James Woolcock

Staying in the UK, the business secretary is warning his own party against moving to the left.

In a speech to the City of London, Peter Kyle argued economic growth needs to improve before the government can think about wealth taxes.

Kyle's comments come as the Labour government appears unsure of its future direction, with many looking to Manchester Mayor Andy Burnham.

Former Health Secretary Wes Streeting vowed he would stand for leader in any contest.

Streeting was speaking to Bloomberg's Francine Lacroix at South by Southwest London.

The Prime Minister is increasingly seen as a lame duck.

And some members of the billionaire Glazer family are debating whether to sell their stake in Manchester United Football Club.

Bloomberg has learned exclusively about internal discussions centred on divesting from the club.

Our reporter Tia Adebayo has more.

I'm James Walcock.

News when you want it with Bloomberg News Now.

I'm James Woolcock.

The US has carried out further airstrikes on Iranian targets as hopes for an imminent deal continue to fade.

As with its attacks earlier this week, a US official described the latest bombings as defensive.

The U.S.

says it shot down four one-way Iranian attack drones that were fired at a commercial ship and also struck a drone launching unit near the Strait of Hormuz.

The latest flare-up in hostilities comes just hours after President Trump said that no single nation would control the vital waterway as part of any deal with Tehran.

President Trump speaking there as the U.S.

Treasury says it has taken action against Iran's Persian Gulf Strait Authority, accusing it of a new attempt to monetize transit through the strait.

Here in Europe, the outgoing vice president of the European Central Bank says the central bank should consider the impact of the Iran war on the economy when setting rates next month.