Vauxhall and Peugeot owner Stellantis has earmarked £37m for claims linked to the UK car finance mis-selling scandal, as the FCA prepares a compensation scheme that could cost lenders up to £18bn.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Global Counsel cuts ties with Peter Mandelson amid Epstein revelations
Advisory firm Global Counsel is selling Peter Mandelson’s multimillion-pound stake after his dismissal as US ambassador and renewed scrutiny over his ties to Jeffrey Epstein.
Retailers warn hundreds of large shops could close under business rates rise
UK retailers say up to 400 large stores and 100,000 jobs are at risk if the government raises business rates on big sites to fund tax cuts for smaller firms, warning of closures, job losses and price hikes.
Barclays chief urges ministers to curb public sector pay and resist bank tax hikes
Barclays CEO CS Venkatakrishnan has warned the UK government to limit public sector pay rises and avoid further tax increases on banks as chancellor Rachel Reeves seeks to plug a budget shortfall.
Octopus Energy’s Chinese turbine deal sparks national security concerns
Octopus Energy has signed a deal with Chinese turbine maker Ming Yang Smart Energy to develop 6GW of wind farms, but Conservatives warn the move poses “unacceptable” risks to UK energy security.
UK economy stalls in July as manufacturing slowdown drags on growth
The UK economy recorded zero growth in July, with a sharp fall in manufacturing offsetting gains in services and construction. Economists warn of slower momentum heading into the third quarter.
LNER warns customers after passenger details exposed in cyber-attack
Train operator LNER has urged vigilance after a cyber-attack on a third-party supplier exposed some passenger contact details and journey records, though no payment data was accessed.
Sotheby’s losses more than double to $248m as global art market weakens
Sotheby’s reported losses of $248m in 2024 as art market demand slumped and severance costs surged, despite only 24 staff departures. Revenues fell 18% to $813m.
Rachel Reeves says economy is not broken, it’s just stuck
Chancellor Rachel Reeves says the UK economy is “stuck, not broken” as she considers reforms to business rates, aiming to remove cliff edges that penalise small firms expanding to new premises.
Larry Ellison overtakes Elon Musk as world’s richest man amid AI boom
Oracle founder Larry Ellison has surpassed Elon Musk as the world’s richest man, with his fortune surging to $393bn after AI-fuelled demand sent Oracle shares soaring 40%.
UK life sciences sector slipping in global investment race, industry warns
A PwC-backed report from the Association of the British Pharmaceutical Industry shows UK foreign direct investment in life sciences has fallen sharply, with big pharma executives warning of poor NHS policies and an uncompetitive environment.
Merck halts £1bn London HQ as pharma giant attacks UK support for life sciences
US drugmaker Merck scraps plans for a £1bn London research hub and cuts UK discovery operations, criticising government undervaluation of innovative medicines and NHS pricing policies.
Smart glasses and AI apps backed to transform mental health care in the UK
Seventeen projects share £3.6m funding to deliver AI-powered smart glasses, filter apps and XR therapies, supporting NHS mental health services nationwide.
Starmer strengthens grip on economic policy with new Budget Board
Keir Starmer tightens control of economic policy by creating a cross-government Budget Board ahead of November’s Autumn Statement, aiming to restore business confidence.
VCARB F1 drivers Hadjar and Lawson turn to Airtasker for bold helmet designs
Formula 1 drivers Isack Hadjar and Liam Lawson launch a £500 Airtasker challenge for fans to design special edition helmets as a surprise for their pit crew.
