Chancellor Rachel Reeves has exhausted the UK’s £9.9bn borrowing buffer, with economists warning she may be forced to raise taxes amid sluggish growth and Trump’s trade war threats.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
UK steel industry warns Trump’s tariffs are a ‘sledgehammer to free trade’
Trump’s 25% tariffs on UK steel exports spark fears of trade war, with industry leaders warning of “huge ramifications”. No 10 refuses to criticise White House decision.
UK and US refuse to sign global AI declaration, citing national interests
The UK and US have refused to sign an international AI declaration at the Paris summit, citing national interests. The move puts them at odds with global AI regulation efforts.
Consumer confidence rebounds as spending sees biggest rise in two years
UK consumer spending surged to its highest level in nearly two years, rising by 2.6% in January. While discretionary spending is up, businesses face cost pressures from rising wages and national insurance hikes.
Shein drops UK warehouse plans as doubts grow over London stock market listing
Shein has scrapped plans to open a UK warehouse, further clouding its prospects for a blockbuster £50bn listing on the London Stock Exchange.
HMRC lowers late payment interest following Bank of England rate cut
HMRC is cutting late payment interest to 7% following the Bank of England’s rate cut—but taxpayers still face double the interest rate on overdue tax bills compared to refunds.
Labour urged to stand firm on workers’ rights bill as poll reveals overwhelming public support
Labour faces calls to defend its workers’ rights bill as a major poll reveals overwhelming public support, including among Conservative and Reform voters.
Banks to roll out coin ATMs in communities hit by branch closures
Banks are launching coin-enabled ATMs in response to new regulations ensuring cash services remain available in communities hit by branch closures.
Airlines demand urgent review of Heathrow’s costs before third runway approval
Airlines flying from Heathrow are demanding an urgent regulatory review before a third runway is approved, warning that rising costs could lead to higher passenger charges.
Miliband refuses to reveal his personal view on controversial third runway at Heathrow
Ed Miliband, the Energy Security and Net Zero Secretary, has declined to reveal his personal view on the controversial third runway at Heathrow, despite Labour’s public backing of airport expansion.
Starmer targets digital trade deal with Trump as ministers plot US pact
Sir Keir Starmer is courting a US trade deal with Donald Trump focused on digital services, with ministers eyeing opportunities to boost the UK’s fastest-growing export sector.
Nissan looks set to abandon Honda merger as search for EV partner accelerates
Nissan may exit merger talks with Honda in favour of a new EV-focused partnership, potentially with Taiwan’s Foxconn.
Nine in ten businesses face recruitment struggle as entry-level skills fall short
Nine in ten English businesses say they are struggling to fill skills gaps, with entry-level vacancies hardest hit.
Bank of England trims rates again to 4.5% as economic growth falters
The Bank of England has reduced its base rate to 4.5 per cent — the third such cut in six months — as policymakers seek to shore up Britain’s weakening economy.
Bank of England poised for interest rate cut amid slowdown concerns
The Bank of England is expected to lower its key interest rate later today, moving from 4.75% to 4.5%, in a bid to counter the UK’s sluggish economic performance.
