HSBC chiefs warn the Iran conflict is denting global confidence, as UK bosses from Castore to Virgin Atlantic flag soaring costs, supply chain chaos and inflation risks.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Morrisons to axe up to 200 head office jobs as AI drive accelerates
Morrisons is putting up to 200 Bradford head office roles at risk as the debt-laden supermarket turns to AI and automation to cut costs and streamline operations.
Rolls-Royce targets collectors with £3m electric Nightingale as coach-building strategy accelerates
Rolls-Royce unveils the £3m all-electric Nightingale, a coach-built hypercar limited to 100 clients, as the Goodwood marque pivots from volume to bespoke luxury.
Government doubles down on gaming with £30m funding package as sector eyes global growth
The UK government has unveiled a £30m funding package for video game developers, doubling support for the sector through its Creative Industries Sector Plan and Industrial Strategy.
Rising energy costs from Middle East conflict set to leave UK households £480 worse off this year
Resolution Foundation warns typical working-age household faces 0.6% income decline as oil and gas price rises driven by Iran conflict wipe out energy cap savings.
Founders push for ‘repeat entrepreneur relief’ to keep exit capital flowing back into UK start-ups
Entrepreneurs are urging the Treasury to introduce a capital gains tax deferral for founders who reinvest exit proceeds into new UK ventures within 12 months, as lobbying intensifies around repeat entrepreneur relief.
OpenAI doubles down on London with first permanent office despite Stargate U-turn
OpenAI has signed a lease on an 88,500 sq ft King’s Cross office with capacity for 544 staff, signalling plans to more than double its UK workforce even after scrapping its Tyneside data centre project.
UK business confidence crashes to Covid-era lows as Iran conflict forces firms into survival mode
British business confidence has plunged to its lowest since the first Covid lockdown as the Iran war drives up energy costs and forces firms to shelve hiring and investment plans.
OECD urges Reeves to overhaul ‘inefficient’ UK tax system
The OECD has called on Chancellor Rachel Reeves to launch an in-depth review of Britain’s “inefficient” tax system, warning distortions and loopholes are throttling investment and growth.
Easter lifts footfall but retailers brace for April cost squeeze
UK retail footfall rose 2.4% in March as Easter drew shoppers back, but the BRC warns April tax rises, wage hikes and fuel costs threaten high street recovery.
OpenAI pulls plug on Stargate UK, leaving Starmer’s AI superpower pitch in tatters
OpenAI has paused its Stargate UK data centre investment, citing sky-high British energy prices and copyright uncertainty, in a blow to Labour’s AI superpower ambitions.
JLR battery plant lands £380m as government unveils £700m EV package
Jaguar Land Rover’s Somerset gigafactory secures £380m as part of a £700m government package backing British EV manufacturing, R&D and SME supply chain firms.
Mortgage defaults hit two-year high as Iran crisis drives borrowing costs sharply higher
Bank of England Credit Conditions Survey shows mortgage defaults at a two-year high as the Iran crisis drives borrowing costs up, squeezing homeowners and SMEs.
Oil price surges towards $100 as Middle East ceasefire begins to unravel
Brent crude jumps 4% towards $100 a barrel after Iran closes the Strait of Hormuz in response to Israeli strikes, threatening 20% of global oil and gas supplies.
Vinted breaks the billion-euro barrier as thrifty shoppers embrace second-hand fashion
Vinted revenues rose 38 per cent to €1.1bn as cash-strapped consumers turn to second-hand fashion, with the UK now its second-largest market boasting 16 million users.
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