Business news live: Lifetime ISA facing reform and financial advice overhaul

In case you missed it over the weekend, President Trump believes TikTok will be bought soon and we can expect details of the group set to purchase it in mid-July.

“We have a buyer for TikTok. I think I’ll need probably China approval and I think President Xi will probably do it,” Mr Trump said.

“I’ll tell you in about two weeks . . . It’s a group of very wealthy people,” he continued, as reported by the FT.

Takeover or merger talk around British oil giants Shell and BP is not new, but has certainly ramped up this year amid diverging fortunes.

Combining the third- and eighth-biggest firms on the London Stock Exchange to create what would be the biggest FTSE 100 firm would generate plenty of interest. And a combined £211bn market capitalisation – total company values by share price – would be a fine look on the face of it.

But there’s a lot more to consider than just a mega-merger’s size and, examining key areas in detail, the question could be asked…would it really benefit many key stakeholders at all right now?

Here’s Karl Matchett’s analysis:

MPs have warned that those who invest in a Lifetime ISA (LISA) may get back less money than they put into the scheme.

However, their dual-nature has long been a target of criticism, as well as the complex criteria for using the funds, which has led to many people losing more than they initially save.

Last week it was all about the commodities, so how are they faring today?

Brent Crude is down 0.14 per cent having dropped slightly over the weekend too, leaving it at $66.66. Bet environmental groups will love that.

Gold is slightly up, 0.55 per cent to $3,305 – that’s still way below the $3,431 close set in mid-June or any of the peaks earlier this year as the metal continually set new all time highs.

Finally, a quick look at the GBP:USD exchange rate, which is down 0.1 per cent.

Currently, £1 is $1.3700 – a reminder that in early January, it was below $1.22. Quite some change – this is the highest it has been since late 2021/early 2022.

WH Smith decided earlier this year to sell off its high-street stores, you may remember, focusing instead on its travel area shops such as airports.

Modella bought the others and WH Smith forecast initially a £52m gross cash figure from the sale but a “more cautious” environment among stakeholders and “a period of softer trading, has resulted in a reduction in the ongoing cash flow of the business.”

That means they now expect only up to £40m gross from the disposal.

Lloyds Bank have announced their latest launch of a cash bonus switching offer to attract new customers – and in terms of an up-front fee, it’s a market leader.

The high street is offering £185 for eligible new customers who join using the CASS service for a Premier or Club Lloyds account.

Additional benefits across the two account types can include access to a higher rate savings account of 6.25 per cent and perks such as a year of Disney plus or cinema tickets.

Terms apply and the offer starts tomorrow.

More on vehicle manufacturers now after a statement from Lotus Cars revealed no plans to depart the UK, despite speculation to the contrary.

Business secretary Jonathan Reynolds was due to speak to the company across the weekend.

“Lotus Cars is continuing normal operations, and there are no plans to close the factory,” a statement said.

“We are actively exploring strategic options to enhance efficiency and ensure global competitiveness in the evolving market.

“We have invested significantly in R&D and operations in the UK, over the past six years. Lotus remains committed to the UK, and its customers, employees, dealers, suppliers, as well as its proud British heritage.”

Lotus is majority-owned by Chinese multinational Geely and employs more than 1,200 people in Norfolk.

Monday marks the day that tariff cuts for car and aerospace sectors coming into action.

The deal is part of the UK-US trade agreement, with vehicle manufacturers now seeing a 10 per cent tariff quota rather than 27.5 per cent, and the aerospace sector seeing no levy at all.

Sir Keir hailed the “historic trade deal” with the US, clinched after Donald Trump imposed the import taxes as part of his “liberation day” tariffs on countries across the world.

A new week has started in the stock markets and, following a strong finish to last week, the FTSE 100 is slightly up this morning at +0.14 per cent.

Defence firms Rolls Royce (+1.8pc) and Babcock (+2.29pc) are the leaders in early trading.

France’s CAC 40 is flat and Germany’s DAX is up around the same margin as the FTSE 100.

The FCA has announced an overhaul of financial advice regulations, meaning millions may now have access to guidance they previously could not afford or were unsure about getting.

In principle, the idea should see “targeted support” bridge the gap between paid-for individual financial advice, and the usual free guidance which is broad-spectrum and not necessarily relevant to any individual.

Sarah Pritchard, deputy chief executive of the FCA, said: “We want to help consumers navigate their financial lives and plan for the long term. Some of the most difficult financial decisions we face are how to save, invest and prepare for a comfortable retirement.

“These once-in-a-generation reforms will help people navigate their financial lives and give them greater confidence to invest. This is a win-win for consumers and firms alike.”