Business

Cash from the £1.5 million government-backed commercial loan to support Jaguar Land Rover’s supply chain is not reaching smaller suppliers quickly enough, raising fears that many SMEs could collapse before funds filter through. The warning came during a webinar hosted by audit and advisory firm Crowe, where participants highlighted the growing crisis facing UK automotive. ‘Worse than COVID-19’ for many suppliers One contributor described the situation as more damaging than the pandemic: “Nobody outside of...

Rumours that the Chancellor is preparing to add VAT to all taxi journeys in the autumn Budget have sparked concern across multiple industries, with hospitality leaders warning the move could deepen an already fragile economic environment. Charlie Gilkes, co-founder of the Inception Group, which operates restaurants and bars across London, said: “Policies like the taxi tax destroy the ecosystem in which the hospitality sector functions.” The sector is still reeling from last year’s Budget, which...

Rumour has it that Rachel Reeves is limbering up for November with a Budget that will make the taxman’s quill squeak like a stuck pig. Property, pensions, profits, pasties — all grist to the Exchequer’s mill. The Treasury is leaving no stone unturned, no pocket unpicked, no cupboard unopened. The only thing, one suspects, that remains miraculously safe from her fiscal scythe is Larry the Cat’s supper. Cat food, so far, has escaped. But give...

Baroness Michelle Mone has accused Chancellor Rachel Reeves of fuelling a “government vendetta” against her and her husband Doug Barrowman, following remarks reportedly made by Reeves at a Labour Party Conference fringe event this week. In a strongly worded statement posted on LinkedIn, Mone said Reeves “openly confirmed” that the government is pursuing a personal and political campaign against her, after responding “Too right we do” when asked about allegations of bias towards Mone and...

HSBC has warned business banking customers that personal identification documents submitted during account applications may have been compromised following unauthorised access to a third-party platform. In an email sent to customers earlier this month, the bank confirmed that identity documents, images and contact details provided when opening a business account were exposed in the breach. HSBC stressed that its own systems remained unaffected, with passwords, PIN codes and biometric security such as Voice ID uncompromised....

Artificial Intelligence (AI) is no longer a distant prospect for small businesses — it is already here, reshaping day-to-day operations and opening up new opportunities for growth. According to new research from YouGov, 31% of UK SMEs are actively using AI-powered tools, while a further 15% say they plan to adopt them in the near future. Just as AI has transformed wider society — with ChatGPT famously becoming the fastest-growing app in history by reaching...

Scottish cleantech spinout SeaWarm has secured £550,000 in funding to accelerate the rollout of its renewable heating technology, designed to cut fossil fuel use and lower carbon emissions across communities. The University of Edinburgh venture received £250,000 from angel investment syndicate Equity Gap, £250,000 from Scottish Enterprise, and £50,000 from Old College Capital, the university’s in-house venture fund. SeaWarm’s modular, low-cost heat exchanger system draws stable temperatures from rivers, lochs, seawater and minewater to provide...

The UK economy slowed sharply in the second quarter of 2025, with official figures confirming growth of just 0.3% between April and June, a marked deceleration from the 0.7% expansion in the first quarter. Data from the Office for National Statistics (ONS) showed that while the latest quarterly figure was unrevised, revisions to earlier estimates suggest growth in much of 2024 was stronger than first thought, even as momentum weakened heading into this year. The...

The British Business Bank has committed €20 million (£17.3m) to Notion Capital’s new €114 million (£98.6m) growth fund, Notion Capital Opportunities III. The investment strengthens the partnership between the state-backed bank and the London-based venture capital firm, which has a track record of backing high-growth UK and European software companies. The British Business Bank has been a long-standing backer of Notion Capital, investing in the firm’s last four core venture funds as well as its...

Thousands of taxpayers risk falling foul of HMRC’s rules this autumn, with two crucial deadlines approaching in October. Missing either of them could leave households facing an instant £100 fine, with penalties spiralling to as much as £1,600 for serious delays. Andrea L Richards, accountant and chief executive of Accounts Navigator, has urged individuals to act swiftly to avoid unnecessary charges, highlighting the 5 October self-assessment registration deadline and the 31 October paper return deadline....