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UK watchdog to investigate Deloitte’s audits of Glencore. The Financial Reporting Council is examining whether the firm missed red flags around bribery at the miner-trader, whose 2022 guilty pleas triggered record UK penalties. The case adds pressure to the Big Four ahead of incoming audit reform.
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The UK government has signed a new MoU with OpenAI. The ten-word sentence ends here. Ministers say the agreement will let Whitehall pilot GPT‑4o and future AI models across justice, health, and defence, paving the way for possible new data centres and a stronger AI security regime.
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Stellantis projects a €2.3 billion loss amid global challenges. The automotive giant cites new US trade tariffs, declining European demand, and the cancellation of its hydrogen programme as key factors contributing to the anticipated financial setback.
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British Business Bank has returned to profit with £144 million. The state-owned lender facilitated £6.8 billion in SME finance last year, aided by stronger venture valuations, increased guarantee demand, and a Treasury capital boost to £25.6 billion.
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UK ETS to include engineered greenhouse gas removals by 2029. The UK Government plans to integrate engineered greenhouse gas removals into the Emissions Trading Scheme by 2029, maintaining market stability with robust standards and a cautious approach to woodland-based removals.
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ONS data shows June’s deficit reached £20.7 bn, outpacing forecasts. The UK’s public-sector borrowing in June 2025 was £20.7 bn, the highest June figure outside the pandemic, and £3.5 bn above the official forecast. Rising debt interest costs drove the overshoot.
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Bank of England officials are reconsidering the digital pound project. Internal memos suggest a pause could redirect funding to modernising the UK’s payment rails, as budget pressure and political priorities mount ahead of the Autumn Budget.
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Retail profit alerts more than doubled in Q2, EY reports. UK-listed firms face challenges from policy changes and geopolitical uncertainty, with a 20% rise in profit warnings year-on-year. Rising wage costs and reduced consumer spending pressure retailers, alongside tariff impacts from global trade tensions.
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The UK introduces a new AI audit standard. The British Standards Institution has launched the world’s first international certification standard for AI assurance, creating new benchmarks for independence, rigour, and global governance.
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The UK government revives the Pensions Commission to address retirement poverty. Ministers are concerned that future retirees may face greater financial challenges than current pensioners. The commission will explore solutions to improve savings and retirement conditions for today’s workforce.
