Close Brothers will cut 600 jobs as it battles investor concerns over the motor finance scandal, with compensation costs potentially exceeding £1bn.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Tribunal ruling could cut public EV charging VAT to 5%, raising prospect of cheaper charging
A tribunal ruling could see public EV charging VAT reduced to 5%, potentially lowering costs for drivers and aligning rates with home charging.
Bentley to cut 275 jobs as profits slump amid global headwinds
Bentley will cut 275 jobs as profits fall 42% to £187m, with the luxury carmaker citing weak demand, China slowdown and rising costs.
Alcohol-free beer, hummus and pet grooming join inflation basket as UK spending habits shift
Alcohol-free beer, hummus and pet grooming join the UK inflation basket as ONS updates CPI to reflect changing consumer habits and cost of living trends.
Reeves vows to stop UK tech ‘drifting abroad’ with £2.5bn AI and quantum push
Rachel Reeves unveils £2.5bn investment in AI and quantum computing to stop UK tech firms moving overseas and boost economic growth amid global uncertainty.
Challenger banks hold 60% of SME lending as high street banks fight back
Challenger banks retained a 60% share of SME lending in 2025, raising questions over whether high street banks are regaining ground in the UK small business finance market.
Nigerian firms announce millions in UK investment as hundreds of jobs set to be created
Nigerian banks, fintech firms and creative businesses are expanding in the UK, creating hundreds of jobs as part of millions of pounds of investment linked to the UK–Nigeria trade partnership.
British expats fleeing Middle East conflict fear unexpected UK tax bills
British expats returning from Dubai amid the Middle East conflict fear unexpected UK tax bills as emergency returns risk breaching the 183-day residency rule.
Meta preparing major layoffs as AI spending accelerates
Meta is reportedly planning sweeping layoffs that could affect up to 20% of its workforce as the tech giant ramps up AI investment and pursues greater efficiency through automation.
Government offers £3,000 incentive for firms to hire unemployed young people
UK employers will receive £3,000 grants to hire unemployed 18–24 year-olds under new government plans to tackle rising youth unemployment affecting nearly one million young people.
Theo Paphitis steps in as interim CEO of Robert Dyas to lead turnaround
Former Dragons’ Den investor Theo Paphitis has taken over as interim CEO of Robert Dyas, aiming to revive the struggling 93-store homewares retailer after falling sales.
UK factories hit by ‘collapse’ in orders as costs surge across manufacturing sector
UK manufacturers warn of collapsing domestic orders and rising costs, with firms raising prices at the fastest pace since 2023, according to Make UK.
Companies House suspends online filing service after cyber vulnerability exposes director data
Companies House has suspended its WebFiling service after a security flaw exposed sensitive company data including directors’ addresses and dates of birth.
Fuel price surge could force one in ten drivers to cut hospital visits, survey warns
Rising petrol and diesel prices could force one in ten drivers to reduce hospital visits, according to a FairFuelUK survey of 37,000 motorists warning of wider economic impact.
UK and Ireland strengthen economic partnership as £937m investment set to create 850 jobs
The UK and Ireland deepen economic ties as £937m in Irish investment creates 850 jobs and new energy interconnectors strengthen energy security at the UK-Ireland Summit in Cork.
