News

The UK economy shrank for the second consecutive month in May, in an early setback for new Chancellor Rachel Reeves and a sign that the fragile recovery may be stalling. According to figures released this morning by the Office for National Statistics (ONS), GDP contracted by 0.1% in May, falling short of analysts’ expectations for a modest rebound. This follows a sharper 0.3% drop in April and marks the second month of decline after a...

The UK government is exploring emergency options to save Speciality Steel UK (SSUK), a major South Yorkshire steelmaker employing more than 1,400 people, as fears mount it could collapse into administration following a critical court hearing next week. Business Secretary Jonathan Reynolds is said to be actively considering contingency plans, including the possibility of taking the company into public ownership if its parent, Liberty Steel, fails to secure new funding or a buyer. The move...

Poundland is battling to keep shelves stocked after major consumer goods suppliers including Nestlé and Procter & Gamble reportedly tightened credit terms in response to mounting concerns over the retailer’s financial stability. The high street discount chain, which operates about 800 stores and employs 16,000 staff across the UK and Ireland, was sold last month for just £1 to Boston-based restructuring specialist Gordon Brothers. The deal marked the end of Pepco Group’s ownership, which had...

Sandbanks, long considered Britain’s most exclusive coastal enclave, is facing a sharp slowdown in demand as punitive tax changes under both the Conservative and Labour governments send high-net-worth buyers fleeing to tax-friendlier destinations abroad. The Dorset peninsula, which once topped global lists alongside Monaco and Palm Beach, is experiencing a marked dip in buyer interest – with properties stagnating on the market and developers pulling out, experts warn. According to new analysis and agent testimony,...

The High Court trial between PPE Medpro and the Department of Health and Social Care (DHSC) drew to a close on its twelfth day, as the defence delivered a final volley of arguments accusing the government of failing to mitigate its alleged losses, relying on “unevidenced” cost claims, and ultimately using PPE Medpro as a scapegoat for pandemic-era procurement mismanagement. In his final remarks, Charles Samek KC, counsel for PPE Medpro, reinforced the core message...

MPs have raised serious concerns that the UK could “compromise the integrity” of its financial markets by watering down listing rules to accommodate controversial fast-fashion giant Shein. In a strongly worded letter to the Financial Conduct Authority (FCA), the cross-party Business and Trade Committee said it would be “deeply concerned” if UK disclosure standards were weakened in a bid to attract Shein’s long-anticipated London Stock Exchange (LSE) flotation. The intervention follows reports that Shein, a...