UK firms braced for Trump's tariffs as house price growth remains stable and food inflation rises again

Hello and welcome to the latest business bulletin on Tuesday, April 1.

British firms look set to be hit by Donald Trump’s tariffs. Sir Keir Starmer’s Government's been trying to negotiate an economic deal with the US, but Downing Street's now acknowledged the UK's unlikely to be spared. The US president is set to unveil import taxes on goods from countries around the world tomorrow - an event Trump has dubbed “liberation day”.

House price growth unchanged

The annual rate of house price growth remained stable in March at 3.9 per cent. That means the rate is completely unchanged from February. The average UK house price in March was around £271,000.

Food inflation nudges up

Food inflation continued to edge up in March, despite retailers doing “all they can” to avert pressures bearing down on the industry. Food prices overall are now 2.4 per cent higher than last March, up from 2.1 per cent in February. Alcoholic and non-alcoholic beverages saw hefty price increases, thanks to duty changes and high global sugar prices.

Building supplies firm slumps

Travis Perkins has revealed a slump in sales and profits. Weaker pricing and waning demand has impacted its builders’ merchants business. The London-listed company said 2024 was a “challenging” year due to continued weakness in the UK construction market.

While pricing has stabilised in the merchanting operation, sales volumes have continued to decline into the new financial year.

Greencore to report solid performance

Supermarket sandwich maker Greencore has said full-year earnings are set to be better than expected thanks to robust sales and efforts to keep costs under control. The food-to-go specialist said new customer wins helped maintain “strong” revenue growth in its second quarter. It now expects underlying operating profits of £112 million to £115 million for the year to September 26

That's all for today. More tomorrow.