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Government steps in to administer solvent special steelworks after collapse. Ministers are acting to safeguard 1,450 jobs and preserve South Yorkshire’s industrial capacity after Speciality Steel UK, the country’s third-largest steelmaker, was declared hopelessly insolvent and placed under administration.
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Rachel Reeves may extend the freeze on income tax thresholds. Such a move could increase the tax burden on high earners and draw more individuals into higher tax brackets. Analysts predict potential tax rises to address fiscal challenges.
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Marks & Spencer invests £340m in new fully automated hub. The fully automated site, opening in 2029, will span 1.3 million sq ft, create 3,000 jobs across construction and operation, and support the retailer’s ambition to double its food business while meeting top-tier sustainability standards.
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WH Smith shares fall after accounting error impacts profits. The retailer revealed a £30m profit overstatement in its North America division, reducing expected profits. Shares dropped 30% following the announcement, marking a challenging period for the company.
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Reeves gets boost from lower-than-expected borrowing in July. Borrowing reached £1.1bn, £2.3bn less than last year. The Office for Budget Responsibility warns of potential future debt increases, raising concerns over fiscal sustainability.
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UK hospitality faces severe financial strain amid cost hikes. A fifth of British hospitality businesses lack cash reserves, with nearly 80% raising prices due to cost increases from the autumn Budget. Industry bodies urge government intervention to support the sector.
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The UK CPI climb exceeded economist expectations for last month. The figure marks the highest rate since January and suggests underlying price pressures remain stubborn. A sharp rise in food, transport, and services prices is likely to stall the Bank of England’s plans for further interest rate cuts.
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Haylo Labs has acquired UK chipmaker Plessey in China-funded deal. The acquisition cleared national security review and injects new capital into one of Europe’s oldest semiconductor companies, raising questions over foreign funding in critical technologies and promising major expansion for the UK’s micro-LED industry.
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Chancellor considers capital gains tax on house sales over £1.5m. The proposed tax could affect around 120,000 homeowners, raising concerns about market distortions and discouraging downsizing among older homeowners. The move aims to address a significant public finance shortfall.
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Defence stocks in London fell sharply after US-Ukraine talks. Shares in Babcock and BAE Systems dropped significantly, while Rolls-Royce experienced a smaller decline. The market reacted to US commitments in potential peacekeeping efforts and Ukraine’s arms purchase.