Business

UK inflation eased more sharply than expected in November, falling to a ten-month low and increasing the likelihood that the Bank of England will deliver a fourth interest rate cut of the year.

Official figures from the Office for National Statistics (ONS) showed the consumer price index (CPI) rose by 3.2 per cent in the year to November, down from 3.6 per cent in October. The reading was below the Bank of England’s forecast of 3.4 per cent and the 3.5 per cent expected by City economists, marking the lowest inflation rate since March.

Core inflation, which strips out volatile energy and food prices and is closely watched by policymakers, also surprised on the downside, easing from 3.4 per cent to 3.2 per cent. On a monthly basis, prices fell by 0.2 per cent between October and November, signalling a renewed bout of disinflation.

Lower food prices were the biggest driver of the slowdown, according to the ONS. Monthly food prices fell by 0.2 per cent at a time of year when they typically rise, while annual food inflation eased from 4.9 per cent to 4.2 per cent. Inflation for alcohol and tobacco also dropped sharply, from 5.9 per cent to 4 per cent.

Clothing prices provided a further drag on inflation, with annual price growth turning negative at minus 0.6 per cent. This, combined with easing pressure across several consumer categories, helped pull overall inflation lower than anticipated.

Grant Fitzner, chief economist at the ONS, said the fall was broad-based.

“Inflation fell notably in November to its lowest annual rate since March,” he said. “Lower food prices, which traditionally rise at this time of the year, were the main driver of the fall, with decreases seen particularly for cakes, biscuits and breakfast cereals.

“Tobacco prices also helped pull the rate down, with prices easing slightly this month after a large rise a year ago. The fall in the price of women’s clothing was another downward driver.”

The data strengthens expectations that the Bank of England’s monetary policy committee will vote to cut the base rate from 4 per cent to 3.75 per cent at its meeting on Thursday. Economists and traders are forecasting a narrow decision in favour of a cut, following a series of recent indicators pointing to a cooling economy.

Earlier this week, official figures showed unemployment rising and the labour market weakening, while wage growth has continued to slow — developments that reduce inflationary pressure and increase the case for looser monetary policy.

Lower interest rates would provide some relief for households and businesses by easing borrowing costs, at a time when economic growth remains fragile and confidence subdued.

Read more:
UK inflation slows more than expected to 3.2%, boosting case for rate cut

Rishi Sunak has defended the government’s Covid-era Bounce Back Loan (BBL) scheme against claims that it was plagued by excessive fraud, telling the Covid-19 Inquiry that the need to act quickly outweighed the risks.

The former chancellor said he was fully aware of the scheme’s vulnerabilities when it was launched in May 2020, but insisted that delaying it to introduce additional checks would have put hundreds of thousands of small businesses at risk of collapse.

“I keep hearing as if there were no checks done whatsoever, or that we didn’t know what we were getting ourselves into,” Sunak said while giving evidence to the inquiry. “Both of those narratives are completely wrong. Of course we knew the risks we were taking on.”

Bounce Back Loans allowed small businesses to borrow up to £50,000 with a 100 per cent government guarantee, meaning taxpayers would cover losses if companies defaulted. Nearly 1.5 million loans worth around £46 billion were issued, making it the largest of the government’s pandemic support schemes.

A report published last week by the Covid Counter-Fraud Commissioner, Tom Hayhoe, estimated that fraud and error in the scheme could total up to £2.8 billion, with £1.9 billion already flagged as fraudulent by lenders. The Public Sector Fraud Authority believes the final figure could be higher, as some types of fraud are not fully captured by current reporting methods.

Hayhoe’s report found that the scheme was launched in less than two weeks and relied largely on standard banking fraud controls. Although loans were capped at 25 per cent of turnover, lenders had to accept applicants’ declarations without independent verification. There were also no checks on whether businesses had genuinely been affected by the pandemic or how the funds were used.

Sunak acknowledged those weaknesses but said the speed of delivery was critical. He told the inquiry that around 40 per cent of all bounce back loans were issued in the first four weeks and that even a short delay could have caused widespread business failures.

“You could have lowered the ultimate fraud levels by waiting and building some of these checks,” he said. “But you have to then be confident that you were going to accept the loss of business that would result from that.”

He added that, at the time, there was no pressure to slow the scheme down. “Nobody was waving their hands saying, ‘Slow it down, more checks, more form filling,’” he said.

Sunak also argued that a fraud rate of around 4 per cent was broadly in line with other large government programmes, such as universal credit, working tax credit and housing benefit.

Following the scheme’s launch, the government did introduce additional safeguards, including systems to prevent companies from taking out multiple loans through different banks, which was against the rules.

Looking ahead, Sunak said that if a similar emergency scheme were needed again, better data on companies and improved systems would make the trade-off between speed and fraud prevention “less acute”. However, he warned that such trade-offs would never disappear entirely.

“But we shouldn’t ever think there is not going to be that trade-off,” he said. “There is.”

Read more:
Sunak defends Covid bounce back loans amid claims of excessive fraud

The UK is set to rejoin the Erasmus programme, restoring access for British students to the EU-funded study, training and volunteering scheme five years after the country ended its participation following Brexit.

Ministers are expected to confirm the move this week, with UK students understood to be able to take part in Erasmus placements from January 2027. The government has declined to comment on the detail of ongoing talks with the European Union.

The decision marks a significant policy shift after the UK withdrew from Erasmus in December 2020 as part of its post-Brexit trade deal. At the time, the then prime minister Boris Johnson described leaving the scheme as a “tough decision”, arguing that participation had become “extremely expensive”. It was replaced in 2021 by the UK’s own Turing scheme, which funds international placements worldwide.

Prime Minister Sir Keir Starmer has previously signalled a desire to reset relations with the EU, suggesting in May that a youth mobility arrangement could form part of a broader agreement.

Student groups have long campaigned for the return of Erasmus. Alex Stanley, vice-president for higher education at the National Union of Students (NUS), said the move would be warmly welcomed.

“It’s fantastic that another generation of students will be able to be part of the Erasmus programme,” he said. “Students have been campaigning to rejoin Erasmus from the day we left. This is a huge win for the student movement.”

Erasmus, named after the Dutch Renaissance scholar Erasmus of Rotterdam, provides funding for participants to study, train or volunteer in another European country for up to a year. It is open not only to university students, but also to those in further education, apprenticeships and vocational training, as well as some school pupils.

In 2020, the final year of UK participation, Erasmus provided €144 million (£126 million) in EU funding to support 55,700 participants overall. That year, around 9,900 UK students and trainees went abroad, while 16,100 European participants came to the UK. Glasgow, Bristol and Edinburgh universities sent the most students, with Spain, France and Germany the most popular destinations.

By contrast, the Turing scheme allocated £105 million in the 2024–25 academic year, funding 43,200 placements worldwide. Of these, 24,000 were in higher education, 12,100 in further education and 7,000 in schools. The majority of participants were from England, with smaller numbers from Scotland, Wales and Northern Ireland.

Ministers who introduced Turing said it was designed to reach more students from disadvantaged backgrounds and to provide greater support for travel costs than Erasmus. It remains unclear what will happen to the Turing scheme once Erasmus is reintroduced for UK students, or whether the two programmes will run alongside each other.

The return of Erasmus has also been welcomed by opposition politicians. Liberal Democrat universities spokesperson Ian Sollom described the move as “a moment of real opportunity and a clear step towards repairing the disastrous Conservative Brexit deal”.

If confirmed, the re-entry into Erasmus would represent one of the most tangible post-Brexit policy reversals to date, reopening pathways for cultural exchange, skills development and European collaboration for UK students.

Read more:
Erasmus scheme set to return for UK students from 2027

Britain’s largest chemical plant will remain open after Ineos secured more than £120 million in government support in a deal designed to safeguard around 500 jobs at its Grangemouth petrochemicals site.

The rescue package will keep the Ineos Olefins & Polymers facility operating after the future of the strategically important site was thrown into doubt earlier this year. The government and Ineos will together invest around £150 million into the plant, which ministers have designated as critical national infrastructure.

Sir Keir Starmer said the intervention demonstrated the government’s commitment to protecting industrial jobs and supporting manufacturing.

“When we said we’d protect jobs and invest in Britain’s future, we meant it — and this is proof,” the prime minister said. “Through partnership, determination and our modern industrial strategy, we’re delivering new opportunities, fresh investment, and security for the next generation of workers in Scotland.”

Sir Jim Ratcliffe, the founder and chairman of Ineos, welcomed the funding, describing it as “important support” for UK manufacturing, despite his previous criticism of Labour’s energy and investment policies.

Under the terms of the agreement, Ineos has provided assurances that the public funding will be used solely to improve the Grangemouth site. The deal also gives the government the right to share in any future profits generated by the facility, offering some protection for taxpayers.

Ratcliffe said: “Through this partnership, Ineos and the UK government have demonstrated their commitment to operating the site and maintaining jobs. The agreement includes safeguards to protect taxpayers’ money and ensures the funding is used to strengthen the plant’s long-term future.”

The company said it has already spent more than £100 million maintaining operations at Grangemouth over the past year. However, the rescue comes after Ineos shut its ethanol manufacturing facility and oil refinery at the site earlier this year, citing high operating costs.

Business secretary Peter Kyle said the deal would provide much-needed certainty for workers and the wider supply chain.

“The UK government’s decision to step in will protect Grangemouth as a site of strategic national importance and secure 500 vital jobs in the area,” he said. “By partnering with Ineos, we are backing the plant’s long-term future.”

The announcement comes amid a difficult period for the UK chemicals sector, which has seen a string of closures and cutbacks. Earlier this month, ExxonMobil confirmed plans to shut its Mossmorran ethylene plant in Fife in February after failing to find a buyer, putting more than 400 jobs at risk.

Exxon said the closure reflected the challenges of operating in the UK’s current economic and policy environment, citing high costs, market conditions and plant efficiency. Paul Greenwood, Exxon’s UK chairman, has warned of an “absolute catastrophe” for Britain’s refining sector, pointing to rising carbon costs not faced by overseas competitors.

Refining and chemicals are not currently covered by the UK’s carbon border tax, due to be introduced in 2027, which is intended to protect domestic industry by applying equivalent carbon costs to imported goods.

Against that backdrop, ministers hope the Grangemouth deal will signal a more interventionist approach to protecting strategically important industries — even as wider questions remain over the long-term competitiveness of UK energy-intensive manufacturing.

Read more:
Grangemouth chemical plant saved in £120m government-backed rescue

OpenAI has appointed George Osborne as managing director and head of its OpenAI for Countries initiative, tasking the former chancellor with leading the company’s global push to work with governments on national artificial intelligence strategies.

Osborne, 54, who served as Conservative chancellor from 2010 to 2016, will take up the London-based role in January. He will oversee the international expansion of OpenAI’s “Stargate” initiative, which aims to support the development of AI infrastructure while promoting what the company describes as “democratic” values in the deployment of the technology.

The appointment comes as competition intensifies among leading AI groups to deepen relationships with governments. Rival start-up Anthropic appointed former prime minister Rishi Sunak as an adviser in October, underlining the growing crossover between politics and the fast-developing AI sector.

OpenAI for Countries is positioned as an overseas extension of Stargate, OpenAI’s programme to build large-scale data centre capacity in the United States. Internationally, the initiative is intended to help governments develop AI systems aligned with democratic principles, while also supporting local innovation ecosystems, skills development, education and digital infrastructure.

Osborne said OpenAI was “the most exciting and promising company in the world right now”, adding that discussions with senior executives had reassured him about the company’s intentions.

“After speaking with Sam Altman and Brad Lightcap, it’s clear they care very deeply about ensuring the power of artificial intelligence is developed responsibly, and that its benefits are felt by all,” he said.

Since leaving frontline politics in 2017, Osborne has built a broad portfolio career. He was editor of the Evening Standard, is a co-host of the Political Currency podcast alongside former Labour shadow chancellor Ed Balls, and currently chairs the British Museum. He also serves as co-president of the Northern Powerhouse Partnership and as an adviser to Coinbase, the cryptocurrency exchange, and previously to BlackRock.

In 2021, Osborne became a partner at boutique investment bank Robey Warshaw, which was acquired by Evercore earlier this year. He confirmed that he will step down from the bank ahead of joining OpenAI.

Sir Simon Robey, a founding partner of Robey Warshaw, said: “George has made a significant contribution to the life and business of Robey Warshaw, and I am confident he will bring the same impact to OpenAI.”

The move reflects OpenAI’s growing focus on international policy engagement as governments around the world race to regulate and harness AI. With its valuation estimated at around $500 billion, the company is increasingly positioning itself not just as a technology provider, but as a strategic partner to states seeking to shape how artificial intelligence is built, governed and deployed in the years ahead.

Read more:
OpenAI hires George Osborne to lead global Stargate initiative

The European Commission has watered down its flagship plan to end the sale of new petrol and diesel cars by 2035, following intense lobbying from carmakers concerned about slowing demand for electric vehicles.

Under existing rules, all new cars sold in the EU from 2035 were required to be “zero emission”. However, the Commission’s revised proposal would require only 90 per cent of new vehicles sold from that date to meet the zero-emissions standard, rather than 100 per cent.

The remaining 10 per cent could consist of conventional petrol or diesel vehicles, as well as hybrids, with additional measures intended to offset the resulting emissions.

The European Automobile Manufacturers’ Association (ACEA), which represents major carmakers including those in Germany, has repeatedly warned that demand for electric vehicles is not growing fast enough to meet the current targets. Without changes, it said manufacturers would face “multi-billion-euro” penalties.

Sigrid de Vries, director general of ACEA, said ahead of the announcement that greater flexibility was urgently needed.

“2030 is around the corner, and market demand is too low to avoid the risk of multi-million-euro penalties for manufacturers,” she said. “It will take time to build charging infrastructure and introduce fiscal and purchase incentives to get the market on track.”

Alongside the softer sales targets, the Commission said carmakers would be expected to increase the use of low-carbon steel produced in the EU. It also anticipates greater use of biofuels and so-called e-fuels, synthetic fuels made using captured carbon dioxide, to compensate for the additional emissions generated by petrol and diesel vehicles.

Critics, however, warned that the move risks undermining Europe’s transition to electric vehicles and weakening its competitiveness against global rivals, particularly China and the United States.

Environmental group Transport & Environment (T&E) cautioned that the UK should not follow Brussels by weakening its own plans under the Zero Emission Vehicles (ZEV) mandate.

“The UK must stand firm,” said Anna Krajinska, T&E UK’s director. “Our ZEV mandate is already driving jobs, investment and innovation into the UK. As major exporters we cannot compete unless we innovate, and global markets are going electric fast.”

Reaction from carmakers has been mixed. German giant Volkswagen welcomed the Commission’s draft proposals, calling them “economically sound overall”.

“It is extremely important that the CO₂ targets for 2030 are made more flexible for passenger cars,” the company said. “Opening up the market to vehicles with combustion engines while compensating for emissions is pragmatic and in line with market conditions.”

By contrast, Volvo argued that weakening long-term commitments would harm Europe’s industrial future. The Swedish carmaker said it had built a full electric vehicle portfolio in less than a decade and was prepared to go fully electric, using hybrids only as a short-term transition.

“Weakening long-term commitments for short-term gain risks undermining Europe’s competitiveness for years to come,” Volvo said. “A consistent and ambitious policy framework is what will deliver real benefits for customers, the climate and Europe’s industrial strength.”

Carmakers in the UK have previously called for stronger incentives to encourage drivers to switch to electric vehicles ahead of the government’s planned ban on new petrol and diesel cars from 2030.

Colin Walker, head of transport at the Energy and Climate Intelligence Unit (ECIU), said policy stability was crucial if the UK was to retain investment.

“It was government policy that saw Sunderland chosen to build Nissan’s original electric Leaf,” he said. “Today, the latest Nissan EV is rolling off production lines in the North East, securing jobs for years to come.”

Fiona Howarth, chief executive of Octopus Electric Vehicles, warned that any UK retreat in response to EU changes would send a “damaging signal” to investors and manufacturers.

“Many have already invested heavily on the assumption the UK would stay the course,” she said.

As governments worldwide continue to push greener transport to meet climate targets, the EU’s decision highlights the growing tension between environmental ambition and industrial reality, and raises fresh questions over how fast the transition away from petrol and diesel can realistically go.

Read more:
EU waters down plans to end new petrol and diesel car sales by 2035

Labour’s flagship Employment Rights Bill has cleared its final parliamentary hurdle and is set to become law before Christmas, marking the most significant expansion of workers’ rights in a generation.

The legislation passed its final stage in the House of Lords after Conservative peer Lord Sharpe, the shadow business and trade minister, withdrew a last-minute amendment during parliamentary “ping pong”. The move removed the final obstacle to the bill’s passage.

Prime Minister Sir Keir Starmer hailed the moment as a major milestone for employees across the country.

“This is a major victory for working people in every part of the country,” he said. “We have just introduced the biggest upgrade to workers’ rights in a generation. Today our plans passed through parliament, and will soon become law.”

The bill applies to England, Scotland and Wales, but not Northern Ireland, and is expected to receive royal assent later this week. Most of its measures will require secondary legislation before they come into force.

Under the new law, workers will gain access to statutory sick pay and paternity leave from their first day in a job. The legislation also introduces strengthened protections for pregnant women and new mothers.

Labour had originally pledged to give employees the right to claim unfair dismissal from day one, but backed down in November following concerns from business groups. Instead, enhanced unfair dismissal protections will apply after six months of employment — now the bill’s most significant reform.

Trade unions welcomed the bill’s passage but warned against further dilution. Unite general secretary Sharon Graham said it must now be implemented “without any further dilution or delay”.

“The bill has already been watered down far too much, not least the failure to ban fire and rehire and zero-hours contracts,” she said.

TUC general secretary Paul Nowak described the vote as a “historic day and an early Christmas present for working people across the country”.

“Finally, working people will enjoy more security, better pay and dignity at work thanks to this bill,” he said, urging the government to implement the reforms “at speed”.

The Conservatives, however, criticised the timing of the legislation, arguing it risks damaging employment.

“It is ironic that Labour’s job-destroying unemployment bill passed on the same day official figures confirmed unemployment has risen every month this government has been in office,” a party spokesperson said, referring to data showing unemployment rose to 5.1 per cent in the three months to October.

Shadow business secretary Andrew Griffith warned the bill would “pile costs onto small businesses, freeze hiring, and ultimately leave young people and jobseekers paying the price”.

Business groups including the British Chambers of Commerce and the Federation of Small Businesses said earlier this week that they remained concerned about aspects of the reforms, but accepted that with the six-month qualifying period retained, the bill should now be passed to provide certainty.

Employment lawyers said employers should now shift focus from speculation to implementation.

Florence Brocklesby, founder of Bellevue Law, said: “Regardless of views on the pros and cons of the reforms, employers will welcome certainty and the ability to plan. Implementation should be treated as a major project, with sufficient senior management and HR resource.”

She warned that the new six-month unfair dismissal threshold would require stronger hiring processes and early performance management, while the lifting of the compensation cap would be most significant for employers with large numbers of highly paid staff.

Jo Mackie, employment partner at Michelmores, raised concerns about uncapped unfair dismissal damages, saying they could “encourage claims and strike fear into employers”, potentially discouraging recruitment.

Dave Chaplin, chief executive of ContractorCalculator, said the reforms risked reducing permanent hiring among small businesses.

“For SMEs, a six-month cliff edge dramatically increases the risk of hiring,” he said. “The irony is that while the bill strengthens protections for those already in work, it raises the hurdles for people trying to get a job.”

With royal assent imminent, employers and employees alike are now bracing for one of the biggest shifts in workplace regulation in decades — with the real impact set to unfold as the reforms are phased in.

Read more:
Employment Rights Bill clears final parliamentary hurdle and set to become law

If you hold Bitcoin, Ethereum, or other cryptocurrencies, you may be wondering where you can actually spend them—the answer: more places than ever.

What began with niche online retailers has expanded to everyday purchases, from coffee to cars.

Adoption has accelerated quickly. Monthly stablecoin transactions hit nearly $1.25 trillion in September 2025, and retail-driven crypto payments grew over 125% year over year, showing that crypto is increasingly being used for real-world spending, not just trading.

Why Businesses Began Using Crypto

When you think about it, it is easy to see why businesses would want to use this technology. Using cryptocurrency to make a payment is generally faster than traditional banking methods, which can take several days to be cleared by all parties involved. Since neither party needs to verify the funds, these transactions will incur lower fees. These transactions will also be secured using cryptography, making them less likely to be tampered with than a standard transaction.

Because of the benefits mentioned above, many businesses worldwide want to utilise crypto for their needs. Online stores were the first to jump in, but now you’ll find crypto payments at restaurants, car dealerships, and travel companies. The options keep expanding as more companies see the value.

Speaking of expanding options, the crypto space continues to bring new opportunities beyond just payments. The rise of new token launches has given investors more ways to participate in blockchain projects from the ground up. If you’re interested in exploring early-stage opportunities, checking out the best crypto icos (Initial Coin Offerings) can help you find promising projects before they hit mainstream exchanges. Currently, Bitcoin Hyper, Maxi Doge, and Pepenode seem to be the most popular ones. The initial coin offerings let you get in early on new cryptocurrencies, giving you the possibility of great returns. However, you should always research a project thoroughly before investing.

Online Platforms and Tech Giants

One of the earliest large corporations that understood the direction things were going was Microsoft. Since 2014, you have been able to purchase games and movies using Bitcoin on the Microsoft Store. Besides Bitcoin, the store accepts various cryptocurrencies, including Bitcoin Cash, Ethereum, etc., to top up your account.

When PayPal became the first company to allow millions of its users to buy, sell, or spend crypto via its platform, the game had changed. Now, many online retailers can accept crypto as payment without developing their own payment systems.

On top of that, Newegg allows users to pay for computers, gaming equipment, and electronics in Bitcoin via BitPay, and Overstock began accepting Bitcoin for its furniture, home decor and electronic products in 2014.

Fashion and Retail

As of September 2025, approximately 18,000 businesses worldwide accepted Bitcoin payments. Some of Gucci’s US stores have accepted cryptocurrencies since 2022, so you can purchase a designer handbag or luxury accessory with your digital wallet at one of their flagship locations.

Ralph Lauren has partnered with BitPay to allow customers to make purchases with crypto through select stores. Ralph Lauren also has some point-of-sale terminals in their Miami store that accept cryptocurrency directly. Adidas, as well as Best Buy, has teamed up with crypto gift card platforms to provide an additional option for shoppers who wish to use digital currency to buy athletic wear or electronic goods.

A Food And Fast Food Chain Perspective

Many fast food chains were surprisingly quick to adopt crypto. Burger King is a great example of how fast-food chains can use cryptocurrency for payments, as it accepts Bitcoin and other cryptocurrencies at some locations worldwide. Another early adopter of using cryptocurrency was Subway. They began using cryptocurrency in 2013 and became one of the first restaurant companies to do so.

Steak ‘n Shake also recently became one of the U.S.’s fast-food companies to allow users to pay with Bitcoin in every single location beginning in May 2025, demonstrating that even older, established restaurants will start to accept cryptocurrency. Starbucks has partnered with Bakkt to enable customers to load their Starbucks cards with Bitcoin.

Travel and Entertainment

The travel industry embraced crypto because it solves real problems with international payments. BitPay Travel partners with booking platforms to let you pay for flights, hotels, and rental cars with Bitcoin and other currencies. No currency conversion fees, no waiting for international transfers to clear.

AirBaltic accepts Bitcoin for flight bookings, while CheapAir supports Ethereum, Dogecoin, and several stablecoins in addition to Bitcoin. AMC Theatres started accepting crypto in 2021, letting you buy movie tickets and concessions with Bitcoin, Ethereum, Litecoin, and even Dogecoin.

Cars and Luxury Goods

Tesla accepts Dogecoin for vehicle purchases, though it hasn’t expanded to other cryptocurrencies yet. Ferrari extended its crypto payment system to European dealers in 2024 after a successful U.S. launch. You can buy these luxury sports cars with Bitcoin, Ethereum, and USDC.

Over 100 dealerships across the U.S. and Europe now accept crypto payments through their websites or in-store terminals. Post Oak Motor Cars in Texas accepts Bitcoin for super-luxury vehicles through BitPay.

Jomashop sells luxury watches, handbags, and accessories with crypto payments. They accept Bitcoin, Bitcoin Cash, Ethereum, Dogecoin, and more for brands like Rolex and other premium watchmakers. Tag Heuer also started accepting crypto for its luxury timepieces.

Crypto Gaming and Digital Content

Gamers are some of the earliest crypto adopters, so it was natural for crypto gaming companies to follow suit. Twitch offers a few options for crypto adoption: users can pay for Twitch subscriptions and Twitch gifts with Bitcoin, Ethereum, and other coins via the Twitch platform’s NOWPayments service, which currently supports over a dozen cryptocurrencies.

After a short period of accepting native crypto wallets, GameStop pulled back and is now again accepting crypto via gift cards sold in their online store. Additionally, the PlayStation Store allows users to purchase crypto gift cards via BitRefill, which they can then use to buy games and digital content.

Final Thoughts

You can now use crypto to buy almost anything, from morning coffee to luxury cars. The list of companies accepting digital currency grows every month. Major retailers, small businesses, restaurants, travel companies, and service providers are all testing or fully accepting crypto payments. The tech has proven itself reliable enough for everyday use, with transaction speeds improving and fees staying competitive. As we move into 2026, expect even more businesses to add crypto checkout options.

Read more:
Who Accepts Crypto Payments in 2026? A Complete Guide

The AA has appointed advisers to explore a potential sale or stock market flotation, five years after the debt-laden roadside assistance group was taken private, as rival RAC also considers a return to public markets.

The AA, which is owned by private equity firms Warburg Pincus, TowerBrook Capital Partners and Stonepeak, has hired JP Morgan and Rothschild to review strategic options for the business, which is valued at around £5 billion. The process is understood to be at an early stage.

The move comes as the backers of the RAC are also assessing options, including a possible London listing as early as next year, in what could provide a rare boost to the UK’s subdued IPO market.

Warburg Pincus, TowerBrook, Stonepeak, the AA and JP Morgan declined to comment. Rothschild was approached for comment.

Founded in 1905 as the Automobile Association, the AA was owned by its members until it was demutualised in 1999. Its time as a listed company proved turbulent, largely due to heavy debts accumulated under previous private equity owners CVC and Permira, which acquired the business in 2004.

The AA floated in 2014 at 250p a share, with the price peaking at 416p the following year, before collapsing. In 2021 it was taken private by TowerBrook and Warburg Pincus at just 35p a share.

The group also endured management turmoil, most notably in 2017 when its executive chairman, Bob Mackenzie, was dismissed following a physical altercation with another director at a corporate awayday. Mackenzie later said the incident was driven by stress.

Today, the AA serves around 17 million customers. It reported revenues of £621 million for the six months to the end of July, up 6 per cent year on year, and pre-tax profits of £60 million, compared with £39 million a year earlier.

Crucially for potential investors, the company has reduced its leverage significantly. Net debt has fallen to 4.1 times earnings, down from 7.6 times just before it was taken private, putting it on track to reach a target of below four.

Jakob Pfaudler, the AA’s chief executive, said earlier this year that the group was entering a new phase, shifting its focus “from transformation to acceleration”.

At the same time, the RAC, owned by CVC Capital Partners alongside Singapore’s GIC and Silver Lake Partners, is said to be studying a potential IPO, also targeting a valuation of about £5 billion. A sale to another buyer remains an alternative option.

An RAC flotation would be a welcome development for the London market, which has struggled with a lack of new listings and a wave of takeovers in recent years. GIC and Silver Lake declined to comment, while CVC was approached for comment.

The RAC, founded in 1897 and one of the world’s oldest roadside assistance providers, has around 15 million customers. It reported revenues of £411 million in the first half of the year, an 8 per cent increase, and pre-tax profits of £62 million, up from £57 million a year earlier.

Its net debt stood at 4.6 times adjusted earnings at the end of June, down from 5.4 times a year earlier, reflecting a similar deleveraging trend to that seen at the AA.

The RAC was sold by Aviva in 2011 to buyout firm Carlyle for £1 billion, underlining how both of Britain’s best-known motoring organisations have repeatedly changed hands — and may now be poised for another shift in ownership.

Read more:
AA explores £5bn sale as RAC weighs London stock market listing

A veteran nightclub operator has called on the government to introduce a Covid-style loan guarantee scheme to unlock investment in what he described as a “logjammed” hospitality sector struggling with poor access to finance and rising costs.

Peter Marks, whose career spans more than four decades in bars, clubs and leisure, said the market for hospitality finance is effectively broken, preventing assets from changing hands and deterring new investment at a time when many operators are under severe pressure.

Marks, chairman of Neos Hospitality and former chairman and chief executive of bar and nightclub group Rekom, said a targeted, state-backed loan guarantee could help release billions of pounds in private capital with limited risk to the taxpayer if properly designed.

“We need something to get it moving,” he said. “The market is broken. It is not going to be able to repair itself if it’s not investable.”

He argued that investors have increasingly turned away from hospitality because of uncertainty over exits, rising employment and tax costs, and weak consumer spending.

“I speak to friends in private equity and fund management, and they all say the same thing: we can’t see an exit, so we won’t enter,” Marks said. “That means businesses can’t refinance, assets aren’t trading, and the sector risks becoming stagnant.”

Marks has proposed a scheme under which the government would underwrite up to 80 per cent of bank loans made to larger hospitality businesses on standard commercial terms. The aim would be to encourage banks to re-engage with the sector and restart the flow of debt finance.

He said the difficulty in accessing funding is part of a broader, long-term problem. Bank lending to small and medium-sized enterprises is estimated to be around £90 billion lower than it would have been had it continued along the trajectory seen between 1997 and 2004. While non-bank lenders have stepped in, they have only partially filled the gap.

“What you need to do is get the banks to lend to these sectors,” Marks said. “They haven’t really done so since 2008.”

The government already operates a growth guarantee scheme, which provides lenders with a 70 per cent taxpayer-backed guarantee, but this is limited to loans of up to £2 million. Marks believes this falls far short of what is required to support the modern hospitality industry.

“Most of the high street is owned by large institutions, and they want bigger businesses as tenants,” he said. “That means you need far more firepower.”

During the Covid-19 crisis, the government guaranteed or disbursed an estimated £133 billion through emergency loan schemes. However, those programmes have been heavily criticised for poor oversight. Of the £46.5 billion lent under the bounce back loan scheme, £11.4 billion has already been paid by taxpayers to cover bank losses on defaulted loans.

Chancellor Rachel Reeves said last week that mismanagement of the pandemic schemes left the “front door wide open to fraud”.

Marks said any new hospitality-focused scheme would need to be fundamentally different, with proper due diligence and normal commercial lending standards.

“You give them a guarantee loan scheme like you did in Covid, but this time it’s not a blind loan,” he said. “Banks can do proper diligence. Lame ducks would not be backed.”

He argued that targeted state intervention would be justified given the structural challenges facing the sector.

“If the market is broken, the government is completely within its rights to get involved,” he said. “They did it with British Steel. This would be far more targeted — like a needle injection into the joints where the help is most needed. If we can get the debt stream flowing, we can unblock the logjam.”

With hospitality employers facing rising wage bills, higher taxes and continued pressure on consumer spending, Marks warned that without action the sector risks prolonged stagnation — and further hollowing out of the high street.

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Call for Covid-style loan scheme to unlock investment in ‘logjammed’ hospitality sector