The UK economy unexpectedly contracted for a second consecutive month in October, underlining the fragility of growth as households and businesses reined in activity ahead of the Chancellor’s Autumn Budget. Gross domestic product fell by 0.1 per cent in October, matching the decline seen in September, according to figures published by the Office for National Statistics. Economists had expected the economy to return to modest growth, forecasting an expansion of 0.1 per cent at the...
The British Design Fund (BDF) has secured a £5 million commitment from the British Business Bank to support early-stage UK businesses designing and manufacturing physical products, strengthening access to equity finance for product-led innovation across the country. The investment, made through the British Business Bank’s Regional Angels Programme, will support BDF’s mission to back founders building scalable, UK-based product businesses in sectors such as health, sustainability and assistive technology. The programme was launched in 2019...
The Office for Budget Responsibility (OBR) has been targeted by almost a quarter of a million cyber attacks over the past year, a dramatic surge that comes just weeks after the fiscal watchdog accidentally leaked the Chancellor’s Budget online. Freedom of Information data obtained by the Parliament Street think tank shows the OBR faced 238,678 hostile incidents in the past 12 months, including spam, malware, and phishing attempts. The figure represents a 162% increase on...
The founders of UK fintech GoCardless are set for a significant financial windfall after the payments company agreed to be acquired by Dutch rival Mollie in a deal valued at €1.05bn (£920m). The transaction is expected to deliver a major payday for GoCardless chief executive Hiroki Takeuchi, as well as fellow co-founder Tom Blomfield, one of Britain’s most prominent technology entrepreneurs and a co-founder of digital bank Monzo. Founded in London in 2011 by Takeuchi,...
A new leadership team has been appointed to the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services following its Annual General Meeting at Portcullis House, Westminster. Members from both Houses came together on 10 December to elect officers and agree the group’s priorities for the year ahead — a year they warn will be pivotal for rebuilding trust in the UK’s financial system. Hayes and Harlington MP John McDonnell was confirmed as the...
Americans spent nearly $2.64 billion on OnlyFans in 2025, cementing the United States as the platform’s largest and most lucrative market, new analysis reveals. Finbold, using data published by analytics firm OnlyGuider, calculated the figures across the first 334 days of the year, and the scale of spending is extraordinary. On average, Americans collectively shelled out $237 million per month, $55 million per week, and $7.9 million every day on the London-based subscription platform. That...
A major US defence technology company is preparing to manufacture next-generation autonomous fighter drones for the British Army on the Isle of Wight, marking one of the most significant foreign defence investments in UK aerospace in years. California-based Anduril Industries, the fast-rising defence start-up valued at $30bn, has partnered with British engineering group GKN Aerospace to build components for the drones in Cowes. The plan hinges on winning a Ministry of Defence competition to produce...
Policy uncertainty in Westminster is weighing heavily on Britain’s small business sector, according to one of the City’s most influential bankers. Kunal Shah, co-head of Goldman Sachs International, warned that a lack of clarity over taxation and employment laws is creating an “overhang” that is discouraging entrepreneurs from investing and hiring. Speaking to The Times ahead of a House of Commons reception marking 15 years of Goldman’s 10,000 Small Businesses programme, Shah said founders were...
The UK’s long-running “risk premium” in financial markets appears to be unwinding, with economists claiming investors are regaining confidence in Rachel Reeves’ fiscal strategy — and that the shift could save taxpayers billions of pounds over the next five years. New analysis from the Institute for Public Policy Research (IPPR), a think tank with longstanding ties to Labour, shows gilt yields have fallen faster than those in the US and eurozone since September. The move...
Britain’s live events industry has issued a stark warning to the Prime Minister, urging an immediate review of the government’s new Business Rates system amid fears it will trigger widespread venue closures, job losses and higher ticket prices across the country. In a strongly worded letter sent to No 10, senior figures from the sector said the changes unveiled at the Budget — including steep revaluations by the Valuations Office Agency (VOA) and a higher...
