Global stocks reach record highs; BP annual profits slump 16% – business live

Japan’s Nikkei jumps to new peak in extended rally after Sanae Takaichi’s party secures election victory; London-listed oil giant BP suspends share buyback

It would take 137 years for lower-income families in the UK to see their living standards double at the current rate of growth, according to a thinktank.

A two-decade stagnation in disposable incomes has created a “mood of unease” across the country, the Resolution Foundation says, warning of the risk of “further political disruption” unless pay growth accelerates.

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