weekend. Gold extends daily recovery beyond $3,350 Gold gains traction on Friday and clings to daily gains above $3,350. Renewed US Dollar (USD) weakness and retreating US Treasury bond yields allow XAU/USD to edge higher, while the upbeat market mood limits the pair’s upside. Bitcoin nears all-time high, Ethereum eyes $4,000, Ripple sets new record Bitcoin price is trading above $120,000 on Friday, inching closer to its all-time high of $123,218. Ethereum price has surged by over 20% so far this week, with bulls aiming for the $4,000 level next. Ripple has taken center stage, reaching a new record high of $3.66 on Friday, signaling renewed demand and optimism across the market. Best Brokers for EUR/USD Trading SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you’re a beginner or an expert, find the right partner to navigate the dynamic Forex market. Read More

Silver (XAG/USD) is holding firm near $38.00 after hitting a 14-year high earlier this week. The metal remains supported by an ascending channel on daily and weekly charts. RSI and ADX on the daily chart are turning higher, signaling a possible return in bullish momentum. Silver (XAG/USD) is treading water on Friday, with spot prices hovering near $38.25 after marking a fresh 14-year high of $39.13 earlier this week. The metal continues to draw support from a firmly bullish structure, trading within a well-defined ascending channel on both the daily and weekly charts. While momentum has cooled slightly near multi-year highs, the broader technical outlook remains positive, with prices still comfortably positioned above key short-term moving averages. The 21-day EMA at $37.05 continues to provide dynamic support, while the 50-day EMA near $35.82 offers a solid cushion for any deeper pullbacks. Although price is consolidating just below the $38.50-$39.00 resistance zone, momentum indicators are beginning to turn higher again. The Relative Strength Index (RSI) eased slightly after nearing overbought territory earlier in the week when Silver hit its 14-year high. However, it has started to slope upward again, currently hovering around 66, pointing to a potential revival in buying interest. The Average Directional Index (ADX) on the daily chart is also beginning to pick up, suggesting that trend strength may be strengthening after a brief slowdown. These developments indicate that the recent consolidation may be a healthy pause within the broader uptrend, rather than a signal of exhaustion. Immediate support is seen around $37.00 round number, aligning with the 21-day EMA and marking a key line in the sand for bulls. A break below this level could trigger a deeper pullback, exposing the next support at $35.50, followed by a stronger demand zone near $34.50. On the upside, a sustained move above $39.13 would likely attract fresh buying interest, opening the door for a push toward the psychological $40.00 level and potentially higher. Silver FAQs Silver is a precious metal highly traded among investors. It has been historically used as a store of value and a medium of exchange. Although less popular than Gold, traders may turn to Silver to diversify their investment portfolio, for its intrinsic value or as a potential hedge during high-inflation periods. Investors can buy physical Silver, in coins or in bars, or trade it through vehicles such as Exchange Traded Funds, which track its price on international markets. Silver prices can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can make Silver price escalate due to its safe-haven status, although to a lesser extent than Gold’s. As a yieldless asset, Silver tends to rise with lower interest rates. Its moves also depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAG/USD). A strong Dollar tends to keep the price of Silver at bay, whereas a weaker Dollar is likely to propel prices up. Other factors such as investment demand, mining supply – Silver is much more abundant than Gold – and recycling rates can also affect prices. Silver is widely used in industry, particularly in sectors such as electronics or solar energy, as it has one of the highest electric conductivity of all metals – more than Copper and Gold. A surge in demand can increase prices, while a decline tends to lower them. Dynamics in the US, Chinese and Indian economies can also contribute to price swings: for the US and particularly China, their big industrial sectors use Silver in various processes; in India, consumers’ demand for the precious metal for jewellery also plays a key role in setting prices. Silver prices tend to follow Gold’s moves. When Gold prices rise, Silver typically follows suit, as their status as safe-haven assets is similar. The Gold/Silver ratio, which shows the number of ounces of Silver needed to equal the value of one ounce of Gold, may help to determine the relative valuation between both metals. Some investors may consider a high ratio as an indicator that Silver is undervalued, or Gold is overvalued. On the contrary, a low ratio might suggest that Gold is undervalued relative to Silver. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Read

Gold boosted as Fed’s Waller supports July rate cut, boosting Gold as yields decline. US Dollar Index slips to 98.48, enhancing appeal of Dollar-denominated Bullion. UoM survey shows improved sentiment and easing long-term inflation expectations. Gold price advances during the North American session on Friday as the US Dollar weakens, with traders booking profits ahead of the weekend. Additionally, a Fed Governor’s comments turned more dovish than expected, supporting a rate cut in July. At the time of writing, the XAU/USD trades at $3,353, up 0.43%. The market mood is upbeat after the University of Michigan (UoM) revealed that Americans have become optimistic about the economy and expect inflation to edge lower. Recently, Fed Governor Christopher Waller suggested that the central bank should cut interest rates at the upcoming monetary policy meeting, triggering a decline in US Treasury yields, a tailwind for the Gold market. The US Dollar Index (DXY), which tracks the buck’s value against a basket of six currencies, tumbles 0.13% to 98.48. A weaker US Dollar favors the precious metal denominated in that currency, making Gold prices cheaper for foreign buyers. Following Waller’s comments, traders priced in 45 basis points (bps) of easing toward the end of the year, up from 42 bps a day ago, according to the December 2025 fed funds rate futures contract. Bullion failed to reach the weekly high hit on Wednesday, following rumors that US President Donald Trump was considering the removal of Fed Chair Jerome Powell. Later, he denied those comments, though he continued to exert pressure on the central bank. Next week, the US economic docket will feature housing data, S&P Global Flash PMIs, jobless claims and Durable Goods Orders. Gold daily market movers: Climbs as US yields drop on Fed dovish comments The Consumer Sentiment Index revealed by the University of Michigan showed an improvement in July’s preliminary reading, up from 60.7 to 61.8, exceeding estimates of 61.5. Joanne Hsu, the director of the survey, said, “Consumers are unlikely to regain their confidence in the economy unless they feel assured that inflation is unlikely to worsen, for example, if trade policy stabilizes for the foreseeable future.” The survey also revealed that inflation expectations were downwardly revised, with inflation for the next five years seen at 3.6%, down from 4%, and for the next year at 4.4%, below the prior month’s 5%. Fed Governor Christopher Waller said the labor market is doing fine overall but less so in the private sector. Although he favors a rate cut at the July meeting, Waller said he would never commit prior to the meeting.” US economic data revealed mixed readings of inflation, with the Consumer Price Index (CPI) edging toward the 3% threshold, while the Producer Price Index (PPI), moved downwards. However, the release of stronger-than-expected Retail Sales indicated that most of the increase was due to higher prices resulting from tariffs. US Treasury yields are down on the day, with the US 10-year Treasury yield, which typically correlates negatively with Gold, losing three basis points (bps) at 4.421%. Interest rate probability indicates that the Fed will maintain its current rates, with odds standing at 94% for a hold and 6% for a 25-basis-point rate cut at the July 30 meeting. XAU/USD technical outlook: Gold price hovers around $3,350 Gold is set to consolidate at around the $3,350 level for the remainder of the day, with traders awaiting the weekend. If XAU/USD rises past the current week’s high of $3,377, the next resistance would be $3,400. A breach of the latter clears the way to challenge the June 16 high of $3,452, ahead of the record high of $3,500. On the other hand, if XAU/USD drops below $3,300, look for a decline to the June 30 low of $3,246, followed by the 100-day Simple Moving Average (SMA) at $3,209. Gold FAQs Gold has played a key role in human’s history as it has been widely used as a store of value and medium of exchange. Currently, apart from its shine and usage for jewelry, the precious metal is widely seen as a safe-haven asset, meaning that it is considered a good investment during turbulent times. Gold is also widely seen as a hedge against inflation and against depreciating currencies as it doesn’t rely on any specific issuer or government. Central banks are the biggest Gold holders. In their aim to support their currencies in turbulent times, central banks tend to diversify their reserves and buy Gold to improve the perceived strength of the economy and the currency. High Gold reserves can be a source of trust for a country’s solvency. Central banks added 1,136 tonnes of Gold worth around $70 billion to their reserves in 2022, according to data from the World Gold Council. This is the highest yearly purchase since records began. Central banks from emerging economies such as China, India and Turkey are quickly increasing their Gold reserves. Gold has an inverse correlation with the US Dollar and US Treasuries, which are both major reserve and safe-haven assets. When the Dollar depreciates, Gold tends to rise, enabling investors and central banks to diversify their assets in turbulent times. Gold is also inversely correlated with risk assets. A rally in the stock market tends to weaken Gold price, while sell-offs in riskier markets tend to favor the precious metal. The price can move due to a wide range of factors. Geopolitical instability or fears of a deep recession can quickly make Gold price escalate due to its safe-haven status. As a yield-less asset, Gold tends to rise with lower interest rates, while higher cost of money usually weighs down on the yellow metal. Still, most moves depend on how the US Dollar (USD) behaves as the asset is priced in dollars (XAU/USD). A strong Dollar tends to keep the price of Gold controlled, whereas a weaker Dollar is likely to push Gold prices up. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on

The Dow Jones is struggling to stay in the green as it wraps up a wobbly trading week. UoM Consumer Sentiment Index figures showed US consumers are recovering from April’s tariff tilt. Key earnings misses on Friday are dragging the major equity index down for the day. The Dow Jones Industrial Average (DJIA) wobbled on Friday, testing fresh weekly highs on consumer sentiment and inflation expectations data. However, the Dow backslid after earnings misses in key overweight companies dragged the index sharply lower to round out the trading week. The University of Michigan’s (UoM) July Consumer Sentiment Index showed another recovery in aggregated survey responses, with the index climbing to 61.8 from 60.7. 1- and 5-year Consumer Inflation Expectations also eased on Friday, with the one-year lookahead slipping to 4.4% from 5% and the 5-year inflation outlook falling to 3.6% from 4%. Key earnings beat the street, but shares still fall Q2 earnings week wrapped up on Friday, with downside in key heavyweight companies dragging the Dow lower. Both 3M (MMM) and American Express (AXP) fell by more than 3% post-earnings despite beating headline forecasts. 3M cleared earnings and revenue expectations, but a 2.2B quarterly expenditure on legal fees, and investors are concerned that more court costs could be on the horizon. American Express also beat headline growth and profit expectations, but investor concerns are growing that the credit company will face firm headwinds moving forward. FX market volatility and exchange rates, rapidly evolving digital payment alternatives, and trade frictions from tariffs all threaten American Express’s bottom line. Dow Jones price forecast Friday’s downside momentum has put the Dow Jones within touch range of the trading week’s opening bids, with the major equity index trading within 0.1% of Monday’s initial prices. The Dow is struggling maintain a foothold at the 44,500 region, and lack of sustained bullish momentum could see the DJIA extend into the bearish side as technical oscillators continue to ease back into the midrange. Dow Jones daily chart Fed FAQs Monetary policy in the US is shaped by the Federal Reserve (Fed). The Fed has two mandates: to achieve price stability and foster full employment. Its primary tool to achieve these goals is by adjusting interest rates. When prices are rising too quickly and inflation is above the Fed’s 2% target, it raises interest rates, increasing borrowing costs throughout the economy. This results in a stronger US Dollar (USD) as it makes the US a more attractive place for international investors to park their money. When inflation falls below 2% or the Unemployment Rate is too high, the Fed may lower interest rates to encourage borrowing, which weighs on the Greenback. The Federal Reserve (Fed) holds eight policy meetings a year, where the Federal Open Market Committee (FOMC) assesses economic conditions and makes monetary policy decisions. The FOMC is attended by twelve Fed officials – the seven members of the Board of Governors, the president of the Federal Reserve Bank of New York, and four of the remaining eleven regional Reserve Bank presidents, who serve one-year terms on a rotating basis. In extreme situations, the Federal Reserve may resort to a policy named Quantitative Easing (QE). QE is the process by which the Fed substantially increases the flow of credit in a stuck financial system. It is a non-standard policy measure used during crises or when inflation is extremely low. It was the Fed’s weapon of choice during the Great Financial Crisis in 2008. It involves the Fed printing more Dollars and using them to buy high grade bonds from financial institutions. QE usually weakens the US Dollar. Quantitative tightening (QT) is the reverse process of QE, whereby the Federal Reserve stops buying bonds from financial institutions and does not reinvest the principal from the bonds it holds maturing, to purchase new bonds. It is usually positive for the value of the US Dollar. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page. If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet. FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted. The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice. Read More

NZD/USD rebounds toward clustered resistance as New Zealand CPI looms. New Zealand inflation is expected to set the tone for the cautious RBNZ while dovish Fed Waller increases expectations of a September rate cut. NZD/USD approaches moving average resistance with price action vulnerable to upcoming CPI. The New Zealand Dollar (NZD) is strengthening against the US Dollar (USD) on Friday as investors reposition expectations of US interest rates and look ahead to New Zealand’s upcoming inflation data. At the time of writing, NZD/USD is trading near 0.5960 with intraday gains of 0.50%. New Zealand inflation is expected to set the tone for the cautious RBNZ while dovish Fed Waller increases expectations of a September rate cut On Sunday evening (22:45 GMT) Statistics New Zealand will release the Consumer Price Index (CPI) data for the second quarter. Expectations for Q2 CPI arrive at 0.6% QoQ from 0.9%, with the annual estimate for Q2 at 2.8%, which would reflect an increase from the prior 2.5% reading. As New Zealand’s inflation data is a key input into Reserve Bank of New Zealand (RBNZ) policy decisions, any upside surprise could revive expectations that the RBNZ will hold rates at the current 3.25% level for longer. Quotes from the July RBNZ meeting released in the media report showed that the board members remained cautious, stating that, “The economic outlook remains highly uncertain. Further data on the speed of New Zealand’s economic recovery, the persistence of inflation, and the impacts of tariffs will influence the future path of the Official Cash Rate.” In broader FX markets, the US Dollar weakened on Friday after Federal Reserve (Fed) Governor Christopher Waller continued to advocate for the Fed to cut rates at the July meeting if inflation continues to ease. His dovish tilt sparked a repricing of Fed expectations and increased the likelihood of a rate cut in September, with another one priced in for later in the year. This triggered a pullback in the USD, providing some near-term relief for risk-sensitive currencies like NZD. However, with broader risk appetite still fragile and key data ahead, traders are likely to watch both USD sentiment and technical levels for directional cues. NZD/USD approaches moving average resistance with price action vulnerable to upcoming CPI. On the daily chart, NZD/USD has rebounded off a key support zone near the June low of 0.5883 and the 100-day Simple Moving Average (SMA) at 0.5897, establishing a temporary floor after the recent sell-off. The pair has reclaimed the 38.2% Fibonacci retracement level of the May low-July high move at 0.5951 with a bullish daily candle reflecting renewed buying interest. However, the recovery now faces significant resistance overhead, including the 50% retracement at 0.5984, the 50-day SMA at 0.5994, and the 61.8% Fibonacci level of 0.6016, in close proximity to the 20-day SMA at 0.6018. This has created a dense technical barrier likely to cap gains unless fueled by a fundamental catalyst such as stronger-than-expected CPI data or continued US Dollar weakness. NZD/USD daily chart The Relative Strength Index (RSI) sits at 45, recovering from oversold conditions but still neutral, supporting the idea of a short-term bounce without confirming a full trend reversal. A breakout above 0.5985–0.6017 would invalidate the recent bearish structure and expose the 78.6% retracement at 0.60621, with scope for a move toward the July high near 0.61210. On the downside, failure to hold above 0.5951 could see bearish momentum resume, targeting 0.5910 and the June low at 0.5883, especially if New Zealand’s inflation data underwhelms or the US Dollar regains strength following Fed commentary. Inflation FAQs Inflation measures the rise in the price of a representative basket of goods and services. Headline inflation is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core inflation excludes more volatile elements such as food and fuel which can fluctuate because of geopolitical and seasonal factors. Core inflation is the figure economists focus on and is the level targeted by central banks, which are mandated to keep inflation at a manageable level, usually around 2%. The Consumer Price Index (CPI) measures the change in prices of a basket of goods and services over a period of time. It is usually expressed as a percentage change on a month-on-month (MoM) and year-on-year (YoY) basis. Core CPI is the figure targeted by central banks as it excludes volatile food and fuel inputs. When Core CPI rises above 2% it usually results in higher interest rates and vice versa when it falls below 2%. Since higher interest rates are positive for a currency, higher inflation usually results in a stronger currency. The opposite is true when inflation falls. Although it may seem counter-intuitive, high inflation in a country pushes up the value of its currency and vice versa for lower inflation. This is because the central bank will normally raise interest rates to combat the higher inflation, which attract more global capital inflows from investors looking for a lucrative place to park their money. Formerly, Gold was the asset investors turned to in times of high inflation because it preserved its value, and whilst investors will often still buy Gold for its safe-haven properties in times of extreme market turmoil, this is not the case most of the time. This is because when inflation is high, central banks will put up interest rates to combat it. Higher interest rates are negative for Gold because they increase the opportunity-cost of holding Gold vis-a-vis an interest-bearing asset or placing the money in a cash deposit account. On the flipside, lower inflation tends to be positive for Gold as it brings interest rates down, making the bright metal a more viable investment alternative. Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions.

An insulation firm has had its ban lifted by the council in charge of Grenfell Tower, after it launched judicial review proceedings. Siderise Insulation, which manufactured some of the cavity barriers used on Grenfell’s refurbishment in 2015-16, was banned from future work in the Royal Borough of Kensington and Chelsea (RBKC) in December last year. The company initiated legal proceedings earlier this year against the council, arguing that its ban of Siderise products was “unwarranted” and “without foundation or justification”. RBKC has now reversed its decision and removed Siderise from its list of banned suppliers. “In response to the Grenfell Inquiry reports, we adopted a policy banning certain suppliers and other companies from being used in our building and refurbishment projects,” the council said in a statement on its website. “This policy has been updated so that Siderise Insulation Limited is no longer listed as a banned supplier.” Siderise told Construction News that “common sense has prevailed”. “Following a judicial review process, Siderise is pleased to confirm that RBKC has removed Siderise from a list of suppliers banned from being used on the council’s building and refurbishment projects,” it said. “This decision reflects the fact that Siderise, as supported by the findings of the Grenfell Inquiry report, in no way contributed to the fire or its spread [on 14 June 2017]. Siderise was appalled by the dreadful disaster and loss of life at Grenfell Tower, and our sympathies continue to go out to the survivors and families of the bereaved.” RBKC banned the use of Rydon, Arconic, Celotex and Kingspan on its projects in 2021 and last year extended the prohibition to include five other firms, including Siderise. The Grenfell Inquiry phase two report, published in September, said Siderise manufactured the Lamatherm cavity barriers used in the refurbishment of the tower. It added: “Although there is no evidence of any dishonesty on its part, some aspects of its marketing materials gave cause for concern. It also supplied cavity barriers for use in voids larger than those for which they had been tested.” Last December, the UK government announced it was initiating plans for a public procurement ban on any firms involved in the Grenfell Tower tragedy. Read More

The government has torpedoed prospects of reviving the scrapped HS2 leg between Birmingham and Leeds by announcing plans to sell off its property along the route. Transport secretary Heidi Alexander yesterday confirmed in a written ministerial statement that safeguarding directions, which blocked development along that part of the phase 2b corridor, had been removed to end “uncertainty” for affected landowners. She added that the government would now initiate a programme to dispose of more than 550 properties it had acquired along the route. “We will dispose of land and property in a sensible and sensitive way, ensuring value for money for the taxpayer and avoiding disruption to local property markets,” she said. More than 550 properties previously acquired to protect the route are no longer needed and are expected to be sold on the open market from 2026, Alexander said. Owners who were forced to sell their homes under statutory blight provisions will be offered the chance to repurchase them at market value, she added. A small safeguarded zone near Leeds station will remain in place to support future upgrades to the station and connections to existing services. The government has also closed four property compensation schemes linked to the safeguarding: the Rural Support Zone, Express Purchase, Rent Back, and Need to Sell programmes. In January last year, the government removed safeguarding protection for the scrapped phase 2a route between Birmingham and Crewe, a decision described as a “mistake” by industry body High Speed Rail Group. The portion of the scrapped 2b route between Crewe and Manchester now remains the only stretch of the northern leg of the route with safeguarding protections – for now, at least. Ministers are expected to make a further announcement on that section alongside future plans for Northern Powerhouse Rail. Last week, on a BBC podcast, rail minster Lord Hendy had appeared to leave the door open for the northern legs to come back from the dead. When he was asked if there was any chance the routes to Leeds and Manchester could be revived, he said: “The planning that went into HS2 was over a long number of years and to preemptorily stop it without any thought of what you would do instead has caused us to have to think very clearly and do a load of work. “So I can’t pre-empt that and in any case our first job is to fix the project we have got now.” He said that the future of the land was still under consultation. Speaking to the same podcast, Andrew Gilligan, who was a policy adviser to former prime minister Rishi Sunak said that the calling of an early general election last year had stopped its plans for an immediate sell-off of HS2 land. He said: “I was expecting us to go to the country to have an election in Autumn 2024 rather than July. “If we had gone to the Autumn we would have sold the land by then. We would have started it, anyway.” Read More

A list of proposed upgrades was published alongside the Labour government’s first infrastructure pipeline published yesterday. The update will also feature projects linked to the third Road Investment Strategy, expected in autumn 2025, as well as programmes associated with base costs for regulated energy networks. These additions follow the publication of RIIO-3 Draft Determinations on 1 July 2025. Further detail will also be provided on the rollout of gigabit-capable broadband infrastructure. NISTA has said it will gather additional information on all projects and programmes already covered in the pipeline, particularly where current data is incomplete or only presented at a programme level. This includes identifying and publishing project-level detail for schemes under high-level programme lines, subject to the outcome of the 2025 Spending Review. New functionality will be added to the online dashboard to indicate what information is new in each release. NISTA will also make further changes to the design and operation of the dashboard based on user feedback. To improve data quality and reduce the burden on contributors, NISTA will begin the roll-out of a new digital platform for collecting infrastructure data. The system is intended to improve the frequency and reliability of reporting across government and industry. As part of a wider collaboration with delivery partners, NISTA will also begin to scope two new workstreams. The first will explore how pipeline data might generate insights into future demand for skills and labour. The second will assess how to improve the pipeline’s usefulness to investors, including what information would best support decision-making and investment confidence. The planned changes form part of NISTA’s long-term vision to improve the pipeline across five dimensions: comprehensiveness, timeliness, foresight, transparency around uncertainty, and integration with wider infrastructure systems. To support industry planning, NISTA aims to provide a full picture of expected activity over a five-year horizon, and a ten-year view where possible. It intends to build comprehensive coverage on a sector-by-sector basis, including both a full list of projects and greater detail on individual schemes. NISTA said it would continue to update the pipeline on a six-month cycle but intends to switch to quarterly updates in future. This transition will take place once data collection processes are stable and the extent of project-level change between updates is better understood. The pipeline will increasingly seek to reflect projects at earlier stages of development, where need has been identified or a business model is in place. NISTA said this would give a clearer picture of future infrastructure demand, even where funding is not yet confirmed. In line with the Construction Playbook, future editions will also begin to reflect uncertainty in cost and delivery schedules, moving away from point estimates to more realistic ranges. NISTA also committed to ensuring the pipeline is integrated with wider systems of infrastructure delivery. Early priorities include improving interoperability with other public sector pipelines, including those maintained by devolved governments in Scotland, Wales and Northern Ireland, and with procurement pipelines required under the Procurement Act 2023. The January 2026 update will be the latest in a series of planned improvements as NISTA seeks to transform the pipeline into a more useful, future-facing tool for delivery bodies, suppliers and investors. Read More

Lorne Stewart’s offsite-construction subsidiary is being wound up due to “prolonged losses and difficult market conditions”. MDSL, which supplied corridor modules, plant skids and prefabricated pipework from a 45,000sq ft factory, has ceased trading and is “no longer a going concern”, Lorne Stewart’s board concluded. The firm’s latest accounts said: “The inflationary pressures, supply chain constraints and difficulty in attracting and retaining [a] skilled workforce have been a significant headwind throughout the year which impacted the company’s margin and the stability of its supply chain.” The accounts were prepared on a “break-up basis”, reflecting the “intention to realise assets and settle liabilities in the normal course of winding-up the business”, the company said. The Telford-based subsidiary saw its turnover slump by 68 per cent to £427,000 in the year to the end of December 2024, resulting in an operating loss of £369,000. This was on top of a £435,000 loss in 2023. The total “shareholders’ deficit” in the latest year was £8m. The news came as MDSL’s parent company, LSRM Holdings, part of Lorne Stewart Group, saw its pre-tax loss narrow to £1.9m in 2024. This compared with a loss of £2.8m the previous year. Turnover in the latest 12-month period fell from £121.6m to £102m. LSRM pointed to “multiple factors” still affecting the industry, including inflation, the skills shortage, Brexit and supply chain insolvencies. Read More

A joinery company in Middlesborough has been fined £10,000 after the Health and Safety Executive (HSE) found “multiple” health and safety breaches.   In an unannounced visit in May 2023, the regulator found Abbey Joinery and Manufacture Limited had failed to protect workers from exposure to wood dust and had failed to properly maintain its electric installations, some of which had exposed wiring.  HSE inspector Darian Dundas said: “Wood dust can cause serious health problems. It can cause asthma, which carpenters and joiners are four times more likely to get compared with other UK workers.” Dundas also said it is “vital” that companies carry out maintenance of electrical systems to prevent accidents — such as electric shocks.  “The inspection and testing of equipment is also an essential part of any preventive maintenance programme. Abbey Joinery and Manufacture Limited pleaded guilty at Teesside Magistrates Court to breaching Sections 2(1) of the Health and Safety at Work etc. Act 1974 and was fined £10,000 and ordered to pay £4,428 court costs, according to the HSE. The company, which makes timber joinery for commercial and residential projects, such as staircases, cabinetry, employs around eight people at its site by the River Tees, according to most-recent financial accounts. Read More