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00:00Hello and welcome to the latest Business Brief on Thursday 8th May.
00:05The Bank of England is expected to cut interest rates later.
00:08Most economists predict a drop from 4.5% to 4.25%.
00:12Some policy makers may push for a bigger cut to ease financial pressure.
00:17It follows global trade tensions sparked by President Trump's tariffs.
00:21However, Donald Trump has said he'll announce a major trade deal today.
00:25U.S. media report the agreements with the U.K., though this is unconfirmed.
00:30The deal will be revealed at a White House press conference at 3 p.m. U.K. time.
00:34The U.K. government hasn't yet commented on the reports.
00:38As it stands, though, the U.K. is on course to miss key fiscal targets, raising the risk of tax hikes.
00:44Growth will likely be weaker than expected, according to an economic think tank.
00:48It blames low confidence, global uncertainty and rising costs for the slowdown.
00:53Growth forecasts for 2025 have been cut from 1.5% to 1.2%.
00:58Home buyer interest and sales dropped in April, according to surveyors.
01:03The end of stamp duty discounts and economic worries hit confidence.
01:06From April, the tax break became less generous.
01:09The Royal Institution of Chartered Surveyors says buyer inquiries have now fallen for three months in a row.
01:15Harbour Energy plans to cut around 250 jobs in Scotland.
01:19The firm blames punitive government measures for the move.
01:22Around a quarter of its Aberdeen workforce will be affected.
01:26This follows 350 job losses already made by the company last year.
01:31And British Steel is hiring again after its government-backed rescue earlier this year.
01:35More than 180 new roles are being advertised across its U.K. sites.
01:40The firm says it now has the raw materials to ramp up production in Scunthorpe.
01:44Jobs range from engineering and chemistry to cleaning and legal roles.
01:48That's all for today. Thank you for listening.