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HMRC loses £836m to tax loophole abuse, exceeding estimates. The practice of ‘phoenixing’ has significantly impacted HMRC’s ability to collect taxes, with losses reaching £836m in the 2022-23 tax year, surpassing previous estimates by 45 per cent.
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This week’s UK M&A activity spanned mining, housing, marketing, legal services, and reinsurance. From a $50 billion copper mega-merger to digital-first disruption of property law, the deals illustrate the UK’s role as a stage for global capital and strategic sector reshaping.
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LNER warns passengers after supplier breach exposes data. London North Eastern Railway (LNER) advises customers to stay alert following a cyber-attack on a third-party supplier, which revealed contact details and some journey history. No financial data or ticketing systems were compromised.
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Oracle co-founder Larry Ellison surpasses Elon Musk in wealth. Oracle’s stock surged over 40%, increasing Ellison’s net worth by $101 billion, highlighting the immense wealth generated by the AI boom reshaping technology fortunes.
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The UK economy registered absolutely zero growth in July 2025. The stagnation follows a stronger June and leaves the government under pressure to deliver credible pro-growth measures in its November Budget. Inflation concerns and global headwinds continue to weigh on the outlook.
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RMT chief claims £72,000 salary insufficient for London homes. Eddie Dempsey argues that tube drivers’ wages do not match the high cost of living in London, as the RMT continues its strike actions demanding better pay and conditions.
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Merck cancels £1bn London drug centre, impacting UK growth. The pharmaceutical giant will lay off 127 employees, citing an unfavourable UK investment climate. This follows AstraZeneca’s similar decision, highlighting industry frustration with current government policies.
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UK fintech activity remains robust despite investment decline in 2025. The first half of 2025 saw significant acquisitions and partnerships in UK fintech, though investment fell by five per cent. Threats from emerging financial hubs continue to challenge the sector.
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The Online Safety Act faces significant evasion challenges. Nearly one-third of UK consumers bypass adult content checks, while VPN usage soars. Despite public support for age verification, concerns about censorship and the act’s effectiveness persist.
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Anglo American and Teck agree to a $53 billion merger. London-listed Anglo American will merge with Canada’s Teck Resources to form Anglo Teck, aiming to capitalise on copper demand while promising synergies. The move drew mixed reactions in the UK amid concern over the new entity’s Canadian base.