Britain's insolvent Lindsey oil refinery will close down after no buyers were found for the site, Energy Minister Michael Shanks said in a statement on Monday, Reuters reported. The refinery was placed into the hands of an official receiver after its owner Prax fell into insolvency at the end of last month. "After a thorough process to determine whether a sale was possible, no credible offers have been made to purchase the entire refinery, and it will be winding down operations," Shanks said.

Bank of England officials are mulling whether to set aside plans to create a digital pound for households amid growing skepticism about the project’s benefits, the latest sign of dwindling support for state-backed digital currencies globally, Bloomberg News reported. The BOE has been privately urging the banking industry to instead accelerate payment innovations that could result in similar benefits without the creation of a central bank digital currency — or CBDC — for consumers. Sources said that the central bank wants to be in a position to launch a CBDC if it is eventually warranted.

The Bank of England has asked some lenders to test their resilience to potential U.S. dollar shocks, three sources said, the latest sign of how the Trump administration's policies are eroding trust in the U.S. as a bedrock of financial stability, Reuters reported. As the leading currency for global trade and capital flows, the U.S. dollar is the lifeblood of global finance. However, President Donald Trump's break from long-standing U.S.

A video game composer and sound designer best know for his work on the Tomb Raider series has been jailed for fraudulently applying for a Covid loan, CityAM reported. Peter Connelly, who is based in Durham, overstated his company’s turnover to obtain a second Bounce Back Loan of £37,500 in 2020 when businesses were only entitled to a single loan. Connelly had previously secured a legitimate Bounce Back Loan worth £22,000 one month earlier. The 52-year-old, of Lambton Court, Peterlee, was jailed for 16 months at a hearing of Durham Crown Court on Thursday, 17 July.

The UK jobs market has continued to weaken, making the prospect of an interest rate cut next month even more likely, analysts say, BBC.com reported. The annual rate of pay growth in the three months between March and May slowed to 5%, according to the Office for National Statistics (ONS). The unemployment rate has risen to 4.7%, its highest in four years, while the number of job vacancies has now been falling continuously for three years. The government said that "we need to go further" to improve the economy, while the Conservatives said the unemployment rise was a "disgrace".

Inflation unexpectedly rose in the U.K., likely keeping policymakers at the Bank of England cautious despite a limping economy, the Wall Street Journal reported. The rate of annual inflation was 3.6% in June, up from 3.4% in May, figures from the Office for National Statistics showed Wednesday. The uptick echoes the situation in the U.S., where inflation picked up pace to 2.7% last month from 2.4% in May as prices rose among items sensitive to President Trump’s trade tariffs, such as toys and clothes.

Thousands of UK companies have been removed from the Companies House register over the last year, following a crackdown coordinated by the National Economic Crime Centre, according to a press release. These companies were not compliant with Registered Office requirements under the Companies Act 2006. The project was designed to identify and enable enforcement action against high-risk company incorporation locations and corporate entities believed to be enabling criminality in the UK and overseas.

Thames Water has been accused of “holding a gun to the taxpayer’s head” by warning it may have to be nationalised if it is not handed a reprieve on historical fines, The Telegraph reported. MPs said Thames was asking to be “let off the hook” as it warned there was a “material uncertainty” over whether a £17bn rescue deal led by creditors would succeed.