The government posted a smaller-than-expected surplus of £15.4 billion in January, short of economists’ forecasts of £21 billion and the £19 billion projected by the Office for Budget Responsibility (OBR). January’s data is traditionally buoyed by self-assessment tax payments; however, the shortfall means total borrowing so far this financial year has climbed to £118.2 billion […]
Unions are calling on the UK government to inject £200 million into British Steel, in a last-ditch attempt to keep its two blast furnaces in Scunthorpe running until electric arc replacements can be brought online. The trade union Community warns that without additional support, the rapid shutdown of Scunthorpe’s coal-fuelled blast furnaces could spark nearly […]
Lloyds Banking Group has posted a 20 per cent drop in annual pre-tax profits for 2024, missing City forecasts amid rising costs and one-off charges linked to the ongoing motor finance commission scandal. The FTSE 100 lender recorded profits of £5.97 billion last year, down from £7.5 billion in 2023 and below analyst expectations of […]
Small businesses across the UK are urging the government to scale back its proposed Employment Rights Bill, warning that sweeping changes could hamper hiring and trigger widespread job losses. The Federation of Small Businesses (FSB), which represents thousands of employers nationwide, claims the plans — including expanded grounds for unfair dismissal and automatic sick pay […]
Senior City of London bankers have urged Chancellor Rachel Reeves to soften plans for abolishing non-domiciled tax status, claiming the policy is prompting high-earning foreign workers to relocate. At a breakfast meeting in No 11, representatives from major financial services firms, including BlackRock, Schroders, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley, raised concerns over […]
Confidence in the state of the economy has slid to its lowest level since last spring, according to the British Retail Consortium (BRC). The trade body’s latest monthly survey — conducted among 2,000 UK adults — shows consumer confidence tumbling to a net balance of -37, down three points from January and marking an 11-month […]
HSBC has unveiled plans to cut staffing costs by 8% in a push to save $1.5 billion, with thousands of UK employees expected to bear the brunt of the losses. Georges Elhedery, the bank’s chief executive, announced that while HSBC’s 211,000-strong headcount will shrink by less than 8%, the overhaul will nonetheless involve significant job […]
UK inflation jumped to 3% in January, up from 2.5% in December, driven by rising food costs, higher air fares and an increase in private school fees. According to the Office for National Statistics (ONS), this is the fastest pace of price growth in 10 months. Grocery staples such as meat, eggs, cereals and butter […]
MPs have criticised the portrayal of baby boomers as “wealth-hoarding” at the expense of younger generations, warning that such stereotypes risk normalising “ageist attitudes” across the UK media. A new report from the Commons women and equalities committee highlights the widespread depiction of those born between 1946 and 1964 as either frail or living a […]
A Cambridge-based start-up that designs and manufactures folding electric bikes has secured £1.2 million in fresh investment, aiming to ramp up production in a bid to rival market leader Brompton. Flit, founded in 2016 by cycling enthusiast Alex Murray and former Jaguar Land Rover engineer Dave Henderson, says demand for its models far exceeds current […]