HSBC, Europe’s largest bank, has announced a substantial 80% surge in pre-tax profits, reaching $30.3 billion (£24 billion) in 2023, primarily propelled by elevated interest rates globally. This impressive performance follows a series of interest rate hikes by central banks worldwide over the past 18 months aimed at taming inflationary pressures. Last week, rival lender […]
The Body Shop has announced plans to close nearly half of its 198 stores in the UK, resulting in significant job losses. The decision comes as part of a broader restructuring effort aimed at revitalising the brand and ensuring its long-term sustainability. According to the administrators overseeing the restructuring, closures will commence immediately, with affected […]
The UK has recently welcomed one of its most technologically advanced indoor farms in Gloucestershire, boasting remarkable capabilities in salad production. This vertical farm utilises controlled, consistent climate conditions to accelerate salad growth, achieving rates three times faster than traditional outdoor agriculture. Under specialised lighting and in a warm, humid atmosphere, lettuce, basil, and various […]
The chair of the UK’s statistics watchdog, Sir Robert Chote, has issued a scathing rebuke to two Treasury ministers regarding recent assertions on tax cuts for average earners, citing concerns over potential public confusion or misinformation. Chief Secretary to the Treasury Laura Trott faced criticism after claiming in November that “taxes for the average worker […]
Steelworkers at Tata Steel are poised to take decisive action in response to impending job cuts, as unions gear up to ballot members on potential strike action. Community, one of the key unions representing steelworkers, has secured formal authorization to proceed with a vote on strikes, while Unite is set to conduct its ballot on […]
England is poised for significant changes in its holiday let landscape, with the government announcing new controls aimed at preserving local communities and addressing housing affordability concerns. From the upcoming summer season, individuals seeking to convert their properties into short-term holiday lets may find themselves navigating new regulatory hurdles. Under the forthcoming regulations, homeowners may […]
Unite, the London-listed student accommodation provider, has sealed a substantial joint venture agreement with Newcastle University, set to reshape the student housing landscape. The partnership entails the development of 2,000 new student beds, a response to the burgeoning demand for quality housing in the academic sphere. Under the terms of the deal, Unite’s subsidiary, Unite […]
The spectre of fraud looms larger than ever in the UK, with reported cases surging to a staggering £2.3 billion in the past year, a figure more than double that of 2022 and the second-highest annual total recorded by BDO in two decades. The latest findings from BDO’s FraudTrack report reveal a 60% uptick in […]
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The UK’s premier business entity has cautioned the government that the ramifications of Brexit are still causing distress to firms, urging immediate action to enhance relations with the EU. In a missive addressed to Chancellor Jeremy Hunt ahead of his budget presentation on March 6th, the British Chambers of Commerce (BCC) underscored that recent positive […]