By DebbieH 11 May 2018 7 min read

In the news this week: Oil prices, interest rates, and BT

It’s time to catch up on the top business news from the last week. Hitting the headlines this week, Trump’s decision regarding the Iran nuclear deal has hit oil prices. Mark Carney has announced that there will be a delay in increasing interest rates due to the economy’s recent poor performance. Some rare good news for the high street this week as some stores take advantage of the sunny spell. BT is to cut thousands of jobs and BMW is recalling hundreds of thousands of vehicles due to an electrical fault.

After President Trump announced his decision to pull America out of the Iran nuclear deal, oil prices hit a high of $78 a barrel – the highest in three and a half years. However, prices dipped on Friday on hopes of alternative suppliers plugging the gap left by exports from Iran.

The Bank of England has delayed increasing interest rates due to the poorer than expected performance of the UK economy in the early stages of 2018. Mark Carney said that he expected a rise in interest rates before the end of the year.

High street update: Both Next and Morrisons have reported strong trading figures after the recent good weather, relieving some of the doom and gloom surrounding the high street. However, it’s not good news all round – Superdry shares plunged 18% after blaming the cold start to the year for low sales figures.

BT is to cut 13,000 jobs and move from its headquarters in central London as it attempts to save £1.5bn. This comes after a difficult 18 months for the telecoms company which plans to make the cuts over the next three years.

BMW is to recall over 300,000 vehicles after an investigation discovered an electrical fault which could cause vehicles to cut out.