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The top 1% of UK taxpayers paid a third of taxes. HMRC data shows the top 500,000 taxpayers paid £93.8 billion in 2023/24, comprising 33% of income and capital gains tax receipts. Wealth Club warns against deterring high net worth individuals.
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Pizza Hut will close 68 restaurants across the United Kingdom. The move follows the collapse of its UK franchise operator, placing around 1,210 jobs at risk. Parent company Yum! Brands will acquire part of the estate through a pre-pack deal designed to keep selected sites operating under direct control.
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UK government borrowing has exceeded forecasts by billions of pounds. Higher-than-expected interest costs and inflation-linked spending have tightened fiscal head-room for Chancellor Rachel Reeves ahead of the November Budget, leaving limited room to rebuild the Treasury’s buffer.
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Concerns arise over China’s proposed embassy near London’s financial hub. Senior figures in the City of London Corporation have expressed worries about China’s plan for a new embassy near sensitive data cables. The location is seen as potentially risky, prompting calls for caution in approving the site.
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Getty Images and Shutterstock merger faces UK competition probe. The UK’s Competition and Markets Authority (CMA) is set to conduct an in-depth investigation into the $3.7bn merger between Getty Images and Shutterstock due to concerns over potential competition reduction.
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Innovate UK launches a £1 million competition for AI breakthroughs. The Agentic AI Pioneers Prize supports AI systems with initiative and collaboration capabilities, aiming to enhance productivity across manufacturing, health, and creative industries, with up to four winners sharing the prize fund.
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Clean energy workforce to double by 2030 in the UK. The UK government forecasts 400,000 new clean-energy jobs by 2030, supported by £50 billion in private investment since 2024. A national strategy includes new training colleges and labour protections to ensure high-quality jobs.
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The UK government has unveiled the “Sterling 20” initiative. It brings together 20 of the country’s largest pension funds to channel capital into domestic infrastructure, affordable housing, and high-growth sectors including AI. The move marks a coordinated effort to boost long-term investment in the British economy.
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Shadow energy secretary criticises Labour’s net zero targets as harmful. Claire Coutinho argues that the UK’s climate targets exacerbate the cost of living crisis, increase electricity costs, and drive jobs overseas, worsening emissions. She calls for a careful approach to China’s role in the energy sector.
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UK fintech industry body criticises banking watchdog over regulation. Innovate Finance’s report criticises the Prudential Regulation Authority for excessive requirements on challenger banks, claiming they hinder competition and innovation, despite government pledges to support financial services growth.