HSBC reported flat first-quarter profit as rising credit loss charges in the UK and provisions tied to the Middle East conflict weighed on results. The bank expects further credit losses this year, citing a worsening economic outlook and a major charge linked to a UK investment bank exposure. HSBC also revised its 2026 credit charge forecast upward.
The Bank of England kept interest rates unchanged and laid out multiple scenarios for how the Iran war could affect the UK economy. While baseline conditions remain manageable, the central bank warned that in a more severe path, inflation pressure could intensify—potentially requiring a forceful rise in borrowing costs to restore stability.
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UK Prime Minister Keir Starmer says AstraZeneca will invest 300 million pounds, about $405 million, in the country’s life sciences sector. The package is expected to safeguard or create around 1,000 jobs across Macclesfield and Cambridge. Starmer said the move follows a pharmaceutical arrangement involving the United States, signaling fresh confidence in UK biotech growth.
The Bank of England is widely expected to keep interest rates at 3.75% this Thursday, using the meeting to gauge how the Iran war may harm Britain’s economy. Even as Governor Andrew Bailey warns against rushing decisions, UK inflation remains the highest in the G7, pushing investors to price in possible rate hikes as early as July.
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