British electric vehicle pioneer, Arrival, has entered administration, casting uncertainty over 170 jobs and signaling a major setback just three years after its valuation soared to over $15 billion.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Private Sector Expansion Bolsters UK Economic Outlook Despite Manufacturing Decline
The latest data reveals that the UK’s private sector experienced stronger expansion than initially estimated in the previous month, sparking optimism amidst expectations of easing inflation and potential interest rate cuts, paving the way for enhanced economic growth.
Londoners sink £25m party ship in new blow for capital’s night time economy
Owners of a £25 million floating entertainment venue have given up on plans to operate it on the River Thames after opposition from local residents.
Legal action launched against ‘rip-off’ hidden commissions on UK firms’ energy bills
UK businesses are grappling with an additional 10% average cost for gas and electricity, as revealed by a prominent litigation law firm in a new report.
UK reaches key milestone with one million electric cars sold since 2002
The UK achieved a significant milestone last month as the one millionth electric car was registered, marking a noteworthy accomplishment despite a notable decline in sales, according to recent data.
UK Businesses Face Elevated Financial Distress Amidst European Challenges
UK companies find themselves grappling with the second-highest levels of financial distress, as revealed by the Weil European Distress Index.
Government launches new Help to Grow campaign declaring 2024 as “Year of the SME”
The UK Government is reinforcing its dedication to the nation’s 5.5 million small businesses through the establishment of a groundbreaking Small Business Council, set to launch next month.
Labour considers watering down plans for private equity tax raid
Labour appears to be considering a potential dilution of its plans for a tax overhaul targeting private equity, amid concerns that it might deter prospective investors.
McLaren receives £30m boost from Bahraini owners
McLaren, the Woking-based luxury carmaker, has secured an additional £30 million from its Bahraini owners, Mumtalakat, the Bahrainian sovereign wealth fund.
UK government contemplating reversal of “Boiler Tax” amidst price surge
In a potential shift in the UK’s clean energy landscape, the government is considering scrapping the controversial “boiler tax” following manufacturers’ price hikes on new gas boilers.
Jeremy Hunt orders review ‘to end tourist tax’ costing retailers £11M
Jeremy Hunt has ordered a review into the controversial “tourist tax,” signalling a potential policy shift by the Treasury that could benefit the UK’s retail and leisure sectors.
Reeves rules out Labour raising corporation tax above 25% in next parliament
Labour will not raise corporation tax above its current rate of 25% during the next parliament, the party has pledged, in an attempt to offer businesses greater certainty – but the promise has prompted warnings about a lack of fiscal flexibility.
Rail strikes create a further £350M hole in hospitality sector with many tipping into administration
The hospitality industry has warned of an estimated £350 million hit from the latest train strikes, lifting the cost to businesses to more than £4 billion since the action began.
Amazon announces revenues of $170bn for peak Christmas period
Amazon has announced revenues of $170 billion in the final quarter of 2023 thanks to a boost in Christmas shopping.
Facebook-owner Meta triples income to $14bn in last quarter of 2023
Meta shares soared 15 percent in extended trading after the company tripled its profit and posted sharply higher revenue in the final quarter of 2023.
