The financial technology powerhouse Revolut has finally obtained a long-anticipated banking licence from the Bank of England’s Prudential Regulation Authority (PRA), enhancing its capability to compete with traditional high street banks and providing improved consumer protections for millions of UK customers. Revolut’s pursuit of this licence spanned three years, significantly longer than usual due to […]
UK car production has experienced a 7.6 per cent drop in the first half of 2024 as manufacturers shift their focus towards electric vehicle (EV) production. The Society of Motor Manufacturers and Traders (SMMT) reported that 416,074 new cars were produced, marking a decrease of 34,094 units compared to the same period in 2023. This […]
Rachel Reeves, the Chancellor of the Exchequer, may use an upcoming review of public finances to introduce up to £25 billion in tax increases, according to Michael Saunders, a former member of the Bank of England’s monetary policy committee and current adviser to Oxford Economics. In her inaugural speech as chancellor, Reeves announced a comprehensive […]
Shoplifting in England and Wales has soared to its highest level since records began, with criminals seemingly operating “without fear of apprehension.” The Office for National Statistics (ONS) reported a 30% increase in shoplifting offences compared to last year, with 443,995 incidents recorded in the year to March 2024. This surge in theft has coincided […]
Ed Miliband, the energy security and net-zero secretary, is set to announce an ambitious plan for state-owned Great British Energy (GBE) to partner with the Crown Estate in a drive to significantly expand the UK’s offshore wind capacity. This initiative aims to rejuvenate public ownership in the energy sector, focusing on the development of thousands […]
Huw Edwards emerged as the BBC’s highest-paid journalist last year, earning £480,000 despite being suspended for nine months. The annual report reveals that Edwards received a £40,000 pay rise, making him the corporation’s third-highest earner. Suspended in July 2023 over allegations of paying a young man for explicit images, Edwards did not resign until April, […]
Carpetright’s future has been partially secured through a rescue deal, but the move has resulted in the loss of over 1,000 jobs. Rival flooring retailer Tapi has purchased 54 out of 272 Carpetright stores and two warehouses through a pre-pack administration, which allows the selective acquisition of assets. This transaction has retained 308 staff members. […]
The UK Space Agency has awarded a £1.3 million Major Project grant to Orbit Fab under the National Space Innovation Programme, marking a significant step towards pioneering sustainable space operations. This funding will support the development of a high-pressure variant of the RAFTI (Rapidly Attachable Fuel Transfer Interface) refuelling port, slated for release in 2025. […]
Hammerson, a major player in the UK’s retail property sector, has sold its 40 per cent stake in Value Retail, the owner of Bicester Village and eight other high-end outlet shopping centres across Europe, to LVMH and its private equity arm, L Catterton, for £1.5 billion. This sale is part of a broader strategy to […]
Nadhim Zahawi, the former Conservative chancellor, is preparing a £600 million bid to acquire the Telegraph Media Group, which includes The Daily Telegraph, The Sunday Telegraph, and The Spectator magazine. According to Sky News, Zahawi is currently securing support from potential backers, including the Reuben family, noted stakeholders in Newcastle United FC. Zahawi’s bid comes […]