Business

Britain’s online small businesses are showing resilience and optimism despite wider economic challenges, with nearly four in five confident they will grow in the next 12 months, according to new research from eBay UK.

The study, which surveyed 1,000 small firms selling via ecommerce platforms, found that 78 per cent expect growth in the year ahead. The main drivers of optimism included strong consumer demand (30 per cent), the adoption of new selling tools and AI innovation (20 per cent), improved support from ecommerce platforms (17 per cent) and stabilising economic conditions such as interest rates (16 per cent).

Small businesses are increasingly adopting artificial intelligence into their operations. Almost seven in ten respondents described themselves as excited (43 per cent) or curious (26 per cent) about AI’s potential. Already, 31 per cent are using it to save time on admin and content creation, while 27 per cent are deploying it to list products faster, test new product ideas, and reach more customers.

Despite the confidence, online sellers continue to face significant hurdles. The most cited barriers to growth were the wider UK economic climate (37 per cent), time constraints (30 per cent), access to funding (24 per cent), low business confidence (24 per cent) and administrative complexity (20 per cent).

The research also highlights a growing wave of digital-first entrepreneurs starting businesses with minimal resources. Almost half (44 per cent) launched with less than £1,000, while 3 per cent began with no capital at all. Many businesses started at home – 38 per cent from bedrooms, 21 per cent from kitchen tables, and 15 per cent from garages.

For most, these ventures are no longer side hustles: 69 per cent now say their ecommerce business is their main source of income or a serious full-time pursuit, reflecting a shift away from traditional employment toward flexible, digital-first careers.

Eve Williams, General Manager of eBay UK, said: “Britain’s online small businesses are reshaping what entrepreneurship looks like. Often with less than £1,000, people are creating careers on their own terms by building meaningful, resilient businesses from bedrooms, garages and kitchen tables.

“What’s striking is the confidence in the future these businesses have, particularly amidst significant economic uncertainty. Ambitious and adaptable, many are already embracing tools like AI to scale smarter and grow faster. At eBay we’re proud to support their journey, lowering the barriers to entry, championing innovation, and helping sellers build businesses that are flexible, digital-first and designed for the future of work.”

Read more:
Four in five online small businesses expect growth despite UK economic headwinds

Tesla’s European sales fell sharply in July, with the electric carmaker losing market share for a seventh consecutive month and slipping behind Chinese rival BYD for the first time.

Figures from the European Automobile Manufacturers Association (ACEA) show Tesla’s EU sales dropped 42.4 per cent year on year, from 11,465 to 6,600 vehicles. That cut the company’s market share from 1.3 per cent to just 0.7 per cent.

BYD, which was included in the EU monthly sales data for the first time, recorded a surge in registrations from 3,165 to 9,698, lifting its share to 1.1 per cent and leapfrogging Tesla in the rankings.

The slump in Tesla’s performance came despite strong growth for the sector overall. Battery electric vehicle sales across the EU rose 39 per cent to 142,699 units. Total new car sales increased 7.4 per cent to 914,680, boosted by an 11 per cent rise in Germany that offset declines of 7.7 per cent in France and 5.1 per cent in Italy.

The data underline the mounting competitive pressures facing Tesla in Europe, where it once dominated the electric car market but is now grappling with slowing demand, price pressures, and the rapid expansion of Chinese rivals.

With BYD’s momentum accelerating, analysts say Tesla faces a battle to regain share in a market that is becoming increasingly crowded as traditional manufacturers ramp up their EV offerings alongside new entrants.

Read more:
Tesla sales slump 42% in Europe as BYD overtakes market share

Barclays has agreed to sell its stake in Entercard Group, the Nordic consumer credit provider, to joint venture partner Swedbank for 2.6 billion Swedish krona (£200 million).

The deal is part of the UK bank’s strategy to streamline its operations and dispose of non-core businesses. Barclays said the sale would release around £900 million in risk-weighted assets, lifting its common equity Tier 1 ratio by approximately four basis points.

The transaction, subject to regulatory approval, is expected to complete before the end of 2025.

Entercard, founded in 1999, is one of Scandinavia’s leading consumer credit businesses, issuing credit cards and consumer loans in Sweden, Norway and Denmark. Barclays has been gradually reducing its exposure to overseas retail ventures as it refocuses on its core UK and US banking operations.

The move follows the bank’s sale in April of most of its UK payments business to Brookfield Asset Management, underlining chief executive C.S. Venkatakrishnan’s push to strengthen the balance sheet and simplify the group’s portfolio.

For Swedbank, the acquisition consolidates full ownership of Entercard, deepening its position in the Nordic consumer finance market.

Read more:
Barclays exits Entercard joint venture with £200m sale to Swedbank

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“XRP Futures Hit $1B — WinnerMining Cloud Mining Shows You How to Earn $1,850 a Day”

The government has unveiled plans for a new £29.6 million RNA biofoundry in Darlington, designed to accelerate the development of next-generation therapies for cancer, dementia, cardiovascular disease and infectious illnesses.

Backed by the Department for Science, Innovation and Technology (DSIT), the UK RNA Biofoundry will provide scientists and businesses with a dedicated, state-of-the-art facility to manufacture RNA materials at clinical grade and scale. The aim is to ensure that promising new treatments can move quickly from the lab bench to clinical trials and, ultimately, to NHS patients.

RNA therapies – including the mRNA technology used to develop Covid-19 vaccines – are seen as one of the most transformative areas of modern medicine. Unlike traditional drugs, they can be designed quickly, adapted for multiple diseases, and offer much greater precision in how they target cells. Clinical trials in the NHS are already exploring their use in oncology and personalised immunotherapies.

But producing RNA materials for trials is expensive and technically complex, leading to delays or even abandonment of world-class ideas. The new Darlington facility will act as a “high-tech workshop” for affordable and rapid manufacturing to clinical standards, while also being capable of switching to vaccine production during future pandemics.

Science Minister Lord Vallance said the biofoundry was a “huge step forward” in delivering the government’s Life Sciences Sector Plan.

“RNA therapies are a new frontier in healthcare,” he said. “With their ability to reprogramme our cells and adapt to different diseases, they could be the answer to many treatments the British public are desperately in need of. This new biofoundry will accelerate the journey RNA therapies take from labs to the markets and give our innovators the best opportunities to turn their great ideas into lifesaving treatments.”

Health Minister Stephen Kinnock added: “RNA therapies hold extraordinary promise for patients battling some of our most devastating diseases. Our Plan for Change is turbocharging the development of life-changing treatments right here in the UK, as we deliver an NHS truly fit for the future.”

The biofoundry will be based at CPI’s RNA Centre of Excellence in Darlington, a not-for-profit innovation hub and founding member of the UK’s High Value Manufacturing Catapult. CPI CEO Frank Millar said the investment “positions the North East as a powerhouse for innovation in manufacturing technologies” and strengthens the UK’s resilience in health innovation.

Jane Wall, managing director of the UK BioIndustry Association, said RNA therapies could be a “major driver of UK economic growth” and highlighted the importance of infrastructure and partnerships in helping innovative SMEs bring new medicines to market.

The initiative follows other major strategic investments in RNA in the UK, including partnerships with Moderna and BioNTech to deliver advanced mRNA facilities and personalised cancer therapies for NHS patients. It also reflects wider government reforms to speed up clinical trials and regulatory approvals, supported by schemes such as the NHS “Innovator Passport”.

The Darlington biofoundry will play a central role in making sure these innovations reach patients faster while helping attract international investment, build manufacturing capacity and cement Britain’s position as a leader in life sciences.

Read more:
UK to fast-track next-gen RNA therapies with £30m Darlington biofoundry

Men in the UK are nearly one-and-a-half times more likely to receive a bonus than women, and when they do, their payouts are significantly higher, according to new research from HR data specialists Brightmine.

The study found that men received an average bonus of £4,913, equivalent to 9.5 per cent of salary, compared to £2,723or 6 per cent of salary for women. This represents a gender bonus gap of £2,190 – meaning men’s bonuses are 1.8 times higher than women’s.

The disparity is most pronounced in mid-life careers. In their early 50s, men earn average bonuses of £8,693, while women in the same age group receive £4,193 – a gap of £4,500.

Brightmine also found wide variation across job roles. Directors were awarded average bonuses of £54,014, representing 33.6 per cent of their salary, while routine task providers such as cleaners or catering assistants received just £535, or 2.2 per cent. Sales and marketing staff topped the sector tables with bonuses averaging 23.5 per cent of salary (£17,493), while science roles saw the lowest average payouts at £726 (1.5 per cent).

Sector differences were also stark. Private sector employees enjoyed the highest average payouts at £6,827, or 12.3 per cent of salary. However, only 10.5 per cent of private-sector staff received a bonus at all, compared with nearly 40 per cent of employees in manufacturing and production.

Sheila Attwood, HR insights and data lead at Brightmine, said the findings highlight a systemic problem.

“While bonuses are becoming scarcer across the workforce, the real story is the gap between males and females receiving bonuses,” she said. “This, alongside the news that the UK gender pay gap has been underestimated for the past 20 years, serves to highlight a continuing equity issue that organisations can no longer afford to ignore.

“If employers are serious about inclusivity, they need to face the gap head on and interrogate their reward practices to ensure transparency, fairness and consistency.”

Brightmine is urging organisations to conduct audits of bonus practices to uncover disparities in both eligibility and value, and to ensure that reward strategies reinforce fairness and retention rather than fuelling inequality.

The research adds to growing scrutiny of workplace reward systems as businesses face pressure from investors, regulators and employees to address gender disparities in pay and career progression.

Read more:
‘Gender bonus bias’ revealed as men nearly 1.5 times more likely to receive bonuses than women

The Government is weighing a major shake-up of landlord taxation that could see National Insurance contributions applied to rental income for the first time.

Under the proposal, being considered by Chancellor Rachel Reeves ahead of her Autumn Budget, landlords would pay NI on top of income tax already levied on rental earnings. Treasury officials believe the move could raise around £2 billion annually, helping plug a £40 billion fiscal shortfall while allowing Labour to maintain its manifesto pledge not to raise the main rates of VAT, income tax or NI.

Currently, rental income is exempt from NI. A landlord earning between £50,000 and £70,000 from property could face an additional £1,000 in tax each year if the policy is introduced.

Industry figures have reacted with concern, warning the measure risks destabilising the private rental market at a time when supply is already under strain.

Marc von Grundherr, director at London estate agency Benham & Reeves, said: “This move smacks of political point-scoring rather than sound housing policy. Applying National Insurance to rental income threatens to undermine rental supply by squeezing small and medium-scale landlords, who may pull up stakes or restructure. We’re already seeing supply pressures in many areas, pushing costs onto tenants.”

Siân Hemmings-Metcalfe, operations director at Inventory Base, called the proposal “a move too far” given the upcoming Renters’ Rights Bill: “Layering yet another financial burden onto landlords at a time when the rental sector is about to be reshaped risks deterring responsible landlords. The focus should be on stability and encouraging long-term investment, not short-term populism designed to plug holes in the Treasury’s coffers.”

Sam Humphreys, head of M&A at Dwelly, said many landlords already operate on tight margins: “Measures like this could be the tipping point that drives them out of the sector altogether. Once stock is lost, it is incredibly difficult to rebuild, and the people who pay the price are tenants facing rising rents and fewer housing choices. If the Government wants to improve affordability, it should be working to increase supply – not choking it further with punitive taxation.”

The idea of extending NI to landlords’ rental income highlights the challenges facing Reeves as she looks to balance the books while sticking to Labour’s tax commitments.

While raising revenue from property is politically less sensitive than broad-based tax hikes, analysts warn that squeezing landlords could have the unintended consequence of making housing even less affordable.

With the Autumn Budget weeks away, the measure is likely to fuel fierce debate over how far the Government can go in targeting landlords without worsening the rental crisis for tenants.

Read more:
Government looks at applying National Insurance to rental income in Autumn Budget

On July 18, XRP broke through $3.65, shattering its 2018 all-time high of $3.40. After a pullback to $3.20, it rebounded 7%. Technicals remain strong, with the RSI above 50 and support at $3, indicating a dominant buying trend and a potential rise to $4 in the short term.

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Read more:
XRP price prediction hits new highs, GMO Miner helps you earn $6,800 a day

The dollar weakened and US borrowing costs jumped after President Donald Trump claimed to have sacked Federal Reserve governor Lisa Cook, escalating his battle with the country’s independent central bank.

In a move without precedent in modern US history, Trump said on Tuesday evening that Cook was “effective immediately” removed from her position on the Fed’s seven-strong governing board over allegations of mortgage fraud. Cook has denied wrongdoing and said she would not resign, setting the stage for a legal battle over whether the president has the authority to fire a Fed governor.

The dispute comes as Trump intensifies pressure on the central bank to deliver steep interest rate cuts to support the economy and the jobs market.

Investors sold US government bonds following Trump’s remarks, sending yields on 30-year Treasuries up 0.06 percentage points to 4.92 per cent. The dollar slipped 0.15 per cent against a basket of major currencies and 0.13 per cent against sterling, falling to $1.35. Gold, a traditional safe haven, climbed 0.4 per cent to $3,388.60 an ounce, its highest since 11 August.

Wall Street equities recovered from a choppy open to close higher, with the S&P 500 and Nasdaq both up 0.4 per cent. Analysts said the relatively modest fall in the dollar reflected uncertainty over whether Trump’s decision would hold up in court.

Lee Hardman, currency analyst at MUFG, said: “The relatively modest US dollar sell-off so far reflects in part uncertainty over whether President Trump’s decision to fire Fed governor Cook will stand legally. It does though mark a significant step up in President Trump’s attack on the Fed’s independence, which could eventually trigger a much bigger sell-off for the US dollar.”

Cook, who became the first African-American woman appointed to the Fed board in 2022, has been accused of improperly declaring two separate properties in Georgia and Michigan as her primary residence in order to secure lower mortgage rates. She said on Tuesday: “I will continue to carry out my duties to help the American economy as I have been doing since 2022.”

A Federal Aviation Administration-style probe into the pilots’ actions was not in play here, but Fed insiders warned that Cook’s refusal to resign complicates the central bank’s work. Jim Bianco, of Bianco Research, said: “If they allow her to continue with her duties as a governor and the courts find that the president does have the authority to fire her, anything she does on behalf of the Fed as a governor starting today will not be valid.”

If Cook is forced out, Trump will gain the opportunity to appoint his second Fed governor in a month, after nominating his economic adviser Stephen Miran to a vacant seat created by Adriana Kugler’s resignation.

The turmoil at the Fed comes at a critical juncture for US monetary policy. The central bank has kept interest rates on hold at 4.25–4.5 per cent since December, but traders expect the first cut of the year in September in response to a weakening jobs market and inflation holding steady at 2.7 per cent.

Fed chair Jerome Powell, who is also facing attacks from Trump, signalled last week that incremental rate cuts could be on the table. Two current Fed rate-setters, both Trump appointees, have already called for immediate easing. If Miran joins in time for the 18 September meeting, he would become the third dissenter on the committee, marking the biggest internal split since 1988.

With Trump demanding rates as low as 1 per cent, the confrontation with Cook has added to fears about the erosion of Fed independence – a principle long viewed as vital to maintaining credibility in US economic policy.

Read more:
Dollar slips as Trump moves to sack Fed governor Lisa Cook in unprecedented clash over central bank independence

The scrapping of VAT-free shopping for international visitors has cost London’s West End £310 million in lost sales during the first half of 2025, according to new research.

The figure represents a 40 per cent rise on the £220 million recorded for the same period last year, and is the largest six-month loss since the scheme was abolished by the Conservative government in 2021.

Analysis by the New West End Company (NWEC), which represents 600 businesses across Bond Street, Oxford Street, Regent Street and Mayfair, estimates that the ban has drained around £1.4 billion in sales from the district since 2023.

Dee Corsi, chief executive of the NWEC, said higher taxes and wage costs were “compounding the pressure” on luxury retailers already hit by the end of the VAT rebate. A survey of members found that 75 per cent are reviewing staffing levels, while half are reconsidering investment in the UK. More than 80 per cent said the loss of tax-free shopping has directly damaged their trading performance.

“Tax-free shopping presents a rare, low-cost opportunity for the government to back Britain’s near-term growth, create jobs, and give our businesses their competitive edge once more,” Corsi said. “Not only is the scheme understood by global consumers, it is backed by business. The time to act is now, before the window of opportunity closes.”

The VAT rebate allowed overseas visitors to reclaim 20 per cent VAT on purchases, giving London a competitive advantage against rival shopping hubs. Since its removal, retailers warn international shoppers are diverting their spend to European cities.

More than 90 per cent of West End businesses surveyed reported lower footfall and spending from foreign visitors, while 96 per cent believed Paris and Milan are benefiting directly. The concerns come as global international visitor spending is forecast to reach $2.1 trillion in 2025, surpassing pre-pandemic highs.

The decision to axe the rebate has been branded by some industry figures as an “act of economic self-harm.” In March, culture secretary Lisa Nandy suggested the government could revisit the scheme, but no firm commitment has been made.

An HM Treasury spokesperson said the UK remains one of the world’s top tourist destinations and confirmed that a new National Visitor Economy Strategy will be launched this autumn, with the ambition of welcoming 50 million international visitors a year by 2030.

“Visitors can still claim VAT relief where the items purchased are shipped directly to their home country as exports,” the spokesperson added.

With British retailers already under strain from higher payroll taxes, rising wages and fragile consumer confidence, industry leaders argue that restoring tax-free shopping could provide an immediate boost to jobs and competitiveness – and stem the flow of tourist spending to Europe.

Read more:
West End retailers lose £310m from VAT-free shopping ban in first half of year