Business

The government’s long journey to exit its crisis-era investment in NatWest is nearly complete, after the Treasury disclosed on Thursday that its stake in the bank has dropped below 1% — a symbolic threshold that signals the near-final chapter in the UK’s biggest banking bailout.

The latest stock exchange filing revealed that the Treasury now owns just 0.9% of the FTSE 100 lender, down from 1.98% at the end of April, following steady sell-downs in recent months through a managed trading plan. The strategy — in place since 2021 — gradually releases shares into the market, and is expected to fully unwind the government’s holding within weeks.

NatWest, formerly known as Royal Bank of Scotland Group, narrowly avoided collapse during the 2008–09 financial crisis, when it was rescued with a £45.5 billion bailout, leaving taxpayers with an 84% stake in the institution. The scale of the rescue made it one of the most prominent symbols of the crisis, and its return to private hands marks a defining moment in the clean-up operation.

Successive governments have chipped away at the holding since George Osborne launched the first sell-off in 2015. However, all share disposals have crystallised losses for taxpayers, with the stock consistently trading below the 502p per share average bailout price. NatWest shares closed at 498p on Thursday, up 1%, bringing them within touching distance of breakeven.

Despite the losses, the government’s exit removes the final legacy of the UK’s sweeping financial rescue programme. Previous bailouts of Lloyds Banking Group, Northern Rock, and Bradford & Bingley have already been wound down, with Lloyds fully privatised in 2017.

The return to full private ownership comes as NatWest CEO Paul Thwaite sharpens the bank’s growth strategy. In recent months, the group has acquired most of Sainsbury’s banking operations and a £2.5 billion mortgage portfolio from Metro Bank. Thwaite also made an ambitious — but unsuccessful — move to acquire Santander’s UK high street operations.

A NatWest spokesperson welcomed the progress: “Returning the bank to full private ownership is an ambition we share with the government, and one that we believe is in the interests of all our shareholders.”

The Treasury’s remaining shares are being offloaded quietly into the market, avoiding large, disruptive block sales. Once complete, the government’s departure will mark the end of a 16-year journey that saw NatWest shrink dramatically, restructure under four chief executives, and steadily rebuild its reputation and balance sheet.

With the UK government poised to finally close the book on one of the most turbulent chapters in British banking history, NatWest is now firmly focused on its future — and proving it can thrive in a fully privatised environment.

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NatWest nears full reprivatisation as taxpayer stake falls below 1%

Gold prices are on course for their sharpest weekly decline in six months, weighed down by a stronger US dollar and renewed optimism following a de-escalation in US-China trade tensions.

Spot gold slipped 0.8% in early trading on Friday to $3,213.56 per ounce, bringing total losses this week to 3.3% — the worst weekly performance for the precious metal since November 2024.

While gold has still gained 22% year-to-date, largely driven by investor anxiety over President Trump’s fluctuating import tariff policies, easing geopolitical tension has prompted traders to reduce exposure to safe-haven assets. The metal hit a record high above $3,300 an ounce just four weeks ago.

Meanwhile, the US dollar has gained 0.4% this week and is on track for a fourth consecutive weekly gain, supported by resilient economic data and shifting expectations around the Federal Reserve’s interest rate policy.

“Gold prices faced heavy selling pressure this week as markets cheered a de-escalation in the US-China trade war,” said Ilya Spivak, head of global macro at Tastylive.

Earlier this week, the US and China agreed to temporarily reduce tariffs imposed in April, boosting investor sentiment. Data from the US also showed softer-than-expected producer prices and a slowdown in retail sales, while consumer inflation in April rose less than forecast.

Gold, typically favoured in periods of low interest rates and uncertainty, saw reduced demand as traders interpreted the data and diplomatic thaw as signs of stabilisation.

Still, analysts say gold continues to enjoy strong structural support.

“On the plus side, gold price dips continue to attract buyers,” noted Tim Waterer, chief market analyst at KCM. “That shows the precious metal remains a favoured asset, with the global growth and inflation outlooks still looking rather murky.”

In contrast, Bitcoin surged past $100,000 this week, rebounding more than 25% from last month’s six-month low of $76,000, as risk appetite returned to markets.

While gold’s current correction may reflect improved short-term sentiment, macroeconomic clouds — including uncertain trade dynamics, persistent inflation risk, and central bank policy shifts — continue to keep the outlook mixed for both precious metals and global markets.

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Gold set for steepest weekly drop in six months as trade fears ease and dollar strengthens

Wireless Logic, a British telecoms firm specialising in Internet of Things (IoT) communications, has sold a minority stake to US private equity group General Atlantic, in a deal that values the business at £3.5 billion — a staggering 100-fold increase from its valuation when it was bought back from Dragons’ Den investor Peter Jones in 2011.

Oliver Tucker, co-founder and CEO of the Maidenhead-based firm, confirmed the investment but did not disclose the size of the stake acquired. As part of the deal, Vittorio Colao, former CEO of Vodafone and vice-chairman of General Atlantic, will join the Wireless Logic board, which is chaired by former BT chairman Sir Michael Rake.

Founded in 2000, Wireless Logic was originally sold to Jones’s Phones International Group in 2002. Tucker and co-founder Philip Cole bought it back in 2011 for £35 million, backed by ECI Partners. Now, the company serves 25,000 customers across 165 countries, connecting devices from business laptops and medical monitors to smart traffic systems and Just Eat deliveries via its partnerships with 53 mobile network operators.

“Yes, we are a lot bigger now, but [Peter Jones] still got a good return,” Tucker said, acknowledging the scale of the firm’s transformation over the past decade.

Wireless Logic pivoted into the machine-to-machine (M2M) and IoT market in 2007 and has expanded rapidly since. Under Montagu Private Equity, which acquired the business from CVC in 2018, the company has made 14 acquisitions, including UK-based Mobius Networks and Israel’s Webbing.

Montagu remains the majority shareholder, with General Atlantic joining as a strategic investor to help scale the business globally.

Wireless Logic’s parent company, Blue Holdco, posted revenues of £256.7 million for the year ending April 2024, with underlying profits of £102.3 million (before tax, interest, and acquisition-related costs). However, after factoring in acquisition-related expenses of £141 million, the group recorded a pre-tax loss of £222.3 million.

Despite this, Tucker emphasised the company’s robust profitability and rapid growth, noting a 20% year-on-year increase in both revenue and profits. He described Wireless Logic as one of the UK’s rare profitable unicorns, with international expansion proving both rewarding and challenging.

“Anyone who tells you that expanding internationally is easy is lying. It takes you three times as long and probably three times as much as you originally envisaged,” Tucker said.

He expressed enthusiasm about Colao’s appointment, saying: “He knows our market and the people within it extremely well. He will add huge amounts of value.”

With most machines still unconnected to the internet, Tucker believes there is vast untapped potential for Wireless Logic as businesses worldwide invest in smart infrastructure and IoT capability.

Co-founder Philip Cole stepped away from the business in 2019. Peter Jones was contacted for comment but has not yet responded.

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Wireless Logic valued at £3.5bn as founder sells minority stake to General Atlantic

One of the best ways for gamblers to start playing is no deposit casino bonuses. The essence of these incentives lies in their very name because to claim them, UK punters do not need to make a single investment.

For beginners, it may seem that everything is very simple, and it is so, but just from the first glimpse. Offers like no deposit casino bonuses sometimes contain secret requirements that are hidden from the view of newbies but not experienced players. In this article, experts analyze the most crucial pitfalls to pay attention to as a rookie. This is useful information for everyone who wants to play fair.

Casino No Deposit Bonus in Online Gambling

An NDB is a time-limited promotion from an online casino that allows punters to play without spending personal funds. Free spins are the most frequent format and component; however, free cash, though extremely rare, is also a realistic deal. Thanks to them, UK gamblers can run eligible slots and other casino games, get real wins if lucky enough, and, after fulfilling all the requirements, make a cash out. However, novices should approach these bonuses with caution due to some not very obvious restrictions that are worth learning about before using them.

No Deposit Bonus Casino Pitfalls You Should Know

Free bonuses, often called just freebies, may be linked to alphanumerical activators. The talk is about no deposit bonus codes UK gamblers do not know about at the start of their iGaming journey. Registration with such a code can bring extra spins (usually 5-20 FS) at no expenditure for a punter. Conversely, if the punter signs up on a casino site and does not use the code, they become ineligible for claiming an NDB reserved for new joiners. It is a big pity to stand a chance of free play with real money benefits and miss out on it due to ignorance.

Other requirements may be hidden behind free promotional offers. For instance:

Caps on The Max Amount to Be Won and Withdrawn

This restriction is very common across no deposit bonus casinos. The point is that nearly every platform has a policy on the maximum withdrawal sum. In addition, there is also a “max win condition” for free bonuses. That is, even if today the player is fortunate and lands an impressive pot of prize money, a part of it may be annulled. On average, UK gambling sites settle this restriction at the mark of 50-100 GBP.

Wagering Burdens of Casino No Deposit Bonuses 

Free entertainment is a promotional offer that is designed to show players what opportunities they miss if they do not play. Yet there is a limiter that is hidden in the terms of zero investment bonuses, namely a wager (also called playthrough or turnover). In fact, this is a condition that gamblers must fulfill in order to withdraw their monetary profits from no deposit bonus codes.

Usually, the size of the wager is x35. This means that after receiving £100 as a free reward, a person has to wager £3500 to redeem what is won. Of course, it is unlikely that a budget player will be able to beat the wager and collect their winnings, at least not in full. That is exactly what it is designed to do – to interest the player and motivate him to make the required number of bets.

No Deposit Casino Bonus Validity Period 

Another aspect revealed by gambling experts is the time limit. No-charge bonuses are rare propositions, so it is not surprising that they have limitations. The thing is, the time for using them may be just 1-2 days, and often players do not notice the remark that the casino bonus with no deposit pledges has to be claimed and used before the timer expires. What’s more, fulfilling wagering requirements might also be included in the timeframe. This has a significant impact on morale and can be depressing. That is why it is important to know about the expiration dates of free bonuses.

No Deposit Bonus Codes Are for Specific Games

Not all fans of online gambling from the United Kingdom know about the restrictions of entertainment associated with NDB codes. The fact is that such promotions are often tied to precise slots, and their RTP rate is rarely above 95%. The chance of succeeding in such games is a bit low, but it is there. The combination of a low chance of winning and time limits can lead to a deterioration in the player’s mood and general state. However, it is worth remembering that this is just entertainment. 

Summary of Casino No Deposit Bonuses 

Free incentives are what attract new players the most. However, few of them pay attention to the wagering requirements, time limits, and the maximum withdrawal amount. These are very important aspects. Experts of the gambling portal cardmates.co.uk recommend to always keeping them in mind and check before using the bonus code/offer. This will allow them to get the maximum benefit with a full understanding of the conditions.

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No Deposit Casino Bonus: Hidden Terms to Look Out For 

In today’s business environment, where speed, precision, and efficiency are crucial for success, automated packaging is not just a trend; it’s a significant change that is transforming the global supply chain.

Companies, ranging from manufacturers and e-commerce giants to food producers and pharmaceutical firms, are increasingly adopting smart systems that offer capabilities beyond just packaging goods. Nowadays, automated packaging solutions take care of everything from measuring and wrapping to labeling, sorting, and palletizing. They operate smoothly and continuously, requiring very little human involvement.

As digital transformation speeds up in various industries, let’s take a look at how this surge of automation is changing packaging, improving logistics, and driving businesses toward a more connected and responsive future.

What is Automated Packaging?

Automated packaging basically means using machines and digital systems to take care of different packaging jobs with little to no manual work involved. These systems are capable of handling complex, repetitive, and time-consuming tasks like:

Filling containers with precise amounts of product
Wrapping, boxing, and sealing goods
Printing and applying labels
Sorting packages by destination
Palletizing finished products

Modern packaging automation is effective not only because of mechanical precision but also due to smart integration. Today’s systems often rely on sensors, robotics, and artificial intelligence. This technology allows them to operate more quickly, adjust to shifting production needs, and connect with larger logistics and inventory systems.

Why the Shift? Key Drivers Behind the Adoption

There are a number of strong reasons why companies are moving towards automated solutions in their packaging processes:

1. Rising Labor Costs and Workforce Challenges

With rising global labor costs and noticeable workforce shortages, especially in physically demanding jobs, companies are looking for dependable alternatives. Automated systems offer a reliable workforce that doesn’t need breaks, shifts, or holidays. They also help reduce the risks that come with hiring, training, and keeping large teams of manual workers.

2. Speed and Scalability

E-commerce has really ramped up the pressure on companies to get orders out more quickly. These days, consumers generally expect to receive their orders either the same day or the next day. In today’s fast-paced world, delays in packaging can really make a difference. Automated packaging lines can quickly scale operations, adjust to order increases, and fulfill demand while maintaining accuracy and quality.

3. Technological Advancements

Now that automated packaging technology has become more advanced and easier to access thanks to the growth of robotics, AI, machine learning, and IoT devices. What used to be a solution for large companies is now accessible to medium-sized and even smaller businesses.

These machines are equipped with programmable logic controllers (PLCs), real-time data analysis, and predictive maintenance features, allowing them to not only perform tasks but also optimize them as they go.

The Power of Consistency and Standardization

In typical packaging processes, human involvement can lead to inconsistencies. Errors can quickly add up, especially when you’re under time pressure, whether it’s due to inconsistent folds and seals or misapplied labels. This is an important issue for industries where precision really matters—like pharmaceuticals, electronics, cosmetics, and food products.

Automated packaging systems get rid of this variability. After they are set up, these systems operate according to their programmed instructions with almost flawless precision. The outcome is a consistent product display and improved adherence to quality control standards.

In sectors that have strict health and safety guidelines, automation is not just an advantage anymore; it’s becoming essential.

Minimizing Human Error, Maximizing Accuracy

When it comes to manual packaging, especially if it’s repetitive or physically demanding, mistakes are likely to happen. A worker could forget to put on a label, seal a package the wrong way, or put an item in the incorrect box. Even minor mistakes can result in expensive outcomes, such as:

Product recalls
Shipping delays
Customer dissatisfaction
Legal liabilities

Automated packaging significantly lowers these risks by utilizing sensors and pre-set routines to make sure every step is carried out properly. Machines can quickly spot issues like incorrect weights, misaligned barcodes, or missing parts. They can either fix the problem themselves or notify a technician before it gets worse.

In a busy production line, this can really impact whether you meet a delivery deadline or miss out on a big contract.

Real-Time Monitoring: A Window Into Efficiency

A notable aspect of today’s automated packaging technology is how it incorporates real-time data monitoring. These systems are not just running on autopilot; they constantly evaluate their performance and make adjustments as needed.

Picture a packaging line that can sense when there’s a slowdown because of material shortages and automatically alerts the supply team. Or think about a system that recognizes a sudden increase in order volume and adjusts its processing speed on its own to keep everything running smoothly. That’s what real-time visibility can do.

This data-driven approach offers several benefits, such as:

Spotting bottlenecks before they turn into major issues
Anticipating maintenance requirements before any breakdowns happen
Looking at production trends to make better decisions
Minimizing downtime and boosting production

Operations managers can keep an eye on performance from anywhere with smart dashboards and cloud connectivity. This makes it easy to oversee operations remotely and respond quickly, even for global supply chains.

Rethinking Labor: A Changing Workforce Landscape

Automation does decrease the need for manual labor in some positions, but it’s definitely not a job killer. Instead, it’s changing the workforce in significant ways.

With machines handling repetitive or physically demanding tasks, companies are putting more money into:

Training and upskilling: Employees are learning how to operate, troubleshoot, and maintain automated systems.
Technical roles: More and more companies are looking for skilled technicians, machine operators, data analysts, and engineers.
Cross-functional teams: Employees are getting more involved in various roles, collaborating across production, IT, and logistics.

This change allows companies to enhance efficiency while also providing greater job satisfaction and career opportunities for their employees.

Integration Across the Entire Supply Chain

Packaging is not just an isolated task. It’s an important part of the supply chain, and when automated systems are integrated with larger enterprise platforms, the outcomes can be game-changing.

By combining automated packaging with:

With inventory management systems, companies can pack items in real-time according to the stock they have on hand.
Order management software and systems can tailor packaging according to order profiles, including various labels, inserts, or packaging materials.
With logistics platforms, businesses can automatically create tracking labels, shipping manifests, and improve their routes.

The outcome? A supply chain that works together effortlessly, allowing data to move easily from order to packaging to delivery. This helps cut down on mistakes, speeds things up, and boosts customer satisfaction.

Environmental Impact: Less Waste, Smarter Use of Resources

Automation has an unexpected impact on sustainability. Today’s machines are built to:

Try to use less packaging materials to reduce waste.
Carefully measure the precise amounts of adhesives, wraps, and fillers.
Adjust box sizes for every shipment to minimize void fill and lower dimensional weight charges.

Smarter packaging leads to smaller parcels, which use fewer resources and allow for more efficient transportation. This results in lower carbon emissions and a reduced environmental impact.

Some advanced systems actually suggest sustainable options for packaging materials, helping companies meet their green goals and compliance needs.

Use Cases: Where Automation is Already Making a Difference

Here are some real-world examples of industries that are gaining from packaging automation:

1. E-commerce Fulfillment Centers

Online retailers are some of the largest users. With high order volumes, tight delivery windows, and frequent product turnover, there’s a real need for quick and accurate packaging solutions.

2. Food and Beverage

Since hygiene and freshness are really important, automation plays a key role in keeping things clean while also increasing efficiency. Smart packaging can track expiration dates and update labeling as needed.

3. Pharmaceuticals

In this sector, precision, traceability, and compliance are absolutely essential. Automated packaging makes sure that each pill bottle or blister pack is labeled correctly and is tamper-evident.

4. Electronics

Delicate components need to be handled with care. Automated systems can use anti-static packaging and carefully secure products.

What the Future Holds

The future of automated packaging is closely linked to the overall progress in technology. In the next few years, we can look forward to seeing:

Increased application of machine learning to enhance workflows
Using vision systems for quality inspection and making decisions
Collaborative robotics, or cobots, are designed to work alongside human workers.
Packaging solutions that you can customize, powered by AI-generated templates.

With the rise of 5G and edge computing, packaging systems are set to become more responsive and smart, allowing for real-time communication throughout global logistics networks.

Final Thoughts

Automated packaging isn’t just something from the future; it’s something businesses need right now to succeed in today’s competitive and high-demand markets. It boosts speed, reduces errors, improves consistency, and changes the packaging process from a hindrance into a valuable asset.

Companies can enhance productivity and create supply chains that are not only quicker but also more intelligent by utilizing advancements in robotics, data, and integration.

If you’re managing a warehouse, running a factory, or just looking to improve your e-commerce operation, using modern packaging solutions can really make a difference for you.

As systems get more affordable and scalable, even small businesses can take part in the revolution.

Read more:
How Automated Packaging is Revolutionizing Supply Chains

A lot of the world’s economy takes place online in the 2020s, with countless online-only businesses springing up every day.

However, recent data shows that the Great British High Street is set to make a return, which means business owners need to properly care for their physical locations. Protection is essential, which is where rolling shutters come in.

And it doesn’t end with retail, there are a wide variety of different business settings where rolling grilles are the perfect choice. If you’re unfamiliar with these kinds of entry systems, this blog will illuminate the settings where they can be particularly useful. The piece will also highlight what you need to look for from rolling shutter doors, so you can feel confident when browsing for installations.

Retail roller shutters

As alluded to above, retail stores are one of the most relevant locations for rollers. Having good roller shutters in place can deter potential vandals or thieves on sight, along with making it much harder to practically break in. These shutters also protect windows and fronts from weather conditions.

The same can be said for restaurants, bars and cafes.

Warehouses and storage facilities

As warehouse theft is something that many operators are concerned about in today’s economy. Business shutters can be used in these settings much like retail to reduce the risk of thefts and crime, while protecting against the elements. They can also be a good tool for maintaining internal temperatures, essential for sensitive goods storage and logistics. The best rolling industrial doors will also aid efficiency, allowing for high-speed entries and exits.

Specialist industrial units and factories

Rolling shutters are a great installation for many different specialist industrial sites, such as:

Pharmaceutical
General manufacturing
Food storage & hygiene
Environmental research facilities
Automotive workshops/garages
Agricultural sites and buildings

Of course, they can be used to protect raw materials, machinery and products from opportunist thieves, but they also offer some more industry-specific benefits. They offer good ventilation, making them a safer choice for industrial sites with a variety of materials and chemicals in the air. The best rolling shutters will include opening and closing safety features, ideal for fast-paced production sites.

What to look for in rolling shutters

There are plenty of suitable homes for shutters, but it’s also important to seek out the best ones possible. Not all rolling industry doors are created equal.

Quality materials & reinforcements

Make sure to seek out shutters made from aluminium and steel, as these will offer the most security while also being lightweight and practical. It’s also wise to look out for wind load resistance, especially if working near the coast or in a mountain facility.

Compact design

Rolling shutters are meant to maximise headroom and hall space, so make sure you choose an installation that keeps this use requirement in mind.

Spring technology and operation options

You should consider the operational options of the doors you go for. The right supplier should offer both operated openings and manual, with the former allowing for the latter when necessary. Tension spring technology is a good keyword to look out for in descriptions.

Safety features

Look for models that come with safety features built right into their construction, ensuring opening and closing is always a secure experience. DIN EN 12453 compliance is a good metric to consider.

Above all, seek out a reputable manufacturer or supplier. By choosing a brand with a strong reputation for creating quality rolling shutters, tailoring solutions and offering long-term maintenance, you can ensure your investment is both wise and protected. The savings you could make with a good installation also mean it’s wise not to just choose the cheapest option possible.

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Business Settings that Need Rolling Shutters

The University of Hull has announced the launch of Railwhere, a new spinout company set to transform the freight industry by helping rail operators cut costs, reduce emissions, and deliver goods more efficiently.

Developed from seven years of cutting-edge research at the University’s Logistics Institute, Railwhere combines operational insight with award-winning software to support a greener, more competitive rail freight sector.

Built in collaboration with industry partners including Network Rail, Freightliner, and Lampada Digital Solutions — a subsidiary of the University — the technology offers real-time, data-driven solutions for route optimisation and fuel efficiency.

Barrie Louw, Director of Railwhere, said the new company would provide “transformational technology” to a sector undergoing significant change: “We build intuitive software that empowers the rail freight industry to plan smarter, operate cleaner, and make better-informed decisions. In a time of economic uncertainty and environmental challenge, accurate, fast and accessible analysis is more essential than ever.”

Railwhere is the latest example of successful university-industry collaboration, with its software already delivering measurable results. Working alongside Innovate UK, Aether Limited, and the University of Derby, Railwhere’s platform helped Freightliner restructure the transport of quarried stone from the Mendips to London. The result? Shorter journeys, lower fuel costs, fewer emissions, and greater network efficiency.

The impact was recognised across the industry, with the project winning both the ‘Rail Freight Project of the Year’ and ‘Sustainability and Safety’ awards. Network Rail and Lampada were also named ‘Rail Team of the Year’ for their work on a train-weight optimisation tool used by network planners.

Professor Dave Petley, Vice-Chancellor at the University of Hull, called Railwhere a shining example of how research can translate into real-world impact: “Railwhere shows what can be achieved when business, education and research work in partnership. It reflects the University of Hull’s broader mission to drive innovation, extend enterprise and tackle complex challenges like sustainability head-on.”

Railwhere aims to build on its success in the UK by further developing its strategic partnerships and expanding its reach into the rail freight sector, where decarbonisation and digital transformation remain top priorities.

With its focus on sustainability, efficiency and collaboration, Railwhere is positioned to become a key player in shaping the future of low-carbon logistics.

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University of Hull launches Railwhere to drive innovation in rail freight efficiency

The Bank of London, a once high-profile fintech start-up that claimed unicorn status just four years ago, has revealed it is under investigation by the Bank of England’s Prudential Regulation Authority (PRA) and is facing questions over its long-term viability.

In long-delayed accounts for 2023, the clearing bank disclosed that the PRA is examining “certain historical matters” at the business and has placed it under “enhanced regulatory supervision” due to shortcomings in its financial and regulatory reporting. The bank’s external auditor, EY, issued a qualified opinion over concerns linked to the valuation of a staff share option scheme.

The revelations cap a turbulent period for the Bank of London, which was forced to slash its workforce by nearly half last year amid a severe funding crisis. Despite securing a £52.1 million capital injection led by Mangrove Capital in August 2023 — followed by a further £3.7 million — the company has warned of “material uncertainty” around its future funding, raising concerns over its status as a going concern.

The bank burst onto the scene in 2021 with lofty ambitions to disrupt the UK’s banking infrastructure and clear transactions more efficiently. It became only the second new clearing bank to launch in Britain in 250 years and claimed a valuation of $1.1 billion, backed by investors who granted it unicorn status.

High-profile names such as Lord Mandelson, now UK Ambassador to the US, and Harvey Schwartz, current chief executive of private equity giant Carlyle, held directorships. Both stepped down last October amid a broader boardroom shake-up triggered by the firm’s funding troubles. Founder Anthony Watson, who previously served as chief executive, also exited the business.

The bank’s workforce, which once numbered close to 200, now stands at around 100 following a restructure led by new CEO Christopher Horne.

A spokesman for the Bank of London confirmed that the PRA’s investigation relates to events before Mangrove’s takeover and that the business is fully cooperating with regulators. The PRA declined to comment.

Despite the scrutiny, the bank insists it has entered a new phase of stabilisation. A further £25 million commitment from Mangrove Capital investors has recently been secured, and the company claims it has “embarked on a comprehensive transformation”, including a new governance framework and reconstituted board aimed at restoring confidence.

The bank also faced questions last September after it was revealed that HM Revenue & Customs had filed a winding-up petition over unpaid tax. That issue has since been resolved.

Pre-tax losses at the Bank of London totalled £12.4 million in 2023, following a £12.8 million loss the previous year.

Once touted as a major challenger in the UK’s banking landscape, the Bank of London now finds itself navigating regulatory scrutiny, investor uncertainty, and reputational damage. Whether its latest leadership overhaul and fresh capital injections are enough to steady the ship remains to be seen.

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Bank of London under investigation by PRA amid financial uncertainty and governance overhaul

The number of UK employers voluntarily paying the higher Living Wage has risen by 19% over the past year, despite signs of a cooling labour market and pressure from statutory wage increases.

Figures from the Living Wage Foundation show that 16,040 employers are now accredited as paying the voluntary Living Wage — a rate set higher than the government’s statutory minimum. That’s up from just over 13,400 a year ago, with private sector companies, public bodies and charities all committing to higher wages for their lowest-paid staff.

The voluntary rates currently stand at £12.60 an hour across the UK and £13.85 in London, significantly above the £12.21 statutory minimum wage introduced in April for workers aged 21 and over. In the capital, this means Living Wage employers pay 13% more than the legal minimum, and 3.2% more across the rest of the UK.

The wage rates are set annually by the Resolution Foundation and overseen by the Living Wage Foundation, based on the real cost of living rather than government policy.

Among the businesses paying the Living Wage are major brands such as Ikea, Fred Perry, and Aviva. A study conducted by Cardiff Business School for the Living Wage Foundation found that employers adopting the scheme often reported “modest but positive” benefits, including improvements in reputation, staff retention, and people management.

Katherine Chapman, Director of the Living Wage Foundation, said the figures were encouraging: “Despite uncertain economic times, the Living Wage movement continues to grow across a range of sectors. It shows what’s possible when civil society and business come together to drive up standards and create work that works for everyone.”

Of the 2,830 organisations that signed up in the year to May, 1,751 were from the private sector, indicating sustained appetite for fair pay despite economic pressures.

The increase comes at a time when wider labour market indicators show signs of softening. According to the Office for National Statistics (ONS), wage growth slowed to 5.6% in the three months to March, down from 5.9% in the previous quarter. Meanwhile, unemployment rose to 4.5%, and the number of payrolled employees fell by 106,000 over the past year to 30.3 million. Job vacancies dropped by 42,000 to 761,000 — well below their pandemic-era peak of 1.3 million in early 2022.

The statutory minimum wage saw a 6.7% rise in April, part of a series of above-inflation increases, prompting concern among some businesses about affordability. However, the continued growth in voluntary Living Wage adoption suggests that many employers remain committed to offering more than the legal minimum.

With inflation falling and attention turning to real-terms income growth and workplace quality, the voluntary Living Wage is increasingly seen as a tool for employers to differentiate themselves — especially in sectors grappling with recruitment and retention challenges.

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Living Wage employers rise 19% as more businesses commit to higher pay

Fossil fuel giants, luxury travel users, and shareholders profiting from polluting industries could be forced to contribute directly to climate resilience measures under a new bill to be introduced in Parliament on Thursday.

The Climate Finance Fund (Fossil Fuels and Pollution) Bill, tabled by Labour MP Richard Burgon, calls for the creation of a dedicated fund to finance flood defences, home insulation programmes, and other climate-related protections. It proposes new levies on oil and gas firms, capital gains and dividends from polluting industries, and high-emission luxury activities including superyachts and private jets.

“Fossil fuel giants have driven us to the cliff edge of climate catastrophe,” said Burgon. “They’ve made obscene profits while millions suffer the consequences. It’s only right that those most responsible for the crisis fund the urgent climate action needed, both at home and abroad.”

Though the bill stands little chance of becoming law as a private member’s motion, it marks the start of a broader campaign inside and outside Parliament to mobilise public and political support for a “polluter pays” approach to climate finance.

The proposal comes amid mounting concerns over the politicisation of net zero policy, particularly following the local electoral success of Reform UK, which has openly criticised climate initiatives as unfair to lower-income households. Yet polling commissioned by Global Witness and conducted by More in Common suggests significant cross-party support for making major polluters contribute more.

According to the survey, two-thirds of UK adults are concerned about increasing damages from climate change, and 70% of Reform-leaning voters support higher taxes on fossil fuel firms and other high-emitting businesses.

Flossie Boyd, senior campaigner at Global Witness, said the findings challenged assumptions about climate scepticism: “Despite Reform leaders’ vocal opposition to climate action, the poll reveals most Reform-leaning voters are worried about climate change and want to see the firms and individuals most responsible taxed more.”

The bill also proposes the removal of fossil fuel subsidies, and would expand existing taxation frameworks to include dividends, capital gains, and luxury emissions. These funds would be ringfenced for domestic and international climate adaptation efforts, such as preparing communities for flooding, extreme weather events, and rising sea levels.

Louise Hutchins, campaigns director at Stamp Out Poverty, said: “There’s huge public support for making big polluters pay up for the climate damage they’ve caused. When five oil and gas corporations made over $100 billion in profits in 2024, it’s time ministers started looking to those responsible.”

The push for a dedicated climate damage fund comes as the UK government faces key decisions about future climate finance commitments, both domestically and internationally. While Chancellor Rachel Reeves has reaffirmed her government’s commitment to net zero, the path to paying for it — and who foots the bill — remains politically charged.

With growing voter appetite for fairer funding mechanisms and sustained pressure from civil society groups, the “polluter pays” campaign may yet gain further political traction in the run-up to the next general election.

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MP launches bill to make polluters pay for climate damage and resilience