Business

Sir Winston Churchill and other historic figures currently featured on British banknotes are set to be replaced by wildlife under plans announced by the Bank of England following a nationwide public consultation.

The central bank confirmed that future designs for £5, £10, £20 and £50 notes will focus on animals, birds and other aspects of the natural world, marking a significant departure from more than half a century of celebrating historical personalities on UK currency.

Figures who could eventually disappear from circulation include the wartime prime minister Winston Churchill, novelist Jane Austen, landscape painter JMW Turner, and mathematician and codebreaker Alan Turing.

While the historical portraits will gradually be phased out, the monarch will continue to appear on the reverse side of all British banknotes.

The shift follows a major public consultation conducted by the Bank of England to determine what theme should appear on the next generation of banknotes.

According to the bank, more than 44,000 people took part in the consultation, with around 60 per cent of respondents selecting nature and wildlife as their preferred theme for future notes.

Other themes considered included architecture and landmarks (56 per cent), historical figures (38 per cent), arts, culture and sport (30 per cent), innovation (23 per cent) and notable milestones (19 per cent).

Victoria Cleland, the Bank of England’s chief cashier, said the redesign was primarily driven by security considerations but also offered an opportunity to showcase British identity in a different way.

“The key driver for introducing a new banknote series is always to increase counterfeit resilience,” she said. “But it also provides an opportunity to celebrate different aspects of the UK. Nature is a great choice from a banknote authentication perspective and means we can showcase the UK’s rich and varied wildlife.”

The Bank of England said nature-themed imagery offers advantages in combating counterfeiting, as detailed illustrations of animals, birds and landscapes are harder to reproduce illegally.

Future notes will incorporate the latest anti-counterfeiting technology alongside complex visual designs, making them more secure than existing polymer banknotes.

The redesign process is expected to take several years, with the new series unlikely to enter circulation until the late 2020s after extensive testing, design development and manufacturing preparations.

An expert panel has been assembled to create a shortlist of wildlife species that could feature on the new banknotes before the final selection is put to a public vote.

The panel includes wildlife filmmakers and presenters Gordon Buchanan, Miranda Krestovnikoff and Nadeem Perera, alongside conservation specialists including Katy Bell of Ulster Wildlife and academics Steve Ormerod and Dawn Scott.

The group will identify animals and natural scenes that reflect the diversity of ecosystems across the UK’s four nations.

Perera said wildlife is deeply intertwined with British identity and culture.

“The wildlife of the UK is not separate from our culture, it sits in our football crests, our folklore, our coastlines and our childhoods,” he said. “Giving it space on something as symbolic as our currency feels both overdue and significant.”

Despite the changes to the reverse side of the notes, the monarch will continue to appear on the front of all Bank of England currency.

Royal portraits have featured on British coins for more than 1,000 years, while Queen Elizabeth II appeared on banknotes from the 1960s onwards.

The Bank confirmed that the new designs will maintain this longstanding tradition.

The Bank of England has previously faced criticism over the lack of diversity among the figures featured on its notes.

Since historical personalities were first introduced to banknotes in 1970, none have represented Black or ethnic minority figures.

The move toward nature-themed imagery avoids debates about which historical figures should be included and instead highlights national landscapes and wildlife.

Future designs may also incorporate plants, habitats and landscapes alongside animals to create more complex and distinctive visual themes.

The development of a new banknote series is a lengthy process involving design competitions, security testing and approval by the Bank of England’s leadership.

The shortlist of wildlife candidates is expected to be unveiled later this year, with final approval resting with Andrew Bailey, governor of the Bank of England.

Once the design process is complete, the notes will enter a testing and printing phase before being gradually introduced into circulation.

If approved, the next generation of British currency will represent a dramatic visual change, replacing some of the country’s most recognisable historical portraits with images of the natural world.

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Churchill to be replaced by wildlife on future Bank of England banknotes

Global oil prices have climbed back above $90 a barrel after a cargo vessel was struck by a projectile in the Strait of Hormuz, intensifying fears that the escalating conflict involving Iran could trigger a prolonged disruption to one of the world’s most critical energy shipping routes.

Brent crude, the international benchmark, rose sharply to around $92.34 a barrel, recovering from earlier losses and extending the dramatic volatility seen across energy markets over the past 48 hours. The latest surge followed reports from the United Kingdom Maritime Trade Operations (UKMTO) that a commercial cargo ship had been hit by an unidentified projectile in the Strait of Hormuz, causing a fire onboard.

The incident is the latest in a series of attacks targeting vessels in the Gulf region, underscoring the growing risks to global oil and gas supply chains as the Middle East conflict intensifies.

Shipping through the Strait of Hormuz, a narrow waterway between Iran and the United Arab Emirates that typically carries around one-fifth of the world’s oil exports, has almost completely halted as commercial operators weigh the risks of operating in the area.

Peter Aylott, director of policy at the UK Chamber of Shipping, said attacks on vessels have been indiscriminate and spread across the region, including incidents near Kuwait and in the western Persian Gulf.

He warned that the danger of further strikes has effectively paralysed maritime traffic.

“Shipping passing through the strait has dropped from around 100 vessels per day to fewer than five, and most of those appear to be Iranian ships,” Aylott said.

The situation has left around 1,000 commercial vessels stranded in the Gulf, including an estimated 80 to 90 ships with UK interests, as shipping companies refuse to risk moving cargo through the increasingly dangerous corridor.

Two additional vessels, a bulk carrier and a container ship, were also reportedly struck within the past 24 hours, raising concerns that the disruption could deepen if hostilities continue.

Energy markets have experienced extraordinary swings as traders attempt to gauge how long the conflict will last and whether the Strait of Hormuz will reopen to normal shipping.

Brent crude surged to over $118 per barrel earlier in the week, its highest level since 2022, before dropping close to $80 a barrel amid reports that governments were considering releasing emergency oil reserves.

The benchmark then rebounded strongly after the latest shipping attack, reflecting continued uncertainty about supply.

At one point during Asian trading, Brent had slipped to $88 per barrel, after the Wall Street Journal reported that the International Energy Agency (IEA) was considering the largest coordinated release of oil reserves in its history.

Such a move would surpass the 182 million barrels released in 2022 following Russia’s invasion of Ukraine.

However, the attack in the Strait of Hormuz quickly shifted market sentiment back toward supply fears, sending prices climbing again.

Overall, Brent crude has now risen more than 40 per cent since the start of the year, driven by escalating geopolitical tensions and concerns over disruptions to global energy flows.

Further uncertainty has emerged over whether military escorts might be used to secure shipping routes through the Strait of Hormuz.

US energy secretary Chris Wright briefly posted on social media that the US Navy had escorted an oil tanker through the strait to ensure energy supplies continued flowing.

The post was quickly deleted, and American officials clarified that the US military is not currently escorting commercial vessels through the waterway.

The confusion has added to investor uncertainty about the security of global energy shipments and the potential for further escalation.

Without clear military protection or a diplomatic breakthrough, shipping companies are expected to remain cautious about returning to the route.

The renewed surge in oil prices has triggered declines in European stock markets as investors worry about the economic impact of higher energy costs.

In London, the FTSE 100 fell 1 per cent to 10,301, reversing gains from the previous day. Shares also dropped across major European markets including Germany and France, while Asian equities posted modest gains overnight.

Higher oil prices are widely expected to push up inflation worldwide, potentially forcing central banks to keep interest rates higher for longer.

European leaders have warned that the conflict is already driving up energy import costs across the continent.

Ursula von der Leyen, president of the European Commission, said the disruption has already cost the European Union around €3 billion in additional energy imports.

“Gas prices have risen by 50 per cent and oil prices have risen by 27 per cent,” she told EU lawmakers in Strasbourg.

“That is the price of our dependency.”

Despite the spike in prices, von der Leyen rejected calls for the EU to return to purchasing Russian energy — imports that were largely halted after Russia’s full-scale invasion of Ukraine in 2022.

Energy traders say the key question now facing markets is how long the Strait of Hormuz will remain effectively closed.

If tanker traffic remains severely restricted, analysts warn that oil prices could climb even higher in the coming weeks, potentially surpassing previous crisis levels.

The Strait of Hormuz crisis has already drawn comparisons with previous global energy shocks, and economists warn that prolonged disruption could slow global economic growth while reigniting inflationary pressures.

For now, markets remain caught between expectations of emergency supply releases and the very real risk that the world’s most important oil shipping route could remain unusable for an extended period.

Read more:
Oil price climbs above $90 after ship attack in Strait of Hormuz

A new green hydrogen production facility is set to be built in Milford Haven, Wales, marking a significant development for the UK’s emerging low-carbon hydrogen sector.

Commodities trading giant Trafigura confirmed that its energy arm, MorGen Energy, has approved the West Wales Hydrogen project, which will be located on the site of a former oil refinery in the Pembrokeshire port. Construction is expected to begin later this year, with the facility designed to produce around 2,000 tonnes of hydrogen annually.

The project represents one of the first commercial-scale hydrogen schemes to move forward under the UK government’s hydrogen allocation programme, which provides financial support to accelerate the development of low-carbon hydrogen production.

The Milford Haven facility will produce hydrogen using electrolysis, a process that splits water into hydrogen and oxygen using electricity generated from renewable sources.

Trafigura said the plant will be powered primarily by wind energy, ensuring the hydrogen produced qualifies as green hydrogen, meaning it generates no carbon emissions during production.

The hydrogen produced will be used across a range of industrial applications, including industrial heating, manufacturing processes and potentially transport, supporting efforts to decarbonise sectors that are difficult to electrify.

Michael Shanks, the UK’s energy minister, described the development as a major milestone for Britain’s clean energy ambitions.

“This project represents one of the UK’s first commercial-scale low-carbon hydrogen production plants,” he said.

To make the project financially viable, the UK government has agreed to guarantee a level of income for the plant for 15 years.

This support is designed to bridge the so-called “operating cost gap” between hydrogen production and conventional fossil fuels, which remain significantly cheaper in many cases.

In addition to the long-term revenue support mechanism, the project will also receive grant funding as part of the government’s broader strategy to scale up hydrogen production across the country.

Trafigura chief executive Richard Holtum said government support had been crucial to securing the final investment decision.

“The government’s backing was key to this project reaching final investment decision — demonstrating how public policy and private capital can work together to deliver new clean energy infrastructure,” he said.

The UK government has previously identified hydrogen as a critical part of its long-term decarbonisation strategy, particularly for heavy industry and sectors where electrification alone may not be sufficient.

Former prime minister Boris Johnson set a target in 2022 for the UK to produce 10 gigawatts of clean hydrogen capacity by 2030.

However, progress has been slower than expected. Several high-profile projects have stalled or been cancelled, including BP’s planned large-scale hydrogen development, which was scrapped in December.

Industry leaders have warned that the UK’s hydrogen ambitions risk falling behind competing economies due to delays in infrastructure, investment uncertainty and insufficient demand for hydrogen fuel.

Clare Jackson, chief executive of industry group Hydrogen UK, previously said the government’s 2030 production target now appeared “undeliverable” without faster policy and investment action.

Hydrogen is widely seen as an important part of the global transition to low-carbon energy systems because it produces no harmful emissions when burned.

There are two main ways hydrogen can be produced with lower carbon impact.

Green hydrogen is created using renewable electricity to split water into hydrogen and oxygen through electrolysis. Blue hydrogen is produced using natural gas, with the resulting carbon emissions captured and stored using carbon capture technology.

Potential uses for hydrogen include powering industrial processes, fuelling heavy transport, providing energy storage and potentially replacing natural gas for heating.

The UK government has described hydrogen as “essential” to achieving its ambitions to become a clean energy superpower while also supporting economic growth and industrial decarbonisation.

The electrolysers used in the Milford Haven project will be supplied by ITM Power, the Sheffield-based hydrogen technology company.

Electrolysers are the core technology used to split water molecules into hydrogen and oxygen using electricity, and demand for the equipment is expected to increase significantly as hydrogen production expands globally.

The involvement of ITM Power also highlights the potential for hydrogen projects to support UK manufacturing and technology supply chains.

Despite growing interest in hydrogen, the industry still faces several structural challenges.

These include the need for new pipelines and storage infrastructure, greater industrial demand for hydrogen fuel, and viable commercial business models to support production costs.

In the case of blue hydrogen projects, the development of carbon capture and storage infrastructure is also essential to ensure emissions are safely contained.

While the Milford Haven project is relatively modest in scale compared with some international hydrogen developments, it represents an important step in building a commercial hydrogen market in the UK.

As the country continues its transition toward cleaner energy sources, projects such as the West Wales Hydrogen plant are expected to play a key role in testing how hydrogen can be produced, distributed and used at scale across the British economy.

Read more:
Green hydrogen plant to be built in Milford Haven with government backing

Digital banking giant Revolut has officially launched its UK bank after receiving regulatory approval from the Prudential Regulation Authority (PRA), marking a major milestone in the fintech company’s long-running push to establish itself as a fully licensed bank in its home market.

The new entity, Revolut Bank UK Ltd, will gradually begin rolling out current accounts to customers, starting with a limited group before expanding to the company’s 13 million UK users over the coming weeks.

The approval allows Revolut to move out of the “mobilisation” phase of its banking licence, the period during which a company prepares operational systems and governance before offering full banking services.

For the first time, Revolut customers in the UK will be able to hold deposits protected by the Financial Services Compensation Scheme (FSCS), which safeguards eligible deposits of up to £85,000 per person.

The launch of the UK bank enables Revolut to begin offering deposit accounts with FSCS protection, bringing it into closer competition with established high-street lenders and digital challenger banks.

While Revolut has operated in the UK since 2015 and built one of the country’s largest fintech customer bases, it previously operated using an e-money licence, meaning deposits were safeguarded but not covered by the FSCS guarantee.

The transition to a licensed bank also opens the door to a broader range of services, including lending products, credit offerings and expanded financial services for both retail and business customers.

However, Revolut has emphasised that the rollout will be gradual to ensure a smooth transition.

Initially, new customers will be offered the bank’s current accounts, while existing users will continue using the app and payment services as normal until their accounts are migrated.

The company expects the migration of existing customers to take several months, with notifications being sent through the Revolut app during the transition period.

Revolut’s co-founder and chief executive Nik Storonsky described the launch as a pivotal moment for the company’s global ambitions.

“Launching our UK bank has been a long-term strategic priority for Revolut and marks a significant moment in our journey,” he said.

“The UK is our home market and central to our growth. We look forward to introducing a full suite of banking services to our millions of UK customers, bringing the same innovative experience we already provide across the rest of Europe.”

Storonsky added that the development represents a major step toward the company’s long-term goal of creating “the world’s first truly global bank.”

The banking licence approval comes shortly after Revolut announced plans to invest £3 billion ($4 billion) in the UK economy and create around 1,000 high-skilled jobs as part of its expansion strategy.

The company has also unveiled an ambitious global investment programme worth £10 billion ($13 billion) over five years, which will support international growth and the launch of banking services in additional markets.

As part of that strategy, Revolut plans to enter 30 new markets by 2030, with licensing progress already underway in parts of the Americas and other regions.

The fintech group has become one of Europe’s fastest-growing financial technology firms, offering services including international payments, investment tools, cryptocurrency trading and budgeting features through its mobile app.

Francesca Carlesi, chief executive of Revolut UK, said the regulatory approval represents a defining stage in the company’s development.

“Becoming a bank in our home market marks a defining moment in our journey — a milestone achieved through relentless focus, discipline and belief in what we’re building,” she said.

“Securing this licence lays the foundation for our next chapter: expanding into a broader suite of products, including credit, to sit alongside the innovative services our customers already rely on every day.”

Carlesi added that the launch will help Revolut continue its mission of delivering “the most seamless, secure and customer-centric banking experience for consumers across the UK.”

Revolut’s transition into a fully licensed UK bank is likely to intensify competition across Britain’s financial services sector, particularly among digital challenger banks such as Monzo and Starling.

With millions of existing customers already using its app for payments and financial services, Revolut enters the banking market with a substantial user base that could rapidly adopt its new FSCS-protected accounts and future lending products.

The company’s move also reflects a broader shift within the fintech industry, as many technology-driven financial firms seek full banking licences in order to expand their services and strengthen customer trust.

For Revolut, securing approval in its largest market represents both a regulatory breakthrough and a crucial step in its ambition to become a global digital banking powerhouse.

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Revolut launches UK bank after regulatory approval

US startup Anchr has secured $5.8 million in seed funding to develop what it describes as the first end-to-end AI-native operating system for food distributors, targeting one of the most operationally complex yet technologically underserved sectors of the global supply chain.

The funding round was backed by a16z Speedrun, Anterra Capital, Offline Ventures, Long Journey Ventures, alongside several industry leaders connected to OpenAI. The investment will support the company’s development of an integrated artificial intelligence platform designed to automate operational workflows across sales, purchasing, inventory management, finance and logistics.

The company argues that despite the enormous scale of the food distribution industry, which moves hundreds of billions of dollars in perishable goods annually, much of its operational infrastructure remains heavily reliant on outdated technology and manual processes.

Food distributors act as a critical backbone between producers and the hospitality sector, ensuring that restaurants, supermarkets and catering businesses receive fresh goods daily. Yet many companies still rely on text messages, spreadsheets and legacy enterprise systems developed decades ago.

Traditional enterprise resource planning (ERP) systems typically record historical transactions but lack the capability to analyse real-time conditions or automate operational decisions.

This means that key activities such as purchasing decisions, stock management and financial reconciliation often require extensive manual work. For businesses operating on low single-digit profit margins, inefficiencies in these processes can significantly impact profitability.

Anchr’s founders believe artificial intelligence can fundamentally change how these operations function.

“The biggest opportunity to leverage AI isn’t in industries with modern infrastructure,” said Tzar Taraporvala, co-founder and co-chief executive of Anchr.

“It’s buried deep in the operational backbone of the economy. Food distributors manage millions of dollars of inventory with systems that were never designed to handle today’s complexity.”

Rather than replacing existing ERP platforms, Anchr’s system operates as a layer on top of them, embedding AI-powered digital assistants, or “AI teammates”, across multiple operational departments.

By integrating data across departments, the system enables information to flow continuously through the organisation, eliminating the fragmented workflows that often plague supply chain businesses.

Work that previously required hours of manual intervention, such as inputting orders received via email or text messages, can be executed automatically by the platform, with contextual information shared across the entire business.

Early adopters of Anchr’s platform are already reporting measurable efficiency gains.

One customer reclaimed roughly 40 per cent of daily working time across a team of eight sales representatives by automating order intake from emails and text messages.

Another distributor was able to reduce aged inventory write-offs by $30,000 in a single month, after using AI-generated purchasing insights based on live demand signals.

In a further example, a distributor used the system’s menu-analysis capabilities to identify upselling opportunities. By scraping restaurant menus and product catalogues, the AI recommended additional items to include in orders, increasing the average basket size by around $65 per order across 4,000 annual orders.

For companies operating in low-margin industries such as food distribution, even relatively small operational improvements can translate into substantial financial gains.

The idea for Anchr emerged directly from the founders’ exposure to operational inefficiencies within the supply chain.

Co-founders Tzar Taraporvala and Smayan Mehra, who have worked together for more than two decades, began investigating supply chain technology gaps after observing how disconnected many enterprise systems remained.

Their research intensified when they partnered with a Boston-based seafood distributor, spending several months observing daily workflows inside the business.

They discovered that many operational processes were still handled manually. Orders were frequently entered into ERP systems in the early hours of the morning, purchasing decisions relied on disconnected spreadsheets and finance teams often had to reconcile invoices across multiple software platforms.

The founders concluded that the problem was not simply technological, it was structural.

“The pain was structural, daily and expensive,” the company said.

Anchr’s early momentum has been notable. During its 12-week participation in the Speedrun accelerator programme, the startup reported booking seven-figure revenue.

Its customer base already includes both regional distributors and a publicly traded food distribution company generating approximately $5 billion in annual revenue.

This rapid adoption reflects growing demand for automation in a sector where operational complexity continues to increase.

From ERP to ERA: the next evolution in enterprise software

The company believes its technology represents the next phase in enterprise software development.

The founders describe the transition as moving from traditional Enterprise Resource Planning (ERP) systems toward what they call Enterprise Resource Automation (ERA).

“If the first era of enterprise software digitised record-keeping, we believe the next era will automate it,” said Smayan Mehra, co-founder and co-CEO.

Under this model, enterprise software does not simply track data but actively executes workflows and decision-making processes in real time.

Looking ahead, Anchr plans to expand automation capabilities across all aspects of distributor operations, eventually becoming a central coordination system for decisions involving inventory, capital and logistics.

The founders believe the technology has applications beyond food distribution, particularly in industries where physical goods move through fragmented supply chains.

By integrating operational data across departments, the platform aims to create a new type of AI-native system of record built around the actual work performed by organisations.

Investors backing the company say the potential lies in the compounding effect of connecting operational functions.

“When sales, purchasing, inventory and finance share context, the entire business runs differently,” said Troy Kirwin of a16z Speedrun.

“Anchr is building an AI-native operating layer that turns fragmented processes into integrated workflows.”

Despite the scale of global logistics and distribution networks, many supply chain sectors remain technologically underdeveloped compared with consumer technology and finance.

Food distribution in particular presents a unique challenge because it involves high volumes of perishable inventory, tight margins and fast-moving operational decisions.

As artificial intelligence continues to move beyond productivity tools into full operational automation, startups like Anchr are betting that some of the largest gains will come not from digital-first industries but from the overlooked systems that keep the physical economy running.

For Anchr, the goal is clear: build the AI operating system that powers the next generation of supply chain operations.

Read more:
Anchr raises $5.8M to bring AI-native automation to America’s food supply chain

The eco-friendly pet brand Piddle Patch, which rose to national prominence following an appearance on Dragons’ Den, has won a significant trademark infringement case in the UK courts after a judge ruled that a rival company deliberately attempted to profit from its brand recognition.

District Judge Obodai ruled in favour of Makeality Ltd, the company behind the Piddle Patch brand, in a dispute with City Doggo Ltd and its founder Laurencia Walker-Fooks. The case was heard on the Intellectual Property Enterprise Court (IPEC) small claims track at the High Court.

The judge concluded that the defendants had deliberately attempted to benefit from the Piddle Patch trademark and associated goodwill, stating that their actions were part of a coordinated attempt to exploit the brand’s market presence.

In the written judgement, Judge Obodai said the defendants’ conduct was not accidental but formed part of a “deliberate policy to promote the sign in the relevant market”. He added that “passing off is exactly what she intended when she began her campaign of infringement”.

Piddle Patch was created by entrepreneur Rebecca Sloan, who launched the product as a sustainable alternative to disposable puppy training pads. The product uses real grass to provide an eco-friendly indoor toilet solution for dogs, particularly popular with urban pet owners.

Makeality Ltd registered the Piddle Patch trademark in 2016, establishing legal protection over the brand name and product identity.

Over the following years the business built strong brand recognition through a growing subscriber base, endorsements from celebrity veterinarians and dog trainers, and media coverage across national press outlets.

The company’s profile rose significantly in 2022 after appearing on BBC’s Dragons’ Den, where Sloan received an investment offer from entrepreneur and investor Steven Bartlett. The appearance helped propel the brand into the national spotlight and strengthened its commercial position in the pet care market.

Court documents revealed that Laurencia Walker-Fooks, the founder of City Doggo Ltd, had previously been a long-term customer of Piddle Patch.

During the Covid-19 pandemic she reportedly approached Sloan with an offer to acquire the company. Negotiations did not proceed after Sloan ultimately declined the proposal.

Shortly afterwards, City Doggo Ltd was incorporated and began trading in November 2020, entering the same market for dog toilet products.

The court heard evidence that the rival company subsequently used the Piddle Patch name extensively across its digital marketing channels, including website content, search engine optimisation tags and social media posts.

Evidence presented in court showed that the Piddle Patch trademark appeared in numerous areas of the City Doggo website.

These included product titles such as “SHOP: Piddle Patch”, as well as keyword metadata, alt tags and landing page descriptions designed to attract search engine traffic.

The trademark also appeared in hidden text on the website, including phrases such as “Piddle Patch Dragons Den”, which the court heard were intended to capture search traffic generated by the brand’s television exposure.

Additionally, City Doggo registered the domains piddlepatch.info and piddlepatch.shop, both of which directed users to its own website.

The trademark was also used as a hashtag across social media platforms including Facebook, Instagram and TikTok, further increasing the likelihood that consumers searching for Piddle Patch would encounter City Doggo’s products.

The judge concluded that these actions were a calculated attempt to benefit commercially from the existing brand reputation built by Makeality Ltd.

Makeality Ltd argued that City Doggo’s activities caused a measurable decline in traffic to the Piddle Patch website.

The court accepted that the rival company’s online marketing strategy had successfully positioned its website alongside the genuine brand in search engine results.

Judge Obodai noted that this outcome was intentional, commenting that the activity “had the desired effect” because City Doggo’s website appeared alongside the claimant’s when consumers searched for the Piddle Patch name.

The defendants had argued that the alleged infringements were too small or insignificant to be legally actionable, describing them as “de minimis”.

However, the court rejected this defence, ruling that the actions were deliberate and commercially motivated.

During the proceedings Walker-Fooks described City Doggo as a “sideline” business and suggested she lacked experience in intellectual property matters.

The judge rejected this characterisation, stating he did not believe her portrayal of limited business knowledge.

Judge Obodai noted that Walker-Fooks had a background in financial services and held senior roles in the investment sector, including serving as Vice President of Macro at Lighthouse Investment Partners between 2022 and 2025 before becoming Chief Operating Officer at hedge fund Anahata Capital Management LLC in October 2025.

The court found that she had sufficient commercial understanding to recognise the implications of using the Piddle Patch trademark in her marketing.

While the court ruled in favour of Makeality Ltd on trademark infringement and passing-off claims, the amount of financial compensation has not yet been determined.

The case will now proceed to a separate quantum trial, which will establish the level of damages owed to the Piddle Patch brand.

The court also considered requests for an injunction preventing further use of the trademark.

Following the ruling, Piddle Patch founder Rebecca Sloan welcomed the outcome and said the judgement vindicated the company’s efforts to protect its intellectual property.

“We are very happy with the result,” Sloan said.

She added that the case had required extensive preparation and thanked her legal team for their work during the proceedings.

“I’d like to thank our direct access barrister Christy Rogers, who worked tirelessly to help us make our case to the Court. This was by no means a straightforward process.”

The ruling is likely to attract attention among UK entrepreneurs and intellectual property specialists because it highlights how trademarks can be exploited through digital marketing techniques.

The case illustrates how search engine optimisation, domain registration and social media tagging can be used to redirect online traffic and potentially mislead consumers.

Legal experts say the judgement reinforces the principle that digital marketing tactics designed to exploit a rival’s brand reputation can constitute trademark infringement and passing off.

For small businesses and start-ups, particularly those building strong online brands, the case underscores the importance of securing and defending intellectual property rights as businesses scale.

With the Piddle Patch brand continuing to expand following its national exposure on Dragons’ Den, the ruling represents a significant legal victory for the company and a warning to competitors seeking to capitalise on established brand names.

Read more:
Dragons’ Den success story Piddle Patch wins landmark trademark infringement case

A growing number of businesses are paying cybercriminals after ransomware attacks, as hackers deploy artificial intelligence to make their tactics more targeted, sophisticated and damaging.

New research from cybersecurity consultancy S-RM and advisory firm FGS Global shows that 24.3 per cent of companies targeted by ransomware attacks paid the demanded ransom in 2025, marking a sharp increase from 14.4 per cent in 2024.

The figures represent the first significant rise in ransom payments after two years of decline. In 2023, about 16.4 per cent of affected organisations paid, while the peak came in 2022 when 27.6 per cent of victims settled with attackers.

Although the latest numbers remain below that high point, the jump suggests cybercriminals are becoming increasingly successful at pressuring companies into handing over money.

Cybersecurity experts say artificial intelligence is rapidly reshaping how ransomware attacks are planned and executed.

Hackers are now able to use AI tools to scan vast amounts of stolen or publicly available data, allowing them to identify the most sensitive information belonging to a target organisation. By focusing on data that could cause the greatest reputational, financial or operational damage if exposed, attackers are able to increase pressure on victims to pay.

Jamie Smith, head of cybersecurity at S-RM, said criminals were increasingly relying on AI to refine their strategies.

“Attackers are using AI to find the most sensitive information that could cause maximum damage,” he said. “Threats are becoming far more specific and personalised, designed to maximise the victim’s fear and willingness to pay.”

This evolution has made ransomware attacks more difficult for companies to defend against, particularly for organisations with large volumes of sensitive data.

The report also sheds light on the scale of payments being demanded by cybercriminal groups.

According to the study, ransom payments in 2025 ranged from as little as $10,000 to more than $1 million, with the average payment reaching $296,000.

However, cybersecurity specialists warn that the total cost of a ransomware attack often extends far beyond the ransom itself. Businesses frequently face operational disruption, regulatory scrutiny, reputational damage and the expensive process of rebuilding compromised IT systems.

Many organisations also incur costs related to legal advice, customer notifications and forensic investigations after an attack.

The research suggests that industrial and manufacturing companies were particularly likely to pay ransoms during the past year.

This trend appears to be driven by the severe operational disruption ransomware attacks can cause in sectors that rely heavily on continuous production.

Factories, logistics systems and supply chains can grind to a halt if core IT infrastructure becomes inaccessible. In such situations, businesses sometimes view paying a ransom as the quickest way to restore operations and avoid prolonged shutdowns.

One high-profile cyber incident involved Jaguar Land Rover, whose factories around the world were forced to shut down for the entire month of September after its IT systems were compromised.

Major UK retailers were also targeted in 2025, including Marks & Spencer and Co-op. None of the companies has publicly confirmed whether a ransom was paid.

One of the biggest challenges in measuring ransomware activity is that many companies refuse to disclose whether they have paid hackers.

Security specialists say businesses often fear that publicly admitting to ransom payments could make them more attractive targets for future attacks.

Criminal groups may interpret payment as a sign that a company has both the resources and willingness to comply with demands.

As a result, ransomware incidents are often kept confidential, with payments handled through private negotiations involving cybersecurity consultants, insurers and specialist crisis advisers.

While artificial intelligence is helping companies automate operations and improve efficiency, experts warn it is also opening up new vulnerabilities that cybercriminals are eager to exploit.

Jenny Davey, co-head of crisis management at FGS Global, described the technology as a “double-edged sword”.

“While AI can drive efficiency and performance across the business, it can also open up new attack vectors for cybercriminals to exploit,” she said.

The rapid adoption of AI tools across corporate systems means organisations must invest heavily in cybersecurity and staff training to avoid creating new entry points for attackers.

The rise in ransomware payments highlights the growing importance of cyber resilience for businesses across every sector.

Experts say companies must go beyond traditional IT security measures and adopt a broader approach that includes employee awareness, robust data protection practices and detailed incident response plans.

This includes maintaining secure backups, limiting access to sensitive information and regularly testing systems against potential cyber threats.

As ransomware attacks become more sophisticated, and increasingly powered by artificial intelligence, businesses face mounting pressure to strengthen their defences before becoming the next target.

Read more:
More companies paying ransoms as AI-powered cyberattacks intensify

The decline in UK hiring may be beginning to stabilise after new data showed a slowdown in falling job vacancies and a rebound in activity across the country’s crucial services sector.

An index tracking permanent hiring, produced by the Recruitment and Employment Confederation and KPMG, rose to 49.2 in February, up from 46.9 in January. Although the reading remains just below the 50-point threshold that separates expansion from contraction, it marks the strongest result since March 2023 and indicates that the pace of decline in recruitment is easing.

The figures suggest the UK labour market may be approaching a turning point after a prolonged slowdown triggered by rising employment costs and economic uncertainty.

Vacancies for full-time roles continued to fall during February, but the pace of decline moderated noticeably compared with previous months. Nevertheless, the labour market remains under pressure, with job vacancies declining for 28 consecutive months, highlighting the persistent caution among employers.

Businesses have been grappling with a difficult combination of higher operating costs and weaker economic confidence. Recent policy changes, including increases in employer national insurance contributions and higher statutory wage levels introduced during Chancellor Rachel Reeves’s first two budgets, have pushed up payroll expenses across many sectors.

Those changes have contributed to a softer labour market, particularly for entry-level roles and younger workers. Official statistics show unemployment has risen to its highest level since the pandemic, with youth unemployment climbing to 16.1 per cent, the highest rate in more than a decade.

Despite these challenges, recruitment leaders say the latest data indicates the downturn in hiring may be close to its lowest point.

Neil Carberry, chief executive of the Recruitment and Employment Confederation, said the figures pointed to a gradual stabilisation.

“While February’s report is by no means a source of unalloyed celebration, it does suggest that the worst of the hiring slowdown has passed,” he said. “There may still be a few bumpy months to come, especially in light of global instability, but the stabilising trend we have seen so far this year has continued.”

The survey also found that wage pressures have started to ease after a period of strong salary growth driven by labour shortages.

Both starting salaries for permanent roles and pay rates for temporary workers continued to rise, but at a slower pace than earlier in the year and below their long-term averages. This cooling trend may offer some relief to employers that have struggled with rising labour costs over the past two years.

Demand for temporary workers also weakened during February. The retail sector reported the steepest drop in short-term hiring, reflecting continued pressure on consumer spending and high street activity.

By contrast, engineering and technical industries saw the smallest decline in temporary vacancies, suggesting demand for skilled workers in those sectors remains relatively resilient.

Separate research from BDO indicates that improved activity in the UK services sector may be helping support hiring levels.

BDO’s services output index rose to 98.80 in February, up from 97.67 in January, marking the strongest reading in a year.

The services sector accounts for around 80 per cent of the UK economy, meaning changes in its performance often have a major impact on employment trends.

BDO analysts suggested that the recent improvement could partly reflect policy changes, including the government’s decision to soften planned increases in business rates for pubs and hospitality venues.

Stronger services activity aligns with other indicators suggesting the UK economy has made a solid start to the year.

The composite purchasing managers’ index (PMI), which measures activity across manufacturing and services, has remained above the 50-point growth threshold since May 2025, and reached a near five-month high in February.

Despite the encouraging signals, economists warn that the labour market recovery may prove fragile if global economic conditions deteriorate.

The escalation of conflict in the Middle East has pushed energy prices higher in recent weeks, raising concerns about inflationary pressures returning.

Analysts at Goldman Sachs and JPMorgan Chase have both warned that sustained increases in oil prices could slow economic growth in the UK and other major economies.

Meanwhile the Office for Budget Responsibility has cautioned that geopolitical instability could deliver a “significant” shock to the global economy if energy markets remain volatile.

Higher fuel and transport costs could feed through into business operating expenses, potentially discouraging companies from expanding their workforce.

While the latest hiring data suggests the UK labour market may be stabilising, economists say a sustained recovery will depend on several factors, including inflation trends, interest rate policy and the wider geopolitical environment.

For now, the slowdown in falling vacancies and renewed services activity provide tentative signs that the downturn in recruitment could be nearing its end.

But with global uncertainties still looming, employers remain cautious about committing to large-scale hiring, meaning the recovery in job creation is likely to remain gradual rather than dramatic in the months ahead.

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UK job vacancies fall at slower pace as service sector picks up

Artificial intelligence company Anthropic has filed an unprecedented lawsuit against the United States government after being formally labelled a “supply chain risk”, escalating a bitter dispute over the military use of advanced AI technology.

The legal action, filed in a federal court in California, challenges a directive issued by the administration of Donald Trump that effectively barred US government agencies from using Anthropic’s AI systems. The company argues the move was politically motivated retaliation after it refused to remove restrictions on how its technology could be deployed by the US military.

Anthropic’s lawsuit claims the decision was “unprecedented and unlawful” and violated constitutional protections around free speech and due process.

“The Constitution does not allow the government to wield its enormous power to punish a company for its protected speech,” the firm said in its complaint. “No federal statute authorises the actions taken here.”

The conflict stems from a disagreement between Anthropic’s chief executive Dario Amodei and US defence officials, including Pete Hegseth, over how the company’s artificial intelligence tools could be used by the Pentagon.

Anthropic has long maintained strict contractual limits on the deployment of its technology, including bans on using its AI models for “lethal autonomous warfare” and for mass domestic surveillance of American citizens.

According to the lawsuit, defence officials demanded that the company remove these restrictions from its government contracts. Anthropic refused, arguing that such safeguards were essential to ensure responsible use of powerful AI systems.

The company said negotiations with the Department of Defense were initially progressing and that both sides had been working toward revised language that would allow continued cooperation while preserving ethical limits.

However, those talks reportedly collapsed after the White House intervened.

Following the breakdown in negotiations, the Pentagon designated Anthropic as a “supply chain risk” — a classification normally applied to companies considered insecure or unreliable partners for government systems.

The designation effectively blocks US government agencies and contractors from using Anthropic’s software tools.

The move was accompanied by public criticism from the Trump administration, with White House officials accusing the company of attempting to dictate military policy.

Liz Huston, a spokesperson for the White House, told reporters that Anthropic was “a radical left, woke company” seeking to impose its own conditions on national defence operations.

“Under the Trump Administration, our military will obey the United States Constitution — not any woke AI company’s terms of service,” Huston said.

Anthropic disputes that characterisation and argues that its restrictions were standard contractual provisions designed to prevent misuse of AI systems.

The legal challenge names a broad list of defendants, including the executive office of President Trump and senior government officials such as Marco Rubio and Howard Lutnick.

The suit also targets 16 federal agencies, including the Departments of Defense, Homeland Security and Energy.

Anthropic claims the directive banning its technology has caused significant reputational and commercial damage.

The company said that both current and prospective commercial contracts were now under threat, potentially jeopardising “hundreds of millions of dollars in the near term”.

It also argued that the decision had created a broader chilling effect across the technology sector by discouraging companies from speaking publicly about the risks associated with advanced AI.

The case has already drawn support from across the technology industry.

Nearly 40 employees from rival companies including Google and OpenAI filed a joint legal brief backing Anthropic’s position, despite the firms being competitors in the rapidly expanding AI sector.

The signatories warned that the deployment of advanced AI systems without safeguards could create serious risks, particularly if used for mass surveillance or autonomous weapons.

“As a group, we are diverse in our politics and philosophies,” the engineers wrote in their submission. “But we are united in the conviction that today’s frontier AI systems present risks when deployed to enable domestic mass surveillance or the operation of autonomous lethal weapons systems without human oversight.”

Anthropic’s flagship AI system, Claude, has become widely used by technology companies and developers for coding, research and enterprise software tasks.

Companies such as Microsoft, Amazon and Meta have confirmed they will continue to use the technology in commercial applications, although not in projects involving US defence agencies.

Anthropic is not seeking financial damages in the case. Instead, it is asking the court to declare the government’s directive unconstitutional and remove the “supply chain risk” designation immediately.

Legal experts believe the dispute could become a landmark case in defining how governments interact with AI developers.

Carl Tobias, a law professor at the University of Richmond, said the case could ultimately reach the US Supreme Court.

“Anthropic may very well win in federal court,” Tobias said. “But this administration is not shy about appealing. It will probably go to the Supreme Court.”

The outcome could have major implications for the fast-growing AI industry, particularly as governments worldwide increasingly rely on private technology firms to supply critical artificial intelligence systems for defence, intelligence and national security operations.

For now, the lawsuit marks a rare moment in which a major technology company is openly challenging government authority over the future deployment of artificial intelligence.

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Anthropic sues US government after being labelled a ‘supply chain risk’ in AI dispute

China’s exports surged in the first two months of 2026 despite escalating trade tensions with the United States, highlighting the resilience of the world’s second-largest economy even as tariffs imposed by US President Donald Trump continue to reshape global trade flows.

Official trade data released by Chinese authorities shows that exports rose by more than 20 per cent in January and February compared with the same period last year, far exceeding economists’ expectations. Analysts had forecast growth of around 7 per cent, making the latest figures nearly three times stronger than predicted.

The strong performance puts China on course to exceed the record trade surplus it recorded in 2025, reinforcing the country’s continued reliance on overseas demand at a time when its domestic economy remains under pressure.

The figures come ahead of a planned diplomatic meeting between Donald Trump and Xi Jinping, who are expected to meet in early April to discuss trade relations and broader geopolitical tensions.

China’s export growth has become increasingly important as the country grapples with a range of structural economic challenges.

Weak consumer spending at home, a prolonged downturn in the property sector and a shrinking working-age population have all weighed on domestic demand. As a result, exports have played a critical role in supporting overall economic growth.

Beijing has acknowledged the pressure facing the economy. Earlier this month the government set a growth target of between 4.5 and 5 per cent for 2026, slightly lower than the 5 per cent target achieved in 2025, a year in which exports were a major contributor to economic expansion.

Economists say the latest export data underlines how global demand, particularly for technology and manufacturing, continues to provide a lifeline for China’s economy.

Much of the increase in exports was driven by strong demand for electronics and high-value manufactured goods.

Shipments of technology products, including consumer electronics and components used in global supply chains, rose sharply as international demand remained robust.

Agricultural exports and other manufactured products also recorded solid growth, helping to broaden the export recovery across several sectors.

China’s trade performance also benefited from stronger demand in key global markets outside the United States.

Exports to European markets grew significantly during the first two months of the year, rising by 27.8 per cent compared with the same period in 2025.

Trade with the Association of Southeast Asian Nations (ASEAN), which includes major economies such as Thailand, Singapore and the Philippines, also expanded rapidly. Chinese exports to ASEAN countries climbed by almost 30 per cent, reflecting strengthening regional trade ties.

The growth highlights how China has increasingly diversified its export markets in recent years, reducing its reliance on the United States and building stronger commercial relationships across Asia and Europe.

Despite the overall export surge, shipments from China to the US fell sharply.

Exports to America declined by more than 10 per cent during the same period, reflecting the continued impact of tariffs and other trade measures introduced by the Trump administration.

The tariffs were designed to address long-standing trade imbalances between the two countries and encourage companies to shift supply chains away from China.

While the measures have reduced Chinese exports to the US, the broader export boom suggests Chinese manufacturers have successfully redirected goods to alternative markets.

The upcoming meeting between Trump and Xi is expected to focus heavily on trade policy, supply chains and global economic stability.

Relations between the two countries have been strained by tariffs, technology restrictions and strategic competition in areas such as artificial intelligence, semiconductors and advanced manufacturing.

Analysts believe both leaders may seek to stabilise trade relations amid growing global economic uncertainty.

The talks will take place against a backdrop of rising geopolitical instability, particularly following the conflict in the Middle East involving the United States, Israel and Iran.

The conflict has disrupted global energy markets and pushed up oil and gas prices, creating additional uncertainty for major economies across Asia, including China.

Higher energy costs could place further pressure on Chinese manufacturers, many of which rely heavily on energy-intensive production processes.

Despite these challenges, the latest figures underline the continued strength of China’s export-driven economic model.

While Beijing has repeatedly emphasised the need to rebalance the economy toward domestic consumption, global demand for Chinese goods remains a powerful driver of growth.

For now, strong export performance is helping China maintain economic momentum, even as trade tensions with the United States continue to reshape the global trading landscape.

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China exports surge despite Trump tariffs as global demand strengthens