Frasers Group has voted to block Boohoo’s attempt to change its holding company name to Debenhams, escalating a long-running feud between the UK retail giants. The move, led by Mike Ashley’s group, which owns a 27 per cent stake in Boohoo, effectively prevented the resolution from passing at a general meeting on Friday. The motion […]
The UK’s £8 billion-a-year R&D tax credit scheme is facing a major shake-up as the government moves to tackle widespread fraud and error while improving accessibility for genuine claimants. Proposals outlined in a consultation published alongside the Spring Statement suggest that businesses may soon be required to obtain formal pre-approval — or “advance assurance” — […]
Apprenticeship and workplace training provider Multiverse has posted a 29 per cent rise in sales to £58.4 million for the year ending March 2024, but its losses also deepened, underscoring the high cost of its rapid expansion. Founded by Euan Blair, son of former Prime Minister Sir Tony Blair, the company reported pre-tax losses of […]
Elon Musk has announced an $80 billion merger of his artificial intelligence venture xAI with social media platform X, formerly Twitter, in a move he claims will “unlock immense potential” by combining AI capabilities with real-time user interaction. The non-cash transaction values xAI at $80 billion and X at $33 billion — or $45 billion […]
UK retail sales delivered a surprise boost in February, rising by 1 per cent month-on-month and defying expectations of a downturn, as consumers continued to spend on clothing, homewares and household goods despite lingering economic uncertainty. The latest figures from the Office for National Statistics (ONS) mark the second consecutive month of growth in retail […]
WH Smith, one of the UK’s oldest and most recognisable retail brands, is set to vanish from the high street after 233 years following the sale of its high street division to Modella Capital for £76 million. The historic books and stationery chain, established in 1792, has sold its entire portfolio of 480 UK high […]
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A sweeping new round of tariffs from President Trump has sent shockwaves through global markets, wiping billions of euros off the value of major European carmakers and dealing a fresh blow to the UK’s automotive sector. Trump’s decision to impose a 25 per cent tariff on all imports of cars and parts into the US […]
The UK faces an eye-watering debt interest bill of nearly £600 billion over the next five years, according to the Office for Budget Responsibility (OBR), as the government contends with soaring borrowing costs, weak economic growth, and mounting fiscal pressure. The stark projection was released alongside Chancellor Rachel Reeves’s spring statement, which included a £14 […]
Next has become only the fourth UK retailer in history to post annual pre-tax profits exceeding £1 billion, joining the ranks of Tesco, Marks & Spencer, and Kingfisher. The FTSE 100-listed fashion and homewares giant reported a profit of £1.01 billion for the year to 25 January — up 10.1 per cent on the previous […]