Support the Guardian

Fund independent journalism

Business Today
Business live
Full investigation into vets market announced to examine pet owners’ concerns
Live  
Full investigation into vets market announced to examine pet owners’ concerns
Rolling coverage of the latest economic and financial news, as competition watchdog launches formal market investigation into £5bn/year vets market
Headlines
Nvidia  
Firm reports stratospheric growth as AI boom shows no sign of stopping
Firm reports stratospheric growth as AI boom shows no sign of stopping
Autonomy  
Tech tycoon Mike Lynch set to testify at US fraud trial
Water  
Severn Trent increases payout to shareholders despite its 60,000 sewage spills last year
Marks & Spencer  
Boss hails ‘growth story’ as annual profits rise 41%
US economy  
Fed concerned over ‘lack of further progress’ in bid to tame inflation
Budget deficit  
Hunt’s tax cut plans face setback as borrowing tops £20bn
Horizon scandal  
Paula Vennells breaks down as she tells Post Office inquiry she was misled
Energy  
Almost a third of household smart meters not working properly, says Citizens Advice
Insurance  
UK drivers warned to watch out for ‘crash for cash’ fraud claims
Mining  
Anglo American rejects BHP’s third takeover offer of £38.6bn
Virgin Money  
Shareholders vote for Nationwide takeover by big majority
Citigroup  
Bank fined over ‘fat finger’ error that led to £1.1bn of mistaken orders
Economy  
Majority of Americans wrongly believe US is in recession – and most blame Biden
Football  
US investment firm seizes control of Inter after missed payment from Chinese owners
Borrowing  
US to apply consumer protection rules to buy now, pay later lenders
Today's agenda
Britain’s competition authority is sinking its teeth into the UK’s veterinary practice market, by launching a full investigation into the sector.

The Competition and Markets Authority (CMA) will launch a full-scale market investigation into the veterinary sector, to examine concerns it isn’t working properly and that customers are getting a bad deal.

The move comes after 56,000 people, including customers and vet professionals, raised concerns about practices within the £2bn industry, through the regulator’s initial inquiry into vets.

The inquiry could force vets to give certain information to consumers – to address fears that they’re not given the full facts when making decisions about pet care, or impose maximum prescription fees to prevent them being ripped off.

The CMA adds that it could also order the sale or disposal of a business or assets – addressing concerns that private companies have muscled in on the vets market in recent years.

Sarah Cardell, CMA boss, says a formal market investigation is essential: "We’ve heard from people who are struggling to pay vet bills, potentially overpaying for medicines and don’t always know the best treatment options available … We also remain concerned about the potential impact of sector consolidation and the incentives for large, integrated vet groups to act in ways which reduce consumer choice."

The inquiry will examine:
• if consumers are getting the information they need, at the right time, to make good decisions
• whether a limited choice of vet businesses in some local areas is hurting pet owners
• if profits earned are consistent with the levels expected in a competitive market
• whether vets have the incentive and ability to limit consumer choice when providing treatments or recommending related services, particularly when they are part of large integrated groups
• whether the regulatory framework is preventing the market from functioning as well as it could.

Also coming up
New economic data from the UK, and across the eurozone, will show how Britain and Europe’s private sector companies are faring this month.

The UK purchasing managers index is expected to show solid growth across the services sector, and a small contraction in manufacturing. The health check will be closely watched after Rishi Sunak yesterday announced a general election on 4 July, in a high-stakes gamble.

The election is coming earlier than the City expected, says Ipek Ozkardeskaya, senior analyst at Swissquote Bank: "Maybe he is scared that inflation will pick up until autumn and he will lose his ‘we pulled inflation to normal levels’ rhetoric. Whatever it is, the fact that the UK election is due on 4 July combined with yesterday’s hotter-than-expected inflation print, washed out the expectation of a June rate cut from the Bank of England (BoE). That expectation went from a coin flip to none in just one session."

The agenda
• 
9am BST: Eurozone flash PMI survey for May
• 9.30am BST: UK flash PMI survey for May
• 12.30pm BST: Bank of England chief economist Huw Pill at the Reykjavík Economic Conference
• 1.30pm BST: US new housing index for April

We’ll be tracking all the main events throughout the day ...
Nils Pratley on finance
M&S’s revival is the real deal – don’t mess it up again
M&S’s revival is the real deal – don’t mess it up again
 

Pippa Crerar

UK political editor

Pippa Crerar

The UK is gearing up for a general election on 4 July and with it the possibility, for the first time in many years, of major political change.

Our team, based at Westminster but covering politics right across the UK, will bring you all the breaking news, big scoops, expert analysis and inside track on the parties during this crucial election period.

Our journalism plays a critical role in holding power to account. We have, between us, exposed the Partygate scandal that led to the fall of Boris Johnson, uncovered the truth about VIP-lane PPE contracts during the Covid pandemic, revealed Dominic Cummings' Barnard Castle trip, challenged Dominic Raab​'s poor treatment of staff, got our hands on budget leaks​, shone a light on Rishi Sunak's finances​ and exposed top Tory donor Frank Hester's racist remarks. ​

As the campaign gears up, we will also turn our focus on to the plans of Labour and the other opposition parties as they set out their own pitches for power. We can only ​d​o all this with your support. If you can, please consider supporting us on a monthly basis from £4. It takes less than a minute to set up, and with your help we will continue to hold power to account – whoever ends up in No 10.

 
Opinion
Things can only get better?  
For Sunak and the UK economy, this might be as good as it gets
For Sunak and the UK economy, this might be as good as it gets
Robert Reich  
Biden’s record on the economy is good but voters don’t feel it
Editorial  
Free trade: an idea whose time has gone
Do you know how the US economy is actually doing?  
Try our interactive quiz
Media
‘Drowning Street’  
What the papers say as Sunak makes his election announcement
What the papers say as Sunak makes his election announcement
Artificial intelligence  
OpenAI and Wall St Journal owner News Corp sign content deal
Spotlight
Which goods and services have changed most in price?
UK inflation  
Which goods and services have changed most in price?
From olive oil to cocoa and carpets to holiday centres, how the cost of everyday things varies
Popular on business
‘Sheer terror’: three Australians in intensive care after Singapore Airlines flight hit turbulence
‘Sheer terror’: three Australians in intensive care after Singapore Airlines flight hit turbulence
Virgin Money shareholders vote for Nationwide takeover by big majority
UK inflation falls by less than expected to 2.3%, reducing chance of June rate cut
Do heat pumps work at freezing temperatures?
Big drop in UK inflation rate disguises more disappointing details
Get in touch
If you have any questions or comments about any of our newsletters please email newsletters@theguardian.com
 

… there is a good reason why not to support the Guardian

Not everyone can afford to pay for news right now. That is why we keep our journalism open for everyone to read. If this is you, please continue to read for free.

But if you are able to, then there are three good reasons to support us today.

1

Our quality, investigative journalism is a powerful force for scrutiny at a time when the rich and powerful are getting away with more and more

2

We are independent and have no billionaire owner telling us what to report, so your money directly powers our reporting

3

It doesn’t cost much, and takes less time than it took to read this message

Help power the Guardian’s journalism in this crucial year of news, whether with a small sum or a larger one. If you can, please support us on a monthly basis . It takes less than a minute to set up, and you can rest assured that you're making a big impact every single month in support of open, independent journalism. Thank you.

 
You are receiving this email because you are a subscriber to Business Today. Guardian News & Media Limited - a member of Guardian Media Group PLC. Registered Office: Kings Place, 90 York Way, London, N1 9GU. Registered in England No. 908396