Business
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UK unemployment hits 5 per cent as labour market cools
The UK’s unemployment rate has reached 5 per cent — its highest level in four years. Labour-market data from the Office for National Statistics suggest hiring has slowed sharply, raising pressure on the government’s forthcoming Autumn Budget and signalling a broader shift from worker shortages to labour-market slack.
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Support shortage threatens Gen Z entrepreneurship
Gen Z drives UK’s entrepreneurial surge but faces support challenges. Over 80% of 18 to 24-year-olds engage in entrepreneurial activities. However, financial pressures and limited access to professional networks threaten their potential as future business leaders.
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AI to drive job cuts, say UK firms
One in six UK employers foresee AI-driven workforce reductions. A CIPD survey reveals that clerical and junior roles face the highest risk as AI adoption accelerates. Large private firms are most likely to cut jobs, highlighting AI’s disruptive potential.
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Budget tax hikes may drive price rises
UK business leaders urge against raising employment costs in Budget. A survey reveals 86% of leaders fear Budget impacts, with 59% feeling small businesses are overlooked. Increased taxes could force price hikes, hindering growth and inflation control.
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UK cyber insurance claims tripled in 2024, says trade body
UK insurers paid out at least £197 million in cyber claims last year. Cyber insurance payouts by UK insurers tripled in 2024, according to the Association of British Insurers, as attacks on companies became more frequent and costly.
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Manchester named UK’s young entrepreneur capital
Manchester tops the UK’s list of young entrepreneur hubs. New analysis of over 60,000 Companies House records reveals the city has the highest concentration of founders aged 24 and under, reflecting a new wave of youth-led enterprise beyond the capital.
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Gender diversity lag at UK tech scale-ups, new report finds
Women hold just 18% of board roles in tech scale-ups. Despite near-universal support for diverse boards, more than a third of the UK’s fastest-growing technology companies have no female representation at board level, according to new research from Think & Grow.
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Retail footfall drops amid Budget tax fears
UK retail footfall declines for sixth month in a row. Activity dropped by 0.7% in October, with shopping centres and retail parks most affected. Concerns about the upcoming Budget and potential tax increases have deterred consumers from spending.
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Elon Musk’s $1 trillion Tesla pay plan wins shareholder approval
Tesla shareholders approved a record-breaking pay plan for Elon Musk. The $1 trillion performance-based package ties his reward to growth and valuation milestones through 2035, reviving a 2018 plan struck down by a Delaware court and underscoring investor faith in his leadership despite governance concerns.
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Wealthy investors flock to offshore bonds
Wealthy Britons invest heavily in offshore bonds amid tax fears. Over £10.5 billion was invested in offshore bonds in the past year, doubling the previous year’s figure. This trend highlights concerns about rising taxes and complex fiscal regulations.