Business

Former Health Secretary Sir Jeremy Hunt has warned that the UK risks “over-medicalising” everyday life events such as bereavement and job loss, cautioning against a growing trend of signing people off work with anxiety and depression.

Speaking at the Buxton Literary Festival, the former Chancellor said he believed the country had gone too far in medicalising normal human experiences, as welfare claims linked to mental health continue to rise.

“Everyone has trauma – bereavements, sometimes losing their jobs. That is not the same as mental illness,” Hunt said. “I think it’s immoral we are signing off 3,000 people a day saying they don’t have to look for work.”

Hunt, who served as Health Secretary from 2012 to 2018, highlighted that many of those receiving fit notes for mental health conditions would benefit more from social contact and routine than isolation.

“The majority of those have anxiety and depression, and the one thing they need is social contact. If you sign them out of the world of work, their anxiety is going to get worse rather than better.”

His comments come amid significant debate within Westminster over welfare reforms. According to the Institute for Fiscal Studies (IFS), the number of working-age adults in England and Wales claiming disability benefits has jumped by nearly 1 million since 2019, reaching 2.9 million—or 7.5% of the population aged 16 to 64.

Around 500,000 of those new claims are attributed to mental health conditions, particularly anxiety and depression.

The government has faced internal resistance over plans to tighten benefit assessments, with critics arguing that the NHS still lacks sufficient mental health resources to offer viable alternatives to work-related stress or burnout.

While Hunt supports greater openness around mental health, he warned that simply removing individuals from the workplace without adequate support was a disservice to both patients and the public purse.

“What we should be doing is increasing mental health provision on the NHS. For that individual, it’s far better—but it’s also better for Rachel Reeves when she’s trying to make the numbers add up for her budget.”

In a wide-ranging talk, the Godalming and Ash MP also gave his backing to Kemi Badenoch, the new leader of the Conservative Party, who succeeded Rishi Sunak after the Tories’ historic defeat at the last general election.

“We’ve had four leaders in four years. If changing leader was the answer, we’d be doing much better in the polls than we are doing.”

Hunt said Badenoch needed to “move on from contrition” and begin “offering solutions” to Britain’s economic and social challenges.

“There’s a football pitch-sized hole in politics for a party offering solutions. Labour is ducking decisions; Reform is not credible.”

Asked whether he might return to frontline politics, Hunt ruled out a permanent comeback but said he would support Badenoch “if it would help” ahead of any future election.

On a lighter note, the veteran MP joked that his poll ratings may have improved thanks to photographs of him with his family labrador, Poppy, outside Downing Street last July.

“Someone tweeted, ‘God, he’s got a labrador—can I change the way I voted?’ That’s the British public!”

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Jeremy Hunt: ‘We’re over-medicalising anxiety and depression with sick notes’

President Donald Trump has signed an executive order to eliminate the long-standing de minimis tariff exemption for low-value imports into the United States—significantly increasing costs for UK exporters, global e-commerce sellers, and American consumers buying inexpensive goods from overseas.

From 29 August 2025, all goods entering the US valued under $800 will be subject to full duties, based on the country of origin and product category. The exemption, which previously allowed duty-free import of low-value packages, was a cornerstone of cross-border e-commerce and streamlined global trade.

Over the past decade, the number of low-value parcels entering the US has surged by more than 600%, according to US Customs and Border Protection. Shipments rose from 139 million in 2015 to over 1.36 billion in 2024, fuelled by the rise of e-commerce platforms like Temu and Shein, which rely on low-cost, high-volume delivery models.

The White House described the de minimis provision as a “catastrophic loophole” that enabled tariff evasion and the import of unsafe or below-market goods, including counterfeit products and synthetic opioids.

“We are ending this abuse of America’s trade laws and putting American jobs and safety first,” said a White House spokesperson.

While the order takes effect this summer, it will be made permanent on 1 July 2027 as part of the One Big Beautiful Bill Act, which aims to reshape US trade policy under Trump’s broader “America First” agenda.

The decision has sparked concern among UK exporters, particularly SMEs and e-commerce retailers, who rely on the de minimis route to ship low-cost goods into the lucrative US consumer market.

Marco Forgione, Director General of the Chartered Institute of Export & International Trade, called the move “deeply unsettling” for British businesses.

“Thousands of UK firms now face immediate new costs when trading into the US. This removes one of the few simple, low-friction routes into the American market,” he warned.

“We’re seeing a deliberate and muscular campaign by the US to rewrite the rules of global trade. From blanket tariffs to regulatory shocks, it’s becoming a riskier and more uncertain environment.”

Forgione added that UK policymakers must now consider how to defend access and competitiveness for exporters, and ensure any future review of de minimis thresholds supports jobs and protects supply chains.

Wednesday’s executive order was part of a wider set of tariff announcements by the Trump administration:

A 50% tariff on imported copper
A 25% tariff on India for purchasing Russian oil
A 40% tariff on Brazil, citing trade imbalances and unfair practices

This follows earlier moves to exclude China and Hong Kong from de minimis eligibility, in an attempt to curb the influence of Chinese e-commerce platforms and reduce reliance on overseas manufacturing.

Pharmaceutical firms have also come under pressure, with the White House reportedly writing to industry leaders demanding additional price cuts—signalling a full-spectrum trade strategy spanning tech, energy, health, and manufacturing.

What’s next?

Although the Biden administration had previously sought to limit low-cost imports through new regulations, Trump’s move is a more sweeping reform with immediate consequences for importers, retailers, and logistics providers.

UK exporters are now urged to reassess their supply chain strategies and prepare for new customs barriers. Meanwhile, industry bodies are calling for a coordinated international response to preserve the rules-based trade system and protect access for smaller businesses.

While American travellers will still be able to bring back $200 of personal items duty-free, and gifts valued under $100remain exempt, the days of effortless cross-border shopping may be numbered.

Key Change
Impact on UK Exporters

End of $800 de minimis threshold
All shipments to US now subject to import duties, regardless of value

New duties on all low-value imports
UK firms face higher costs to reach American consumers

Exemption suspended for China and Hong Kong
Popular low-cost routes like Temu or Shein excluded

Permanent change from July 2027
Businesses must prepare for permanent tariff regime

Personal and gift allowances remain
Travellers can still bring back $200 personal goods; $100 gifts remain exempt

Higher compliance costs for SMEs
Small firms must absorb or pass on new administrative and duty costs

Greater customs friction and delays
Longer customs processes likely for all parcels under $800

Risk to e-commerce business models
Online retailers reliant on high-volume, low-cost US sales under pressure

Export competitiveness impacted
Reduced price advantage may lower demand from US buyers

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Trump ends de minimis tariff exemption, hitting UK exporters and global e-commerce

Aston Martin Lagonda, the iconic British carmaker known for outfitting James Bond, has announced the sale of its stake in the Aston Martin Aramco Formula One Team as part of efforts to shore up its struggling balance sheet.

The $146 million deal, revealed in a binding letter of intent this week, values the Formula 1 team at $3.2 billion. While the buyer has not yet been disclosed, the move sees Aston Martin offload its 4.6% stake in the team—meaning it never held majority control to begin with.

The transaction marks a significant shift in Aston Martin’s strategy, as the company faces deepening financial challenges. Shares have lost over 50% of their value in the past year, and second-quarter revenues dropped by 34%, driven by sluggish demand for high-performance models such as the Valkyrie and the delayed Valhalla hypercar.

Compounding the pressure is a newly implemented US–UK trade agreement, which reduces auto tariffs to 10%, but only for the first 100,000 vehicles annually. Once that quota is reached, tariffs snap back to a punishing 27.5%—a brutal prospect for low-volume luxury manufacturers like Aston Martin.

Although this represents an improvement on the previously flat 27.5% rate, it’s still well above historical norms, and introduces added volatility into Aston Martin’s most critical export market.

Ironically, while the Aston Martin F1 team has had an underwhelming season on track, the rising commercial value of the sport helped the carmaker command a premium for its minority stake. Back in March, the company had forecast a sale price closer to $100 million, but the final deal ended up being nearly 50% higher.

The team is controlled by Lawrence Stroll, the Canadian billionaire whose Yew Tree Consortium owns 33% of Aston Martin Lagonda. His son, Lance Stroll, races for the team. Existing branding agreements mean the Formula 1 outfit will continue under the Aston Martin name, even as the manufacturer exits its equity position.

Adrian Newey, widely regarded as the greatest designer in Formula 1 history, has joined Aston Martin as managing technical partner, with a mission to lead the team to a world championship.

Despite current performance woes, there’s reason for optimism in the F1 garage. The team has secured the services of Adrian Newey, the legendary engineer behind Red Bull’s recent dominance. Combined with new regulations arriving in 2026, the reshuffle could present an opportunity for Aston Martin’s racing arm to move up the grid.

With its back against the wall, Aston Martin Lagonda is now in cash preservation mode. The divestment is aimed at refocusing on its core automotive operations and securing capital to support upcoming model launches and electrification efforts.

While Formula 1 will remain a key branding tool, the company is clearly prioritising survival over sentiment—cashing in on its minority holding to generate short-term liquidity.

Read more:
Aston Martin sells F1 team stake for $146m amid financial struggles

Millions of car buyers who were hoping for compensation over mis-sold motor finance have been denied redress following a significant ruling by the UK Supreme Court, in a partial victory for lenders that reins in what could have been a multibillion-pound scandal.

The decision overturns core elements of a 2023 Court of Appeal judgment that had favoured consumers in cases against lenders MotoNovo and Close Brothers, which analysts warned could expose the industry to up to £44 billion in compensation liabilities—rivalled only by the historic PPI scandal.

While the ruling curbs the legal precedent that consumer rights groups hoped to rely on, it does not spell the end of potential payouts. The Financial Conduct Authority (FCA) is continuing its own wide-ranging investigation into discretionary commission arrangements on at least 14.6 million car finance deals struck between 2007 and 2021.

The FCA is expected to announce its next steps within six weeks of the Supreme Court’s decision.

At the heart of the issue are “secret” or undisclosed commissions paid by lenders to car dealerships for arranging finance. Under so-called discretionary commission arrangements, dealers were allowed to set interest rates on loans—earning more commission the higher the rate, which critics say incentivised inflated borrowing costs for consumers.

These practices were banned by the FCA in January 2021 due to the clear conflict of interest. However, between 2007 and 2020, around 25.9 million car finance agreements were made—14.6 million of which involved discretionary commissions worth an estimated £8.1 billion.

The FCA’s intervention in early 2023 prompted a surge in complaints from affected borrowers, alongside a rise in claims management firms and legal teams offering to pursue compensation.

In October 2023, the Court of Appeal found that car dealers—acting as credit brokers—owed a fiduciary duty to their customers and ruled that undisclosed commissions could render finance agreements unfair and invalid. The judgment applied not only to discretionary commissions but also all forms of commission where transparency was lacking.

The decision sparked alarm across the financial services sector, raising concerns that the ruling could affect other industries with similar brokered commission models, such as insurance and energy.

Both MotoNovo and Close Brothers appealed to the Supreme Court, which reviewed the cases in April 2024. On Friday, the court overturned some of the most far-reaching elements of the earlier ruling—delivering a reprieve for lenders and limiting the likelihood of widespread litigation.

However, the court did uphold one of the original cases, specifically relating to partial commission disclosures—leaving the door open for more narrowly framed complaints to succeed.

Despite the Supreme Court’s decision, the FCA remains the central player in determining whether the motor finance industry will be forced to pay compensation.

The regulator is conducting a comprehensive review of historic car finance deals involving discretionary commissions and has previously signalled that an industry-wide redress scheme is likely. The FCA said it would issue a statement within six weeks outlining its response.

The government, concerned by the potential knock-on effects of mass compensation payouts on the UK’s financial sector, had earlier considered intervening in the legal process. With the Supreme Court now ruling in favour of lenders, the pressure on ministers to legislate may temporarily ease.

However, campaigners have warned that justice for affected consumers should not be swept aside.

While Friday’s ruling narrows the legal path for consumers to claim in court, it does not prevent regulatory action—and all eyes are now on the FCA’s next move.

What does the car finance ruling mean for consumers?

The issue centres on undisclosed commissions paid by lenders to car dealers for arranging finance deals. Under discretionary commission arrangements (used from 2007 to 2021), dealers could set interest rates and earn more commission by charging higher rates—often without telling the customer.

Why were consumers expecting compensation?

In 2023, the Court of Appeal ruled that dealers owed customers a fiduciary duty, meaning they should act in the borrower’s best interest. It also found that any commission not disclosed could make the loan unfair—potentially entitling millions of people to compensation.

What did the Supreme Court decide?

On Friday, the Supreme Court overturned the fiduciary duty finding and limited the scope of the previous ruling—meaning millions of potential claims based on that legal precedent will now fail. However, one case was upheld, suggesting some narrower claims may still succeed.

Does this mean compensation is off the table?

Not entirely. The Financial Conduct Authority (FCA) is still investigating 14.6 million finance deals involving discretionary commissions. It is expected to announce within six weeks whether it will order an industry-wide compensation scheme.

What should affected car buyers do now?

• Wait for the FCA’s update on possible redress.
• Check your finance agreement: If you had a loan between 2007 and 2021 arranged by a dealership, especially with high interest rates, you may have been affected.
• Avoid unregulated claims firms and seek advice from trusted sources like the FCA, Citizens Advice, or regulated law firms.

Read more:
Supreme Court ruling blocks car finance payouts for millions of consumers

From Stocking Shelves to Shaping Enterprises

Lunar Loussia’s path to business leadership didn’t begin in a boardroom. It started in San Diego, California, inside his father’s grocery and liquor stores. As a kid, he didn’t just visit — he wanted to help. “Going to work with my dad was something I loved,” he says. “Even at a young age, I liked watching how things ran.”

That early exposure to small business gave him a front-row seat to the basics of customer service, cash flow, and community trust — lessons that would quietly shape his future.

Early Career: Learning from Family, Building from Scratch

After graduating from Valhalla High School in 1997, Lunar got his first real business experience working at Wild Bill’s Tobacco between 1999 and 2002. His cousin, Mazin Samona, had founded the business and became Lunar’s mentor.

“I learned how to grind, how to build relationships, and how to scale something without cutting corners,” he says.

In 2007, he took what he had learned and made a bold move: becoming an AT&T franchisee. What started as a single venture quickly grew. Lunar built the company into a network of 65 stores across three states.

“I just believed in going all-in,” he says. “You don’t get that kind of growth without focus, good people, and a lot of long days.”

By 2017, after a decade of growth and learning, he exited the business through a successful sale. But instead of slowing down, he saw it as a launchpad.

Improve Business: Scaling With Purpose

After exiting retail telecom, Lunar turned to something new — a business solutions firm now known as Improve Business Solutions. He didn’t inherit a model. He built one. Today, the company supports over 1,500 clients and employs 240 people.

“I wanted to build something that helped other businesses grow. We’re not just a vendor. We’re a partner,” he explains.

The company’s work spans industries, but the thread is the same — improving systems, supporting growth, and providing structure. Lunar credits his success not to just strategy, but to the teams he’s built along the way.

“I love building teams. That’s the fun part. Getting the right people in the right seats and watching them win — that’s what I enjoy.”

Homes, Materials, and Global Supply

Beyond business services, Lunar also pursued a personal passion — custom home design and development. His company doesn’t just design and build homes; it also manufactures building materials all over the world . That gives them greater control over quality and costs.

“This wasn’t about getting into real estate just to invest. It was about creating. I’ve always liked building things — homes, businesses, people,” he says.

It’s this approach — hands-on, long-term, and grounded in relationships — that defines much of Lunar’s work across industries.

A Leader Rooted in Service

Outside of business, Lunar’s priorities are clear: faith, family, and community. He’s a father of three and spends much of his free time with his kids — especially on the golf course, where they compete in junior tournaments.

“Golf teaches a lot. Patience, discipline, and how to handle wins and losses. Kind of like business,” he jokes.

He’s also deeply involved in philanthropy. His contributions aren’t symbolic — they’re substantial and personal. Lunar and his company support over 20 nonprofit organizations, from St. Peter’s Catholic Church and Sharia’s Closet to RIP Medical Debt and Adopt a Refugee.

“I’ve been blessed, and I don’t forget that. I give my time and my money because it’s what we’re supposed to do.”

Business Without the Buzzwords

Lunar doesn’t rely on buzzwords or flashy marketing. He’s careful, even quiet, about his achievements.

“It’s just not something I want to be associated with. I’ve made choices about what I want my name to stand for,” he says.

His clarity of focus — on values, faith, and long-term success — stands out in a fast-moving business landscape.

Lessons From Lunar

What sets Lunar Loussia apart isn’t a single innovation or a viral story. It’s the cumulative effect of decades of consistent action — learning from family, taking risks early, scaling with intent, and staying grounded along the way.

He’s proof that real growth comes from showing up daily, not just dreaming big.

“You don’t have to be loud to lead. Just show up, build the right things, and help others do the same.”

Read more:
Lunar Loussia’s Rise: From Family Storefronts to Business Scale-Up

With the passage of time, the quantum realm, which was before only a subject of discussion among physicists, is rapidly becoming a component of the real world of business.

This is not only another technological advancement; rather, it is a breakthrough in computing capability that will bring about a transformation in whole industries, ranging from the banking and medical fields to the logistics and cybersecurity fields.  Knowing about and being prepared for this impending upheaval is not only a good idea for businesses that want to remain ahead of the curve; it is a must for them to comply with this requirement.  It is possible that in the years to come, even robust organizations may become vulnerable if they choose to ignore the significant changes that quantum computing may bring about.

Recognizing the Concept of the Quantum Leap

Due to phenomena such as superposition and entanglement, qubits, which are the fundamental building blocks of quantum computers, as explored by leaders like IBM are capable of being in more than one state at the same time. There is a distinction between this and traditional computers, which make use of bits such as 0s and 1s.  This lets them handle huge volumes of data and solve issues that are very hard to solve far quicker than even the most powerful supercomputers on the market today.  Full-scale, fault-tolerant quantum computers won’t be ready for a few more years, but the basic research and early uses show that they might change things in ways that were thought to be impossible before.

Quantum’s Impact on Data and Analytics

The effects on data analysis are huge.  Businesses that are having trouble getting useful information out of huge, complicated datasets will discover that quantum computing gives them powers they’ve never had before.  Quantum algorithms can find patterns and conduct simulations at rates that are impossible to imagine today. They can also make supply chains work better, anticipate market trends more accurately, create new materials, and speed up medicine development.  This will make it possible to make decisions in real time, customize services to each user, and find value that was buried in large information stores.

The Cybersecurity Imperative

The ability for Quantum computing to overcome existing encryption standards is perhaps the most important short- to medium-term issue for enterprises.  Quantum assaults might happen in the future and break the cryptographic systems that protect our intellectual property, sensitive consumer data, and financial transactions.  This means that we need to move to “post-quantum cryptography” (PQC) before it’s too late. PQC is a new kind of encryption that can protect against both classical and quantum threats.  Companies that deal with sensitive data that will be around for a long time or run important infrastructure need to start looking at their cryptographic posture and making plans for this move now to prevent losing data in the future.

Strategic Readiness: What Businesses Can Do Now

You don’t need to buy quantum gear right now to be ready for the quantum age.  Instead, it requires strategic forethought.  Companies should choose a quantum lead or create a working group to keep an eye on changes, find possible use cases in their field, and look for weaknesses in their data.  Talking to colleges and universities, looking at quantum-as-a-service (QaaS) options from cloud providers, and making sure that important employees keep learning are all good initial steps.  For instance, the online gaming industry, which relies heavily on complicated algorithms to handle complicated player interactions and figure out how well incentives like a Casino Bonus CA offering work, might look into how quantum-enhanced analytics could lead to more advanced ways to keep players interested or better ways to find fraud in the future.

Building a Quantum-Resilient Future

However, in the end, the revolution in quantum computing is not only about technology; it is also about gaining a competitive edge and being resilient over the long run. The next frontier of computing will be better understood, evaluated, and strategically prepared for by businesses that begin to do so. These organizations will be better able to take advantage of their ability to innovate, improve their security, and stay at the top of their markets in the future. Companies that take part in the process will be able to make sure that they are not just responding to change but also actively designing their future in a world driven by quantum computing. This will be possible because of the proactive involvement of businesses.

Read more:
Tech’s Next Frontier: Preparing Your Business for the Quantum Computing Revolution

It’s 3pm on a Friday. If you’re working from home, there’s a growing chance you’ve already shut your laptop, set your Teams status to “active”, and headed off for a long weekend.

New data from Virgin Media O2 has revealed a distinct shift in working habits, with broadband traffic dropping by 8 per cent between 3pm and 5pm on summer Fridays compared to winter levels—suggesting thousands of remote workers are quietly calling time on the week early.

The figures back up what many have suspected: that summer Fridays are increasingly becoming the unofficial start to the weekend, with the garden pub or motorway lay-by replacing the home office.

Virgin’s survey found that 59 per cent of respondents felt no guilt about logging off early, while 61 per cent said they’d earned it after a productive week. Meanwhile, 63 per cent believed they worked harder earlier in the week to justify finishing early on a Friday.

For some, the weekend starts wherever they are. Around 30 per cent of 18–24-year-olds admitted to working from their car while en route to their weekend destination, and 10 per cent said they had taken their laptop to a beer garden. A quarter confessed to often sneaking off early while maintaining a “green” online status.

Britain leads Europe in hybrid working, with 42 per cent of the workforce either fully or partially remote, according to the Office for National Statistics. A separate study from King’s College London (KCL) found that UK workers now work from home for an average of 1.8 days a week—compared to 1.3 days globally.

Some employers are starting to formally embrace the shift, with 30 per cent of companies sanctioning early Friday finishes during the summer.

Dr Cevat Giray Aksoy, Associate Professor of Economics at KCL, said: “If some people are logging off at 3pm on a Friday, that’s not necessarily a bad thing. In fact, it may reflect greater efficiency, better time management, or simply a more balanced work culture. What ultimately matters is whether the work gets done—not whether someone is active on their broadband connection at a particular hour.”

However, not all business leaders are convinced. JP Morgan Chase CEO Jamie Dimon made headlines earlier this year when he told staff: “Don’t give me this shit that work-from-home-Friday works.” The Wall Street bank has since mandated full-time office returns, a move mirrored by Goldman Sachs, BlackRock, and Amazon.

UK corporates have responded with their own policies. HSBC will require executives back in the office four days a week from later this year, while Barclays has introduced a three-day minimum. BT and Asda have adopted similar mandates.

Yet research shows a growing resistance among British workers to return full-time. A May 2025 KCL study found that only 42 per cent of workers would comply with a five-day office mandate—down from 54 per cent in 2022. More notably, the proportion of workers willing to switch jobs to avoid a full office return has climbed from 40 per cent to 50 per cent in just three years.

Jeanie York, Chief Technology Officer at Virgin Media O2, said: “Our network traffic analysis is revealing changing workplace habits in real time as the nation takes advantage of long summer Fridays.”

As businesses navigate the post-pandemic workplace, one thing is clear: for many employees, summer Fridays are no longer a perk—they’re becoming an expectation.

Read more:
Friday freedom: remote workers log off early as broadband data reveals 3pm switch-off

Stock markets across Europe and beyond fell sharply this morning following a dramatic escalation in the global trade war by former US President Donald Trump.

On Thursday night, Trump announced a new wave of tariffs on imports from 92 countries, igniting fears of a significant blow to international commerce and a renewed slowdown in global economic growth.

In early trading, Germany’s DAX index dropped by 1.1 per cent, while France’s CAC 40 fell by nearly 1 per cent and Spain’s IBEX lost 0.6 per cent. London’s FTSE 100 was also down 0.5 per cent despite the UK and EU finalising a trade deal with the US earlier this week.

Economists warned the tariffs could damage business confidence and disrupt supply chains just as global trade had started to stabilise post-pandemic.

“This is a huge blow to global commerce,” said Atakan Bakiskan, US economist at Berenberg Bank. “The tariffs distort competition between firms producing in the US and those based abroad.”

However, Bakiskan noted that the blanket nature of the tariffs – a uniform 15 per cent levy applied to all affected countries – might cushion the blow compared to a more targeted approach.

“European, Japanese and South Korean manufacturers tend to compete more with each other than directly with US producers,” he explained. “Since they’re all subject to the same tariff rate, the competitive distortion is less severe than if the US had singled out individual countries with varying tariffs.”

Nevertheless, the financial markets are clearly spooked. Analysts say Trump’s aggressive trade stance risks igniting retaliatory measures, disrupting international supply chains and pushing up prices for consumers and businesses alike.

The announcement comes amid a volatile period for the global economy, with inflation pressures lingering in key markets and central banks walking a tightrope between interest rate cuts and economic fragility.

If sustained, the latest tariffs could also test the strength of recent transatlantic trade agreements, as well as the willingness of major economies to maintain cooperation in the face of mounting protectionist pressure.

Investors will be closely watching the response from affected nations in the days ahead—and whether global markets can absorb yet another shock from the White House.

Read more:
Global markets slip as Trump unleashes sweeping tariffs on 92 countries

Microsoft has become the second publicly traded company in history to reach a $4 trillion market valuation, propelled by booming demand for artificial intelligence and record performance from its cloud computing division.

The milestone was reached on Thursday, just weeks after chipmaker Nvidia became the first company to cross the same threshold on 9 July. The Washington-based tech giant’s achievement follows a strong quarterly earnings report and a bold forecast for future AI-led capital investment.

Microsoft’s Azure cloud platform continues to be a primary driver of growth, with the company reporting surging sales in its most recent update. It also announced plans to spend a record $30 billion in capital expenditure during the first quarter of its current fiscal year—largely to expand AI infrastructure and meet intensifying enterprise demand.

“It is in the process of becoming more of a cloud infrastructure business and a leader in enterprise AI, doing so very profitably and cash generatively despite the heavy AI capital expenditures,” said Gerrit Smit, lead portfolio manager at the Stonehage Fleming Global Best Ideas Equity Fund.

Microsoft first surpassed the $1 trillion mark in April 2019. Compared to the rapid ascent of Nvidia—whose value has tripled in under 12 months—Microsoft’s growth has been more measured, underpinned by consistent earnings and strategic shifts toward cloud services and artificial intelligence.

The company’s ambitious AI roadmap, combined with strategic layoffs and aggressive investment in next-generation technologies, has positioned it as a frontrunner in the global race for AI supremacy.

Investor confidence is surging across the wider tech sector. Meta Platforms, another tech titan, also reported stronger-than-expected earnings this week, citing AI as a major contributor to its revitalised advertising business. The social media giant raised its full-year capital spending forecast by $2 billion, echoing a similar move by Google parent company Alphabet just days earlier.

The optimism has driven broader market gains, with the S&P 500 and Nasdaq reaching record highs in recent days, buoyed further by positive developments in trade talks between the US and international partners ahead of former President Trump’s 1 August tariff deadline.

Microsoft’s latest quarterly forecast—its largest single-quarter capital expenditure plan in history—suggests it could outspend rivals over the coming year as it scales its AI and cloud infrastructure.

Since September 2022, Microsoft has delivered back-to-back record revenues. The company has also been actively streamlining its operations, announcing several rounds of layoffs to sharpen its focus on high-growth segments.

As AI continues to reshape industries and fuel investor enthusiasm, Microsoft’s steady evolution from a traditional software provider into an AI-powered cloud infrastructure leader appears to be paying off—both on the balance sheet and in the markets.

Read more:
Microsoft joins $4tn club as AI-driven growth fuels tech boom

Shadow Scottish secretary Andrew Bowie has called for an urgent policy review on North Sea oil and gas, following comments by former US President Donald Trump describing the region as “a treasure chest for the United Kingdom”.

Trump’s remarks—made during a visit to Scotland earlier this week—criticised the UK’s windfall tax on fossil fuel profits and claimed high taxes on oil and gas firms “make no sense”. He argued that the UK government is effectively telling drillers and energy companies that “we don’t want you”.

The Conservative MP for West Aberdeenshire and Kincardine has now written to Prime Minister Sir Keir Starmer requesting a meeting in Downing Street to reconsider current energy policies and engage with industry leaders, supply chain firms, and local workers to agree on a “coherent and sustainable path forward”.

In his letter, Bowie cited Trump’s calls to “incentivise” domestic oil production and warned that Labour’s decision to retain the energy profits levy (EPL)—first introduced by the previous Conservative government in 2022—has contributed to industry uncertainty.

“As President Trump has said, the UK’s ‘very high’ tax on oil and gas companies is a deterrent to investment,” Bowie wrote. “The extension of the EPL, coupled with uncertainty around future licensing and investment signals, has created a climate of instability that threatens jobs, innovation, and the region’s economic resilience.”

Bowie added that the UK must not overlook the vital role oil and gas still play in its energy security and economic future, arguing that “British people would rather see the UK benefit from domestic exploration and drilling than import more from Norway and Qatar”.

During his visit, Trump shared his views on the issue via his Truth Social platform, writing: “North Sea oil is a treasure chest for the United Kingdom. The taxes are so high, however, that it makes no sense… Incentivise the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people.”

The former president also took aim at the country’s offshore wind energy sector, describing the turbines off the coast near Aberdeen as “some of the ugliest windmills you’ve ever seen” and mocked their size, comparing them to 50-storey buildings.

Speaking at his Turnberry golf resort, he added: “You can take 1,000 times more energy out of a hole in the ground this big,” while making a gesture with his hands to emphasise his point.

Sir Keir, who was with Trump during part of his visit, maintained a more measured tone, stating: “Oil and gas are going to be with us for a very long time, and that’ll be part of the mix—but also wind, solar, and increasingly nuclear.”

Despite criticism of renewables from Trump, the Labour government has chosen Aberdeen as the headquarters for GB Energy, a new state-owned company tasked with accelerating the rollout of clean energy across the UK.

The tension between short-term energy security and long-term sustainability continues to dominate debate around the UK’s energy future. With fiscal pressures mounting and industry stakeholders demanding clarity, Bowie’s call for a review could spark further discussion within Westminster and across the North Sea energy sector.

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PM urged to review North Sea oil policy after Trump calls it UK’s ‘treasure chest’