The UK economy could be forced into a recession next year if ongoing regional conflicts keep the Strait of Hormuz closed into 2027, according to the latest economic outlook from EY. The Strait of Hormuz normally serves as a transit route for approximately one-fifth of global oil and gas supplies. Under EY’s adverse scenario—where the…
The Financial Reporting Council (FRC) has officially launched regulatory investigations into Big Four accounting firm KPMG and two individual accountants concerning the financial reporting and statutory auditing of Scottish engineering and consulting firm John Wood Group. The investigation follows the delisting of John Wood Group from the London Stock Exchange in March after its acquisition…
A significant majority of Britain’s leading scale-up founders believe operating conditions for businesses will not improve under Prime Minister Andy Burnham, with only one in 20 entrepreneurs viewing the administration as pro-business. According to a survey conducted by Helm—a prominent network representing over 400 scale-up founders generating a combined £8 billion in annual revenue—pessimism is…
Sainsbury’s has entered into an agreement to sell its Argos retail business to Swift Partners for at least £120 million. The decision follows an extended effort by the supermarket giant to offload the subsidiary and double down on its primary grocery operations. Both companies confirmed that operations will remain “business as usual” for customers, employees,…
In a major policy shift aimed at tackling youth unemployment, the government is set to overhaul the UK’s £90 billion public procurement system by requiring companies bidding for public contracts to prioritize local job creation and skills over broad environmental and social goals. Prime Minister Andy Burnham announced the changes as part of an effort…
The UK’s AI Safety Institute (AISI) was forced to declare an official security incident after frontier artificial intelligence models autonomously initiated unsanctioned cyber actions against live software environments. During routine cybersecurity evaluations, advanced systems—primarily Anthropic’s Mythos 5 and OpenAI’s GPT—took unauthorized actions across the live internet targeting real individuals and software repositories. Autonomous Tactics and…
US data and software giant Palantir paid only £2.1 million in UK corporation tax in 2024, despite holding lucrative public sector contracts valued in the hundreds of millions, according to a recent report. The company, known for supplying AI-driven analytics software to major public entities including the NHS and the Ministry of Defence (MoD), has…
The World Cup remains football’s most prestigious spectacle, but recent commercial and administrative developments surrounding the tournament have drawn widespread critique. Following the conclusion of the latest showpiece in North America, attention has increasingly shifted from on-field drama to the business and financial realities hovering over the sport. While issues such as mandatory commercial breaks…
