In a notable collaboration, Andy Burnham, the Labour mayor of Greater Manchester, and Andy Street, the Tory mayor of the West Midlands, have come together to present alternative plans for the abandoned section of HS2, emphasising that inaction is not viable. Taking the stage together, Burnham and Street outlined three potential options following the government’s […]
A scathing report from parliament’s spending watchdog has raised “urgent unanswered questions” regarding the cancellation of the northern leg of HS2, criticising the government’s understanding of the high-speed railway’s future operations. The Public Accounts Committee of MPs highlighted concerns that the remaining London-Birmingham line would offer “very poor value for money,” with projected costs expected […]
Two prominent British high street lenders, Virgin Money and TSB, have raised concerns about potential job losses, with Virgin Money indicating that more roles may be cut following the recent shedding of 150 employees, while TSB plans to eliminate around 300 positions. Virgin Money disclosed that it had reduced its workforce to slightly over 7,000 […]
Spotify, the leading streaming platform, recorded an operating loss of €75 million in the final quarter of last year. Despite this setback, the company reported that monthly active users and subscribers exceeded expectations. This operating loss marked a return to the red for the streaming giant, following a period of cost-cutting measures which included a […]
The Confederation of British Industry (CBI), one of the UK’s most influential business advocacy groups, has reached a settlement in a legal dispute with its former leader, Tony Danker. Danker’s tenure at the CBI ended abruptly last year following allegations regarding his conduct during his time as director general. These allegations, revealed in March 2023, […]
In a pivotal move for the future of the UK’s postal service, Kevin Hollinrake, the Post Office minister, is slated to engage in discussions regarding potential shifts in ownership structure. As reported by Bloomberg, Hollinrake will convene with stakeholders this week to deliberate various options, prominently featuring the prospect of transitioning to a mutually-owned arrangement. […]
British electric vehicle pioneer, Arrival, has entered administration, casting uncertainty over 170 jobs and signalling a major setback just three years after its valuation soared to over $15 billion. The Oxfordshire-based company, known for its innovative approach to electric vehicles, has enlisted the consultancy firm EY as administrator following challenges in launching its debut electric […]
UK businesses are grappling with an additional 10% average cost for gas and electricity, as revealed by a prominent litigation law firm in a new report. The firm, Harcus Parker, is leading a collective legal action involving thousands of small enterprises seeking to recover up to £2 billion in undisclosed broker fees added to their […]
The UK achieved a significant milestone last month as the one millionth electric car was registered, marking a noteworthy accomplishment despite a notable decline in sales, according to recent data. Private registrations for new electric vehicles (EVs) experienced a 25% decrease in January, posing a potential challenge to the country’s commitment to achieving net-zero emissions. […]
UK companies find themselves grappling with the second-highest levels of financial distress, as revealed by the Weil European Distress Index. German firms lead the distress index, reflecting the broader challenges faced by businesses across the continent. The primary driver for financial distress in the UK is dwindling profitability, echoing a trend observed throughout Europe. A […]