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Marks & Spencer invests £340m in new fully automated hub. The fully automated site, opening in 2029, will span 1.3 million sq ft, create 3,000 jobs across construction and operation, and support the retailer’s ambition to double its food business while meeting top-tier sustainability standards.
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WH Smith shares fall after accounting error impacts profits. The retailer revealed a £30m profit overstatement in its North America division, reducing expected profits. Shares dropped 30% following the announcement, marking a challenging period for the company.
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Reeves gets boost from lower-than-expected borrowing in July. Borrowing reached £1.1bn, £2.3bn less than last year. The Office for Budget Responsibility warns of potential future debt increases, raising concerns over fiscal sustainability.
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UK hospitality faces severe financial strain amid cost hikes. A fifth of British hospitality businesses lack cash reserves, with nearly 80% raising prices due to cost increases from the autumn Budget. Industry bodies urge government intervention to support the sector.
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The UK CPI climb exceeded economist expectations for last month. The figure marks the highest rate since January and suggests underlying price pressures remain stubborn. A sharp rise in food, transport, and services prices is likely to stall the Bank of England’s plans for further interest rate cuts.
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Haylo Labs has acquired UK chipmaker Plessey in China-funded deal. The acquisition cleared national security review and injects new capital into one of Europe’s oldest semiconductor companies, raising questions over foreign funding in critical technologies and promising major expansion for the UK’s micro-LED industry.
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Chancellor considers capital gains tax on house sales over £1.5m. The proposed tax could affect around 120,000 homeowners, raising concerns about market distortions and discouraging downsizing among older homeowners. The move aims to address a significant public finance shortfall.
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Defence stocks in London fell sharply after US-Ukraine talks. Shares in Babcock and BAE Systems dropped significantly, while Rolls-Royce experienced a smaller decline. The market reacted to US commitments in potential peacekeeping efforts and Ukraine’s arms purchase.
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The UK government drops plans to force Apple to share encrypted data. The decision follows negotiations involving US Vice-President JD Vance, easing tensions over data privacy and free speech concerns between the UK and US.
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Wider NHS access to weight-loss drugs could boost productivity. A study of 421 NHS patients using obesity drugs showed a reduction in sick days. Government modelling suggests a rollout could save £5bn annually through productivity gains and lower healthcare costs.