UK
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Lotus plans to cut 550 UK jobs to ensure survival. The Norfolk-based carmaker, majority-owned by Geely, cited falling sales, electric vehicle transition, and global tariffs as reasons for the cuts, which affect 40% of its British workforce.
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The UK is becoming a top destination for tech businesses. Barclays reports that UK tech leaders favour their market over Europe, Asia-Pacific, and the US, citing strong opportunities and talent access. Rising AI demand and economic confidence bolster growth.
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Ineos invests in Castore, shifting Belstaff ownership in strategic deal. The company’s strategic investment in sports apparel brand Castore facilitates Castore’s acquisition of heritage brand Belstaff, marking a shift towards luxury fashion.
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Virgin StartUp launches ‘Momentum’ accelerator programme to support dyslexic entrepreneurs. The programme aims to help dyslexic founders scale their businesses through workshops, mentoring, and resources. Dyslexic entrepreneurs contribute significantly to the UK economy, with many possessing skills ideal for entrepreneurship.
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Wood Group backs Sidara’s new 30p offer amid FCA probe. The Aberdeen-based engineering group is “minded to recommend” a revised takeover offer from Dubai’s Sidara, despite suspended trading, delayed accounts, and ongoing scrutiny from the UK’s financial watchdog.
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UK services confidence fell for fourth consecutive quarter, says CBI. The UK services sector, which represents the bulk of economic output, continues to report declining confidence, investment and employment. The CBI’s latest survey shows demand weakness and cost pressures weighing heavily on firms, prompting calls for government restraint.
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Ofgem raises energy price cap by 2% for October-December. Despite a decline in wholesale prices, typical household energy costs will rise to £1,755 annually. The increase is less than 2024’s inflation-adjusted figure and £625 below the 2023 peak.
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Nearly 70% of UK businesses support mandatory sustainability reporting. A survey of 150 senior sustainability leaders indicates strong backing for mandatory disclosure, with 69% in favour. However, regulatory uncertainty and manual reporting remain significant challenges for many firms.
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Asda partners with Lloyds for sustainability-linked finance scheme. The initiative offers UK suppliers improved financing rates based on sustainability performance, assessed by EcoVadis. It aims to enhance Asda’s supply chain resilience and align with its ESG goals.
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UK M&A activity spanned semiconductors, fintech, property, advisory, and aerospace. Five key transactions defined this week, led by Haylo Labs’ security-approved purchase of Plessey, alongside Starling’s acquisition of Ember and Leonard Curtis’s stake sale to Pollen Street Capital, highlighting national-interest sectors and private capital momentum.