News

British businesses shed staff at the sharpest rate in more than three years in the run-up to Rachel Reeves’s second budget, as months of swirling tax speculation paralysed hiring decisions and pushed employers into contraction mode. New figures from the Bank of England show private-sector employment fell by 1.8% in November – the steepest monthly drop since July 2021. Finance directors told the Bank they also expect to reduce their workforces by an average of...

One of Britain’s biggest DIY investment platforms has warned that prolonged budget speculation inflicted real financial damage, after savers rushed to drain about £600 million from their pensions amid fears Rachel Reeves would slash tax-free lump sum rules. Michael Summersgill, chief executive of AJ Bell, said months of rolling briefings and hints of a tax raid had prompted thousands of customers to make precautionary withdrawals in September and October, convinced the Treasury was preparing to...

Ocado has claimed a rare financial win after US grocery giant Kroger agreed to pay the British retail-tech group $350 million (£276m) in compensation, even as it scrapped another of the automated warehouses built around Ocado’s much-touted robotic fulfilment technology. Shares in the FTSE 250 company jumped as much as 16% in early trading on Friday before settling nearly 7% higher, offering brief respite for a business that has seen its market valuation collapse from...

The UK’s electric vehicle market hit the brakes in November, delivering its weakest growth in almost two years as the Chancellor’s looming pay-per-mile tax sowed uncertainty among buyers, and left Tesla nursing the sharpest fall in registrations. New figures from the Society of Motor Manufacturers and Traders (SMMT) show that just under 40,000 battery-electric vehicles (BEVs) were registered last month — only a 3.6% rise on November 2024, and a dramatic slowdown for a sector...

Barclays Eagle Labs and Sustainable Ventures launch National Climate Tech Accelerator to supercharge UK’s green innovation economy The UK’s climate tech sector is set for a major boost as Barclays Eagle Labs and Sustainable Ventures officially launch the National Climate Tech Accelerator (NCTA) — a nationwide programme designed to fast-track the growth of the UK’s most promising climate and sustainability startups. Applications opened in early November, and more than 80 high-potential climate tech founders from...

Netflix has agreed a £54 billion deal to buy Warner Bros, setting the stage for one of the biggest and most transformative mergers the entertainment industry has ever seen. The streaming giant confirmed on Friday that it had reached a $72 billion agreement to acquire Warner Bros Discovery’s storied film and TV assets, including HBO — the home of Succession, The Last of Us and Game of Thrones. If approved by US regulators, the takeover...

HMRC’s newly strengthened tax informant reward scheme — unveiled in last month’s Budget and launched with immediate effect — is facing an early backlash from business owners who warn it could trigger a wave of malicious claims and cost the Revenue far more than it recovers. The scheme gives HMRC the power to pay informants 15–30% of additional tax recovered above a minimum threshold of £1.5 million, excluding penalties and interest. Officials say the measure...