News Archives

The Scottish government is in line for a windfall of almost £700m after the largest ever auction of the country’s seabed plots attracted bids from big oil and renewable energy companies hoping to build next generation windfarms.

Ready-to-build wind farm ‘loses out to speculative projects’

2 March 2026 News Jamie Young 0 Comments

Scottish Power has warned that “shovel-ready” offshore wind farms capable of contributing to the government’s 2030 clean power target have missed out on subsidy contracts to earlier-stage schemes that may not be built in time, or at all.

HM Revenue & Customs figures indicate that thousands of small firms may be deliberately limiting expansion to avoid crossing the UK’s £90,000 VAT registration threshold, fuelling renewed calls for reform of what critics describe as a “cliff-edge” tax system.

Businesses curb growth to duck VAT threshold, HMRC data suggests

2 March 2026 News Amy Ingham 0 Comments

HMRC data suggests thousands of UK small businesses are restricting growth to avoid the £90,000 VAT threshold, prompting renewed calls for reform of the tax “cliff edge”.

Hornby steers sale of near 70-year-old toy brand Scalextric for £20m

27 February 2026 Get Funded, News Jamie Young 0 Comments

Hornby has agreed to sell iconic slot car brand Scalextric to Purbeck Capital Partners for £20m, using the proceeds to cut debt and refocus on core brands including Airfix and model railways.

Britain’s car manufacturing output has slumped to its lowest point in more than seven decades after a devastating cyber attack brought Jaguar Land Rover’s (JLR) assembly lines to a standstill for more than a month.

UK car production falls 13.6% in January as exports slide

27 February 2026 News Jamie Young 0 Comments

UK car production dropped 13.6% in January, with exports driving the decline, according to the SMMT. Electric vehicle output also fell as global demand softened.

Transport Salaried Staffs’ Association (TSSA) has called for Sir Keir Starmer to resign as Labour leader following the party’s defeat to the Green Party in the Gorton and Denton by-election.

TSSA calls for ‘urgent change’ in Labour leadership after by-election defeat

27 February 2026 News Paul Jones 0 Comments

Transport Salaried Staffs’ Association (TSSA) has called for Sir Keir Starmer to resign as Labour leader following the party’s defeat to the Green Party in the Gorton and Denton by-election.

The owner of British Airways has launched a fresh €1.5 billion share buyback after reporting record annual profits, underlining the scale of the post-pandemic turnaround in the airline industry. International Airlines Group (IAG), which also owns British Airways, Iberia, Aer Lingus and Vueling, reported a 22 per cent rise in profit after tax to €3.34 billion for 2025. Group revenues climbed 3.5 per cent to €33.2 billion, despite passenger numbers edging down slightly to 121.5 million compared with the previous year. The improvement was driven by stronger pricing and higher revenue per passenger rather than volume growth. In response, the FTSE 100-listed airline group announced an 8.9 per cent increase in its dividend and unveiled a €1.5 billion share buyback programme. It follows a €1 billion buyback completed last year and adds to a growing trend of large UK corporates returning surplus cash to investors. IAG said market conditions remained supportive, citing long-term demand growth across its core transatlantic and European markets, combined with constrained aircraft supply as manufacturers struggle with delivery delays. “Market dynamics are compelling – long-term demand growth in our core markets and constrained supply in a consolidating industry,” the company said. Share buybacks reduce the number of shares in circulation, increasing earnings per share and often supporting share price performance. IAG’s shares, which were trading below £1 during the depths of the pandemic, are now approaching historic highs, having previously peaked at around 470p in 2018. The group has moved decisively from a crisis-era balance sheet to financial strength. Just over three years ago, IAG was carrying close to €20 billion of debt as international travel collapsed under Covid restrictions. Since then, it has restored profitability and significantly reduced leverage. Luis Gallego, IAG’s chief executive, said the group’s improved profitability was underpinned by higher margins across its airline brands. Iberia delivered an operating margin of 16.2 per cent, while British Airways achieved 15.1 per cent — both historically strong levels for the group. “Our margins are significantly better than those of many global competitors,” Gallego said. Looking ahead, IAG expects to grow capacity by between 2 and 4 per cent annually over the next few years. However, it anticipates that supply constraints — driven by delays from aircraft manufacturers — will limit industry-wide expansion, supporting pricing power. The North Atlantic remains IAG’s most important market, although growth has moderated. The group described the route network as increasingly mature, with future expansion likely to be in the low single digits. Demand from US travellers softened slightly during the summer peak season last year. By contrast, IAG expects mid-single-digit growth in the South Atlantic, where it holds a strong competitive position. Short-haul European operations, which account for more than a third of group capacity, have faced pressure from rising operating costs and weaker demand in parts of northern Europe. Despite those headwinds, the airline group’s record profitability and enhanced shareholder returns mark a striking contrast to its precarious position during the pandemic — and reinforce investor confidence in the durability of premium transatlantic and leisure travel demand.

IAG unveils €1.5bn share buyback after record profits at British Airways owner

27 February 2026 News Amy Ingham 0 Comments

British Airways owner IAG unveils a €1.5bn share buyback after profits jump 22% to €3.34bn, as stronger pricing offsets lower passenger numbers and boosts margins.

Rolls-Royce has signalled it could manufacture its next-generation UltraFan engine outside Britain unless the government provides financial support, raising fresh questions about the UK’s commitment to its aerospace industrial strategy.

Rolls-Royce warns UltraFan production could shift overseas without UK backing

27 February 2026 News Amy Ingham 0 Comments

Rolls-Royce warns UltraFan narrowbody engine production may move overseas without UK government support, as it seeks up to £200m in funding to compete with US and French rivals.

MPs have approved Doug Gurr as fit to become the next permanent chair of the Competition and Markets Authority (CMA), but warned ministers that additional safeguards are needed to protect the regulator’s independence and address potential conflicts of interest.

MPs back Doug Gurr for CMA chair but demand safeguards over conflicts and independence

26 February 2026 News Paul Jones 0 Comments

MPs have approved Doug Gurr as fit to become the next permanent chair of the Competition and Markets Authority (CMA), but warned ministers that additional safeguards are needed to protect the regulator’s independence and address potential conflicts of interest.

Ocado’s chief executive Tim Steiner has blamed Chancellor Rachel Reeves’s tax rises for pushing up the price of groceries, warning it is “unrealistic” to expect businesses to absorb significant increases in labour costs without passing them on to consumers.

Ocado to axe 1,000 jobs in cost-cutting drive

26 February 2026 News Jamie Young 0 Comments

Ocado plans to cut 1,000 jobs – around 5% of its workforce – as it seeks £150m in savings amid widening losses and pressure on its global tech model.

The number of young people not in education, employment or training has edged closer to one million, underlining mounting pressure on Britain’s fragile labour market and intensifying calls for targeted intervention from ministers.

Nearly one million young people out of work or education as Neet rate edges higher

26 February 2026 News Jamie Young 0 Comments

Almost 957,000 16–24 year-olds are not in education, employment or training, with youth unemployment nearing crisis levels as the labour market weakens.

OpenAI is to expand its London research centre to become its largest hub outside the United States, setting the stage for an intensified battle with Google DeepMind for top artificial intelligence talent in the UK capital.

OpenAI to make London its largest research hub outside US

26 February 2026 News, Technology Business Matters 0 Comments

OpenAI will expand its London research centre to become its largest hub outside the US, intensifying competition with Google DeepMind for top AI talent.

The chief executive of PizzaExpress, the founder of MOBO Awards and the co-founder of one of Europe’s fastest-growing matcha brands are among the finalists for the 2026 Veuve Clicquot Bold Awards.

Veuve Clicquot unveils bold woman award shortlist for 2026

26 February 2026 News Amy Ingham 0 Comments

Veuve Clicquot reveals the 2026 Bold Woman and Bold Future Award shortlist, celebrating leaders from PizzaExpress, MOBO, Bags of Ethics and high-growth start-ups.

John Lewis pulls plug on build-to-rent venture amid retail reset

25 February 2026 News Jamie Young 0 Comments

John Lewis Partnership has scrapped its build-to-rent housing plans, citing inflation and higher interest rates as it refocuses on core retail operations.

A recent study of the UK's largest firms has highlighted that neurodiverse business leaders should serve as role models within their organisations.

Heston Blumenthal’s restaurant empire under threat after HMRC winding-up petition

25 February 2026 News Jamie Young 0 Comments

Heston Blumenthal’s parent company SL6 Ltd faces a winding-up petition from HMRC after posting £2m losses, putting 130 jobs at risk.

Aston Martin has confirmed it will cut 20% of its workforce after annual losses widened sharply, as the luxury carmaker battles weak global demand and the impact of US trade tariffs.

Aston Martin to cut 20% of workforce as annual losses widen

25 February 2026 News Paul Jones 0 Comments

Aston Martin will cut around 600 jobs after net losses surged 52% to £493m, as tariffs and weak China demand hit the luxury carmaker.

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