Business

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.

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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.

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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.

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

First-time buyers, the self-employed and older borrowers could soon find it easier to secure a mortgage under a package of reforms proposed by the Financial Conduct Authority, as the regulator moves to modernise lending rules to reflect changing working lives and demographics.

The FCA said it plans to simplify mortgage regulations and loosen restrictions on lenders to allow more flexible products, better suited to people with irregular incomes, later-life borrowing needs and non-traditional career paths. The changes are intended to support what the regulator described as “under-served consumers” and widen access to affordable home ownership.

Among the proposals, the FCA said it is reviewing rules around interest-only mortgages, with a view to making them more accessible for older borrowers, and will launch a focused market study into the lifetime mortgage sector to ensure it meets the needs of future customers.

The regulator also wants to encourage greater use of data and technology, including artificial intelligence, to help mortgage brokers deliver faster, more accurate advice, while retaining human oversight. In addition, it plans to simplify rules on mortgage advertising and disclosures so consumers can more easily understand information online.

David Geale, executive director for payments and digital finance at the FCA, said the reforms are designed to bring the mortgage market into line with modern realities.

“We want to widen access to affordable mortgages to meet the needs of consumers today,” he said. “Different working patterns and income levels at different stages of life need to be better reflected in how lenders assess affordability.”

The proposals follow pressure from government for regulators to support economic growth and build on steps the FCA has already taken this year to ease constraints in the mortgage market.

In March, the regulator clarified that lenders have flexibility in how they apply interest rate stress tests, the assessments used to judge whether borrowers could afford repayments if rates rise in future. The FCA had become concerned that some lenders were applying these tests too conservatively, unnecessarily restricting access to otherwise affordable mortgages.

Following that intervention, the FCA said lenders had widened borrowing options and that many borrowers could now access around £30,000 more than before.

Despite higher interest rates and rising living costs, the regulator noted that mortgage performance has remained strong. It said that 99 per cent of mortgages taken out since 2014, when lending standards were tightened, are not in arrears, and that the number of first-time buyers has held up even as house prices remain elevated.

As part of the review, the FCA will also examine ways to help people with uneven or unpredictable incomes, such as freelancers and the self-employed, get onto the housing ladder. It is also considering how borrowers who previously struggled with debt but have since improved their credit profiles could be better supported.

For older homeowners, the regulator is looking at how more of the wealth tied up in property could be accessed safely and fairly, particularly as concerns grow that people are saving too little for retirement.

Geale said: “As a society we’re saving too little for later life, yet people have huge wealth tied up in property. The mortgage market should be able to help unlock that wealth at the right time, offering fair value as part of a wider financial plan, not as a last resort.”

Specialist interest-only and later-life mortgage products could, he suggested, help retirees and older workers meet their financial goals without being forced to sell their homes.

In a speech last month, FCA chief executive Nikhil Rathi said the regulator had examined who was being “locked out of homeownership, why and for how long”.

He said the authority wanted to enable a “mortgage market of the future” that adapts to rapid changes in technology, employment patterns and demographics, while meeting consumer expectations, particularly in later life.

Rathi added: “Can some of the nation’s £9 trillion of housing wealth be unlocked more effectively and put to more productive use, particularly to sustain living standards in later life?”

The FCA will begin a public consultation on the proposed rule changes in early 2026, with the first reforms expected to come into force later in the year.

Read more:
Mortgage rules to be eased to help first-time buyers, self-employed and older borrowers

McKinsey is drawing up plans that could see thousands of jobs cut over the next two years, as the global consultancy responds to rapid advances in artificial intelligence and a prolonged slowdown in client demand.

Senior partners at the firm are understood to have held early discussions with leaders of non-client-facing departments about reducing team sizes by as much as 10 per cent. While McKinsey declined to confirm the scale of the cuts, Bloomberg, which first reported the plans, estimated that “a few thousand” roles could be lost in stages over the next 18 to 24 months.

A spokesperson for McKinsey said the firm was reviewing its internal operations as technology reshapes how work is done.

“As our firm marks its 100th year, we’re operating in a moment shaped by rapid advances in AI that are transforming business and society,” the spokesperson said. “Just as we’re partnering with clients to strengthen their organisations, we’re on our own journey to improve the effectiveness and efficiency of our support functions.”

McKinsey is one of the world’s most influential management consultancies, advising companies and governments on strategy, technology adoption and cost-cutting. Its client list includes major multinationals such as Coca-Cola, Microsoft and Goldman Sachs, as well as public sector bodies around the world.

Cost reduction, often through workforce cuts, is a frequent recommendation made by McKinsey and its peers to clients. The firm itself embarked on an aggressive hiring drive between 2012 and 2022, when global headcount rose from about 17,000 to 45,000. That number has since fallen to around 40,000 following a previous round of layoffs in 2023. Roughly half of McKinsey’s employees work in non-client-facing or back-office roles.

Bob Sternfels, McKinsey’s global managing partner, signalled the potential for further reductions earlier this year. In a television interview in September, he said the firm would “probably have fewer folks in the non-client-deployed areas” as technology changes how internal operations are run.

“We’re continuing to add folks who are client-deployed and we see an ever-increasing need for that,” Sternfels said. “But we are rethinking our centre-based operations by leveraging all of this new technology.”

McKinsey’s plans mirror decisions taken by other major companies as AI reduces the need for human labour in support functions. Salesforce chief executive Marc Benioff said in August that the company had cut 4,000 customer support roles because it needed “less heads”, while fintech group Klarna has dramatically reduced its workforce after replacing many roles with AI systems.

At McKinsey, discussions around job reductions are still said to be at an early stage, with no final decisions taken on the precise number of roles affected or which countries will bear the brunt. The firm employs around 2,000 people in the UK, including a significant number in non-client-facing positions.

Beyond technological change, the proposed cuts also reflect a broader slowdown in demand for consulting services. Many companies have reined in spending on advisers over the past two years amid geopolitical uncertainty and a weaker global economy, following a surge in consultancy work in the immediate aftermath of the pandemic.

McKinsey’s Big Four rivals, Deloitte, EY, KPMG and PwC, have also seen revenue growth stall and have trimmed their workforces. McKinsey’s own annual revenue has remained broadly flat at between $15 billion and $16 billion for the past five years, although Sternfels told partners at the firm’s annual meeting in Chicago in October that he was increasingly optimistic about future growth.

For now, McKinsey appears set to apply to itself the same logic it has long urged on clients: using new technology to do more with fewer people.

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McKinsey plans thousands of job cuts as AI reshapes consulting workforce

Britain can “without a doubt” compete with the United States to become a global hub for cryptoassets, the City minister has said, as the government sets out long-awaited legislation to regulate the fast-growing digital assets market.

Lucy Rigby said the proposed framework showed the UK’s intention to “lead the world in digital assets adoption”, amid mounting concern from the crypto industry that Britain has been moving too slowly while rival jurisdictions press ahead.

“This is about recognising that cryptoassets are here to stay, and so we need to modernise regulation to ensure it’s fit for the digital age,” Rigby said. “Firms have been very clear with us that they want regulatory clarity because it will allow them to invest here.”

The legislation, unveiled on Monday, paves the way for a comprehensive UK regulatory regime for cryptoassets such as bitcoin, with rules expected to be in force by 2027. The Financial Conduct Authority will now be responsible for designing the detailed framework.

Crypto firms have long argued that the UK risks falling behind both the US and the European Union in setting clear rules for the sector, potentially losing out on investment and high-skilled jobs. While proponents say digital assets could transform parts of the financial system, regulators remain cautious. The FCA has repeatedly warned consumers that they should be prepared to lose all their money when investing in crypto.

In the US, President Trump has vowed to make America the “crypto capital of the world” and has championed a lighter-touch regulatory approach. The EU has also moved faster, implementing its own regulatory regime for cryptoassets, increasing pressure on the UK to accelerate its plans.

Although the UK and US set up a transatlantic taskforce in September to co-operate on digital assets policy, Washington has already moved ahead in key areas. In July, Trump signed the Genius Act, the first major piece of US federal crypto legislation, which focuses on stablecoins, cryptocurrencies pegged to assets such as the dollar. The president’s family has also backed a number of crypto ventures, further fuelling interest in the sector.

Asked whether Britain could realistically compete with the US, Rigby was unequivocal. “Definitely, without a doubt,” she said.

She described the UK’s approach as “forward-leaning”, adding: “It’s comprehensive and offers consumer protections in the same way we would for other financial products like stocks and shares.”

Research commissioned by the FCA last year found that around 12 per cent of UK adults, roughly seven million people, already own cryptocurrencies, despite the absence of a full regulatory regime and the volatility of digital asset prices.

“We’re recognising that more and more people are investing in cryptoassets,” Rigby said, arguing that regulation is needed both to protect consumers and to support responsible innovation.

The push on crypto regulation comes amid wider concern in Westminster that the UK’s financial services sector is becoming less competitive internationally, with business drifting to rival centres such as Wall Street. In response, ministers have urged regulators, including the FCA and the Bank of England’s Prudential Regulation Authority, to reduce unnecessary red tape.

Asked about the pace of reform at the regulators, Rigby said that “both have made significant steps forward”, but acknowledged that there was “further to go”.

With legislation now moving through parliament, ministers hope the UK can strike a balance between encouraging innovation and maintaining the high regulatory standards that underpin the City of London’s global reputation.

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Britain can compete with the US as a global crypto hub, insists City minister

The employment tribunal system is facing unprecedented strain, with a backlog of more than half a million claims raising serious doubts over its ability to cope with an expected surge in cases under Labour’s proposed expansion of workers’ rights.

Latest tribunal statistics for the second quarter of the year, covering July to September 2025, show that active claims — including both single and multiple cases — climbed to 515,000 by the end of September. The number of open employment tribunal cases alone rose to 52,000, a 33 per cent increase compared with the same period last year.

The figures underline the scale of the challenge facing ministers as they push ahead with the Employment Rights Bill, which is designed to strengthen employee protections but would rely heavily on an already overstretched tribunal system for enforcement.

Rob McKellar, legal services director at HR services firm Peninsula, said the data pointed to a system under severe pressure.

“With the current backlog of over half a million claims, and some regions listing cases for 2028, it’s clear that pressure on the tribunal system is higher than ever before,” he said.

Unfair dismissal was the single largest category of new claims during the quarter, accounting for nearly a quarter of cases, with 4,766 lodged. Disability discrimination claims represented 14.8 per cent of the total, while unauthorised deductions of wages made up 12.2 per cent.

McKellar warned that the situation could worsen significantly if the Employment Rights Bill becomes law in its current form.

“The government’s own figures estimate that an extra six million people will gain the right to bring unfair dismissal claims once the bill comes into force, as the qualifying period drops from two years’ service to just six months,” he said.

The legislation, which was diluted last month following pressure from business groups, remains stalled in the House of Lords. Peers are continuing to push for a cap on compensation payouts in unfair dismissal cases, arguing that unlimited awards would further clog the tribunal system.

In a joint statement, six major business groups warned that proposals to loosen limits on compensation risk “exacerbating the challenges facing the tribunal system”, adding to delays that already leave claimants and employers waiting years for resolution.

Despite lingering concerns over some of the bill’s provisions, the business groups said they now believe the legislation should be passed to provide certainty. Downing Street has said the workers’ rights reforms are expected to become law before Christmas.

The mounting tribunal backlog comes against a backdrop of cooling hiring activity. Concerns over employment reform and wider economic uncertainty weighed on recruitment ahead of the budget, with new job adverts falling for a second consecutive month in November. Vacancies dropped by 14.4 per cent from October to 622,156, according to data from the Recruitment and Employment Confederation.

For employers and employees alike, the figures highlight a growing risk that expanded rights may outpace the system designed to uphold them, leaving justice delayed — and potentially denied — as claims continue to pile up.

Read more:
Tribunal backlog tops half a million as fears grow over impact of new workers’ rights

The proportion of people in Britain holding cryptocurrencies has fallen sharply, according to new research published by the Financial Conduct Authority, as the regulator unveils long-awaited plans to bring digital assets under formal supervision.

Research commissioned by the FCA found that just 8 per cent of UK adults now own cryptocurrencies such as bitcoin or ethereum, down from a peak of 12 per cent in 2024. The findings suggest that the boom in retail crypto ownership has lost momentum amid ongoing volatility and regulatory uncertainty.

However, while fewer people now hold digital assets, those who remain invested tend to own larger amounts. The proportion of crypto holders with investments worth between £1,001 and £5,000 rose by four percentage points to 21 per cent, while those with holdings valued between £5,001 and £10,000 increased by three points to 11 per cent.

At the other end of the scale, smaller holdings have become less common. The share of investors with crypto valued at £100 or less fell to 27 per cent, from 32 per cent last year, suggesting that rising prices for major cryptocurrencies may have pushed some casual or lower-value investors out of the market.

The research was based on a survey of 2,353 adults conducted between August and September and was released alongside a package of proposals from the FCA to create a comprehensive regulatory regime for digital assets.

Under the plans, crypto firms would be subject to rules covering market abuse, lending practices, custody, and standards for exchanges, bringing oversight of the sector closer to that applied to traditional financial services. While much of the UK crypto market remains unregulated, the FCA said its approach would mirror its supervision of conventional finance.

However, the regulator warned that regulation would not eliminate the inherent risks of investing in volatile digital assets.

“Creating a rule book for crypto cannot, and should not, remove all risk,” the FCA said. “Instead, it should ensure that anyone investing in crypto does so with their eyes open.”

The proposals follow legislation put forward by the government this week to bring cryptoassets formally within the FCA’s remit, with the aim of a full UK regulatory regime being in place by 2027.

Crypto firms have repeatedly warned that the UK risks falling behind the United States and the European Union, both of which have moved more quickly to establish clear frameworks for digital assets. Industry figures argue that delays could undermine Britain’s ambition to become a global hub for crypto and blockchain innovation.

The FCA’s data suggests that while enthusiasm among retail investors may be waning, significant sums remain invested in the sector — reinforcing the regulator’s view that clearer rules are needed as digital assets become more established within the financial system.

Read more:
Crypto ownership falls in UK as FCA prepares new digital asset rules

Virgin Media O2 has officially opened its new multi-million-pound North West headquarters in central Manchester, marking a significant expansion of its long-term commitment to the city and the wider region.

The new office, located on John Dalton Street just off Deansgate, will be home to around 1,100 employees and forms part of a broader strategy to invest in people, digital infrastructure and community inclusion across Greater Manchester.

The move follows a review of the company’s property footprint ahead of the expiry of its Wythenshawe office lease in early 2026. Virgin Media O2 has signed a 10-year agreement with Island, a net zero carbon workspace being developed by joint venture partners HBD (part of Henry Boot plc) and Greater Manchester Pension Fund, taking around 50 per cent of the new building.

Among the teams relocating to the new HQ are Virgin Media O2’s multi-skilled customer service teams, which provide specialist and bespoke support for customers, including those handling complex and sensitive cases such as bereavements and support for vulnerable individuals. The new space has been designed to support collaboration while aligning with the company’s flexible working policies.

Alongside the new headquarters, Virgin Media O2 has continued to invest heavily in the region’s digital infrastructure. Over the past 12 months, the company has upgraded its 4G and 5G mobile network at 65 locations across Greater Manchester, including the deployment of high-capacity small cells in the busy city centre.

As a result, people and businesses in more than 14,000 postcodes across the region are now benefitting from improved mobile connectivity. These upgrades form part of O2’s Mobile Transformation Plan, which will see around £700 million invested this year to future-proof its national mobile network.

The operator has also invested more than £100 million in recent years to expand and upgrade its ultrafast broadband network in Greater Manchester. Nearly one million homes and businesses across the city region can now access Virgin Media O2’s gigabit broadband services, reinforcing Manchester’s position as a leading digital economy in the UK.

Virgin Media O2’s investment extends beyond infrastructure into digital inclusion initiatives. Through its partnership with the Greater Manchester Combined Authority, the company has committed to donating a further 1,000 refurbished smartphones via the Greater Manchester Tech Fund to people who cannot afford access to digital devices.

The initiative forms part of Virgin Media O2’s wider pledge to donate 12,000 devices from its supply chain in 2025. Delivered through the Community Calling Partnership with environmental charity Hubbub and the National Databank, the scheme — founded by Virgin Media O2 and the Good Things Foundation — has already rehomed more than 26,000 smartphones nationwide.

Rob Orr, Chief Operating Officer at Virgin Media O2, said the new HQ underlines the company’s confidence in Manchester and the North West.

“Manchester is a thriving hub for innovation and creativity, and we’re proud to deepen our connection to the region with this significant investment,” he said. “Our new North West HQ at Island will provide a modern, sustainable space for our people to collaborate and deliver for customers, while our continued upgrades to mobile and broadband networks ensure Greater Manchester remains at the forefront of digital progress.

“These investments reflect our long-term vision to support local communities, power the digital economy and create a future-ready network for everyone.”

The opening of the Manchester HQ cements Virgin Media O2’s role as a major employer and digital investor in the region, combining physical presence with sustained investment in connectivity, skills and inclusion.

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Virgin Media O2 opens new Manchester HQ as part of major regional investment