Bonuses for 10 water company executives in England, including the boss ofThames Water, will be banned with immediate effect over serious sewage pollution, as part of new powers brought in by the Labour government.
The top executives of six water companies who have overseen the most serious pollution events will not receive performance rewards this year, the environment said.
The companies –ThamesWater,AnglianWater,SouthernWater,UnitedUtilities,WessexWaterandYorkshireWater– are responsible for the most serious category of sewage pollution into rivers and seas, all of which are, or have been, under criminal investigation by the Environment Agency.
Under powers in Labour’sWater(Special Measures) Act 2025, the regulator, Ofwat, is now able to ban bonuses for water executives where a company fails to meet key standards on environmental and financial performance, or is convicted of a criminal offence.
Here’s some early reaction tothe news that UK house prices dipped by 0.4% last month.
Tom Bill, head of UK residential research at estate agentKnightFrank:
Jonathan Handford,managing director at national estate agent groupFine & Country:
Matt Swannell, chief economic advisor to theEYITEMClub:
Halifax’s report also shows that house prices are rising faster in Northern Ireland, Wales and Scotland than in England.
Here’s the details:
British house prices fell by more than expected in May, new figures from mortgage lender Halifax showed on Friday.
Halifaxsaid house prices fell by 0.4% in May, more than reversing a 0.3% increase in April. Economists had only expected a fall of 0.1%.
According toHalifax, average property price was £296,648 last month, down from £297,798 last month.
On an annual basis, house prices were 2.5% higher on the year – again less than expected.
Amanda Bryden, head of mortgages atHalifax, says the broader picture is that the housing market that has remained largely stable in 2025, with average prices down by just -0.2% since the start of the year.
Brydenadds:
Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.
Investors will have one eye on the US jobs market today, and the other on the spectacular blow-up between Donald Trump and Elon Musk overnight.
The latest US employment report is expected to show a slowdown in hiring across the US in May.
Economists forecast that the US non-farm payroll will have risen by around 130,000 in May, down from the 177,000 increase recorded in April, with the unemployment rate sticking at 4.2%.
A weak payrolls report could fuel fears that the US economy is slowing, as Trump’s trade wars hit activity. But it could also intensify the pressure on the US Federal Reserve to lower interest rates, something the US president has been demanding for months.
Tony Sycamore, market analyst atIG, explains:
So the markets could be volatile at 1.30pm UK time, when the non-farm payroll data lands.
Speaking of volatility… the Trump-Musk relationship exploded dramatically on Thursday, with the president and the world’s richest person slinging accusations at each other.
Shares inTeslaslumped over 14%, wiping over $150bn off the company’s value, asTrumpthreatened to terminateMusk’sgovernmental subsidies and contracts, and accused the billionaire of going “CRAZY!” over the removal of electric car subsidies.
From the other corner, Musk called for Trump’s impeachment, claimed the president appeared in the files into convicted sex offender Jeffrey Epstein, and briefly threatened to decommission SpaceX’s Dragon spacecraft.
It all added up to another bruising day for shareholders in Tesla, whose value had already been hit by the backlack against Musk’s role in the Trump Administration.
Some traders will have been betting on further falls in Tesla’s share price, asChrisWeston, head of research atPepperstone, explains:
7am BST: Halifax house price index
8.30am BST: UN FAO food price index
10am BST: Eurozone GDP report for Q1 2025 (3rd estimate)
11.30am BST: Bank of Russia interest rate decision
1.30pm BST: US non-farm payroll report