No interest rate cut for two years, Bank warns

The UK economy is set for a sharper, more prolonged slowdown in growth than the Bank thought likely in February, but the short-term spike in inflation will be much more severe and persistent than anticipated

• Bleak Bank of England outlook hits pound

Nielsen steps back from move on TNS-GfK merger

Nielsen played down its interest in breaking up the agreed merger between two rival market research groups, Taylor Nelson Sofres and GfK

Malay group takes 20% Johnston Press stake

The regional newspaper owner launched a rights issue and a subscription to raise £212m to stave off a breach in the media group’s covenants, which will see a new Malaysian investor take a 20% stake

ScS shares plunge after fresh warning

A profit warning from the sofa retailer sent shares sharply lower and underscored the difficulties sellers of large-ticket items are facing as the housing market slows

Economic woes begin to hit UK jobs market

Signs that the credit crunch and stuttering economic growth have begun to hit the jobs market have emerged with official figures showing the number of people claiming jobless benefit has risen for the third month in a row.

Rate cut hopes fade as UK inflation surges

Consumer price inflation exceeded all expectations by rising to 3 per cent in April. The news wiped out market expectations of further interest rate cuts this year

Shell to help plug Nigeria shortfall

The Anglo-Dutch oil company is close to providing the government with a package of loans to help meet funding gaps that has cut production at one of its major ventures

Redrow adds to housebuilders’ woes

Redrow blamed trading conditions and the reduced availability of mortgages for deterioration in the housing market