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Cutting VAT from energy bills is a painkiller, not a cure

Fighting cost-of-living pressures this way may symbolise change but it cannot be a long-term solution

Insurance market says John Neal’s behaviour fell ‘significantly below the standards expected’

Goldman Sachs warns Brent crude price could jump to $120 if Strait of Hormuz remains ‘disrupted’

Figure comes as Prime Minister Andy Burnham seeks to cut cost of living

Pub chain hit by weak sales and cost rises

New prime minister says measure will reduce prices by up to a third for millions of people

Falling fuel prices are a big contributor to lower annual rate, but US-Iran ceasefire collapse means trend won’t last

Controversial plan comes after months of fruitless attempts to advance US peace deal for the enclave

Spanish lender’s net income rises 3% after taking €250mn charge related to acquisition of UK high street bank

Growing unemployment and anger over education system pose serious challenges to premier

Plus, tariffs force trading down, not price cuts

Ackman’s American dream; start-up postmortem; Palantir’s nemesis; Huang’s $1mn jacket

Robin Wigglesworth talks to Robert Armstrong

Also in this newsletter: more US-EU trade deal jitters

The fog of Warsh

Also in today’s newsletter: Ukraine military shake-up and Wirecard’s Marsalek

US sportswear brand has struggled in one of its most important markets

Japanese currency falls under ¥163 to the dollar for first time in almost 40 years

Watch the latest episode from the FT podcast exploring the history of finance

Fortress Investment Group’s ambitious intercity passenger rail project in Florida is so far a financial calamity

Fahnbulleh was head of a think-tank when it pushed for a total end to new drilling in the North Sea basin

Reversal marks dramatic shift from recent years when sector was seen as more resilient to changes in financial markets

China’s high degree of self-sufficiency also reduces its vulnerability to coercion by others

Those willing to venture outside London should find they have less competition for good companies