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The UK has one of the "worst statutory leave offers for fathers and other parents in the developed world", the chairwoman of the Women and Equalities Committee has warned.

Sarah Owen said the UK's parental leave system was in "urgent need of an overhaul to fit with the reality of working parents' lives".

"The UK's parental leave system has fallen far behind most comparable countries," she added.

Her comments come as a new report by her House of Commons committee found that a maximum of two weeks' paternity leave is "completely out of step with how most couples want to share their parenting responsibilities" and "entrenches outdated gender stereotypes about caring".

The UK's rate of parental pay is "completely out of kilter with the cost of living, has not kept pace with inflation and is far below rates in most comparable countries", the report says.

The Women and Equalities Committee has urged the government to consider raising paternity pay to the level of maternity pay during the first six weeks, which equals 90% of someone's average earnings.

It also called on the government to either amend the Employment Rights Bill to legislate for a day one right to paid leave or commit to "considering this vital change within its review" in consultation with employers.

The global is heading for its weakest decade sine the 1960s, the World Bank has said. 

Blaming Donald Trump's trade war, without naming the US president, the 189-country lender cut its forecast for global GDP growth this year to 2.3%, down from 2.7% in January.

That would mark the slowest growth rate outside recessions since 2008, with the bank downgrading its growth forecasts for almost all major economies. 

Citing "a substantial rise in trade barriers", it predicted that the US economy - the world's largest - would grow half as fast (1.4%) this year as it did in 2024 (2.8%).

The eurozone is now expected to see 0.7% growth this year, down from the 1% expected in January.

In a foreward to the latest version of Global Economic Prospects report, World Bank chief economist Indermit Gill wrote that the global economy has missed its chance for the "soft landing". 

"The world economy today is once more running into turbulence," Gill wrote.

"Without a swift course correction, the harm to living standards could be deep." 

Watch: Ed Conway on UK's big problem as trade deal deadline looms

The FTSE 100 has fallen short of its record high, closing at 8,853 points. 

Investors had hoped it would beat its 8,871 high set in March after trade talks between American and Chinese officials continued in London. 

The index has suffered due to Donald Trump's trade war, but it has made a strong recovery in the past two months after the US president rowed back on some of his tariff policies. 

Winners and losers today

AJ Bell head of financial analysis Danni Hewson said: "The potential of a US-China trade agreement helped nudge up the oil price, which hit a six-week high today and pushed up London-listed oil giants Shell and BP. 

"It was no shock to see UK housebuilders storming away as expectation that mortgage rates could become more affordable fuelled investor appetites.

"There was also a vote of confidence for retail stalwart Marks & Spencer, which has a real soft spot in investor minds after its stonking turnaround despite being tested by the recent cyber attack. News that shoppers can once again brandish their online baskets saw shares in the retailer edge higher, making up much of the recent losses. Notably, M&S shares ended the day just a touch down on where they were at the start of the year.

"Of course, where there are winners there are also losers, and a host of lenders including Barclays and Lloyds found themselves sliding down the FTSE snake." 

American and Chinese negotiators remained locked in talks over a prospective trade deal that could bring down tariffs between the world's largest economies and pave the way for greater market access. 

The discussions began at Lancaster House in central London yesterday and are likely to continue all day today too.

Donald Trump said last night that he was "only getting good reports" about the talks. "We are doing well with China," he told reporters at the White House. 

Howard Lutnick, the US commerce secretary, echoed the president, telling the media that the talks were "going well". 

Lutnick, who was not at the previous talks in Geneva last month, is joined by the treasury secretary, Scott Bessent, as well as the trade representative, Jamieson Greer.

His presence at the latest talks in London could be a sign that the Americans are prepared to negotiate export controls on semiconductor technology, which fall under his remit and represents a major prize for Beijing as it seeks to develop its own chip industry. 

The Americans are pushing the Chinese to ease export controls on rare earth minerals and have accused the country of reneging on its promise, back in May, to ease access. 

Both sides have considerable leverage in the battle but also plenty of impetus to deescalate, with critical industries and major companies getting caught in the crossfire.

Investors are hopeful that a breakthrough might be reached, with the FTSE 100 trading close to its record high this afternoon - see more in our previous post.

All eyes are on the FTSE 100 today as it approaches a new record high. 

The closing high is 8,871 points - recorded on 3 March. 

At the time of writing this, the FTSE 100 was at 8,869. 

That's a slight fall from where it was at midday when it rose to 8,871.53 on the back of positive comments on the US-China trade talks. 

The government is set to announce 拢14.2bn towards building a nuclear power station in Suffolk that will create 10,000 jobs.

Fifteen years after the Sizewell C nuclear power station was proposed, chancellor Rachel Reeves is set to confirm the funding at the GMB union conference tomorrow.

Energy Secretary Ed Miliband will call it a "golden age" of nuclear to boost the UK's energy security.

Among the jobs will be 1,500 apprenticeships, the government will say.

On Monday, it was revealed Britain's nuclear power sector grew by a quarter in 2024 to 拢20bn compared with three years ago, underpinned by a record workforce which has increased by a third, according to research by the Nuclear Power Association.

About 87,000 people now work in the industry, with the rise largely driven by new nuclear power projects at Sizewell C and Hinkley Point C in Somerset.

Sizewell C was initially proposed by French energy company EDF and China General Nuclear Power Group, but in 2022 the Conservative government bought the Chinese company out and the state now owns 83.5% of the project with EDF.

Eurostar has unveiled plans to launch direct services connecting the UK with Germany and Switzerland.

The trains would run from London St Pancras to Frankfurt and Geneva, taking five hours and five hours and 20 minutes respectively.

These routes would be served by a fleet of up to 50 new trains costing approximately 拢1.7bn, running from the "early 2030s".

Whether the services would make stops along the way has not been decided.

A number of hurdles must be overcome before services could launch, such as creating sufficient passenger space at those stations, installing new border checkpoints, and securing access to tracks.

Eurostar chief executive Gwendoline Cazenave acknowledged that opening new international train routes required "time, investments, expertise, a huge amount of energy, and partnerships".

But she said she had "no doubt" the new direct services will happen because of the "willingness" of Eurostar, passengers and governments.

The UK and Switzerland signed a memorandum of understanding last month aimed at establishing direct train services between the countries.

Decathlon has pledged to offer a full gift card refund for the return of every tent it sells this summer - regardless of how much you have used it.

The sports retailer wants to encourage campers and festival-goers not to abandon tents, which contain as much plastic as 9,000 straws or 200 bottles.

Customers who buy any of its tents online or in store between 9 June and 14 September and return them with proof of purchase before 14 September will receive the full purchase value back.

It's important to note you need to be a Decathlon member at the time of returning the tent.

"Whether you're dancing at Glasto, on a hilltop, or roasting marshmallows with family, your tent deserves more than one weekend of glory," said broadcaster Vick Hope, who is supporting this year's campaign.

The company has expanded the No Tent Left Behind scheme from previous years to include every Decathlon brand tent across both its Quechua and Simond ranges.

Holders of the John Lewis credit card will have to more than double the amount they spend to earn points under its rewards scheme.

From August, customers will receive one point worth 1p for every 拢10 they spend, up from every 拢4.

Rewards for spending in John Lewis stores will remain unchanged, at five points for every 拢4.

Customers will get triple the points for spending in the company's department stores during August, and double in its online store.

Sky News has contacted John Lewis for comment.

By James Sillars, business and economics reporter 

The FTSE 100 is in with a chance of achieving a new record high today.

The closing high is 8,871 points - recorded on 3 March.

The index has not been immune to the trade war uncertainty created by Donald Trump since then. But the apparent easing of many hostilities has helped values recover over the past month.

It is now 8.5% up in the year to date, having opened 0.4% higher today at 8,869.

Housing and energy stocks are leading the way.

Also contributing is Marks and Spencer.

Its shares are 2% up on the news that online sales have been restored.

The retailer suspended them after the ransomware attack on the company in April, which the company says will cost it 拢300m.