High street banks have begun hiking mortgage rates for borrowers with large deposits, in a move that could add hundreds of pounds a year to the cost of remortgaging for wealthier homeowners. The shift comes as stubborn inflation figures dampen hopes of further interest rate cuts this summer. Over the past week, nine lenders — […]
Hopes for a sustained recovery in UK hiring “hang in the balance” as employer sentiment is hit by concerns over rising payroll taxes and incoming workers’ rights legislation, according to a new report by the Recruitment & Employment Confederation (REC). In its latest survey released on Thursday, the REC found that while short and medium-term […]
Thames Water has been handed a record-breaking £122.7 million fine by Ofwat following two damning investigations into the UK’s largest water utility. The regulator found the company had breached key obligations relating to its wastewater operations and had unlawfully issued dividends despite poor environmental and customer performance. Ofwat confirmed this morning that £104.5 million of […]
The UK’s government bond market is increasingly exposed to the risk of sharp price swings and sudden sell-offs, the International Monetary Fund has warned, due to a growing reliance on hedge funds and foreign investors. In its annual health check of the UK economy, the IMF said the gilts market was showing signs of potential […]
University of Cambridge leaders have issued a stark warning that the UK risks falling behind in the race to commercialise world-class research unless it does more to support academic spin-out companies struggling to scale. Speaking at a London showcase of Cambridge’s most promising spin-outs, university figures and venture capitalists said that while Britain remains a […]
Oxford Brain Diagnostics (OBD) is preparing to launch its groundbreaking technology for the early diagnosis of dementia across the UK and US healthcare markets, following a wave of key regulatory approvals that mark a major milestone in the company’s growth. Backed by growth capital investor BGF, the Oxford-based medtech firm will begin commercial deployment of […]
The UK government has announced a major step forward in its international artificial intelligence strategy, unveiling plans for a new UK-EU collaboration that could deliver breakthroughs in healthcare, energy and advanced technologies, while boosting British jobs and economic growth. From today, UK public research organisations can apply to host the country’s first AI Factory Antenna […]
The Bank of England is facing a renewed challenge in its efforts to manage inflation and steer the economy, after fresh data showed starting salaries in the UK rose at their fastest pace in nearly three years. According to the latest figures from job search platform Adzuna, the average advertised salary hit £42,278 in April, […]
British taxpayers have injected more than £400 million into Sheffield Forgemasters, the historic steelmaker and defence contractor, just three and a half years after the company was brought into public ownership — burning through a decade’s worth of planned investment in record time. The Ministry of Defence confirmed this weekend that a total of £403 […]
Zuber Issa, the billionaire entrepreneur who co-led the £6.8 billion acquisition of Asda in 2021, is investing millions in a new venture — the revival of Duckhams, a storied British motor oil brand once favoured by Formula 1 legends including Nigel Mansell and Ayrton Senna. Issa’s investment, made independently of his brother Mohsin, is set […]