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Morrisons to close 103 UK outlets to streamline operations. Morrisons will close cafés, florists, pharmacies, and convenience stores to optimise operations amid rising costs and focus on core growth areas. Profit recovery noted, but challenges persist with energy, staffing, and regulatory expenses.
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Allica Bank acquires fintech Kriya to boost SME lending capacity. The acquisition, announced on Wednesday, is Allica’s third, following its purchase of Allied Irish Bank’s SME portfolio and Tuscan Capital. Allica aims for £1bn in working capital finance.
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Labour urged to rethink youth wage policy amid rising Neet numbers. A report warns nearly one million young people are out of education, employment or training, as Labour considers scrapping lower minimum wage rates for young workers.
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Waymo plans to launch self-driving service in London by 2026. The company will introduce its autonomous ride-hailing service using Jaguar Land Rover’s electric I-Pace vehicles, while collaborating with UK regulators to secure necessary approvals.
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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.