Inflation climbed to its highest level in a year and a half in July, driven by surging air fares, hotel stays and grocery bills, dealing a blow to Rachel Reeves as she prepares her first autumn budget as Chancellor. The Office for National Statistics (ONS) said annual consumer price inflation rose to 3.8 per cent … Read more
Applied Nutrition, the sports nutrition business backed by JD Sports and Coleen Rooney, has posted forecast-beating sales and profits in its first year as a public company, defying concerns over consumer spending. The Liverpool-based firm told investors that revenues for the year to 31 July are expected to hit £107 million, comfortably ahead of City … Read more
Chancellor considers ending capital gains exemption on properties above £1.5m amid £40bn funding shortfall Rachel Reeves is weighing plans to impose capital gains tax (CGT) on the sale of high-value homes, a move expected to be framed as a “mansion tax” as she seeks to address a £40 billion hole in the public finances. Currently, … Read more
King’s College, Cambridge has revealed the 24 startups selected for its first-ever incubator programme, SPARK 1.0, an initiative designed to turn research-backed ideas from students and alumni into investable companies. The new scheme, created by King’s Entrepreneurship Lab (King’s E-Lab) in partnership with Founders at the University of Cambridge, aims to support the next generation … Read more
Hospitality businesses across Britain are being forced to shut their doors at least one day a week as soaring wage costs and higher taxes pile pressure on the sector. A new survey by leading trade bodies found that almost three quarters of pubs, restaurants and cafes were operating at or below 85 per cent of … Read more
A new study has set out a strategic digital roadmap to fast-track the UK steel industry’s transition to net zero, warning that overcoming skills shortages, regulatory hurdles and investment uncertainty is vital if the sector is to meet its climate goals. The research, developed by academics at the University of Warwick and supported by the … Read more
The number of private schools collapsing into administration has doubled in the first half of this year, as the government’s VAT changes bite into the sector’s finances. Figures released by risk advisory firm Kroll show that 12 private schools went into administration between January and July, compared with six during the same period last year. … Read more
Traders brace for inflation data and public finance update as long-term government debt hits levels last seen in 1998 Government borrowing costs climbed sharply on Monday, with the interest rate on 30-year UK gilts rising to levels not seen in nearly three decades. The yield on 30-year bonds — which moves inversely to prices — … Read more
Reports suggest stamp duty may be replaced with a levy on homes worth more than £500,000, with London and South East owners hit hardest Homeowners could face an annual property tax on homes worth more than £500,000 under radical Treasury plans to replace stamp duty, according to reports. The autumn budget could include proposals for … Read more
Savills estimates extra storage space the size of 400 football pitches will be needed by 2032 as defence spending surge strains logistics capacity Britain will need to build hundreds of new warehouses over the next seven years to cope with a surge in demand from the defence sector, analysts have warned. Property consultancy Savills estimates … Read more