Barclays, one of the UK’s major banking institutions, initiates a legal battle against the Financial Ombudsman Service’s decision regarding a car finance commission payment. The move reflects concerns among lenders about potential compensation liabilities amid industry-wide scrutiny.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Ted Baker Announces Closure of 15 UK Stores, Resulting in Hundreds of Job Losses
Fashion retailer Ted Baker is set to close 15 stores across the UK within weeks, leading to the redundancy of approximately 245 staff members. The closures come after the brand collapsed into administration last month, with additional job cuts at its head office.
Mattel Introduces New Cooperative Scrabble Mode to Foster Togetherness
Mattel launches a cooperative Scrabble mode featuring a double-sided board and helper cards, aiming to make the classic word game more inclusive and collaborative. The mode encourages teamwork and offers a quicker, simplified gameplay experience.
Microsoft to Establish AI Hub in London, Led by DeepMind Co-founder
Microsoft is set to launch a new artificial intelligence hub in London, spearheaded by Mustafa Suleyman, the British co-founder of AI giant DeepMind, now owned by Google.
Labour Unveils £5bn Plan to Combat Tax Avoidance and Bolster Public Services
Labour’s Rachel Reeves announces a £5bn crackdown on tax avoiders to close the spending gap created by scrapping the non-dom regime for tax cuts. The funds will be allocated to initiatives such as free school breakfast clubs and additional NHS appointments.
The Body Shop’s Administrators Consider CVA as Rescue Path
Insolvency practitioners are contemplating a Company Voluntary Arrangement (CVA) for The Body Shop, revealing the chain’s financial challenges post-sale. The proposal aims to negotiate rent cuts with landlords and address other creditors to salvage the renowned high street brand’s future.
Retail Insolvencies Surge by 19% Amidst Economic Challenges
As higher interest rates and cautious consumer spending impact the retail sector, the number of insolvencies rises by 19%, signalling challenges for both traditional and online retailers. Industry experts warn of the persistent threat posed by rising costs and economic uncertainties.
Retailers Warn Stringent Crackdown on Greenwashing Could Stifle Sustainability Efforts
The British Retail Consortium cautions that the Competition and Markets Authority’s tough stance against greenwashing risks deterring businesses from pursuing sustainability initiatives. Retailers urge for clarity in regulatory expectations to ensure genuine environmental progress.
UK Economy Shows Signs of Recovery as Growth Reaches Turning Point
Recent surveys by BDO and Deloitte indicate that the UK economy has emerged from recession, with growth gaining momentum. Key indicators such as output levels and business confidence suggest a positive trajectory for economic stability and expansion.
Beckham backed vehicle electrification company Lunaz makes substantial job losses after entering administration
Lunaz, an electric vehicle company backed by David Beckham, has undergone substantial job losses after entering administration, marking a significant setback for the Silverstone-based enterprise.
Google Mulls Charging for Premium AI-Powered Search Results
Reports suggest Google is contemplating charging users for exclusive AI-driven search results as part of its subscription services. This potential move could mark a significant shift for the tech giant’s core products.
London restaurant chain faces criticism as it replaces card tips with ‘Brand Charge’ amid pending law changes
Ping Pong, a London restaurant chain, sparks controversy by replacing card tips with an optional 15% ‘brand’ fee, just months before new legislation mandates full tip distribution to staff. Critics argue the move undermines fair compensation for workers.
Billionaire Joe Lewis avoids prison in US insider trading case
British billionaire Joe Lewis, the former owner of Tottenham Hotspur, has avoided a prison sentence in the United States for insider trading.
Housing market springs into life over Easter
The housing market sprang into action over the Easter period, with more homes put up for sale on Thursday last week than on any other day this year, according to Rightmove, the property search website.
Wet weather and shaky consumer confidence give retailers longest dip in sales since pandemic
Retailers in the UK are facing the longest dip in sales since the Covid-19 pandemic, with high street sales and footfall dampened by wet weather and shaky consumer confidence, according to a recent survey by BDO, a consultancy.