Business
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Eon’s UK arm reported an £800 million drop in turnover. The Coventry-based division’s sales fell to £2.5 billion for 2024, down from £3.3 billion the previous year, as lower wholesale commodity prices weighed on revenues. Pre-tax profit, however, edged up to £52 million due to a series of disposals.
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Directors’ confidence has fallen sharply as tax rises bite. The latest Institute of Directors index shows sentiment dropping close to pandemic-era lows, as fresh payroll taxes and looming new regulations unsettle business leaders across the UK in the run-up to autumn.
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Canada suspends its digital services tax to revive US talks. The tax aimed at US tech giants faced criticism from President Trump, who halted negotiations and threatened tariffs. Talks are set to resume, targeting a new trade deal by 21 July.
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UK introduces new steel safeguard measures from July 2025. The UK government has announced strengthened steel import safeguards, reducing quota liberalisation and implementing caps to protect domestic producers from redirected foreign imports in response to US tariffs.
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UK entry-level roles have dropped by a third since 2022. Automation is accelerating across sectors, with graduate and junior roles squeezed hardest. New figures show retail listings are down 78%, while AI hiring trends are reshaping the wider UK job market.
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Lotus has denied reports it will close its UK factory. The carmaker confirmed that production at its Hethel plant remains paused, but not closing, as officials moved to reassure workers and clarify media reports suggesting a US relocation.
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Alibaba launches competition for UK and European SMEs. The Co-Create Pitch awards offer a £750,000 prize for innovative products, with shortlisted companies pitching at events in Las Vegas and London. The competition aims to support SMEs’ digital sourcing and product development.
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New Companies House rules will impact small UK businesses. Small firms must disclose financial data and use commercial software, raising concerns about costs and competitiveness. The government aims to enhance corporate transparency, but critics fear unintended consequences for the sector.
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UK businesses urged against further tax hikes amid financial strain. Prime Minister Keir Starmer thanked businesses for handling the £23 billion national insurance increase but faced calls from industry leaders to avoid additional tax rises, citing unsustainable financial pressures.
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The UK set to lose more millionaires than any country. A report indicates 16,500 millionaires will exit Britain by 2025. This trend highlights concerns over the UK’s economic competitiveness and tax environment, potentially impacting the nation’s wealth retention and economic health.