Business

Cutting net migration to zero would deliver a short-term boost to living standards but ultimately prove “fiscally unsustainable”, leaving the UK economy smaller, public finances weaker and the deficit permanently higher, according to new analysis. The warning comes from the National Institute of Economic and Social Research (NIESR), which said a zero net migration policy would shrink the economy by 3.6 per cent by 2040 and reduce the workforce by around 2.5 million people compared...

UK-founded legaltech business Lawhive has raised $60 million (£47m) in Series B funding as it accelerates its expansion across the US consumer legal market and doubles down on its AI-driven operating model. The round was led by Mitch Rales, co-founder of Danaher Corporation, one of the world’s most successful public companies. Existing and new backers participating in the round include TQ Ventures, GV, Balderton Capital, Jigsaw, Anton Levy and LTS. The raise comes less than...

UK-based artificial intelligence voice company ElevenLabs has raised a further $500 million in fresh funding, pushing its valuation to $11 billion and cementing its position as one of Britain’s most valuable private tech firms. The latest round was led by Sequoia Capital, with participation from existing investors including Andreessen Horowitz and actor Matthew McConaughey. The deal more than triples ElevenLabs’ valuation from a year ago and brings total funding raised since its 2022 launch to...

UK wealth-tech Sidekick has raised £7.8m in Series A funding as it looks to expand access to investment products traditionally available only through private banks. The round was led by Eos Ventures and the Development Bank of Wales, with participation from Koro Capital and existing investors including Seedcamp, MS&AD Ventures, TheVentureCity, PactVC, Blackwood, 1818 Venture Capital and Semantic Ventures. Founded in 2022, Sidekick targets professionals whose financial needs have become more complex as incomes and...

The UK Government has announced an £80 million investment to help students gain the specialist skills needed to support the long-term growth and resilience of the UK defence industry. The funding forms part of a wider £182 million Defence Industrial Strategy skills package and is designed to address persistent shortages in high-demand areas such as engineering, cyber security and advanced manufacturing, all of which are considered critical to national security. Ministers say the investment will...

The UK Government has announced a £36 million investment to expand access to advanced artificial intelligence computing, backing a major upgrade of the University of Cambridge’s DAWN supercomputer. Ministers say the move will give British researchers and startups free access to high-performance AI computing power that is typically dominated by global technology giants, helping to level the playing field for smaller teams working on public-interest innovation. The funding will increase DAWN’s capacity sixfold within months,...

American Express has launched a new Flexible Payment Option designed to give UK small businesses greater control over cashflow, allowing eligible cardholders to unlock an instant line of credit directly through their business charge card. The new feature is available to new Business Platinum and Business Gold Cardmembers and enables them to choose how they repay their monthly statement balance. Cardholders can either pay in full, pay the minimum amount due, or repay any amount...

Big ideas often get credit for changing careers and industries. But ideas alone do nothing without follow-through. Frank Elsner’s career shows how steady action, applied over time, can turn practical ideas into real results. His path is not built on sudden wins. It is built on discipline, learning, and showing up prepared. Today, Elsner serves as Chief of Safety and Security for the Natural Factors Group of Companies. His work reflects decades of experience across...

Peter Jones has added the American Golf chain to his growing business empire, snapping up the UK’s largest golf retailer in a deal that marks a new chapter for the loss-making brand. The Dragons’ Den investor, a keen golfer who is said to play off a handicap of eight, has agreed to acquire American Golf from private equity group Endless, which has owned the business since 2018. Financial terms of the deal have not been...

Pinterest has dismissed two engineers after they created and shared a software tool that identified colleagues who had been made redundant during a recent round of job cuts, according to reports. The digital pinboard company announced earlier this month that it would cut about 15 per cent of its workforce, roughly 700 roles, as chief executive Bill Ready said the business was “doubling down on an AI-forward approach”. Pinterest did not disclose which teams would...