Business

Britain could face a Christmas crisp shortage after workers at KP Snacks’ Billingham factory — home to Hula Hoops, McCoy’s, Pom-Bears and Discos — voted overwhelmingly to take strike action.

Eighty-five per cent of GMB union members employed as process operatives backed industrial action after KP allegedly imposed additional duties and responsibilities without any corresponding increase in pay.

In response, KP Snacks has suspended all staff holiday requests while the company assesses the potential impact of a strike — a move the union says looks punitive. GMB has confirmed it is seeking legal advice on whether the decision breaches employment law. Members will now meet to confirm strike dates.

Paul Clark, GMB organiser, said KP workers were being pushed too far.

“These are skilled workers who keep production running and supermarket shelves stocked,” he said. “Yet they’re being asked to take on extra duties for the same pay. If they’ve been asked to do extra work, they should get more pay.”

Clark warned that the dispute could hit national supply during one of the busiest retail periods of the year.

“It’s crunch time for KP bosses. Unless they want to see shelves empty this Christmas, it’s time to get back round the table and sort this out.”

KP Snacks is one of the UK’s biggest savoury snack producers. The Billingham site plays a major role in the production of core brands that dominate festive snack sales. Any strike action in the coming weeks risks disruption across supermarkets, wholesalers and convenience retailers.

KP Snacks has been contacted for comment.

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Christmas crisp shortage feared as Hula Hoops and McCoy’s workers vote to strike

Scotland’s digital infrastructure is growing fast. From data centres powering businesses to labs and offices driving innovation, demand for resilient, modern systems has never been higher. But growth without skills creates fragility. Resilience is not just about buildings or technology — it is about people.

Infrastructure is expanding, the energy transition is accelerating, and climate commitments are reshaping priorities. Yet the workforce to maintain it all is struggling to keep pace.

Key Takeaways

Scotland’s infrastructure, particularly data centres, is expanding rapidly.
A widening skills gap threatens resilience and operational continuity.
True resilience depends on people — confidence, mindset, and training.
Collaboration between government, industry, and organisations like Asanti is essential.
Without urgent investment in skills, Scotland risks falling short of its ambitions.

Data Centres: The Digital Backbone

Data centres are now critical to almost every sector, from banking to healthcare. Yet many organisations still underestimate their exposure. True resilience means continuous operations despite cyber threats, power failures, or climate events.

The skills gap is particularly acute here. “You can be very competent building houses, ‌but once you get to data centres where everything is critical, it’s a different skill, a different requirement.”

“The recognition of data centres as Critical National Infrastructure is a clear signal of their importance to our daily lives. From banking to staying in contact with each other, all depend on the availability of data centres,” says Emma Lauchlan, Marketing Director at Asanti.

Pharma and Life Sciences: Regulated, Complex, Growing

Scotland’s life sciences sector is thriving. Pharma and biotech businesses are expanding quickly, supported by investment from the Scottish National Investment Bank and research partnerships across the country. But growth also brings demands for compliant, secure, and always-on environments.

The risks here are not just operational. Downtime in these sectors can undermine patient safety and regulatory compliance. A lack of trained staff is a real threat to both innovation and delivery.

Scotland’s thriving life sciences sector relies on compliant, secure, and always-on environments. Downtime can threaten both innovation and patient safety.

“Asanti’s UK colocation facilities allow businesses to comply with UK sovereignty requirements, ensuring that data remains within the jurisdiction and under UK legal protections. Our solutions are designed with resilience and robust business continuity measures in place.”

Hybrid working has also made offices, universities, and public networks mission-critical. Disruption from cyberattacks or extreme weather affects communities and the wider economy.

Skills: The Missing Link

Infrastructure may be expanding, but the pool of trained engineers is not.  Closing this gap requires investment in training aligned with the Scottish National Adaptation Plan, covering resilience to weather, water safety, and climate change.

Resilience depends on culture as much as systems. The advice for future engineers is clear – keep learning and never get to the point where you feel, ‘I’ve done my academics, I’m done.’ You’ve got to evolve with the way the world is working.

Preparing for risks — from climate change to cyberattacks — will define Scotland’s resilience in a net-zero, data-driven future.

Scotland at a Crossroads

Scotland’s digital transformation spans broadband, data centres, 5G, transport, and smart water systems. Yet without skilled people to operate them, progress may stall.

Resilience is as much about people as systems. With the right investment in skills, partnerships, and secure operations, Scotland can lead not only in building infrastructure but in nurturing the expertise to sustain it.

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Scotland’s Critical Infrastructure is Evolving, But Who’s Closing the Skills Gap?

For most investors, private equity and venture capital appear similar at first glance: both operate in private markets, both target high-return opportunities, and both demand long-term commitment.

In 2025, however, the distinction between these two strategies has become more important than ever, as capital becomes more selective and market volatility forces investors to rethink traditional allocation models.

A growing number of European professionals with hands-on experience in both operational business scaling and venture financing now influence how capital is deployed. Among them is Alexander Kopylkov, an investor known for supporting more than 20 high-growth European startups and advising family offices on innovation-driven allocation strategies. His perspective reflects a broader trend: investors no longer choose between PE and VC based on labels. They choose based on strategic fit, risk tolerance and expected value creation.

1. Private Equity: disciplined control and operational improvement

Private equity (PE) targets mature businesses with predictable revenues and established customer bases. The model is structured around acquiring significant stakes, often controlling, and improving performance through:

operational optimisation
disciplined cost management
strategic repositioning
consolidation (roll-ups)
structured exits at higher multiples

In today’s environment, PE continues to attract investors seeking stability. However, higher interest rates have changed the calculus around leverage. Debt-driven value creation is less appealing, while operational value creation has become the primary driver.

2. Venture Capital: innovation, asymmetry and long-term upside

Venture capital (VC), by contrast, focuses on early-stage companies with rapid scalability potential. The model inherently embraces uncertainty: many startups fail, but a small number generate asymmetric returns.

Characteristics of VC in 2025:

higher scrutiny on unit economics
reduced tolerance for unchecked burn rates
increased demand for product-market fit evidence
more emphasis on strategic co-investors
longer exit timelines due to IPO market constraints

3. What 2025 changes for both strategies

Several macro forces define the investment environment this year:

Higher interest rates

PE: leverage becomes more expensive, reducing IRR unless operational improvements are strong.
VC: capital becomes more conservative, increasing pressure on startups to demonstrate profitability paths.

Geopolitical uncertainty

PE: supply chain shifts and reshoring create new acquisition opportunities in industrials and logistics.
VC: global instability boosts interest in cybersecurity, AI infrastructure and fintech resilience.

Slower IPO markets

PE: more secondary sales and private exits.
VC: longer holding periods before public listing.

According to Alexander Kopylkov, these conditions reward investors who can evaluate resilience, not just potential, and founders who can scale without overextending, with more details in this article.

4. PE vs VC: which strategy fits which investor?

Private Equity is better for:

investors seeking stable cash flows
those comfortable with business optimisation rather than market disruption
portfolios requiring predictable, model-driven scenarios

Venture Capital is better for:

investors willing to accept higher risk for high-multiple outcomes
those interested in innovation, AI, deep tech and fintech
long-term strategies aiming for 10x–100x potential returns

A balanced allocation often makes the most sense. Many European family offices now combine:

PE for stability and defensive value creation
VC for exposure to long-term innovation and structural growth

This hybrid approach mirrors the type of balanced investment frameworks that Alexander Kopylkov advises for innovation-focused LPs and private investors.

5. Emerging sectors where each strategy thrives

Private Equity strongholds

B2B services
healthcare operations
industrials and manufacturing
digital infrastructure

These sectors offer predictable cash generation and consolidation opportunities.

Venture Capital opportunity zones

artificial intelligence and automation
cybersecurity
fintech infrastructure
climate and sustainability tech

Alexander Kopylkov and other early-stage specialists highlight AI-in-finance, operational automation and “boring but critical” deep tech as the strongest VC themes in 2025.

6. How professional investors are approaching 2025 allocations

Investors adopting PE or VC strategies in 2025 are focusing on:

Manager experience and operational skill
Funds that bring real operating expertise outperform those relying solely on capital injections.
Scenario planning, not linear forecasting
The best investors model downside scenarios as thoroughly as upside ones.
Stronger governance
Clear reporting, transparent cap tables and disciplined financial processes matter for both PE and VC performance.
Active mentorship
Investors demonstrate the growing value of hands-on support: from go-to-market structuring to exit preparation.

Conclusion: A strategic blend, not a binary choice

In 2025, the smartest investors do not frame the conversation as Private Equity vs Venture Capital. Instead, they ask:

What is my risk tolerance?
What time horizon am I operating with?
Which sectors will grow over the next decade?
Where can I (or my fund) add real value beyond capital?

PE provides stability, control and predictable operational improvements. VC offers access to innovation, long-term upside and transformative sectors.

Professionals like Alexander Kopylkov illustrate how modern investors bridge both worlds: combining operational depth, strategic discipline and a long-term view to identify opportunities across the entire private markets spectrum.

Using both strategies, in the right proportions, allows investors to build portfolios that are not only profitable but resilient in the face of an unpredictable decade.

Read more:
Private Equity vs Venture Capital: Where Should Investors Focus in 2025?

A long-standing tax relief that helps home-based workers cover household expenses will be scrapped from April 2026, in a move that will affect an estimated 300,000 employees and raise tens of millions for the Treasury.

The relief — originally introduced more than a decade ago and widely used during the pandemic — allows employees who are required to work from home and receive no reimbursement from their employer to claim either their actual additional costs or a standard rate of £6 per week without providing receipts.

From 6 April 2026, this entitlement will be abolished, removing a benefit worth £62 a year for basic-rate taxpayers and £124 a year for higher-rate taxpayers. The Treasury says the decision is aimed at tackling widespread non-compliance, arguing that more than half of claims fail verification checks.

HMRC said claims surged during and after the pandemic, with many employees continuing to claim the allowance even when no longer formally required to work from home. Ministers argue the move is about restoring “fairness” to the system.

While employers will still be allowed to reimburse home-working costs tax-free, the government acknowledges that the change may create pressure on businesses to cover expenses themselves — effectively shifting the burden from HMRC onto firms already facing tight margins.

The relief was first introduced in 2011–12 as a £4-per-week allowance, increased to £6 during the pandemic. At that time, eligibility rules were loosened so millions forced to work remotely could claim without meeting the traditional requirement of being contractually obliged to work from home.

Budget documents show the Treasury expects to raise £10 million in 2026–27, rising to £30 million in 2027–28, and stabilising at £25 million per year thereafter.

Civil servants insist the measure will have “no significant macroeconomic impact”, though it represents yet another incremental cost rise for working households.

HMRC says the policy has “no direct impact” on employers because it targets individual taxpayers, but officials concede some businesses may face increased expectations to provide tax-free reimbursements in the absence of the relief.

The decision comes amid a broader tightening of tax reliefs and deductions as the government seeks to close revenue gaps while claiming to protect “fairness” in the tax system.

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HMRC to scrap homeworking tax relief from 2026, hitting 300,000 employees

With the UN’s International Day of Persons with Disabilities approaching on 3 December, new findings suggest that while UK employers overwhelmingly want to hire more disabled staff, many lack the confidence, tools or understanding to do so.

Almost one in four working-age adults in the UK has a disability – a figure that continues to rise. Yet disabled people still face stark inequalities in the labour market. The recent Keep Britain Working review, led by Sir Charlie Mayfield, found that disabled people remain locked out of work at twice the rate of non-disabled people, leaving an employment gap of almost 30 percentage points. For those with learning disabilities, paid employment stands at just 4.8 per cent.

To mark the global awareness day, Mayfield has joined forces with the Disability Charities Consortium, a coalition of nine leading charities, to galvanise HR leaders and major employers into building truly inclusive workplaces.

“Lots of employers want to do more to recruit and retain disabled employees, but don’t know where to begin,” said Diane Lightfoot, chief executive of the Business Disability Forum and co-chair of the consortium.

Their concerns are backed by data. A 2022 analysis of FTSE 100 companies found that although 99 per cent had inclusive mission statements, only 37 per cent had disability inclusion initiatives in place. A 2024 survey by the Department for Work and Pensions revealed that just 35 per cent of employers felt confident recruiting disabled candidates.

Despite widespread hesitation, several major businesses are demonstrating how to make meaningful progress.

Whitbread – owner of Premier Inn – operates its Thrive programme, which offers immersive, hands-on training for young people with special educational needs and disabilities. Trainees learn in fully functioning “mini-Premier Inn” training facilities that mirror real hotel environments. Two new sites opened this year in Liverpool and Lincoln, and the company aims to support 100 interns annually.

“Thrive shows how the private sector can meet the moment,” said Simon Ewins, Whitbread’s managing director. “It’s not just a corporate initiative – it’s a blueprint for inclusive employment at scale.”

Asda works with DFN Project Search to provide supported internships for young people with autism and learning disabilities. The scheme, launched in 2023, has already expanded to 22 stores, with nearly half of interns securing jobs.

“When businesses see the talent these young people bring, perceptions change,” said James Goodman, Asda’s chief people officer.

At Marks & Spencer, 30 per cent of participants in its long-running Marks & Start programme have a disability. Since launch, 12,000 young people have taken part and half have secured jobs with the retailer.

Disability inclusion is not just a moral imperative – it is also a business opportunity. Disabled households have a combined spending power of £446 billion, up 30 per cent in the past year – a market often referred to as the “purple pound”.

“These employees are loyal, highly motivated and have lower absenteeism,” said Alex Margolies, CEO of Toucan Employment. “Inclusive employers not only attract socially-minded customers – they also build more productive and compassionate workplaces.”

Becoming a disability-confident employer does not need to be complex.

Katharine Weston of Mission EmployAble said employing people with learning disabilities is often far less daunting than employers assume – and the benefits can be transformative.

Practical measures include rethinking recruitment language, offering accessible materials, guaranteeing interviews for disabled applicants who meet minimum criteria, and making simple workplace adjustments such as visual schedules, colour-coded instructions or flexible assessment formats.

Many companies also establish disability staff networks and sign up to the government’s Disability Confident programme.

“Helping people grow big careers is special”

Rachel Howarth, Whitbread’s chief people officer, said the company’s commitment is grounded in both values and business sense.

“With a workforce of 35,000, many of our people have visible and non-visible disabilities,” she said. “Our workforce should reflect our guests. Fewer than 5 per cent of people with learning disabilities are in paid employment — that’s not just a statistic; it’s a call to action.”

“There’s something special about creating opportunities for people who never thought they’d have a career like this. A diverse workforce isn’t just good ethics — it’s a source of strength for individuals, teams, customers and investors.”

Read more:
Employers want to hire disabled staff – but many don’t know where to start

JP Morgan Chase has announced plans to build a new £3 billion, 3 million sq ft tower in Canary Wharf — one of the largest office developments in Europe — in a move hailed by Chancellor Rachel Reeves as a “multibillion-pound vote of confidence” in the UK economy.

The new skyscraper will become the bank’s principal UK headquarters, housing 12,000 staff and surpassing 22 Bishopsgate to become the largest office building in Britain. Designed by Foster + Partners, the tower will include wellness spaces, terraces and multiple restaurants, echoing the design of JP Morgan’s recently opened global headquarters in New York.

Jamie Dimon, JP Morgan’s chief executive, said the project represents the bank’s long-term commitment to the UK.
“This building will represent our lasting commitment to the city, the UK, our clients and our people,” he said. “London has been a trading and financial hub for more than a thousand years. Keeping it a vibrant centre for finance is critical to the health of the UK economy.”

Reeves, whose Budget this week notably spared banks from further tax rises, welcomed the announcement.
“I am thrilled that JP Morgan Chase has chosen London for its landmark new building — a multibillion-pound vote of confidence in the UK economy and this government’s plans for growth,” she said.

The bank, which employs 23,000 people in Britain, has held a 999-year lease on the site since 2008. Construction is expected to begin once planning approval is granted and will take around six years. During that period, JP Morgan will refurbish the interior of its existing Canary Wharf tower at 25 Bank Street, currently home to its commercial and investment bank.

Staff will be split between the new building, 60 Victoria Embankment and other existing London offices, while the company evaluates long-term options for its Canary Wharf estate.

An independent economic assessment commissioned by the bank estimates the project could contribute £9.9 billion to the UK economy during construction and create 7,800 jobs, spanning construction, engineering and supporting industries. The development will also include new public parkland, a refurbished dock and improved riverside access as part of a joint plan with Canary Wharf Group.

The announcement comes amid renewed investment from global banks in the UK. JP Morgan recently committed £350 million to expand and modernise its Bournemouth campus, while Goldman Sachs confirmed plans to double capacity at its Birmingham office, creating 500 jobs. Citigroup is also undertaking a major renovation of its 1.2 million sq ft Canary Wharf tower, a project expected to cost more than £1 billion.

The flurry of activity is seen as a boost for the UK’s financial services sector at a time when hybrid working and high-profile office exits have put pressure on commercial property markets.

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JP Morgan unveils £3bn Canary Wharf tower in major vote of confidence for UK economy

The Isle of Man is issuing an international call to tech entrepreneurs, startups and established digital health companies as it launches its 2026 Innovation Challenge, this year focused entirely on transforming the Island’s health and social care system.

After three years centring on FinTech, Cleantech and Data & AI, the government is redirecting the Challenge towards one of the nation’s most urgent pressures: meeting rising healthcare demand, tackling workforce shortages and advancing more integrated, patient-centred care.

Organised by the Department for Enterprise’s Executive Agencies, the Challenge is being delivered in partnership with the Department of Health and Social Care, Manx Care, and Public Health Isle of Man. The initiative combines public-sector expertise, clinical leadership and the Island’s unique environment as a “national testbed”, offering innovators the chance to pilot, refine and scale real-world solutions.

The 2026 programme will centre on three priority themes:

Working Smarter — Transforming how systems operate, connect and communicate to free up frontline capacity, improve patient and staff experience and deliver better outcomes.

Wellness — Shifting from reactive treatment to proactive prevention, supporting self-care, early intervention and community-based health models.

Home First — Enabling high-quality care outside of hospitals and clinics, making services more accessible, personalised and integrated into daily life.

A special Biosphere Award will be presented to the finalist demonstrating the strongest contribution to sustainability and wellbeing within the Isle of Man UNESCO Biosphere.

Tim Johnston MHK, Minister for Enterprise, said refocusing the Challenge on health and social care enables the Island to confront issues affecting communities worldwide.

“The Isle of Man offers a uniquely collaborative environment where innovative companies can test, refine and prove solutions with direct access to government, healthcare partners and a fast-moving digital ecosystem.”

Claire Christian MHK, Minister for Health and Social Care, said the initiative is ultimately about redesigning care around people’s lives.

“This Challenge is about transforming lives by piloting solutions that bring care closer to home. By harnessing emerging technologies, we aim to set a new benchmark for what’s possible in healthcare — delivering better outcomes, greater wellbeing and a system ready for the future.”

Lyle Wraxall, Chief Executive of Digital Isle of Man, said the programme’s expansion reflects the Island’s ambition to drive innovation where it matters most.

“This is an opportunity for innovators to make a lasting impact on one of society’s most critical services. Whether you already work in digital health or have technology with untapped healthcare potential, we want to hear from you.”

Registration is open until 27 February 2026, with finalists to be announced on 3 April. Selected teams will gain mentorship, access to healthcare leaders, networking opportunities and international visibility. The Challenge will culminate in a showcase finale in June 2026, where winners will be chosen.

The Isle of Man government says the initiative will help position the Island at the forefront of healthcare innovation, while offering global tech companies a rare chance to test solutions in a real-world, system-wide environment.

Read more:
Isle of Man seeks global tech innovators to transform healthcare through 2026 Innovation Challenge

For a quarter of a century, Russell Wardrop has been in the same line of work—creating rainmakers.

As co‑founder and chief executive of KWC Global, based in Glasgow and London, Wardrop has made a career of helping lawyers, accountants and financiers learn the commercial skills business school often forgets: how to sell, lead and grow. His thesis is disarmingly simple: if learning and development is designed correctly and linked to tangible outcomes, it stops being an overhead and starts paying for itself.

‘Too much L&D is treated as a discretionary cost,’ he says. ‘It’s not quite entertainment, but it’s rarely embedded in strategy or measured against the top line. That’s a big miss—so we made it our mission.’

The spark: from lecture theatre to marketplace

Wardrop and his co‑founder—and wife—Sharon (pictured) began in academia. He had trained as an architect and developed a parallel career as a speaker; she studied law, relished the detail and, by his account, ‘loved a spreadsheet’. Between them they had deep experience in building and validating degree and postgraduate programmes. What they could see, and what many firms could not, was the chasm between technical excellence and commercial impact.

‘There are so many brilliant professionals who are never taught how to sell or influence,’ Wardrop says. ‘We built programmes that gave them those tools—and the rest is history.’

At the outset they chose a name you couldn’t ignore: Kissing with Confidence. They were not theatre coaches but business people with a promise of ‘fiercely direct feedback’ and practical drills. The offering has since matured into KWC Global and the Rainmaker Series, delivered worldwide to blue‑chip firms across law, accountancy and financial services.

Profit centre, not cost centre

The KWC method starts with the end in mind. ‘We have ROI front and centre from first client contact,’ Wardrop says. That’s not a vague aspiration but a design principle: define the behaviours that will move revenue, build the learning around them, and measure both the qualitative and quantitative shifts.

‘Training only works when it changes behaviour and boosts performance,’ he adds. ‘If what we do doesn’t achieve that, we fix it—or we stop doing it.’ The discipline extends to client service: KWC prides itself on a ‘relentless’ focus there, and on maintaining what Wardrop calls a world‑class Net Promoter Score.

The rainmaker’s toolkit

So what, in KWC parlance, makes a rainmaker? The firm’s curriculum blends leadership, sales and influence. Participants practise framing value, running tough conversations, navigating politics without losing their edge, and moving stakeholders from ‘maybe’ to ‘yes’. The constant refrain: outcomes.

‘We always ask: how does this move the needle?’ Wardrop says. ‘That’s the difference between an overhead and an investment.’

Missteps, momentum and the Zoom moment

Wardrop is candid about what he would change. ‘Plenty,’ he laughs. ‘But every misstep taught us something vital.’ If he has a single do‑over, it might be technology: ‘Had I embraced it sooner we’d be further ahead. Zoom was an unexpected lifeline in lockdown that took us global overnight.’ The lesson, delivered with trademark bluntness, is not to over‑analyse the past. ‘When you’ve longer to look back than forward it’s tempting to dissect everything. That’s not my thang. If I’d known more about business earlier we might be bigger—or bust.’

Who he admires

Two names come quickly. First, Dr Brian Williamson, the Stirling‑based serial entrepreneur. ‘He changed the way I think about business,’ Wardrop says. ‘Growth comes from clarity of vision and relentless focus on outcomes.’ The second is Gordon Ramsay—for reasons you can guess. ‘Unflinching honesty and high standards. A bit of fire never hurt anyone.’

The KWC way: straight talking, action, evidence

Wardrop’s own style is baked into the firm’s culture: plain‑speaking, action‑oriented and allergic to theatre for theatre’s sake. ‘Designed correctly,’ he repeats, ‘training becomes a profit centre, not a cost centre.’ That design is the difference between a day out of the office and a commercial intervention.

Advice for founders and professionals

Pressed for counsel to those starting out, Wardrop offers a terse checklist:
• Find your focus. Face the wall. ‘Get brilliant at something specific.’
• Learn to sell. Market yourself. Be visible. Technical mastery isn’t enough if no one knows.
• Build resilience. ‘It’s forged in the tough times. If you meet me, ask what my favourite recession was.’
• Be distinctive. ‘Find an angle and be, in some way, unique.’ The original Kissing with Confidence brand, and the promise of direct feedback, was precisely that.
• Flip the frame. ‘If you can turn what others see as a cost into a growth lever—like reframing L&D—you’ll build a business that lasts. Or, as Gordon Ramsay would say, you have a chance.’

On being outcomes‑obsessed

Wardrop bristles at the idea that training is soft. For him, the soft stuff is the hard edge of growth: the ability to win work, hold your price, lead teams and motivate colleagues. What matters is to prove impact. KWC’s engagements begin by agreeing the metrics that matter—new pipeline created, conversion rates improved, average fee uplift, client retention, cross‑sell, leadership scores—and end by reporting back against them.

This outcomes obsession is what clients remember. It’s also what has kept KWC relevant across cycles. Markets change, sectors consolidate, tastes in learning come and go; the need to grow never does.

If there is a unifying thread it is directness. Wardrop is the first to concede he doesn’t do corporate euphemism. But clients don’t hire him for euphemism. They hire him for momentum—and for the programme architecture, coaching and accountability that sustain it after the workshop high has faded.

The architecture looks simple because it is simple: focus, practise, apply, measure, iterate. Do the important things consistently and watch the scoreboard.

Wardrop has spent 25 years turning sceptics into salespeople and technicians into leaders. The formula is not secret, just rarely applied with rigour. ‘Find the behaviours that move revenue and embed them,’ he says. ‘Everything else is commentary.’

For firms wondering whether to spend on training this year, that’s the challenge: don’t spend—invest. Put ROI at the beginning, not the end. Design for outcomes. Measure what matters. And insist that everyone who touches a client can sell, influence and lead.

If you do all that, Wardrop suggests, you won’t be debating whether L&D is an overhead for long.

Read more:
From ‘Kissing with Confidence’ to KWC Global: how Russell Wardrop turns training into a profit centre

Chancellor Rachel Reeves and Technology Secretary Peter Kyle have warned the UK’s major telecoms companies that they must do more to protect customers from unexpected mid-contract price rises, urging the sector to improve transparency and treat consumers “fairly and consistently”.

In a joint letter sent to mobile and broadband CEOs, the ministers said too many customers still face confusing or unclear pricing mechanisms and called on providers to reaffirm that no customer under contract should face price increases beyond what they originally agreed to.

Reeves and Kyle also pushed firms to proactively shift legacy customers onto simpler “pounds and pence” price-increase structures, replacing percentage-based rises currently linked to inflation, which ministers say undermine clarity for consumers.

The ministers will bring industry leaders into Whitehall in the coming weeks for a roundtable to discuss further steps to support consumers and identify areas where government can help unlock investment in digital infrastructure.

The meeting follows Kyle’s recent letter to Ofcom urging the regulator to keep up pressure on providers over pricing fairness.

“Companies need to do more to protect loyal consumers”

Kyle said telecoms services were essential for everyday life — from running businesses to staying connected with family — and that firms must step up.

“Mobile and broadband bills are an essential, everyday cost for millions. But it is clear that companies need to do more to protect their consumers — loyal customers who rely on these services to run businesses and stay in touch with loved ones,” he said.

“When we meet them shortly, I expect company bosses to put forward clear plans to shield Brits from unexpected price rises and improve their customer communications.”

Kyle added that the government is committed to working with industry to support long-term investment in next-generation connectivity, but said fairness must be “at the heart” of the sector’s approach.

Government links pricing concerns to wider infrastructure goals

The push on telecoms pricing comes as the government sets out its broader ambitions for digital infrastructure through a 10-Year Infrastructure Strategy. The plan includes:
• Standalone 5G coverage across all populated areas by 2030, delivered through commercial investment
• 99% gigabit-capable broadband coverage by 2032
• Continued sector commitments to social tariffs and digital inclusion initiatives

Ministers stressed that the telecoms sector is “fundamental” to the UK’s economy and that ensuring fair treatment for consumers is a prerequisite for public confidence as providers continue to upgrade networks.

With inflation-linked price rises drawing sustained criticism from consumer groups, the government’s intervention signals a tougher stance on clarity and fairness, while positioning itself as a partner for long-term investment in nationwide digital connectivity.

Read more:
Reeves and Kendall summon telecoms chiefs, warning firms must do more to protect consumers from unexpected price hikes

Revolut has overtaken Barclays in valuation after securing a $75 billion price tag in a major secondary share sale backed by Nvidia, cementing its position as Europe’s most valuable private tech company and the standout success story of Britain’s fintech sector.

The deal — largely involving staff selling portions of their holdings — marks a dramatic jump from Revolut’s $45 billion valuation last year. It now exceeds the market capitalisation of Barclays (£55.7bn / $73bn), as well as other UK banking giants including Lloyds and NatWest.

The transaction attracted heavyweight investors including Coatue, Greenoaks, Dragoneer and Fidelity, while Nvidia’s venture arm has taken an equity stake — a symbolic endorsement from one of the world’s most influential technology firms.

The deal is Revolut’s fifth employee share sale and allows thousands of its more than 10,000 staff to cash in on the company’s growth. Employees were permitted to sell up to 20% of their holdings, with shares priced at $1,381.06 each. No new capital was raised, and Revolut has not disclosed the value of shares sold.

Founded ten years ago as a low-cost currency card, Revolut has grown into a sprawling financial platform offering payments, crypto trading, share dealing, business accounts and lending across Europe, the US and Australia.

Led by co-founder and CEO Nik Storonsky, Revolut now claims 65 million customers. The company generated £3.1bn in revenue and £1.1bn in pre-tax profit last year — a milestone result that has fuelled investor demand.

Storonsky said the latest valuation “reflects the remarkable progress we have made in the last 12 months towards our vision of building the first truly global bank”.

Despite its meteoric rise, Revolut remains stuck in the UK regulatory “mobilisation phase” and cannot yet launch full UK banking services. Its application – submitted three years ago – has faced delays over historic accounting issues and the complexity of its global structure.

Regulators granted a provisional licence in July 2024, allowing Revolut to build and test core banking systems. However, final approval from the Bank of England’s Prudential Regulation Authority has not yet been granted.

Most challenger banks spend around a year in mobilisation; Revolut’s longer wait reflects regulators’ scrutiny of its internal controls, governance and broader operational footprint.

While UK approval remains pending, Revolut is accelerating international banking launches. It received a banking licence in Mexico last year, and last month secured regulatory approval to establish a bank in Colombia. In Europe, Revolut lends under a Lithuanian licence obtained in 2018; in the US and Australia it partners with licensed banks.

Achieving UK bank status remains strategically important – enabling Revolut to compete head-on with incumbents such as Barclays and NatWest while also unlocking smoother global expansion.

For now, its new valuation, high-profile investors and continued profitability underline Revolut’s status as the most significant financial technology success story to emerge from Europe.

Read more:
Revolut surpasses Barclays in value after Nvidia-backed deal puts fintech at $75bn