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| A review of last week’s UK economic headlines. |
ISSUE Nº 31 · MONDAY, 15 June 2026 · WEEK 30
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| THE EDITOR | |||
| Matthew Burrows | |||
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| THE BRIEFING | |
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How Britain’s Job Market Cracked - and London Kept Trading
The Macro Work
This week, the UK labour market stopped pretending it was fine. UK Permanent Jobs Fall for a 44th Straight Month counted the longest hiring slump since 1997, with firms quietly fleeing to temp contracts. 200,000 More Brits to Join the UK Unemployment Line set down the CBI's downgrade — growth crumbling to 0.9% and a £345bn tax bill biting on the way. UK Graduate Jobs Are Driving Talent Abroad drilled into the worst graduate market in 30 years, with just 27% holding offers and one in ten heading overseas. UK GDP Slips 0.1% — Economists See Worse in Q3 picked up on the April print and the Iran-shock damage still sitting in Q3's post. Record Inflation Expectations Put a Summer Hike in Play called the play on the BoE's survey at 3.9% — a record, with CPI still at 2.8%. And The Hospitality VAT Cut Reeves Can't Keep Dodging took the temperature on the Wetherspoon/Hilton/Greene King demand for 10% — after 100,000 hospitality jobs already gone.
The Corporate Calls
On the corporate side, London kept losing names — and the bidders kept circling. Tate & Lyle Accepts £2.7bn US Takeover banked the latest historic British brand to quit the LSE at £2.7bn, US rival Ingredion winning out. Hugo Boss Takeover Tests How Far Ashley's Empire Goes struck the sharper note from the continent — Frasers tabling €1.98bn, the 4% premium pushing Mike Ashley past a blocking stake. TalkTalk Takeover Could Hand Vodafone 1.75m Homes totted up the £200m–£300m broadband auction, with VodafoneThree the front-runner on 1.75 million homes. Two more London exits piled in: £7.5bn Boots Sale Talks Put London IPO on Ice and The Flutter Delisting Says More About Costs Than London peeled back the listings drought from both ends — Boots' IPO iced as the Westons and Sigma circle, Flutter quitting the LSE on 3 August. Uber Launches London Robotaxis — Waymo Gives Chase broke ground on the driverless race the capital actually won, Wayve onboard and Waymo in pursuit. And Bitcoin Crash: Down 50%, but Institutions Keep Buying drew up the contrarian read — retail running, institutions doubling down.
Britain's jobs cracked. London transacted. Now to the rest of the issue.
| THE LEAD | |
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One number quietly sets your pay rise, your tax bill and the price of your supermarket shop — and it just went into reverse. The UK economy today is smaller than it was a month ago, with output down 0.1% in April as the Iran war started to bite. One bad month is not a crisis, but it matters. Here’s what GDP actually is, why it moves your money, and what to watch next.

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| THE BUSINESS FEATURE | |
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A football shirt just became a €1bn asset. Real Madrid’s new eight-year Adidas deal — an early extension running to at least 2034 — is believed to be the most lucrative kit contract in world football, worth more than €1bn once the club’s cut of shirt sales is counted. For Adidas it’s a flagship locked in; for everyone else it’s a reminder that the gap between football’s rich and the rest keeps widening.

| THE MARKETS FEATURE | |
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For 18 months, private equity clawed back from the dead. Then, almost overnight, the deal machine jammed. The industry just ran headlong into a triple threat — a credit squeeze, an energy shock and a tech-valuation slump — that consulting giant Bain & Company warns has frozen it in its tracks. After a brief thaw, it’s right back in the deep freeze. So is this a passing chill, or the end of the cheap-money era?

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| THE CRYPTO FEATURE | |
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A 50% crash is supposed to trigger panic. Instead, the world’s biggest investors are buying. Bitcoin has tumbled from its October peak above $126,000 to around $63,000 — yet rather than fleeing, family offices and sovereign funds are quietly buying the dip. As one Coinbase strategist puts it, they loved Bitcoin at $125,000 and love it even more near $65,000. So who’s right: the panicking crowd, or the patient money?

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| The MJBurrows Briefing — published every Monday, 8am London time. Plain-English UK finance for the people it actually affects. |
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