Business

Leverage is one of the most misunderstood features in trading. It is advertised as a shortcut to bigger profits, yet it is equally capable of wiping accounts in minutes.

InoQuant analysts describe leverage as a force multiplier rather than a guarantee. It amplifies ability, not intelligence. Used well, it can free capital and speed up growth. Used poorly, it turns small mistakes into major setbacks.

Why Leverage Is So Appealing

The biggest advantage of leverage is efficiency. With it, traders can access larger positions without committing their full capital. A trader with 1,000 dollars might control a 10,000 dollar trade using 10x leverage. If the move goes in their favor, the profit reflects the larger exposure, not the smaller deposit. In faster-moving markets such as crypto or gold, that ability can be powerful.

Leverage also allows diversification. Rather than locking all capital into one large trade, traders can spread it across several ideas while still maintaining meaningful exposure. InoQuant notes that some professional desks use leverage not for aggression but for flexibility. They size trades based on risk rather than wallet balance.

Where Leverage Turns Against You

The danger lies in speed. A small move against a heavily leveraged position can trigger forced liquidation before a trader even has time to react. What would have been a minor dip without leverage becomes a complete wipe with it. Crypto markets provide endless examples. Bitcoin often moves 2 to 3 percent within a single hour. At 50x leverage, that swing is catastrophic.

InoQuant analysts warn that current market conditions make blind leverage even riskier. Liquidity is uneven across assets, meaning prices can jump abruptly when large players enter or exit. Events like economic reports or exchange updates can trigger unpredictable spikes. Leverage magnifies that unpredictability, turning volatility into chaos.

Even when the initial trade is correct, emotions can distort judgment. Traders who score a fast gain on leverage often feel invincible and increase their size recklessly. The second loss usually erases the first win and more.

Using Leverage Without Losing Control

Responsible leverage is less about how high the number is and more about how precise the plan is. InoQuant recommends thinking in terms of exposure rather than multiplier. Instead of saying “I am using 20x leverage”, ask “How much of my account will I lose if the price drops 1 percent?”. That mindset shifts focus from potential gain to realistic damage.

Another practical approach is to use leverage only on trades with clearly defined exit levels. If the invalidation point is vague, leverage has no business being involved. Many professionals reduce size during major news events and increase only when markets settle. Patience becomes a shield.

Bottom Line

Leverage is neither good nor bad. It is a tool that magnifies both discipline and recklessness. Some experts view it as a privilege that must be earned through structure and restraint. The real skill lies not in how much leverage you can handle when things go right, but how little is needed to stay alive when things go wrong.

Read more:
 The Upside and Downside of Leverage: InoQuant Reviews This Tool

We’ve all experienced it — that foggy, exhausted feeling after a poor night’s sleep, where even simple tasks feel impossible. In today’s fast-paced world, quality sleep has become a luxury rather than a necessity.

With demanding work schedules, constant screen time, and endless stress, millions of Australians are struggling to get restorative rest. The result? A silent epidemic of sleep disorders affecting workplace performance, mental health, and overall well-being.

One of the most common culprits is sleep apnoea, a condition where breathing repeatedly stops and starts during sleep. What’s encouraging is that modern innovation is stepping in to help. Devices like CPAP machines are now transforming the way people manage sleep disorders, helping thousands of Australians reclaim the quality sleep they desperately need. If you’re curious about how technology is revolutionising sleep health — and whether it might be the solution you’ve been searching for — keep reading.

The Impact of Poor Sleep on Performance and Health

Before diving into solutions, let’s understand why sleep truly matters. Quality sleep isn’t just about feeling rested; it’s fundamental to how we function at work, at home, and in life generally.

During sleep, your brain consolidates memories, regulates emotions, and clears out toxic proteins accumulated throughout the day. When you’re well-rested, you experience sharper focus, better decision-making abilities, and increased productivity. Your immune system strengthens, your metabolism functions optimally, and your mental health improves.

Conversely, untreated sleep apnoea disrupts this restorative process. People with this condition experience fragmented sleep, repeatedly waking (often without realising it) as their airways collapse. The consequences are serious: chronic fatigue, poor concentration, irritability, and impaired judgment. Over time, untreated sleep apnoea can contribute to high blood pressure, heart disease, and stroke — making it not just an inconvenience, but a genuine health risk.

The good news? Today’s sleep technology is more accessible, effective, and user-friendly than ever before, offering hope to those struggling with sleep disorders.

Five Ways CPAP Technology Is Changing Sleep Health

If you’re considering CPAP therapy or simply curious about how it works, here’s what you need to know:

Continuous Positive Airway Pressure Keeps Airways Open CPAP machines deliver a gentle, continuous stream of pressurised air through a mask, keeping your airway open throughout the night. This prevents the breathing interruptions that characterise sleep apnoea, allowing you to sleep uninterrupted and wake feeling genuinely refreshed.
Improved Energy Levels and Daytime Function Users typically notice a dramatic difference within days or weeks. Morning grogginess lifts, daytime alertness improves, and that crushing fatigue begins to fade. Many Australians report feeling like themselves again for the first time in years.
Better Cognitive Function and Decision-Making. With quality sleep restored, your brain functions at its peak. Concentration improves, memory sharpens, and decision-making becomes clearer — making a noticeable difference in workplace performance and personal relationships.
Reduced Health Risks Regular CPAP use helps regulate blood pressure, reduces strain on the heart, and lowers the risk of cardiovascular complications. You’re not just sleeping better; you’re protecting your long-term health.
Enhanced Mental Health and Mood Sleep and mental health are intrinsically linked. As sleep quality improves, many people experience reduced anxiety, better mood stability, and improved emotional resilience. The psychological benefits often rival the physical ones.

The Comfort Factor: Why CPAP Sleep Apnoea Masks Matter

Here’s something crucial that often gets overlooked: the best therapy in the world won’t work if you can’t comfortably stick with it. This is where CPAP sleep apnoea masks become essential to long-term success.

Think about it — you’re wearing this device for seven to eight hours every night. If the mask is uncomfortable, poorly fitting, or causes irritation, you’ll likely abandon therapy, and all those potential benefits disappear. That’s why modern CPAP masks have undergone revolutionary improvements.

Today’s masks come in various styles — nasal pillows for minimal contact, full face masks for mouth breathers, and hybrid designs offering the best of both worlds. They’re constructed from softer, more breathable materials that reduce skin irritation and pressure marks. Many feature adjustable headgear that accommodates different head shapes and sizes, ensuring a secure yet comfortable fit.

The advancement in mask design has been game-changing. Early CPAP masks were bulky, uncomfortable, and often caused claustrophobia. Modern versions are lighter, more discreet, and designed with user comfort as a priority. Some even include features like heated tubing and quiet motors, creating a more pleasant therapy experience overall.

This focus on comfort has dramatically improved compliance rates. When your mask fits properly and feels comfortable, you’re far more likely to use your CPAP consistently, maximise the health benefits, and maintain therapy long-term.

Making Sleep Technology Work for You

If you’re struggling with sleep apnoea or suspect you might be, the first step is a proper diagnosis from a sleep specialist. They’ll conduct a sleep study to confirm the condition and determine the appropriate treatment.

Once you’ve got your CPAP machine and mask, there’s typically an adjustment period. Your body needs time to adapt to wearing the mask and breathing with the machine’s pressure. Most people find that persisting through the first week or two leads to noticeable improvements. Working closely with your healthcare provider during this time can help troubleshoot any issues and optimise your therapy settings.

The beauty of modern CPAP technology is its accessibility. Machines are now quieter, more portable, and more affordable than previous generations. Many come with helpful features like data tracking, allowing you to monitor your progress and share information with your doctor. Some even offer smartphone apps for easy management and support.

Sleep Investment Pays Dividends

Investing in your sleep health might seem like a small decision, but the returns are enormous. Better sleep doesn’t just mean waking up less groggy — it means improved energy throughout the day, sharper mental clarity, better emotional regulation, and enhanced overall well-being. It means performing better at work, being more present with loved ones, and protecting your long-term health.

Whether you’re managing sleep apnoea with CPAP therapy or simply prioritising better sleep through lifestyle changes, the message is clear: quality rest is non-negotiable. Technology like CPAP machines has made treating sleep disorders more achievable than ever before, removing the barriers that previously kept people from getting help.

If you’re struggling with sleep, don’t resign yourself to fatigue and poor performance. Explore the solutions available, whether that’s CPAP therapy, mask upgrades, or a combination of technology and lifestyle adjustments. Your better-rested, more productive self is waiting on the other side of consistent, restorative sleep. The only question is: are you ready to prioritise it?

Read more:
Better Sleep, Better Performance: How Technology Like CPAP Machines Is Transforming Sleep Health

Evri has been named the UK’s worst delivery company for the third year in a row, after new Ofcom figures revealed widespread customer dissatisfaction over delays, damaged parcels and poor communication.

According to the regulator’s annual delivery market review, more than four in ten people (41%) said they were dissatisfied with Evri’s service — the highest level of any major courier. Just 31% of respondents said they were satisfied, marking a further decline from last year’s scores.

It is the third consecutive year that Evri has ranked bottom of the courier performance table, with Ofcom warning that delivery standards across the industry remain inconsistent despite rising parcel volumes.

Evri’s latest ranking comes just months after the company completed a merger with DHL’s UK e-commerce division, a deal approved by the Competition and Markets Authority (CMA) in September. The combined business will deliver more than one billion parcels annually, equivalent to a quarter of all parcels sent in the UK.

However, the boom in online shopping has exposed widening cracks in last-mile delivery operations. Ofcom said a record 4.2 billion parcels were sent across the UK last year — a 7% year-on-year increase — yet two-thirds of consumers reported at least one delivery issue in the past six months.

The most common complaints included:
• Delayed deliveries (27%)
• Parcels left in unsuitable locations (22%)
• Drivers failing to knock loudly or allow enough time to answer (20%)
• Missing or damaged parcels (18%)

Yodel ranked second lowest in Ofcom’s consumer satisfaction index, with one in three customers reporting poor complaint handling.

Royal Mail, which was acquired by Czech billionaire Daniel Křetínský earlier this year in a £3.6bn deal, also fell into the lower half of the rankings, with 24% dissatisfaction despite modest improvements since 2024.

The postal service has been attempting to pivot from letters to parcels, announcing plans to convert thousands of convenience stores into parcel hubs and expand its locker network through partnerships with Sainsbury’s and Co-op.

At the other end of the scale, Amazon topped the rankings with 57% of respondents satisfied and just 16% dissatisfied, followed by FedEx and UPS.

Ofcom has tightened its rules around parcel company complaints handling and transparency, with a renewed push for “sustained improvements” across the delivery market.

A spokesperson for the regulator said: “Customers have a right to expect their parcels to arrive safely and on time. Companies must invest in better systems and processes that reflect the scale of their operations.”

Responding to the findings, an Evri spokesperson said customer satisfaction was a “top priority” and highlighted £57 million of investment in operations and technology over the past year.

“Every parcel matters to us. That’s why we’ve invested heavily to make deliveries smoother, faster and more sustainable,” the company said.

“We’re on track to deliver 900 million parcels this financial year, and following our merger with DHL UK, we’re building towards becoming the UK’s premier parcel delivery company for businesses and consumers alike.”

Despite the investment, analysts say Evri’s reputation problem underscores a broader challenge for Britain’s courier sector — balancing speed, cost and reliability amid record parcel demand and heightened regulatory scrutiny.

Read more:
Evri named UK’s worst delivery firm for third consecutive year as complaints mount

Forbes has unveiled its first-ever Most Powerful Women in Sports list, spotlighting 25 women who are transforming one of the world’s most influential industries — from athletes and owners to investors, executives and innovators.

Presented in partnership with Ally Financial, the new annual ranking celebrates the female leaders driving growth, innovation and equality across the global sports economy.

Among those recognised are Gayle Benson, owner of the NFL’s New Orleans Saints and NBA’s Pelicans; Caitlin Clark (pictured), the breakout US basketball star; Michele Kang, owner of the Washington Spirit and Lyon Féminin football clubs; and tennis legend Serena Williams, now an active venture investor and brand founder.

The list’s debut reflects a historic shift in women’s sport. Audiences for women’s competitions are rising sharply, sponsorships and media rights are commanding record premiums, and professional team valuations are reaching unprecedented levels.

“Forbes has long chronicled leadership and influence across business and society, and sports has become one of the most compelling arenas where both are being redefined,” said Moira Forbes, Executive Vice President at Forbes.

“The women on this list are not only steering capital and strategy — they are expanding the very possibilities of what this industry can become.”

The 25 honourees represent the full breadth of the sports ecosystem:
• Athletes using their global platforms as entrepreneurs and investors.
• Executives and agents negotiating precedent-setting media and sponsorship deals.
• Owners and investors funnelling capital into women’s leagues and teams.
• Front-office leaders developing talent pipelines and shaping high-performance organisations.
• Industry amplifiers growing audiences and driving storytelling across digital and broadcast media.

Maggie McGrath, Editor of ForbesWomen, said the new list provides “an in-depth look at the power players shaping the business of sport in the United States and beyond.”

“Between the owners, athletes, investors and decision-makers, every leader on this list has helped redefine the face and future of sport,” she said.

To mark the launch, Forbes and Ally Financial will host an exclusive celebration in New York City, bringing together honourees and sports industry leaders.

Andrea Brimmer, Chief Marketing and Public Relations Officer at Ally, said the collaboration aligns with the company’s pledge to invest equally in men’s and women’s sports media.

“When an iconic platform like Forbes commits to spotlighting women who are redefining sport and culture, it sends a powerful signal,” she said.

“At Ally, we’re making intentional investments to fuel this momentum — from partnering directly with players and leagues to supporting women-led innovation in sport.”

The Most Powerful Women in Sports joins Forbes’ portfolio of high-profile leadership rankings, including America’s Most Powerful Women in Business and Forbes 30 Under 30, extending its coverage of influence across industries.

The new initiative, Forbes said, reflects “a cultural and economic turning point” — where women’s participation, leadership and ownership in sport are no longer an exception but a defining feature of the industry’s next growth phase.

Read more:
Forbes launches first-ever ‘Most Powerful Women in Sports’ list celebrating 25 global trailblazers

It’s not often you see a supermarket make national news for not letting someone work for free. Usually the outrage runs in the other direction—“greedy corporations exploiting unpaid labour” and so on.

But today’s piece in The Telegraph about Waitrose and Tom Boyd, a 27-year-old man with severe autism, has managed to flip that script entirely. And in doing so, it has revealed something rather telling about the way big companies like to wrap themselves in the language of “inclusion” while quietly stripping the humanity out of it.

Tom, by all accounts, was a model volunteer. For four years, nine hours a week, he stacked shelves at the Cheadle Hulme branch. He turned up on time, was loved by staff, and—most importantly—he belonged. His mum, Frances, says he’d given more than six hundred hours of his life to that store. That’s not a “trial shift” or a “placement”. That’s a commitment longer than most marriages. And then, the moment she dared ask if he could be paid, Waitrose said no, and shut the whole thing down.

Now, if you’ve ever dealt with a big corporate HR department, you can almost hear the cogs whirring. Alarm bells, legal risk, safeguarding, health and safety. Someone in Bracknell probably got a “risk alert” email saying “URGENT: volunteer exceeding hours threshold, potential classification as employee.” So they did what corporates always do when confronted with something messy, human and potentially emotional: they pulled the plug.

This, I think, is what people mean when they talk about “the system”. It’s not some faceless cabal—it’s a spreadsheet somewhere, with a column that says “non-employees doing employee work = bad optics.” It’s the reflexive desire to tidy away anything that doesn’t fit the model. And in doing so, they managed to break the heart of a man who, according to his mother, only ever wanted to contribute—to belong.

Waitrose insists it’s investigating. They issue the usual boilerplate: “We work hard to be an inclusive employer… we partner with charities… we make reasonable adjustments…” All very fine. But if you need a PR statement to convince people you’re kind, you’ve already lost.

A Question of Value

The uncomfortable truth is that Tom Boyd was doing exactly what the supermarket assistant job description says: keeping the shelves full, products in the right place, the aisles tidy. The difference is that he wasn’t getting £12.40 an hour for it. He wasn’t even asking for that—his family said they’d accept two hours a week of paid work. Just something. Recognition. A sense that his contribution mattered.

But Waitrose couldn’t find room for that in the model. Apparently, you can sell “Essential Waitrose” beans at £1.20 but can’t accommodate an autistic man who’s been giving you free labour for years.

The irony is painful. In an age where every corporate press release bangs on about diversity, equity and inclusion, here’s a man who lived the spirit of inclusion far more genuinely than any policy ever could. He didn’t need a “neurodiversity awareness” training session; he needed a job. And the company, instead of seeing an opportunity to make good on its lofty slogans, treated him like a potential liability.

Waitrose isn’t uniquely wicked here. This is modern corporate Britain all over: risk-averse, image-obsessed, allergic to emotion. Somewhere along the way, kindness got corporatised. It’s been turned into a metric, a compliance box. “Inclusion” is a PowerPoint slide. “Compassion” is a campaign hashtag. And when an actual human being like Tom comes along—real, awkward, imperfect—they don’t know what to do with him.

So they hide behind “process”. They quote “policy”. And they convince themselves that they’re doing the right thing because the equality legislation file says so. The result? A man who once found purpose in stacking tins of tomatoes now sits at home, bewildered, while the store he loved continues to peddle organic quinoa and ethical olive oil under the banner of good living.

It didn’t have to be like this. Imagine the alternative headline: “Waitrose creates first supported employment role for man with autism.” Imagine the PR gold. The viral posts. The outpouring of goodwill. A small, practical act of inclusion, instead of the cold bureaucratic one we got.

I used to be associated with the UK’s first new-build dedicated school for children and young adults on the Autism spectrum, so I speak with experience when I say that there was a dozen different ways that Waitrose could have handled this and the way that they have just does not hold a candle to their so-called John Lewis Partnership, ‘partner’ benefits, which does include such things as paid parental leave and support for working families.

They could have given Tom a badge. A payslip. A Christmas card signed by the team. They could have said: “Tom, you’re one of us.” Instead, they told his mum the store was being “cleaned” so he wouldn’t be upset when they sent him away. The cruelty of that euphemism—“cleaned”—is almost Dickensian. It’s the kind of lie you tell a child about a dead pet.

This story touches something deeper than corporate policy. It’s about the meaning of work itself. For many of us, a job isn’t just about money. It’s about structure, community, identity. For someone like Tom, that’s magnified a hundredfold. The act of showing up, being useful, being part of something—that’s dignity. And we’ve built a world where that sort of quiet dignity has no line on the balance sheet.

Frances Boyd’s heartbreak is palpable not because her son was denied pay, but because he was denied belonging. She knows that his “limited language” doesn’t mean limited feeling. She knows how much it mattered to him to have colleagues, a uniform, a role. And she knows that behind the green aprons and organic lemons, there’s a company that forgot what kindness looks like when it isn’t printed on a marketing brochure.

I don’t think Waitrose meant harm. That’s the saddest part. They thought they were doing the “proper thing.” The compliant thing. But doing the proper thing isn’t always doing the right thing. Sometimes decency requires bending a rule, writing a small cheque, taking a risk.

They told The Telegraph: “We are sorry to hear of Tom’s story, and whilst we cannot comment on individual cases, we are investigating as a priority.”

Tom Boyd’s story is a reminder that business isn’t about policies—it’s about people. It’s about the small acts that don’t make the quarterly report but define a company’s soul. Waitrose, for all its premium polish and “inclusive employer” copywriting, has shown us what happens when compassion meets compliance—and compliance wins.

If this is what “doing the right thing” looks like in 2025, maybe we all need to ask whether the moral till’s coming up short.

Read more:
Waitrose’s kindness gap: how a supermarket lost its humanity

The House of Lords Appointments Commission has announced two new non-party-political appointments to the Upper Chamber, recognising leading figures in healthcare and social policy for their national contribution to public life.

Professor Dame Clare Gerada (pictured) and Polly Neate CBE have been recommended as crossbench peers, joining the House of Lords as independent members unaligned with any political party.

Professor Dame Clare Gerada has served as a practising NHS GP since 1983, with a career focused on mental health, addiction treatment, and primary care reform. She is Senior Partner at the Hurley Group, which has grown into a major network of GP and urgent care services across London, particularly in areas of deprivation.

Gerada is widely credited for her leadership roles across UK healthcare. She was Chair (2010–2013) and later President (2021–2023) of the Royal College of General Practitioners, guiding the organisation through a period of reform.

She also founded and led the NHS Practitioner Health Service, offering confidential mental health and addiction support for medical professionals, and later established the National Primary Care Gambling Service.

In addition to her clinical work, Gerada co-chaired the NHS Assembly (2019–2025), advising NHS England on delivery of the NHS Long Term Plan, and chairs the charity Doctors in Distress, which works to prevent suicide among health professionals.

Polly Neate CBE, who stepped down as Chief Executive of Shelter in April 2025 after nearly eight years, is recognised for her advocacy in housing, homelessness and women’s rights.

During her tenure, she redefined Shelter’s long-term strategy, championing greater investment in social housing, strengthening community engagement, and spearheading strategic litigation to challenge housing discrimination.

Previously, Neate was Chief Executive of Women’s Aid (2013–2017), where she delivered a financial turnaround and led the campaign that resulted in the criminalisation of coercive and controlling behaviour.

Her earlier career includes senior roles at Action for Children, overseeing public policy, communications, and fundraising, and she continues to contribute to several non-executive and voluntary boards across civil society.

The House of Lords Appointments Commission, an independent advisory body established in 2000, identifies individuals of distinction to serve as non-party-political peers on the basis of merit and expertise.

Since its creation, the Commission has recommended 78 independent peers from approximately 6,500 nominations. It also vets all life peer nominations, including those from political parties, for propriety.

The current Commission is chaired by Baroness Ruth Deech, with members including Professor Adeeba Malik CBE DL, Wayne Reynolds, Rt Hon Sir Hugh Robertson, and party-nominated representatives from Labour, the Conservatives and the Liberal Democrats.

Baroness Deech said the appointments reflect the breadth of professional experience and civic leadership that strengthen the crossbench contribution to parliamentary scrutiny:

“Both Dame Clare Gerada and Polly Neate have demonstrated exceptional public service and dedication to improving lives in their respective fields. Their insight will greatly enrich the work of the House.”

Read more:
Two new crossbench peers appointed to House of Lords for expertise in health and social policy

JCB has announced plans to invest £100 million in a major overhaul of its flagship Rocester plant in Staffordshire, in a move set to safeguard 8,000 UK jobs and bolster confidence in the nation’s struggling manufacturing sector.

The project will transform the company’s historic UK headquarters — originally converted from a cheese factory in 1950 — into a state-of-the-art production facility capable of delivering greater efficiency and output.

The privately owned construction and agricultural equipment giant, controlled by the Bamford family, said the revamp marks a “once-in-a-generation” upgrade for a site that has become “an obstacle to growth” after 75 years of continuous use.

Under the plans, JCB will install a fully automated £60m powder-paint facility, reconfigure the shop floor, and modernise production lines to support faster, leaner manufacturing.

Graeme Macdonald, JCB’s chief executive, said the investment would make the Rocester site “almost unrecognisable”: “With all the investments we’ve made in India, the US, China and Brazil over the past 20 years, we needed to modernise our headquarters.

“You would never design a factory the way it’s laid out today. This investment will make it leaner, more efficient and more cost competitive. We just couldn’t build enough — this will finally solve that problem.”

The move follows a difficult year for JCB, which has faced rising costs, softening global demand and US steel tariffs that have squeezed margins. Despite a turnover approaching £6 billion, the group cut 230 agency roles last year as construction markets cooled.

JCB’s commitment represents a rare vote of confidence in Britain’s industrial base, amid reports that UK factories are consuming the least energy in half a century — a stark indicator of declining output.

Britain also dropped out of the top 10 global manufacturing nations last year for the first time since the Industrial Revolution.

However, the Rocester overhaul coincides with the opening of JCB’s new $500 million (£373 million) Texas plant, due to start production next year. The US site will help absorb North American demand, allowing the UK factory to focus on European and emerging markets.

Once both sites are operational, JCB expects to boost annual production capacity to over 200,000 machines, up from 120,000 last year.

The expansion comes as JCB continues to diversify internationally while reaffirming its domestic heritage.

Lord Anthony Bamford, JCB’s chairman, said: “Obviously, we are expanding overseas, not least in America, where we have been for decades. But the UK is our home.

“This investment will put Rocester at the forefront of our industry and ensure we continue to lead in innovation, productivity and quality.”

Despite optimism, Macdonald warned that demand recovery in the construction sector could take time, predicting the market will not rebound until 2026 or 2027 as firms scale back after pandemic-era equipment purchases.

Still, analysts said the investment signals JCB’s intent to future-proof UK operations, strengthening its position against global competitors while aligning with its long-term digital and sustainability goals.

Read more:
JCB invests £100m to modernise flagship UK factory and secure 8,000 jobs

UK inflation held steady at 3.8 per cent in September, confounding expectations of a rise and increasing the likelihood that the Bank of England could cut interest rates before the end of the year.

The latest Office for National Statistics (ONS) data showed consumer price inflation (CPI) unchanged from August, and below the 4 per cent forecast by the Bank and City economists. The figures signal that the disinflationary trend may be regaining momentum, providing some relief to households and policymakers.

The headline figure was driven by a drop in food price inflation, which fell from 5.1 per cent to 4.5 per cent — the first decline in six months — alongside slower rises in recreation and service costs.

Core inflation, which excludes energy and food, dipped from 3.6 per cent to 3.5 per cent, below expectations of an increase, while services inflation — a key indicator of labour costs — held at 4.7 per cent, short of the Bank’s 5 per cent forecast.

The only significant upward pressure came from higher fuel prices and airfares, partially offset by easing costs across hospitality and retail.

Economists said the weaker-than-expected inflation reading could prompt the Monetary Policy Committee (MPC) to act sooner than markets anticipate.

Martin Beck, chief economist at WPI Strategy, said: “A November move looks unlikely, but policymakers may be overestimating how long they can wait. Fiscal tightening in the Budget, combined with rising unemployment and slowing wage growth, points to a softening economy. A forward-looking central bank should recognise that the disinflationary forces are building.”

George Buckley, chief European economist at Nomura, added that the data keeps “the next MPC meeting live”, forecasting a 25 basis point cut in November.

Markets are now pricing in a December rate reduction, with expectations of more cuts in early 2026 as inflation continues to edge closer to the Bank’s 2 per cent target.

The inflation figures come as Chancellor Rachel Reeves prepares her first full Budget on 26 November, with the government signalling measures to support households and curb living costs.

Reeves said she was “not satisfied” with current inflation levels but reaffirmed that reducing price pressures remains her top priority.

“All of us in government are responsible for supporting the Bank in bringing inflation down,” she said. “We will continue to help those struggling with bills while building an economy that rewards working people.”

Sources close to the Treasury suggest the Budget could include a cut to VAT on energy bills, an extension of the fuel duty freeze, and measures to ease payroll costs following last year’s national insurance increase.

Analysts at Capital Economics estimate that a 5 per cent VAT reduction on utilities would lower annual CPI growth by 0.2 percentage points, while broader fiscal restraint could push inflation closer to 2.8 per cent in 2026.

Despite the better-than-expected data, the UK remains on course to record the highest average inflation rate among major developed economies this year, according to both the IMF and OECD.

Persistent price pressures linked to indexed utilities, transport costs and global food markets continue to weigh on household finances.

However, economists now see signs of sustained cooling. Rob Wood, chief economist at Pantheon Macroeconomics, said: “The disinflation process is clearly underway. Combined with slowing growth and a tight fiscal stance, inflation could fall below 3 per cent next year — making a case for rate cuts sooner rather than later.”

For households, the lower inflation figure also confirms that state pensions will rise by 4.8 per cent next April under the triple lock, aligning with the jump in average weekly earnings.

As policymakers weigh fiscal tightening against a fragile recovery, September’s figures may mark the turning point that allows the Bank of England — and the Chancellor — to finally ease off the brakes.

Read more:
UK inflation holds at 3.8% in September, fuelling hopes of earlier rate cut

The cyber attack that crippled Jaguar Land Rover’s operations has been confirmed as the most expensive in British history, with losses estimated at £1.9 billion, according to new analysis from the Cyber Monitoring Centre (CMC).

The incident, which halted JLR production for five weeks from the start of September, disrupted around 5,000 organisations — including parts manufacturers, logistics providers, showrooms and repair shops — and sent shockwaves through the wider UK automotive supply chain.

The CMC described the attack as having “extensive ripple effects through supply chains, logistics providers and local economies,” warning that its economic fallout had far exceeded previous estimates.

The think tank placed total economic losses between £1.6 billion and £2.1 billion, making the JLR breach the single most financially damaging cyber incident ever recorded in the UK.

Professor Ciaran Martin, former head of GCHQ’s National Cyber Security Centre and now chair of the CMC’s technical committee, said the event should serve as a wake-up call for British industry:

“With a cost of nearly £2bn, this incident looks to have been, by some distance, the single most financially damaging cyber event ever to hit the UK.

“That should make us all pause and think. Every organisation needs to identify the networks that matter most, how to protect them, and how to cope if those networks are disrupted.”

The JLR attack was classed as “Category Three” on the CMC’s five-point severity scale — reflecting its high economic cost and widespread impact — but differed from previous systemic events such as the WannaCry ransomware attack on the NHS or this year’s CrowdStrike software failure, as its systemic effects stemmed from a single corporate target.

According to reports in The Telegraph, Russian state-linked hackers are suspected of orchestrating the attack. Intelligence sources believe the scale, precision and economic disruption point to actors operating on behalf of the Kremlin, with the temporary global shutdown affecting up to 200,000 workers.

The fallout led the UK Government to underwrite a £1.5 billion loan guarantee to support JLR and its supplier network amid fears that hundreds of small manufacturers could collapse.

Will Mayes, Chief Executive of the CMC, said the JLR incident underscored how cyber attacks on a single major enterprise can cascade through the wider economy: “We tend to think of systemic cyber risk as something that spreads through shared IT infrastructure or self-propagating malware,” he said.

“What this demonstrates is how an attack on one major manufacturer can ripple through thousands of suppliers, transport firms and local economies, triggering billions in losses. It highlights the fragility of modern supply chains and the need for independent, data-driven analysis to understand national cyber risk.”

The event has reignited debate about the resilience of UK manufacturing, where digitised production systems and just-in-time logistics have made industries more efficient but also more exposed.

Cyber experts are calling for mandatory resilience audits for critical supply chain operators and greater public-private coordination in industrial cybersecurity.

For JLR, which resumed full production only in early October, the challenge now extends beyond recovery — to restoring supplier confidence and fortifying systems against future disruption.

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Jaguar Land Rover cyber attack confirmed as UK’s most costly, with £1.9bn impact

Allica Bank has acquired Kriya, the award-winning SME lending fintech formerly known as MarketFinance, in a move that marks the UK’s fastest-growing fintech’s entry into the embedded payments market and signals its ambition to deliver £1 billion of SME working capital finance by 2028.

The acquisition strengthens Allica’s position in the SME finance sector by combining its growing business lending portfolio with Kriya’s specialist expertise in invoice, loan and embedded PayLater solutions.

The two firms described the deal as a “natural strategic fit”, citing shared technology-led missions and leadership teams with longstanding connections in the industry.

The deal comes amid a steep drop in SME confidence around access to funding, with only one in ten small businesses now able to secure overdrafts or traditional bank loans – the lowest level recorded since 2019.

Since launching in 2020, Allica Bank has grown rapidly, with total SME lending now standing at £3.5 billion. Following the acquisition, the bank plans to advance £1 billion in working capital finance over the next three years as part of its goal to capture 10% of the UK’s SME finance market by 2028.

Richard Davies, CEO of Allica Bank, said: “For too long SMEs have struggled to access the flexible finance they need as the high street banks have retrenched. Allica is building something different — a better way to serve Britain’s established SMEs.”

“Kriya has built an impressive business over more than a decade, and Anil and his team share our belief that SME finance needs reinventing. Together, we can offer something the market desperately needs.”

Founded in 2011, Kriya has processed more than £4 billion in invoice finance, SME loans and embedded finance across 300,000 transactions. Its PayLater solution, already integrated with B2B retailers such as Halfords, allows SME buyers to spread payments and better manage cashflow.

Under the terms of the deal, Kriya will retain its brand identity and operate as a subsidiary of Allica Bank. CEO and co-founder Anil Stocker will continue to lead the business, with all Kriya employees joining Allica.

“Combining forces with Allica gives us the right platform to scale what we’ve built,” said Stocker.

“We share the same DNA — a genuine commitment to reinventing SME finance and competing with the big banks who’ve walked away from this market. Our embedded finance offering will now have the backing to expand across Europe.”

This is Allica’s third acquisition following its purchase of AIB’s GB SME lending portfolio in 2021 and bridging finance specialist Tuscan Capital in 2024.

Named the UK’s fastest-growing company in 2024 and the fastest-growing UK fintech ever in 2023, Allica became profitable within three years of launch. Its flagship Business Rewards Account, which offers cashback, no monthly fees and named relationship managers, continues to gain traction among established SMEs.

The Kriya acquisition underscores Allica’s ambition to blend lending, payments and embedded finance into a unified proposition for Britain’s small and mid-sized businesses — a segment that represents nearly a third of the UK economy.

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Allica Bank acquires fintech Kriya in £1bn SME finance drive