Next’s chief executive, Lord Wolfson, has sold a £29m stake in the retail giant ahead of potential changes to the capital gains tax (CGT) system, expected in Chancellor Rachel Reeves’s maiden Budget next month. New filings reveal that the Conservative peer offloaded 290,000 shares between Friday and Tuesday, valuing his total stake at £29.2m. Prior…
Marlow Foods, the parent company of plant-based brand Quorn, has reported a £63m loss as demand for meat alternatives continues to wane. Sales fell by 6.9% to £205m in the last financial year, prompting the company to shed nearly 100 jobs as part of a restructuring programme. Quorn’s sales across retailers dropped 8.6% in the…
Meta Platforms has paused the launch of its latest artificial intelligence technology in Britain and the European Union due to concerns over fragmented AI regulations. While the new AI products, including smart glasses and a digital assistant, will be rolled out in the US, Canada, Australia, and New Zealand, Europe faces delays. Meta cited uncertainty…
Private schools in Wales could lose their charitable status from April 2024 under new proposals set out by the Welsh Labour government. The move would require fee-paying schools to pay domestic rates, a change expected to bring in an additional £1.3 million per year. This comes on top of UK-wide plans to impose VAT on…
We sit down with Jennifer Davidson, the founder of Sleek, a leading experience marketing agency based in London with a global client base. Known for delivering captivating, immersive events that challenge norms and inspire change, Davidson shares the journey behind launching Sleek and discusses the agency’s core mission to create meaningful connections through expertly crafted…
Optimism among the UK’s SMEs has risen for the third consecutive year, according to new research from American Express. Nearly 70% of business leaders are confident about their future, up from 67% in 2023 and 65% in 2022. The biggest boost in sentiment came from micro enterprises (1-9 employees), where confidence grew from 62% last…
Middle-class homeowners across the UK are postponing their kitchen renovation plans as fears mount over potential tax hikes in the forthcoming October Budget. The possibility of higher taxes, signalled by shadow chancellor Rachel Reeves, has led to a marked decline in consumer confidence, according to kitchen retailers. Jamie Everett, co-founder of bespoke kitchen manufacturer Naked…
Companies may soon be required to offer regular contracts to workers on zero-hours agreements after just three months, under proposed reforms being discussed by the Labour Government. Deputy Prime Minister Angela Rayner and Business Secretary Jonathan Reynolds informed business leaders and unions in a private meeting that new legislation could oblige employers to offer zero-hours…
The pound surged to its highest level since March 2022, breaking through the $1.33 mark, after the Bank of England decided to keep interest rates steady at 5 per cent and signalled a gradual approach to monetary loosening. Sterling rose by as much as 0.7 per cent against the dollar, hitting $1.331, following the Bank’s…
The UK government is set to introduce new measures aimed at tackling late payments by large firms to small businesses, an issue that contributes to the collapse of 50,000 SMEs every year. On average, delayed payments cost small businesses £22,000 annually, according to research from the Department for Business & Trade (DBT) and the Federation…
More than one-third of women (36%) believe they are not paid the same as men within their organisation, according to a recent survey commissioned by Acas ahead of International Equal Pay Day on 18th September. The survey, conducted by YouGov, highlights ongoing perceptions of pay inequality, despite legal requirements for men and women to receive…
Will Shu, founder and chief executive of Deliveroo, has sold shares worth nearly £15 million, just a month after the food delivery company reported its first profit. Between September 12 and September 16, Shu sold 9.4 million shares, valued at £14.8 million, to fund personal property investments. Despite the sale, Shu still retains 95.8 million…
Harland & Wolff, the historic Belfast shipyard known for building the Titanic, is on the brink of administration, putting a £1.6 billion contract to build three Royal Navy warships at risk. The troubled shipyard, which is expected to file for administration as early as Monday, faces a cash shortfall by the end of this month,…
Scotland’s last remaining oil refinery at Grangemouth will close between April and June next year, resulting in the loss of 400 jobs and leaving the UK with only a handful of refineries. The closure, announced by Petroineos—a joint venture between Sir Jim Ratcliffe’s Ineos and PetroChina—comes as domestic demand for motor fuels declines, exacerbated by…
The skills gap in the UK continues to widen, with 72% of companies reporting shortages in critical areas such as AI, data analytics, and cybersecurity—up from 69% in 2023, according to DocuSign’s Digital Maturity Report 2024. As a result, businesses are increasingly turning to ‘quiet hiring,’ upskilling their current employees, and deploying AI tools like…
