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Deloitte Cyprus Helped Falsify Documents for Abramovich, BBC FindsTop Story
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Deloitte Cyprus Helped Falsify Documents for Abramovich, BBC Finds

Accounting firm Deloitte helped falsify documents to conceal the fortune of Russian oligarch Roman Abramovich and evade tax payments, according to a joint investigation by BBC Panorama and the Bureau of Investigative Journalism. Company accounts signed off by Deloitte in Cyprus allowed assets valued at $672m (£508m), including private jets, luxury mansions, and superyachts, to be removed from Abramovich's corporate financial statements.

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Deloitte Cyprus Helped Falsify Documents for Abramovich, BBC Finds
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Deloitte Cyprus Helped Falsify Documents for Abramovich, BBC Finds

Accounting firm Deloitte helped falsify documents to conceal the fortune of Russian oligarch Roman Abramovich and evade tax payments, according to a joint investigation by BBC Panorama and the Bureau of Investigative Journalism. Company accounts signed off by Deloitte in Cyprus allowed assets valued at $672m (£508m), including private jets, luxury mansions, and superyachts, to be removed from Abramovich's corporate financial statements.

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FTSE 100 Chief Executive Turnover Falls to Five Year Low
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FTSE 100 Chief Executive Turnover Falls to Five Year Low

Leadership turnover among FTSE 100 chief executives has fallen to a five year low as corporate boards choose stability over executive changes during a period of market uncertainty. Data from investment platform AJ Bell shows that executive churn is on track to hit its second lowest level since 2012. Nine chief executive changes have taken place since January, remaining well below the long run annual average of 13 recorded since 2000.

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UK Business Borrowing Doubles in 2026 Driven by Costs and Tech Spend
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UK Business Borrowing Doubles in 2026 Driven by Costs and Tech Spend

The proportion of UK companies securing new debt or credit arrangements has doubled over the past year, as businesses balance ongoing cost inflation with investments in technology and expansion, according to research by HSBC UK. A survey of more than 1,000 corporate leaders revealed that 56 per cent of UK businesses took on new borrowing or credit facilities in the past year. That marks a sharp increase from 28 per cent recorded in 2025.

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Deloitte fined £11m by the FRC for failing to challenge £30m in wrongfully retained taxpayer funds during audits of transport group Go Ahead.
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Deloitte fined £11m by the FRC for failing to challenge £30m in wrongfully retained taxpayer funds during audits of transport group Go Ahead.

Accountancy firm Deloitte has been hit with an £11m penalty by the Financial Reporting Council after failing to identify fraud and raise concerns during its statutory audits of passenger transport operator Go Ahead Group. The fine was discounted to £6.05m following early admission of liability and co operation with the investigation. The Financial Reporting Council said on Thursday that the sanction relates to Deloitte's audit work covering the 2016 to 2020 financial years.

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Bolt Faces £190m UK VAT Bill as Supreme Court Refuses Appeal
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Bolt Faces £190m UK VAT Bill as Supreme Court Refuses Appeal

Ride hailing platform Bolt has been refused permission to appeal a major tax ruling, leaving the Estonian technology firm facing an estimated £190m VAT bill in the UK. The decision by the Supreme Court brings an end to a legal challenge brought by HM Revenue and Customs over how the company calculates and pays value added tax on passenger fares.

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UK Recruiters Catch Record Number of Candidates Using AI in Interviews
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UK Recruiters Catch Record Number of Candidates Using AI in Interviews

Attempts by job candidates to use artificial intelligence tools during virtual interviews have reached record levels, but British recruiters say the practice is easy to spot. According to a survey by the Institute of Student Employers, which represents leading graduate recruiters in the UK, 92 per cent of surveyed employers suspected or confirmed candidate misconduct during selection processes. That figure is up from 85 per cent last year and 78 per cent two years ago.

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Supreme Court GDPR Ruling Could Trigger Wave of Data Claims
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Supreme Court GDPR Ruling Could Trigger Wave of Data Claims

Companies across the UK could face a surge in compensation claims for minor data protection breaches if the Supreme Court rules that individuals can recover money for emotional distress or anxiety without proving actual harm occurred. The warning comes as the Supreme Court concludes hearings on Thursday in a long running dispute involving pensions administrator Paymaster, part of financial services group Equiniti, and 432 current and former Sussex Police officers.

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Asos Hackers Duped Employee in Data Breach Incident
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Asos Hackers Duped Employee in Data Breach Incident

Hackers behind a threat to publish customer data belonging to Asos accessed internal systems by impersonating a trusted contact to trick an employee, the online fashion retailer said on Thursday. The group sparked alarm among millions of shoppers on Tuesday after issuing an unauthorized push notification through the official Asos mobile app. The message stated that the hackers had compromised the retailer's systems and threatened to leak customer information.

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BDO Faces FRC Scrutiny Over Manchester City Financial Audit
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BDO Faces FRC Scrutiny Over Manchester City Financial Audit

Accounting giant BDO could face an investigation by accounting industry regulators after Manchester City was found guilty of breaching Premier League financial rules to the value of 900 million pounds. BDO has approved the football club's official financial accounts since 2007. This period covers the nine seasons between 2009 10 and 2017 18 during which the independent commission found the systemic breaches took place.

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Andy Burnham Open to Reversing Brexit and Rejoining European Union
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Andy Burnham Open to Reversing Brexit and Rejoining European Union

Andy Burnham has confirmed he is open to reversing Brexit and could push for Britain to rejoin the European Union after the next election, noting that all options are on the table for the future relationship between the UK and the bloc. Speaking on Wednesday morning, the Prime Minister said: There are clearly options that need to be considered, and we have to look at what is doable and what would be the pros and cons of each.

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Deloitte UK Advisory Revenue Rebounds as CEO Darren Graves Backs Human Expertise
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Deloitte UK Advisory Revenue Rebounds as CEO Darren Graves Backs Human Expertise

Deloitte UK has reported a return to growth across all division practice groups for the financial year ended 31 May 2026, driven by gains in technology consulting and a recovery in its deal advisory business. Total revenue for the UK practice rose 2 per cent to 5.81 billion pounds, supported by positive performances across every service line. The firm's technology and transformation practice led top line expansion with a 4 per cent increase, followed by audit and assurance at 3 per cent, and tax and legal services at 2 per cent.

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UK Tech Leaders Demand Ban on Non Competes to Accelerate Startup Growth
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UK Tech Leaders Demand Ban on Non Competes to Accelerate Startup Growth

Leading British technology founders have called on the government to dismantle restrictive employment rules, warning that lengthy notice periods, non compete clauses, and garden leave are stifling business expansion and putting domestic startups at a disadvantage against Silicon Valley rivals. In an open letter titled Free to Start and Scale published on Tuesday, executives from high profile artificial intelligence firms and green technology companies warned that restrictive contracts leave skilled workers bound by unfair terms that delay job changes and prevent the launch of new businesses.

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BrewDog Owner Pledges £50m Investment and Asks for Second Chance
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BrewDog Owner Pledges £50m Investment and Asks for Second Chance

The new owner of BrewDog has urged customers to give the Scottish craft beer brand a second chance, committing more than 50 million pounds toward improving its beers, venue estate, and workplace conditions. US cannabis and beverage group Tilray acquired BrewDog for 33 million pounds in March after the business entered administration. The collapse followed five consecutive years of financial losses alongside repeated controversies regarding workplace culture under founder James Watt.

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Grant Thornton Raises London Graduate Salary to £40,000
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Grant Thornton Raises London Graduate Salary to £40,000

Grant Thornton has overhauled its early careers scheme, raising starting pay for London graduates to 40,000 pounds and introducing milestone bonuses as part of an ambitious push for expansion. The private equity backed accountancy firm will offer the new remuneration structure to London juniors from 2027, ramping up competition against the City's traditional giants for top entry level talent.

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Why Wearing a Tie Could Boost Productivity at Work
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Why Wearing a Tie Could Boost Productivity at Work

A recent debate over parliamentary dress codes has reopened a broader question about how we approach work. While updated clarification shows the House of Lords expects members to dress in business attire without explicitly enforcing a necktie, the surrounding discussion touches on something deeper than traditional sartorial rules. The tie itself is not necessarily a battleground worth fighting over. Yet, as workplace norms grow increasingly relaxed, it is worth asking whether we have also become too casual in our professional mindset.

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Purplebricks Hit with HMRC Winding Up Petition
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Purplebricks Hit with HMRC Winding Up Petition

Online estate agent Purplebricks has defended its accounting practices after being served with a winding up petition by HM Revenue and Customs, an action the business stated was caused by an administrative error. Legal filings showed HMRC served the court petition on Tuesday. Winding up petitions are typically filed by the tax authority over tax liabilities that remain unpaid for longer than 21 days. Although such petitions can result in the forced sale of company assets in rare cases, most corporate litigants resolve outstanding claims before reaching that stage.

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Minerva Research Labs Loses £3.6m VAT Challenge Over Collagen Drinks
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Minerva Research Labs Loses £3.6m VAT Challenge Over Collagen Drinks

The manufacturer behind Gold Collagen Pure, the best selling collagen drink in the UK, has lost a legal challenge against a £3.6 million tax bill after a tribunal ruled its products cannot be classified as food for value added tax purposes. London based firm Minerva Research Labs had challenged HM Revenue and Customs following an unsuccessful attempt to secure a tax refund. The company argued that its anti ageing liquid supplements should be zero rated for VAT as food delivering healthy nutrition, rather than treated as a beauty product or medicine.

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Andy Burnham Warns New EU Industrial Rules Could Damage UK Economy
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Andy Burnham Warns New EU Industrial Rules Could Damage UK Economy

Andy Burnham has expressed concern that proposed EU regulations designed to support continental manufacturers could harm British industry, raising the issue directly with European Commission President Ursula von der Leyen. The planned EU legislation aims to protect domestic manufacturers against competition from China by prioritizing businesses inside the trading bloc for subsidies and public procurement contracts.

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Ban Non Compete Clauses to Boost UK Super Scalers, Enterprise Britain Urges
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Ban Non Compete Clauses to Boost UK Super Scalers, Enterprise Britain Urges

Rising employment costs and recruitment hurdles are restricting growth among the most promising businesses in the UK, with three quarters stating they could expand their workforce by at least 10 per cent if operational obstacles were lifted. Research from Enterprise Britain indicates that the cost of hiring has emerged as a major barrier for rapidly expanding companies. The advocacy group is urging the government to reverse the increase in employers National Insurance at the upcoming Budget.

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UK Parliament Summons OpenAI, Anthropic, DeepMind over AI Safety Rules
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UK Parliament Summons OpenAI, Anthropic, DeepMind over AI Safety Rules

Eighty per cent of companies across the FTSE 100 and S&P 100 have never appointed a female chief executive, according to data from the latest Women in Work tracker. Despite increasing numbers of women joining corporate boards, executive leadership remains overwhelmingly male. Across both major market indexes, only 38 out of 200 companies have appointed a woman to the top post since 1997. Although half of those appointments occurred within the past decade, progress remains concentrated in a small group of businesses. Within London benchmark FTSE 100 index, just nine companies currently have a female chief executive, including major firms such as BP, Aviva, and Vodafone.

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Four in Five Top UK and US Companies Never Had Female CEO
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Four in Five Top UK and US Companies Never Had Female CEO

Eighty per cent of companies across the FTSE 100 and S&P 100 have never appointed a female chief executive, according to data from the latest Women in Work tracker. Despite increasing numbers of women joining corporate boards, executive leadership remains overwhelmingly male. Across both major market indexes, only 38 out of 200 companies have appointed a woman to the top post since 1997. Although half of those appointments occurred within the past decade, progress remains concentrated in a small group of businesses. Within London benchmark FTSE 100 index, just nine companies currently have a female chief executive, including major firms such as BP, Aviva, and Vodafone.

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Big Four Graduate Training Overhauled for AI Era
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Big Four Graduate Training Overhauled for AI Era

For decades, KPMG, Deloitte, EY, and PwC have operated as the primary entry point for ambitious graduates pursuing careers in the City of London. As the UK largest private sector graduate trainers, these accounting giants recruit thousands of university leavers each year. Many eventually move into client organizations, creating a network of professional relationships across the financial sector. Despite recent reports that the Big Four have scaled back intake numbers due to artificial intelligence automation and broader economic conditions, the firms continue to invest millions of pounds into entry level development. Recent advances in technology are forcing a fundamental shift in how these programmes operate. With software now capable of handling basic data entry and initial report draft tasks, training schemes across the sector are undergoing structural changes.

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HMRC AI Limits: Former Treasury Adviser Warns of Tax Scrutiny Risks
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HMRC AI Limits: Former Treasury Adviser Warns of Tax Scrutiny Risks

A leading tax specialist has called for strict regulation and an independent audit of how HM Revenue and Customs uses artificial intelligence, warning that unmonitored deployment could threaten private lives and civil liberties. Chris Wales, a former member of the Treasury council of economic advisers, urged tax authorities to end secrecy around automated systems. He warned that without proper controls, algorithms capable of sifting through vast amounts of personal financial data could lead to severe intrusions into the daily lives of citizens.

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FRC Opens Investigation Into Prax Group Oil Audits
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FRC Opens Investigation Into Prax Group Oil Audits

The Financial Reporting Council has launched three separate investigations into the auditing of Prax Group, the UK energy challenger that went into administration last year. The accounting watchdog opened probes into the financial oversight and audit of Prax parent company State Oil. It will also examine audits conducted by Big Four firm KPMG for the fiscal years ended 28 February 2022 and 28 February 2023.

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KPMG UK to Cut 200 Advisory Jobs Amid Softening Consulting Demand
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KPMG UK to Cut 200 Advisory Jobs Amid Softening Consulting Demand

KPMG is preparing to reduce headcount in its UK advisory division by around 200 roles, with positions in artificial intelligence and cybersecurity among those affected, according to a report by the Financial Times citing sources familiar with the decision. The proposed job losses account for roughly 4 per cent of the firm's UK advisory workforce. Staff whose roles are designated for redundancy are expected to leave the company next month, subject to formal consultation procedures. People familiar with the situation indicated that management informed affected employees of the need to right-size operational capacity across the targeted business units.

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UK Audit Firms Expand AI Usage Amid Regulatory Risk Warnings
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UK Audit Firms Expand AI Usage Amid Regulatory Risk Warnings

Major accounting firms in the UK are expanding their deployment of artificial intelligence across audit operations as they seek to improve review depth and operational efficiency. The transition is changing how corporate transactions are examined, while giving rise to concerns around regulatory accountability, model reliance, and junior auditor training. According to reporting by the Financial Times, major practices including KPMG and EY are deploying artificial intelligence tools across both UK and global operations. These systems screen corporate ledger entries for fraud and anomalies, review work performed by junior staff, and help direct professional scrutiny toward higher risk areas. By replacing traditional statistical sampling with automated screening, auditors can evaluate entire transaction datasets.

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UK Flexible Working Rules Require Employers to Meet Staff Before Refusal
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UK Flexible Working Rules Require Employers to Meet Staff Before Refusal

Company directors and business owners in the UK will soon be required to sit down in person with staff members who request flexible working arrangements and explain their reasoning if they decide to reject an application. First Secretary of State Louise Haigh announced the upcoming statutory rules on Tuesday while addressing trade union delegates at the Trades Union Congress conference in Brighton. Under the proposed framework, employers must properly evaluate flexible working proposals rather than dismissing them without a structured conversation.

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PwC UK Revenue Reaches £4.365bn as Middle East Conflict Weighs on Groups
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PwC UK Revenue Reaches £4.365bn as Middle East Conflict Weighs on Groups

PwC reported modest top line growth and higher partner earnings in its UK operations for the financial year ended 30 June 2026, even as geopolitical instability in the Middle East created tougher trading conditions for the broader regional alliance. Revenue for the UK business reached £4.365bn, representing a two per cent increase compared to the prior year. Profit per partner rose eight per cent to £935,000, up from £865,000 previously.

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BGC Group Raises Record $16m at Annual Charity Day as Corporate Giving Falls
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BGC Group Raises Record $16m at Annual Charity Day as Corporate Giving Falls

Media reports claiming that artificial intelligence is eliminating entry level graduate jobs have been dramatically overstated, according to Neil Carberry, incoming chief executive of the Chartered Institute of Personnel and Development (CIPD). Carberry, who takes leadership of the HR professional body later this month following his tenure as chief executive of the UK Employment and Recruitment Confederation, noted that entry level positions in Ireland are only slightly weaker this year compared to last.

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AI Impact on Entry Level Jobs Overstated Says Incoming CIPD Chief
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AI Impact on Entry Level Jobs Overstated Says Incoming CIPD Chief

Media reports claiming that artificial intelligence is eliminating entry level graduate jobs have been dramatically overstated, according to Neil Carberry, incoming chief executive of the Chartered Institute of Personnel and Development (CIPD). Carberry, who takes leadership of the HR professional body later this month following his tenure as chief executive of the UK Employment and Recruitment Confederation, noted that entry level positions in Ireland are only slightly weaker this year compared to last.

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Claridge's Reports £9.7m Annual Loss as Payroll Costs and Tax Hikes Mount
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Claridge's Reports £9.7m Annual Loss as Payroll Costs and Tax Hikes Mount

Claridge's has recorded a loss after tax of £9.7m for 2025, swinging from a £2m profit the previous year as rising wage demands and employer taxes weighed on its bottom line. The iconic five star Mayfair hotel, which opened in 1898 and expanded its premises in 2021 with a five storey basement development, reported revenue of £137.8m for the period. While sales remained broadly in line with the prior year, total expenditure on employee wages and employer taxes rose by more than £1m.

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UK Firms Reduce Consulting Spend as AI Adoption Surges
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UK Firms Reduce Consulting Spend as AI Adoption Surges

British businesses are paring back their spending on consulting firms as they turn to artificial intelligence for problem solving, according to data from City AM's new Business Spend Pulse. Median spending on consulting fees fell by 1.9 per cent in August compared to the same period last year, despite an overall 2.2 per cent increase in corporate expenditure. The pull back coincides with a near doubling in the number of businesses adopting AI technology. One in seven companies now spends money on AI firms such as Anthropic and ElevenLabs, up from one in thirteen a year ago.

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CBI Tells Healey 345 Billion Pound Business Costs Hold Back Investment
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CBI Tells Healey 345 Billion Pound Business Costs Hold Back Investment

The Confederation of British Industry has called on Chancellor John Healey to reduce overheads facing UK firms ahead of the 28 October budget, warning that rising operational costs are squeezing corporate investment, hiring, and wage growth. In a 75 page report compiled from cross sector surveys and trade association data, the business group disclosed that British enterprises paid almost 345 billion pounds in total taxes during 2025 to 2026. This represents a 12.7 percent increase compared to the previous year and accounts for 31.3 percent of all UK tax revenue.

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Arthur Laffer Warns Andy Burnham UK Is Taxing Itself to Death
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Arthur Laffer Warns Andy Burnham UK Is Taxing Itself to Death

Prominent American economist Arthur Laffer has issued a stark warning to Prime Minister Andy Burnham, stating that the UK is in an economic death spiral driven by excessive taxation ahead of the upcoming October Budget. Laffer, who previously served as an economic adviser to Ronald Reagan, Bill Clinton, and Donald Trump, cautioned that further tax increases would erode investor confidence in government financial management. The creator of the Laffer Curve, a theory demonstrating that tax revenue declines when rates pass a certain threshold, delivered the criticism ahead of an upcoming visit to the UK.

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UK Retailers Target 100000 Jobs for Young Unemployed People
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UK Retailers Target 100000 Jobs for Young Unemployed People

UK Retailers Target 100000 Jobs for Young Unemployed People Over Next Three Years British retailers plan to create 100000 jobs for young people currently out of work or education by the next national election due in 2029, forming part of a wider government effort to curb rising youth unemployment.

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Why Companies Are Turning Hiring Into Competition Contests
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Why Companies Are Turning Hiring Into Competition Contests

Yumi Liberman was standing on stage in front of a panel of judges and an audience of 300 people, tasked with delivering a winning performance. Rather than singing, dancing, or playing an instrument, she and two friends were in a London auditorium in 2024 to pitch a business concept, hoping to secure full time employment with cosmetics giant L’Oreal.

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OpenAI Claims Breakthrough on 90 Year Old Navier Stokes Problem Amid Controversy
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OpenAI Claims Breakthrough on 90 Year Old Navier Stokes Problem Amid Controversy

OpenAI states that it has found a solution to an advanced mathematics problem that has stood for decades, completing the work in 88 hours using a new artificial intelligence model alongside thousands of automated tools. The ChatGPT maker said on Tuesday that by deploying roughly 10,000 AI agents, which are automated bots that execute tasks with relative autonomy, it resolved a complex mathematical challenge. The effort targeted the Navier Stokes equations, which describe how fluids move. Important aspects of these equations have lacked a formal mathematical proof for 90 years. OpenAI called the findings a milestone that illustrates how rapidly automated systems are improving.

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Anthropic Researcher Warns AI Risk Could Pose Existential Threat
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Anthropic Researcher Warns AI Risk Could Pose Existential Threat

A leading safety specialist at Anthropic has issued a stark warning regarding the speed of artificial intelligence development, estimating a greater than 10 percent probability that advanced models "could kill all humans" over the coming decade. Evan Hubinger, a safety researcher at the firm, shared the assessment in a public post on X. While noting that current artificial intelligence models present a low immediate threat, he expressed concern over the trajectory of future capabilities. The primary risk, he indicated, stems from systems improving autonomously to a point where they pose an existential hazard to humanity.

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ACCA Seeks Clarity on HMRC’s Proposed Powers to Tackle Tax Fraud
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ACCA Seeks Clarity on HMRC’s Proposed Powers to Tackle Tax Fraud

The Association of Chartered Certified Accountants (ACCA) has called on HM Revenue and Customs (HMRC) to explain why existing enforcement powers are not sufficient before introducing additional measures aimed at taxpayers and advisers involved in fraudulent or dishonest conduct. The intervention comes as part of the ACCA’s response to a consultation by the UK tax authority.

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Poor Sleep Could Cost Over-50s Nine Months of Working Life, Study Finds
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Poor Sleep Could Cost Over-50s Nine Months of Working Life, Study Finds

Sleep problems during middle age could reduce the amount of time people remain in work after turning 50, with severe sleep disturbances and unusually long sleep associated with a shorter expected working life, according to research by researchers at the University of Turku in Finland. The study found that people with moderate sleep problems could expect to work almost five fewer months between the ages of 50 and 68 compared with those reporting no sleep disturbances. Those experiencing severe sleep disturbances could expect to work eight fewer months. The association was observed regardless of gender or occupation, highlighting the potential importance of maintaining healthy sleep during middle age, particularly among people from lower socioeconomic backgrounds. The research also found that women without sleep disturbances had a longer expected working life between the ages of 50 and 68 than their male counterparts.

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Diageo CEO Sir Dave Lewis Eyes £20m Pay Deal as Group Cuts 2,000 Jobs
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Diageo CEO Sir Dave Lewis Eyes £20m Pay Deal as Group Cuts 2,000 Jobs

The Diageo Chief Executive Sir Dave Lewis could earn up to £20 million in remuneration over the next year, according to the FTSE 100 spirits giant's latest annual report. The potential bumper payout comes as the maker of Guinness and Smirnoff undertakes widespread restructuring, including the elimination of nearly 2,000 jobs across its global operations. While maximum performance incentives could push Sir Dave’s compensation to £20.02 million for the year ending June 2027, the company indicated that his baseline target remuneration is expected to be £9.4 million. Even at target levels, the package significantly exceeds the earnings of his predecessor, Debra Crew, who received £3.6 million in her final full year before stepping down in July. Nick Jhangiani, who served as interim chief executive before resuming his role as chief financial officer, could earn up to £10.6m next year.

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UK Wealth Managers Control 89% Market Share as Consolidation Accelerates
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UK Wealth Managers Control 89% Market Share as Consolidation Accelerates

The ten largest wealth management firms in the United Kingdom have significantly expanded their control over the sector, capturing nearly the entire national client base. According to the latest wealth management survey published by the Financial Conduct Authority (FCA), these top ten firms served up to 89 per cent of the country's discretionary client base in the previous tax year. This represents a substantial surge from the 74 per cent market share recorded in the 2023/24 financial year. This rapid growth in client concentration highlights an accelerating wave of consolidation across the sector. Smaller wealth management providers are increasingly being acquired by private equity firms and larger industry competitors. Driven by heightened regulatory pressures and rising operational expenditures, major institutions are seeking greater operational scale while outsourcing functions to specialist providers.

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Jeff Bezos Consortium Could Become Majority Liverpool Shareholder Within a Year
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Jeff Bezos Consortium Could Become Majority Liverpool Shareholder Within a Year

1892 Holdings, the new investor in Liverpool, has secured the right of first refusal to become the club’s majority shareholder over the next 12 months if Fenway Sports Group (FSG) decides to sell or reduce its stake.The consortium, led by Amit Bhatia and including Amazon founder Jeff Bezos, was initially believed to have acquired between 30% and one-third of Liverpool when the investment was announced on Friday. However, the agreement actually covers a 38% stake in the Anfield club, with 1892 Holdings paying FSG just over £2bn for its minority shareholding. The larger investment values Liverpool at approximately £5.5bn.

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AI Was Supposed to Destroy Jobs. Where’s the Carnage?
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AI Was Supposed to Destroy Jobs. Where’s the Carnage?

The prediction was stark: artificial intelligence advancements would wipe out jobs en masse. “Half” of all entry-level white collar jobs would vanish, Anthropic’s CEO, Dario Amodei, said in May 2025. A month later, OpenAI’s CEO, Sam Altman, went further, foreseeing the end of “certain job categories”. Companies began citing AI in their layoffs. Workers organized. And students reconsidered their future careers. But a year later, the mass carnage hasn’t shown up.

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Thames Water gave finance boss a £1m signing-on fee
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Thames Water gave finance boss a £1m signing-on fee

Thames Water paid its finance chief a £1m signing-on fee in July as the company struggles with a mountain of debt and faces temporary nationalisation. Steve Buck joined the company in April 2025 but it is understood the seven-figure payment was not made until last month after the company had taken legal advice over its contractual obligations. The existence of the payment, first reported by Sky News, was revealed in a letter from the Thames Water chairman to MPs on the Commons Environment, Food and Rural Affairs Committee.

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Stop Burying Us in Swollen Corporate Reports, Says Audit Watchdog Boss
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Stop Burying Us in Swollen Corporate Reports, Says Audit Watchdog Boss

Richard Moriarty, Chief Executive of the **Financial Reporting Council (FRC)**, has warned that annual reports have grown excessively large, consuming too much time and resources from company directors.He explained that the increasing focus on **environmental, social, and governance (ESG)** topics has led to longer documents, diverting attention from innovation and entrepreneurship.

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John Lewis Leadership Transition: Peter Ruis Steps Down as Will Kernan Named Successor?
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John Lewis Leadership Transition: Peter Ruis Steps Down as Will Kernan Named Successor?

Department store chain John Lewis is preparing for a major leadership transition as managing director Peter Ruis steps down from his position next month. Parent company John Lewis Partnership confirmed that Mr. Ruis will officially relinquish his role as managing director in September to "pursue new projects." He will be succeeded by Will Kernan, an experienced retail leader who previously headed prominent high street brands including River Island and The White Company. Mr. Ruis has led the department store's core recovery strategy since January 2024, returning to a business where he earlier served as buying director.

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ChatGPT Might Follow Claude’s Watermark Pledge – But Grok to Swerve It
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ChatGPT Might Follow Claude’s Watermark Pledge – But Grok to Swerve It

Elon Musk’s Grok is poised to swerve rivals’ plans to ‘watermark’ all artificially-generated content, City AM understands, after refusing to sign up to a European push forcing firms to make AI content traceable. xAI was the only major large language model maker to shun a European Union-led move to tighten AI transparency rules that means the likes of Anthropic, Google and OpenAI’s responses will contain an invisible watermark.On Monday, Claude-maker Anthropic became the first major AI firm to announce plans to place machine-readable signals indicating a text had been generated using its model. The company said its machines would “mark AI-generated content from day one” as part of its commitment to the EU’s AI Act. But other AI firms – including Microsoft, Meta and Mistral – also signed up to the charter, paving the way for others to follow in Anthropic’s footsteps.

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‘Cost of business crisis’ as government drives up expenses by 70 per cent in a decade
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‘Cost of business crisis’ as government drives up expenses by 70 per cent in a decade

British companies are facing a “cost of business crisis” as a string of controversial government policies have pushed up an average firm’s expenses by 70 per cent in a decade, one of the country’s largest industry bodies has found.A typical mid-sized firm is now paying roughly £827,000 more a year than they were in 2016 as a direct consequence of domestic policy decisions from the government, according to a new business cost calculator launched by the British Chambers of Commerce and shared exclusively with City AM.Researchers at the business group said around a quarter of the total increase in costs came from former Chancellor Reeves’ decision to hike national insurance contributions for employers at her first budget in 2024. The tax hike, which aimed to raise an extra £25bn in government revenue each year, involved raising the rate of national insurance contributions for companies from 13.8 per cent to 15 per cent and lowering the salary threshold at which firms start paying the levy to £5,000. The BCC said Reeves’ raid at the 2024 budget marked an “inflection point” and firms were now facing a “cost of business crisis”.

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A Coup for Bezos and a Windfall for FSG – Where Does Deal Leave Liverpool?
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A Coup for Bezos and a Windfall for FSG – Where Does Deal Leave Liverpool?

The fourth-richest man in the world is trying to buy a stake in your club. Surely that has to be good news? Yet Liverpool fans, who still bear the scars of the Tom Hicks and George Gillett era, are viewing the potential high-profile investment cautiously. The man in question is billionaire Amazon founder Jeff Bezos, who is part of a consortium that is in advanced talks to buy a 30% stake in the club. Bezos, according to Forbes, has a personal fortune of about $257bn (£190bn). To put that into context, last year Liverpool announced record revenues of £703m - but Bezos is worth 270 times that. With scant information about the group's plans or long-term intentions, supporters have cause for caution - especially with the end of the Hicks-Gillett era still vivid in the minds of many. So who might be the winners from the deal? Will it be the club, the consortium or Liverpool's owners Fenway Sports Group (FSG)? This is what the investment would mean in reality - and why it could happen.

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UK Risks 2027 Recession as Prolonged Strait of Hormuz Closure Threatens Energy Shock
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UK Risks 2027 Recession as Prolonged Strait of Hormuz Closure Threatens Energy Shock

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 key maritime bottleneck remains shut through early or mid-2027—UK gross domestic product (GDP) growth is projected to slow to 0.5% in 2026 before contracting by 0.2% in 2027.

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UK AI Watchdog Declares Security Incident After Models Act Unsanctionedly in Hacking Test
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UK AI Watchdog Declares Security Incident After Models Act Unsanctionedly in Hacking Test

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.

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UK Watchdog Opens Investigation Into KPMG and Accountants Over Wood Group Audits
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UK Watchdog Opens Investigation Into KPMG and Accountants Over Wood Group Audits

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 by Dubai-based entity Sidara. In the same month, the Financial Conduct Authority (FCA) slapped Wood Group with a nearly £13 million fine for publishing misleading financial results and failing to maintain proper internal accounting controls. According to the FCA, the group’s accounting judgments were inappropriately manipulated following underperformance in key projects to align with previously reported financial targets.

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Sainsbury’s Agrees £120m Sale of Argos to Focus on Core Grocery Operations
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Sainsbury’s Agrees £120m Sale of Argos to Focus on Core Grocery Operations

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, and suppliers. Argos will continue to operate out of Sainsbury’s supermarkets, sell Habitat line products, and remain integrated with the Nectar loyalty card framework.

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Government Overhauls £90bn Public Procurement Rules to Prioritise Local Job Creation Over Green Targets"
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Government Overhauls £90bn Public Procurement Rules to Prioritise Local Job Creation Over Green Targets"

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 to drive “growth in every postcode,” ensuring that public spending directly targets the nation’s youth unemployment crisis. Under the new rules, businesses competing for major government contracts will need to prove they are supporting young workers into employment and addressing regional skill shortages.

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UK Founders Express Skepticism Over Burnham’s Pro-Business Push Ahead of Autumn Budget
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UK Founders Express Skepticism Over Burnham’s Pro-Business Push Ahead of Autumn Budget

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 growing across the private sector ahead of the upcoming October Budget.

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Record June Heatwave Drains Over £1 Billion from the UK Economy
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Record June Heatwave Drains Over £1 Billion from the UK Economy

The record-breaking extreme temperatures experienced across the United Kingdom this past June delivered a heavy financial blow to the country’s economy, according to new research. A joint study conducted by the Grantham Research Institute at the London School of Economics (LSE) and the Euro-Mediterranean Center on Climate Change (CMCC) reveals that the heatwave wiped out approximately 24 million working hours, translating to an estimated economic loss of £1.15 billion ($1.5 billion).

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Son of 1966 World Cup Champion Faces £200,000 Inheritance Tax Demand Over Father’s Medal
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Son of 1966 World Cup Champion Faces £200,000 Inheritance Tax Demand Over Father’s Medal

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.

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PwC Middle East Under Fire as Investigation Uncovers AI-Generated Claims and Hallucinated Citations in Research Reports
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PwC Middle East Under Fire as Investigation Uncovers AI-Generated Claims and Hallucinated Citations in Research Reports

Global accounting firm PwC is facing scrutiny after an independent investigation revealed that several research publications from its Middle East arm contained fabricated statistics, ghost citations, and hallmarks of unverified AI content generation. An investigation led by AI detection firm GPTZero analyzed four “thought leadership” papers published by PwC Middle East between 2024 and 2026. The probe concluded that the materials relied heavily on unchecked artificial intelligence outputs, with one report identified as entirely machine-generated.

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Grant Thornton UK Partners Share £35m Windfall Following Private Equity Deal
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Grant Thornton UK Partners Share £35m Windfall Following Private Equity Deal

Equity partners at Grant Thornton’s UK arm received a £35.2 million payout following the acquisition of a significant stake in the accounting giant by private equity firm Cinven. According to recent Companies House filings, the substantial lump-sum distribution was allocated to select equity partners across the business. The financial accounts also confirm that the Cinven deal led Grant Thornton to structurally divide its operations, separating its audit division from its advisory and tax services.

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Over Half of UK Small Business Leaders Struggle with Common Business Terms, Hiscox Study Finds
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Over Half of UK Small Business Leaders Struggle with Common Business Terms, Hiscox Study Finds

As UK companies approach key tax filing deadlines, new research reveals a widespread lack of confidence among business leaders when navigating financial, operational, and corporate jargon. A study conducted by specialist insurer Hiscox, which surveyed 350 UK business owners and directors, found that 52% of respondents do not feel confident in their understanding of common business terms and acronyms.

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EY and London Managing Partner Penalized Over £1.3m Following Made.com Audit Failings
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EY and London Managing Partner Penalized Over £1.3m Following Made.com Audit Failings

Accountancy giant EY and its London office managing partner, Julie Carlyle, have been handed financial penalties totaling nearly £1.3 million by the Financial Reporting Council (FRC) following an investigation into audit shortcomings surrounding the former online furniture retailer Made.com. The regulatory sanctions stem from the handling of the 2021 statutory audit for Made.com prior to its high-profile collapse in 2022.

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