Iran’s rial falls to record low as Scott Bessent warns of ‘economic D-day’ – as it happened

US Treasury secretary to announce sanctions against Tehran at a press conference at 1pm EDT (6pm London time)

Some good news for the UK (and new PM Andy Burnham and his team):

Productivity in the UK – a vital measure of economic health – is growing more strongly than official figures suggest, according to analysis from the Resolution Foundation.

Businesses are cautious about adding headcount while costs, including higher employer national insurance contributions and energy bills, affect profits.

At the same time, AI can increasingly perform some of the routine work that traditionally gave graduates their first step onto the career ladder. This does not mean there will be no jobs for young people, but it does mean a degree alone is becoming less of a guarantee of employment.