Business

UK steelmakers have narrowly avoided being hit with a damaging 50% import tariff by the United States – for now – after President Trump signed an Executive Order confirming that the UK will remain under the existing 25% tariff while a new bilateral steel agreement is finalised.

The temporary reprieve comes despite earlier warnings that British steel exports would face the sharp hike from Tuesday, following the White House’s move to double tariffs on imports from countries not covered by trade exemptions. The UK, which currently falls under the original 25% tariff imposed in March, has been granted a stay of execution – but only until 9 July, by which time the Economic Prosperity Deal (EPD) between the UK and US must be concluded.

In a statement, UK Steel said the decision provides a “time-bound vote of confidence” in British steelmakers – but warned the lack of clarity surrounding final tariff rates and deal timing risks destabilising transatlantic trade, with nervous US buyers potentially looking elsewhere for supply.

Gareth Stace, Director-General of UK Steel, welcomed the breathing room: “The President’s decision not to impose a 50% tariff on UK steelmakers, but to keep the rate at 25% while the UK-US deal is completed, is a welcome pause. The Business Secretary, Jonathan Reynolds, recognises that steel trade stability and security between our two nations is of utmost importance and has acted swiftly.”

He added that the maintained 25% rate would spare British producers from immediate disruption on shipments already in transit, but stressed that hesitation from US customers now looms large. “Uncertainty remains over timings and final tariff rates, and now US customers will be dubious over whether they should even risk making UK orders.”

The US is the UK’s second-largest export market for steel, valued at around £400 million annually and accounting for 9% of total UK steel exports by value. Trade relations were expected to improve after the May announcement of the UK-US Economic Prosperity Deal, which promised to scrap existing tariffs and replace them with a quota-based system allowing tariff-free trade within set limits. But that deal is yet to be finalised and enshrined in law, leaving exporters in limbo.

The situation underscores the delicate balancing act facing the UK Government, which must both preserve its trading relationship with Washington and protect a struggling domestic steel industry facing stiff global competition, low demand, and mounting import pressure.

Stace called for renewed urgency on both fronts: “The US and UK must urgently turn the May deal into reality to remove the tariffs completely. At an already crushing time for our steel industry, with global oversupply and weak demand, we must continue to work together to support sales levels in our second most important export market.”

He also renewed calls for stronger domestic trade defence measures, pointing to a surge in steel imports from outside the EU. “There is plain evidence of trade diversion switching gears into the UK after the EU stepped up its trade defences, and now we must do the same. Imports are flooding into the UK market, depressing steel prices and taking away market share. We must not lose sight of our domestic market while battling to stabilise exports to the US.”

The UK Government has not yet confirmed a timeline for the final signing of the steel trade agreement, but with just weeks until the 9 July deadline, the pressure is mounting to provide the sector with long-term certainty. Without it, industry leaders warn that job losses and production cuts could follow – and that the fragile recovery of UK manufacturing could be at risk.

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UK steelmakers avoid immediate 50% US tariff, but face growing uncertainty as deal hangs in the balance

Coventry-based defence manufacturer NP Aerospace has secured a multi-million-pound funding package from NatWest, designed to support the company’s international growth and boost its exporting capacity.

The finance deal includes a UK Export Finance-backed Trade Finance Facility, as well as capital investment support from Lombard, and is expected to create new jobs as the company scales operations. NatWest and Lombard have worked closely with NP Aerospace since 2021, providing a suite of financial solutions to support its growth ambitions.

The firm, which has operated from Coventry for almost a century, employs 380 staff globally, including 300 in the UK, and recently expanded through the acquisition of key assets from Jankel Armouring Limited. This strategic move has enabled NP Aerospace to diversify its offering to include tactical and civilian armoured vehicles, armour technologies, seating systems and through-life vehicle support services.

Robert Begbie, CEO of NatWest Commercial & Institutional, is due to visit NP Aerospace on Wednesday 4 June to see first-hand the business’s expansion plans and the impact of the funding on the local West Midlands economy.

Will Davis, Chief Financial Officer at NP Aerospace, said: “As we continue to grow the business to meet the needs of our clients, it has been crucial to have a finance partner like NatWest who understands our unique needs. The team has been proactive, responsive and highly knowledgeable about the defence sector. Their support has been timely and efficient as we continue to pursue international opportunities.”

Will Jones, Relationship Director at NatWest, added: “NP Aerospace is building a sustainable and strategically important business that supports both the UK defence industry and local employment. As the UK’s biggest bank for business, we are proud to support them and wish the team every success in their long-term growth plans.”

A cornerstone of the UK’s defence manufacturing landscape, NP Aerospace provides armour manufacturing, vehicle integration and maintenance services to the UK Ministry of Defence and international defence partners. The company supports a fleet of more than 18,000 military vehicles deployed globally and is recognised as a key employer in the West Midlands defence sector.

The new funding will further enable the business to explore export markets and consolidate its position as a trusted global leader in advanced armour systems and mission-critical vehicle support.

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NP Aerospace secures multi-million-pound funding from NatWest to power global expansion

The beloved acoustic and folk music chain aims to raise £190,000 to secure its future and invest in growth, with support from none other than Sir Paul McCartney.

Hobgoblin Music, the UK’s best-known family-run music store chain, has launched its first-ever crowdfunding campaign in a bid to keep its high street presence alive and thriving.

The campaign, now open for early access via Crowdcube, seeks to raise £190,000 in exchange for a 9.5% equity stakein the business. Funds raised will be used to stock fast-selling, high-margin products, which the company says will lead to a sustainable uplift in profit margins and help preserve in-person music retail across the UK.

Now in its 50th year of trading, Hobgoblin Music has built a loyal customer base with its focus on acoustic and folk instruments, hands-on service, and an enduring commitment to local music communities. In a sector that has seen a steep decline in brick-and-mortar music stores, Hobgoblin continues to operate nine shops in cities including London, Leeds, Bristol, Brighton, Birmingham, and Edinburgh, supported by a central warehouse and a national mail-order business.

The company is co-run by Nicola Rain, Executive Director and daughter of founders Pete and Mannie McClelland. She said: “I’ve been immersed in this business for as long as I can remember and I’m so proud of what my parents have built. The experience of visiting a music shop and benefitting from the expertise of other musicians can’t be replaced by online shopping. We’re determined to keep music shops alive, and firmly believe the country would be poorer without them.”

Hobgoblin Music has received a ringing endorsement from none other than Sir Paul McCartney, who praised the team at its London store: “I have many favourite music shops that I like to go into but possibly my most favourite is Hobgoblin Music London. The staff there are so helpful and friendly, and we always have a laugh. There are lots of guitars so, for people like me who like guitars, it is like walking through heaven.”

Founded in 1976, the business began as a market stall after Pete and Mannie McClelland spotted a gap in the market for hard-to-find and unusual instruments. From a barn-based shop to a nationwide chain, Hobgoblin has grown into a central hub for musicians across the UK, employing over 50 staff — all of whom are active musicians — and supporting grassroots music through sponsorships, live events and folk festivals.

Despite strong online growth, Hobgoblin remains committed to its physical stores, which provide the tactile, immersive experience essential for trying out new instruments, from Irish bouzoukis to sitars, hammered dulcimers to mandolins.

Nicola Rain added: “Trying out new instruments in a shop is such a key part of the musical journey. You can’t replicate that connection — or the expertise of a passionate staff member — through a screen. That’s why we’re asking the public to help us keep Hobgoblin on the high street.”

To take part in the fundraise, supporters must register on Crowdcube. Entries close on 16th June 2025.

For more information, visit hobgoblinmusic.co.uk or the Hobgoblin Music Crowdcube campaign page.

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Hobgoblin Music launches first crowdfunding campaign to keep music shops alive on the high street

Millions of UK cryptocurrency holders will soon be required to disclose their personal details to digital asset platforms, as HM Revenue & Customs (HMRC) rolls out a sweeping new crackdown on tax avoidance in the sector.

From 1 January 2026, crypto exchanges and marketplaces will be obliged to collect and report information on users and transactions to HMRC as part of a coordinated global effort to improve tax transparency and combat non-compliance in the digital economy.

The rules will apply to both individuals and businesses engaged in buying and selling cryptoassets, and mark the latest expansion of HMRC’s digital surveillance powers following the introduction of the so-called “side hustle tax” on online sellers using platforms such as Airbnb, Vinted and Etsy.

Recent data from the Financial Conduct Authority suggests that around 12 per cent of UK adults – more than six million people – now hold some form of cryptocurrency.

Under the new regime, individuals will need to supply their name, date of birth, home address, country of residence, and – if based in the UK – their National Insurance number or Unique Taxpayer Reference (UTR). Overseas investors will need to provide their tax identification number and the issuing country.

Businesses trading in crypto must submit their legal name, registered address, and relevant company registration or tax identification details depending on their location.

Platforms will also be required to report the value, type, and nature of each transaction, along with the number of crypto units involved. Exchanges that fail to comply face fines of up to £300 per user for submitting inaccurate or incomplete reports.

Seb Maley, CEO of tax insurance specialist Qdos, said the move signals a new phase in HMRC’s pursuit of tax revenue from digital sectors.

“HMRC is casting its net far and wide as it looks to crack down on suspected tax avoidance and non-compliance among cryptocurrency holders,” Maley said. “By collecting the personal information of those buying and selling crypto – along with the values being exchanged – HMRC will know how much tax should be paid on these assets.”

He added that the data-sharing requirement will significantly bolster HMRC’s ability to cross-reference taxpayer records with third-party information. “In simple terms, if the income a taxpayer declares on their self-assessment doesn’t match what these platforms report, HMRC has the data it needs to open a tax investigation.”

The new measures reflect HMRC’s participation in a broader global initiative led by the OECD, known as the Crypto-Asset Reporting Framework (CARF), which aims to close tax loopholes in fast-growing digital markets by ensuring consistent reporting standards across borders.

“These rules are another sign of how HMRC is working with tax authorities globally to align on how to police compliance – particularly in fast-growing, digital industries, such as crypto and the gig economy,” Maley said.

The clampdown comes amid a wider shift in regulatory attitudes toward cryptocurrencies, with both the UK and EU progressing legislation to bring digital assets under stricter financial oversight. In the UK, the government has pledged to make the country a “global crypto hub,” while also ensuring proper tax and consumer protections are in place.

Industry observers say the rules could impose an additional administrative burden on platforms but will ultimately bring more legitimacy to the crypto sector by aligning it with traditional financial compliance expectations.

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HMRC launches crypto crackdown with new data-sharing rules for platforms and traders

Chancellor Rachel Reeves has been warned by the Organisation for Economic Cooperation and Development (OECD) that her wafer-thin fiscal buffers could prove inadequate if the UK economy is hit by a fresh downturn, following a downgrade to the country’s growth forecast.

In its latest economic outlook, the Paris-based body revised its UK GDP growth projections downward for both this year and next. It now expects the economy to grow by just 1.3 per cent in 2025, down from an earlier forecast of 1.4 per cent, and to slow further to 1 per cent in 2026, compared to its previous estimate of 1.2 per cent.

The OECD cited rising global trade uncertainty, persistently high interest rates, and declining household and business confidence as key factors behind the weaker outlook. It warned that sluggish economic performance could jeopardise the government’s ability to meet its self-imposed fiscal rules.

“Currently very thin fiscal buffers could be insufficient to provide adequate support without breaching the fiscal rules in the event of renewed adverse shocks,” the OECD said.

The warning comes just days after the International Monetary Fund (IMF) issued a similar alert, and ahead of the government’s three-year spending review next week. Reeves is facing mounting pressure to maintain control of ministerial budgets while honouring recent policy pledges, including a reversal on plans to limit winter fuel payments for pensioners.

Reeves’s key fiscal rule is to ensure that day-to-day government spending is fully funded by tax revenues by the end of the current parliament. However, according to her own spring budget, the chancellor has left herself just £8.9 billion of headroom — among the narrowest margins on record.

The OECD urged the chancellor to deliver a “balanced” autumn budget that includes both targeted spending cuts and tax reforms. It suggested closing tax loopholes, re-evaluating council tax bands based on current property values, and eliminating distortions in the tax system to strengthen the public finances.

The report predicts that the UK’s budget deficit will fall from 6 per cent of GDP in 2024 to 4.5 per cent in 2025, helped by stronger-than-expected tax receipts. However, the country’s national debt burden is projected to continue rising, hitting 104 per cent of GDP by 2026 due to elevated borrowing costs and sustained interest rates.

It noted that further supply-side reforms — including progress on the overhaul of the National Planning Policy Framework — could help raise potential output and ease long-term fiscal pressures.

In a modest silver lining for borrowers, the OECD expects the Bank of England to begin easing monetary policy, pencilling in three interest rate cuts over the next 12 months.

On the global stage, the OECD sharply cut its forecast for world growth following President Trump’s reintroduction of steep import tariffs. It now expects global GDP to expand by just 2.9 per cent this year, down from 3.3 per cent in March.

The United States suffered one of the biggest downgrades, with growth forecast to slow to 1.6 per cent in 2025 after a strong 2.8 per cent expansion in 2024. US inflation is also expected to climb to an average of 3.2 per cent from 2.5 per cent last year.

Alvaro Pereira, the OECD’s chief economist, said: “Weakened economic prospects will be felt around the world, with almost no exception. Lower growth and less trade will hit incomes and slow job growth.”

The OECD’s caution adds further pressure on Reeves as she prepares for the first major spending review of her chancellorship, and underscores the difficult balancing act ahead as she attempts to maintain fiscal discipline while navigating a more fragile global economy.

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Reeves faces fiscal rule warning as OECD slashes UK growth forecast

Gary Neville is known to most as a football legend – a stalwart of Manchester United and England, a leader on the pitch, and now a respected pundit. But away from football, Neville has built a reputation as one of the UK’s most thoughtful and ambitious entrepreneurs.

From co-founding the University Academy 92 (UA92) in Manchester to launching successful hospitality and property ventures, Neville’s business credentials are increasingly commanding.

I caught up with Gary at one of his hotels in Manchester – a city he’s invested heavily in – to talk about the challenges facing small businesses, the crucial role of technology, and the mindset needed to grow something meaningful beyond the pitch.

“Let’s be honest,” Gary begins, “it’s hard work setting up a business. Anybody who does it, I admire – the courage, the risk, the grind. It takes smart decisions, relentless effort, and a bit of luck. Sometimes a lot of luck.”

It’s a typically grounded assessment. And one rooted in experience – Neville has juggled multiple ventures since retiring from football in 2011. He’s well-placed to observe the pressures facing entrepreneurs, and right now, he says, they’re mounting.

“COVID’s aftershocks are still being felt – especially in hospitality. Add in rising National Insurance, increased employment costs, and you’ve got real headwinds. Your biggest responsibility as a business owner is your people. But when the pressure’s on, you start cutting in places you shouldn’t. That’s the danger.”

One of the biggest risks to business, Neville warns, is inertia.

“So many people are sitting on their hands right now – waiting to see what happens with the economy. But that’s not good. You have to keep moving forward. And in today’s world, that means embracing tech.”

He’s frank about the state of digital adoption among SMEs. “We’re still lacking skills programmes, proper upskilling. People get stuck in their ways – they fear the cost or complexity of changing systems. But in the long run, clinging to outdated processes is far more costly.”

At UA92, the university he co-founded, “digital competence” is one of 11 founding principles. “In 2025, you can’t survive in most jobs without understanding tech – from data to automation. That applies in every sector: education, real estate, media, sport.”

While Neville isn’t dogmatic about technology, he’s clear-eyed about its utility – particularly when it comes to reducing admin.

“One of my most-asked questions to mentors is: how do you manage your lists? Your action plans? The endless tasks? Everyone’s juggling a lot – emails, meetings, travel, documents. You can lose sight of what really matters.”

Neville describes a moment with a highly successful business contact: “He pulled out this old scrapbook – literally hundreds of tiny notes, ticked off line by line. His assistant had a matching sheet. It was brilliant. But for me, moving to digital tools – ones that can sync, be shared, and archived – has been a game-changer.”

Yet he doesn’t pretend to have it all figured out. “We’re all still perfecting it. I wouldn’t say I’m a tech evangelist. But I know enough to see its value. If you want resilience in a business, if you want to scale, you can’t do it with paper trails and memory.”

The government’s Making Tax Digital initiative is pushing more SMEs to adopt e-invoicing and online bookkeeping. Neville sees that shift as long overdue.

“You still see contracts coming through with hundreds of pages to initial. We’ve gone beyond that now. Invoicing, contracts, signatures – these things have to be digital. We can’t afford delays, lost paperwork, or inefficient systems anymore.”

But again, he empathises with the barriers. “People don’t like change. And unravelling systems you’ve used for decades is intimidating. But you’ve got to bite the bullet. If you don’t, you’ll fall behind.”

Neville’s business life hasn’t been without setbacks. The failed St Michael’s development in Manchester, for example, faced years of delays. But he’s candid about failure being a part of the process.

“If you’re setting up lots of businesses, some won’t work out. It’s a fact. The key is learning fast – not repeating mistakes. Startups are hard. They take time, energy, personal investment. Often people risk their home, their savings, their security. That deserves massive respect.”

Given his glittering football career, I ask Neville how he defines success in business.

“For me, it’s simple. If the people consuming your product are happy – and the team delivering it are happy – you’ve got a great chance of success.”

He’s quick to say profit matters. But passion, purpose, and people rank higher. “It has to be something I care about. Something that means something to the community it’s in. And I need the team to feel invested too.”

That mindset shapes his approach to everything – from student wellbeing at UA92 to guest experience in his hotels. “If both sides – your customer and your staff – feel supported, you’re on the right path.”

“I’ll always remember when the Vice Chancellor at Lancaster University told me: ‘You do realise there’s no exit?’ That stuck with me. Some of my businesses – I know I’ll be part of them for the long haul. They carry my name, my values. So success isn’t a one-off. It’s about sustaining things – year on year.”

Asked what separates the elite – in sport or business – Neville doesn’t hesitate.

“Talent, yes. But work ethic, even more. The highest performers I’ve seen are obsessive. They’re relentless. They think about their job all day. Everything they do – how they eat, sleep, train – it’s all geared towards performance.”

It’s a high bar. But one he lives by.

I end by asking the best advice he’s ever received.

He smiles. “It came from my dad: Don’t look back and wish you could have done more. That’s it. Take the risks. Make the effort. Do the hard things now, so you’ve got no regrets later.”

For Gary Neville, business success isn’t about headlines or exits. It’s about building things that last – and doing so with purpose, resilience, and care. From the football pitch to the boardroom, those values have never wavered.

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Gary Neville: from the pitch to the boardroom

Simply Business, one of the UK’s largest small business insurance providers, has launched its annual nationwide hunt for the country’s funniest small business name – and this year’s winner will walk away with a £2,500 cash prize.

Whether you’re a locksmith called Surelock Homes, a landscaping firm known as Easy Lay, or a takeaway with a twist like Tikka Chance on Me, Simply Business wants to hear from you.

The competition, now in its third year, celebrates the creativity, wit and personality of small business owners across the UK. The 2025 campaign is open for entries via the Simply Business website until Sunday 16 June, and welcomes all businesses with pun-packed, clever or downright hilarious names to take part.

Last year’s winner, Matt Triboulliard, owner of Surelock Homes, said his business name regularly stops people in their tracks. “Almost on a daily basis a member of the public will make a comment or take a picture of the vehicle and it’s brought in untold amounts of work. I never expected to win and I’m so proud to have been chosen from such an awesome list of business names.”

The competition has become a light-hearted annual celebration of British entrepreneurial flair. Previous shortlists have included the likes of cleaning company Sweeping Beauty, waste clearance firm Lord of the Bins, and coffee van Bean Me Up.

But beyond the laughs, there’s serious marketing potential in having a name that sticks. A recent survey by Simply Business found that two in three consumers are more likely to shop with a small business that has a funny or witty name, while 65% believe it shows a business is imaginative and original.

Julie Fisher, UK CEO at Simply Business, said the competition is about giving recognition to the passion and personality behind small businesses. “We want to make small businesses feel proud of what they’ve built – and that includes celebrating a brilliant name. Customers love a business with a good sense of humour, and we’ve seen some cracking entries over the past few years.

“This year we’re not just celebrating originality – we’re helping the winner invest in their business too, with a £2,500 prize that could go towards anything from new equipment to a marketing campaign.”

Small businesses interested in entering can submit their name and details through the Simply Business website before the deadline of midnight on 16 June 2025.

So, if your company name raises eyebrows or brings out the belly laughs, now might be the time to make it pay.

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The search is on for Britain’s funniest business name with £2,500 prize up for grabs

The British Business Bank has reached a major milestone in its mission to support smaller businesses across the UK, with more than £5 billion now delivered through its ENABLE structured guarantee programmes.

Since the first transaction in 2017, the ENABLE Guarantees and ENABLE Build schemes have backed lending to a wide range of sectors — most notably construction and housing — and have channelled over £3 billion to businesses located outside London and the South East. Notably, the North West, East Midlands and East of England each received close to £500 million of funding.

The ENABLE programmes are designed to help unlock lending to small and medium-sized enterprises (SMEs) by providing lenders with a government-backed guarantee on defined portfolios of debt. Participating banks and non-bank financial institutions are incentivised to offer more funding, including to higher-risk but viable businesses, with the guarantee absorbing a portion of the potential losses.

Chancellor Rachel Reeves welcomed the milestone as a tangible sign of her government’s strategy for growth.

“This £5 billion lending milestone is our Plan for Change in action,” she said. “It’s helping to deliver targeted investment where it’s needed most — supporting local businesses, accelerating housebuilding, and putting more money in people’s pockets.”

In particular, ENABLE Build — the construction-focused arm of the programme — has helped drive £1.2 billion of lending to SME housebuilders and supported the construction of 5,866 new homes to date.

Michael Strevens, Managing Director of Structured Financial Institutions at the British Business Bank, said the results speak to the success of the bank’s evolving approach. “It’s incredibly rewarding to reflect on the volume of lending to SMEs and the number of homes built that we’ve helped enable over the years,” he said. “Looking ahead, we’re focused on being more proactive — working closely with lenders to understand their challenges and tailor solutions that fit. That’s how we’ll unlock the next £5bn — and do so with greater pace and purpose.”

Private sector partners have echoed the programme’s impact. United Trust Bank (UTB) — the first lender to pilot ENABLE Build — has now deployed over £1 billion in guaranteed lending across both ENABLE schemes. “We’ve delivered nearly 450 loan facilities to SME housebuilders, supporting the creation of around 4,700 new homes,” said Adam Bovingdon, Head of Property Development at UTB. “ENABLE is an excellent example of successful state and private sector cooperation.”

Ravi Anand, Managing Director of alternative lender ThinCats, described ENABLE as “a huge contributor” to the £1 billion of post-COVID funding it has delivered. “The scheme does what it says on the tin — enabling senior bank appetite to allow ThinCats to fund the growth initiatives of UK mid-sized SMEs.”

The Federation of Master Builders also praised the programme’s contribution to diversifying the housing market. “Financing is one of the top issues holding back small developers from building new homes,” said Chief Executive Brian Berry. “The ENABLE Build scheme helps aid the diversification needed to deliver the government’s ambition of 1.5 million new homes.”

With the UK’s economic growth increasingly reliant on unlocking regional productivity and SME resilience, the ENABLE programmes are now seen as critical to supporting the nation’s recovery and long-term ambitions. The Bank says it will continue to expand the initiative, aiming to reach the next £5 billion milestone “with greater pace and purpose.”

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British Business Bank hits £5bn milestone fuelling regional growth and housebuilding

A growing number of London’s entrepreneurs and micro-businesses are swapping traditional offices for coffee shops and cafes, with new research revealing that these venues are playing an increasingly vital role in the capital’s business ecosystem.

Commissioned by pan-European real estate investment manager Tristan Capital Partners, the research shows that 11% of London business owners now work from restaurants or cafes when in central London—rising to nearly one in five (19%) among micro-businesses with fewer than ten employees. These alternative workspaces are proving especially popular among start-ups and independent business owners who favour flexibility, convenience, and the opportunity to network in more social environments.

The findings arrive as Camden’s historic Sicilian Avenue prepares to reopen in summer 2025 following a major transformation into a pedestrian-friendly hub for dining, shopping, and socialising. With 70,000 daily visitors expected, it’s set to become a key destination for central London’s hybrid workforce, reinforcing the link between hospitality venues and business activity.

While the majority of London professionals (85%) still have access to office space, the rise of hybrid working, return-to-office mandates, and the explosion of coworking locations has prompted a shift in how and where business gets done.

Restaurants and cafes have emerged as convenient alternatives, offering the blend of sociability and informality that appeals particularly to entrepreneurs and start-ups. Over half (58%) of business owners say they regularly meet clients or partners in a café or restaurant—compared to 41% of other workers in central London—highlighting the vital role these spaces play in day-to-day business operations.

Notably, 45% of business owners are also willing to travel across central London for meetings in hospitality venues, underscoring their preference for quality, convenience, and ambience over proximity alone.

Today’s business diners are increasingly discerning, with a majority saying they now prioritise higher quality food and beverage experiences compared to pre-pandemic habits. More than half (58%) say they’re more likely to choose premium restaurants and cafes than they were in 2019.

For business owners and professionals alike, the most valued features in a high-quality dining experience include excellent service (70%), high-grade ingredients (64%) and a prime location (43%). Loyalty schemes and sustainable practices are also gaining traction, especially among Gen Z and millennial respondents.

Around a third of London business owners say they now actively look for sustainability credentials and environmentally conscious operations when choosing where to eat and work—a trend that mirrors wider shifts in consumer values around wellbeing and ethical business practices.

The research also supports the growing momentum behind pedestrianisation in London’s commercial districts. Bloomsbury’s Sicilian Avenue is a case in point: its transformation into a clean, car-free space is seen as a key enabler for local business activity and wellbeing.

Councillor Adam Harrison, Cabinet Member for Planning and Sustainable Transport in Camden, commented: “Sicilian Avenue has always set an example of how pedestrian-friendly spaces can enhance urban life. By investing in walkable, breathable areas, we not only support healthier forms of travel but also create thriving commercial destinations that attract both residents and workers.”

As the boundaries between work, socialising and leisure continue to blur, central London’s hospitality sector is becoming more integral to business life. Entrepreneurs and small business owners are increasingly relying on cafes and restaurants not just for food and meetings, but as essential environments for productivity, relationship-building and client engagement.

With footfall returning and expectations rising, these venues are being seen not merely as ancillary to office life—but as workspaces in their own right. As new pedestrianised zones and higher quality hospitality destinations take shape, their role as the preferred ‘third space’ for London’s next generation of entrepreneurs is only set to grow.

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London’s cafes and restaurants becoming the workplace of choice for city’s entrepreneurs and micro-businesses

A tech startup founded by two British military veterans has raised $20 million to expand its secure coordination and payments platform for defence, humanitarian and disaster response teams.

Labrys Technologies, co-founded by Royal Marines veteran August “Gus” Lersten and former army linguistics specialist Luke Wattam, developed its flagship platform Axiom to address growing concerns over “shadow IT” in high-risk environments — where official secure systems are bypassed by quick-fix tools like WhatsApp, Signal or Wickr.

The platform has already been approved for use by the UK Ministry of Defence and deployed by NATO member states and humanitarian agencies, including the Ukrainian emergency services during the Kakhovka dam disaster in 2023.

“A lot of the public sector and adjacent organisations rely heavily on chat apps that weren’t built for this purpose,” said Lersten, now CEO of Labrys. “You don’t always know who’s on the other end, there are no checks or task verification, and you can’t ensure compliance. That’s a massive trust and security gap.”

Labrys aims to bridge that gap with a platform that blends military-grade security with real-time coordination tools, user verification, and secure payments infrastructure. The $20 million Series A round was led by Plural, the investment firm co-founded by Wise’s Taavet Hinrikus. The latest raise brings Labrys’s total funding to $25.5 million.

Plural partner Sten Tamkivi said the firm backed Labrys because it addressed a critical blind spot in modern defence and resilience operations. “So much innovation in this space is hardware-driven. But coordination — who’s where, doing what, and being paid — is just as important. Labrys brings order and trust to those chaotic environments.”

Rather than replace encrypted chat apps entirely, Axiom works alongside them. The system can recognise approved participants on a call and alert users to any unfamiliar or unauthorised presence — avoiding scenarios like the recent incident where a journalist was accidentally added to a Signal chat used by US defence officials.

Lersten said the real-world use cases are growing. “We live in a world where the police may need to collaborate with the army, who may need to coordinate with 1,200 civilian volunteers to respond to a flood. If your solution requires a 16-day onboarding process for a secure system, you lose the ability to act quickly.”

The platform also includes tools for HR, task management and compliance monitoring, with payment infrastructure that can support cryptocurrency-based transactions using stablecoins such as USDC and USDT. It is already being used by logistics, aid and development agencies to securely manage teams and transfer funds in real time, even in remote or high-risk locations.

Labrys currently employs 21 people and reports seven-figure annual revenues. It plans to expand its team and scale the platform’s adoption within both public and private sector organisations.

Lersten believes the technology has long-term potential beyond the defence and humanitarian sectors. “We’re starting with high-trust, high-stakes environments, but the need for secure, distributed coordination is growing everywhere. As companies go global and workforces become more mobile, they need systems that can manage verification, workflows, and compliance across borders and time zones.”

The investment comes as UK defence policy undergoes a major overhaul. On Monday, Prime Minister Sir Keir Starmer unveiled the government’s latest defence review, promising to move the UK towards a state of “warfighting readiness” and “mobilise the nation in a common cause”.

For Labrys, the timing could not be better. As public and private organisations rethink how they coordinate people on the ground — whether in war zones, flood zones or supply chains — the company is positioning itself as the connective tissue between security, flexibility and speed.

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Ex-military founders raise $20m to scale secure defence and disaster response platform