Business

Revolut has pledged to invest £3 billion in the UK over the next five years in a move that will create 1,000 new jobs, strengthening the country’s status as a hub for global financial services.

Chancellor Rachel Reeves hailed the announcement as a “vote of confidence in Britain” as she formally opened the fast-growing digital bank’s new global headquarters in Canary Wharf.

Nik Storonsky, chief executive and co-founder of Revolut, said the London hub would be central to the company’s ambitious growth plans. Revolut now serves 65 million customers worldwide, with Storonsky targeting 100 million in the near future. The UK investment forms part of a wider £10 billion global programme to create 10,000 jobs over five years.

Founded in 2015, Revolut already employs more than 10,000 people globally, with 1,300 in London. Its latest secondary share sale reportedly values the firm at $75 billion — potentially making it worth more than established UK banks such as Barclays or NatWest.

The fintech offers an expanding suite of services including international money transfers, credit and debit cards, cryptocurrency trading, and share dealing. It has 12 million UK customers and is seeking approval to operate as a fully licensed UK bank. Storonsky said “rolling out our UK bank” was his top priority, with international expansion also on the agenda through a banking licence in Mexico and a planned launch in India.

Reeves noted that the commitment comes during a wave of investment announcements from global financial giants, with over £110 billion pledged to Britain in the past week by Blackstone, BlackRock, and PayPal.

“The UK is well and truly open for business under this government,” Reeves said. “Through our Leeds Reforms we’re making Britain the best place for financial services companies to do business, pushing us ahead in the global race for investment and putting more money in people’s pockets.”

Analysts predict Revolut will sustain 50% revenue growth into 2025–26, with Bloomberg Intelligence’s Tomasz Noetzel describing its latest rise in customer numbers as “a wake-up call for traditional banks.”

Read more:
Revolut commits £3bn UK investment, creating 1,000 jobs in major fintech expansion

HM Revenue & Customs has relaunched a controversial scheme giving it the power to take money directly from people’s bank accounts – including cash Isas – if they repeatedly fail to pay their tax bills.

Under the Direct Recovery of Debts (DRD) programme, banks and building societies will be forced to hand over cash owed to the taxman from anyone with debts of at least £1,000. Taxpayers will be allowed to keep a minimum balance of £5,000 to cover essentials, but anything above that can be seized once the 30-day appeal window has passed.

The scheme, first introduced in 2015, was paused during the pandemic but has now been relaunched in a “test and learn” phase after Chancellor Rachel Reeves granted HMRC the authority in her March 2025 Spring Statement.

Officials say the crackdown will target those who can afford to pay but refuse, with a particular focus on self-assessment taxpayers – such as the self-employed, landlords and those earning significant investment income. HMRC staff will visit debtors in person before any cash is taken.

Critics have branded the powers “draconian”. Dawn Register, tax dispute resolution partner at BDO, said: “Given the pressure on public finances, it’s clear HMRC is determined to get tougher on those who can pay but don’t pay. The relaunch of this draconian power underlines how important it is not to stick your head in the sand and ignore HMRC demands.”

The move comes as HMRC faces a mountain of unpaid liabilities. The latest figures show £42.8bn in unpaid tax – far higher than before the pandemic – with the Government aiming to claw back an extra £11bn by 2030. To do so, HMRC has invested £630m in debt recovery, including hiring 2,400 new enforcement staff.

While the Treasury insists safeguards will prevent overreach, campaigners warn the policy risks hitting taxpayers hard at a time when household finances are already under strain.

Read more:
HMRC handed ‘draconian’ new powers to raid bank accounts and Isas of tax dodgers

JD Sports has warned Rachel Reeves against any fresh hikes in employment costs, saying further increases would cripple competitiveness and drive youth unemployment higher.

Chief executive Régis Schultz said the Chancellor’s last budget had already piled pressure on retailers by raising staff expenses, creating “tension around unemployment”. He urged Reeves not to repeat the move in November’s Budget.

“We’re starting to see unemployment going in the wrong direction and that is really worrying, especially for us, because the young customer is the first one to be impacted,” he told The Times.

The FTSE 100 retailer reported a 13.5% fall in first-half profits, weighed down by weakness in the US market, where it faces both consumer caution and uncertainty over Donald Trump’s new tariffs. Still, JD stressed the impact of tariffs would be limited in the short term, with less than 10% of its American sales directly exposed.

Group-wide sales climbed 18% to £5.9bn in the six months to August 2, as demand for “running silhouette” trainers fuelled growth, with brands such as Hoka, On Running and Adidas Evo among top sellers. Operating profit dipped 8.2% to £369m, though statutory pre-tax profit rose to £138m thanks to a bounce from last year’s one-off hit in Derby.

JD said it expects to hit full-year targets despite “continued pressure on consumer finances, elevated unemployment risk, and the ongoing transition in the footwear cycle.” Schultz added that younger shoppers were still spending: “If the product is good, the price is not an issue.”

The UK’s biggest sportswear retailer has been through a turbulent period, with shares falling 42% in the past year amid a slowdown in athleisure and supplier problems at Nike. Still, Schultz said he believes Nike “still has the magic” and JD is betting big on the global running boom to drive Christmas sales.

Read more:
JD Sports warns Reeves: stop driving up job costs as profits slide and youth unemployment rises

Manufacturers supplying Britain’s defence, automotive, aerospace and construction sectors have warned that businesses will collapse after government-approved energy charges are set to double.

From October 1, standing charges and levies on industrial electricity bills will begin to rise sharply, with the full increase landing in April. Energy brokers said non-commodity costs – the fees for using the grid and funding subsidies – will make up as much as 65% of firms’ total bills, regardless of how much electricity they consume.

For a company paying £300,000 a year for power, standing charges will jump from £32,000 to £64,000. Businesses will also be hit with a new levy from November to fund construction of the Sizewell C nuclear plant.

The Confederation of British Metalforming (CBM) warned the hikes would wipe out firms already under strain. Stephen Morley, the group’s president, said: “We will end up getting to net zero by having no industry. We will lose companies over this, without a doubt. They cannot afford this increase.”

While heavy industries such as steel and ceramics benefit from the Energy Intensive Industries subsidy, thousands of other firms in heat treatments, forgings and sheet metal manufacturing are excluded. Those businesses form crucial links in national supply chains but are left shouldering costs that subsidise competitors.

Tim Jewitt, who runs Sheffield-based Footprint Tools – the UK’s last dedicated drop forge for hand tools – said his bills had nearly doubled even before the hikes. “Sixty per cent of our energy costs are not paying for electricity itself. That is wrong. This is driving manufacturing offshore and making us uncompetitive globally,” he said.

The government insists the charges are necessary to fund vital grid upgrades and secure Britain’s energy future. A spokesperson said: “We are protecting energy-intensive businesses from volatile fossil fuel markets. The only answer is clean, homegrown power to bring down bills for good.”

But brokers say the shock increase has been poorly communicated. “This has been dropped as a bombshell,” said Liam Conway of Greenfields Energy Group. “Businesses are left asking what costs they’ll have to bear before they see any benefit.”

Without action, ministers themselves concede more closures are inevitable. A consultation on the so-called British Industrial Competitiveness scheme is due, but details remain scarce.

Read more:
‘Companies will go bust’: metal industry warns Reeves as energy fees double

The Department of Health and Social Care (DHSC) has spent more than £3.6 million on laptops, tablets, and mobile phones over the past three years as part of its push to modernise remote working and support digital transformation across the sector.

Figures obtained through a Freedom of Information request show the department dramatically increased its IT spending between 2022 and 2024, with the bulk of the funding directed towards laptops. The spend rose from just over £530,000 in 2022-23 to a peak of £2.8 million in 2023-24, before falling back to £248,000 in 2024-25.

Of the total investment, £3.1 million was used for laptops, £380,000 for mobile phones, and £91,000 for iPads. The surge in laptop purchases was the key driver of the increase, rising from around £500,000 in 2022-23 to £2.63 million the following year.

The spending spree came ahead of the government’s Spending Review 2025, which pledged up to £10 billion by 2028-29 to modernise the NHS and social care, strengthen the workforce, and accelerate digital transformation.

Sachin Agrawal, UK managing director at Zoho, welcomed the investment, saying: “Equipping employees with modern technology is essential not only for collaboration and agility, but also for building lasting resilience across the sector. By prioritising digital infrastructure, organisations can strengthen operational effectiveness and contribute to the UK’s broader ambitions in digital transformation and responsible AI adoption.”

The department’s investment reflects a broader government strategy to embed technology more deeply into health and social care services, with the aim of improving efficiency and supporting long-term innovation.

Read more:
Health Department Spends £3.6m on Remote Working Devices to Boost Digital Transformation

Small and medium-sized enterprises (SMEs) across the UK are facing an increasingly crowded marketplace, where standing out and connecting with customers is more challenging than ever

With shifting consumer habits and rapid advances in technology, business leaders must rethink how they approach marketing and customer engagement to drive sustainable growth and stay ahead of the competition.

How SMEs Can Stand Out in a Crowded Marketplace

For SMEs, visibility is often the first hurdle to overcome. Traditional advertising alone rarely cuts through the noise, especially as consumers become more selective about the brands they engage with. The key lies in finding creative ways to reach target audiences, whether through content, partnerships, or exploring new channels. In today’s competitive market, SMEs can significantly enhance their visibility and customer engagement by adopting comprehensive digital marketing strategies that integrate multiple channels and technologies effectively. By combining social platforms, search engine presence, and targeted outreach, businesses can build a cohesive brand story that resonates with their ideal customers.

Responsible Marketing for Niche Audiences

As SMEs diversify their outreach, it’s essential to balance innovation with responsibility. Businesses exploring niche advertising options like UK online casinos not on GamStop can learn valuable lessons about targeting specific customer segments responsibly. The focus should always be on understanding the needs and preferences of each audience, ensuring that messaging is relevant and respectful. This approach not only builds trust but also helps businesses avoid the pitfalls of overexposure or misaligned campaigns. By being selective and thoughtful in their marketing choices, SMEs can foster deeper connections and long-term loyalty among their customers.

Using Technology to Gain Customer Insights

Modern marketing is as much about listening as it is about speaking. Tools that gather and analyse customer data have become indispensable for SMEs aiming to personalise their outreach and refine their offerings. For instance, companies monitoring customer trends, including those in sensitive sectors such as UK online casinos not on GamStop, have found AI tools invaluable for tailoring responsible customer engagement strategies. By leveraging these insights, SMEs can anticipate shifts in demand, identify emerging opportunities, and respond quickly to feedback—turning raw information into actionable business intelligence.

How Consistency and Compliance Build Trust

Trust remains the cornerstone of any successful business relationship. For SMEs, this means delivering consistent value and maintaining high standards in every interaction. Navigating regulatory requirements is also crucial, especially as rules evolve in response to new technologies and market dynamics. Some sectors, like UK online casinos not on GamStop, face particular scrutiny and must develop robust compliance frameworks—lessons from which all SMEs can draw when managing regulatory risk. By prioritising transparency and ethical practices, businesses not only protect themselves but also strengthen their reputation in the eyes of customers and partners alike.

What the Future Holds for UK SMEs

The landscape for UK SMEs is dynamic, demanding agility and a willingness to adapt. By embracing smarter marketing strategies, harnessing the power of technology, and upholding the highest standards of responsibility, business leaders can unlock new avenues for growth. The journey may be complex, but those who invest in understanding their customers and building genuine relationships will be best placed to thrive in the years ahead.

Read more:
How SMEs Can Unlock Growth With Smarter Marketing and Customer Engagement

Patrick S. Fragel is a seasoned criminal defence lawyer based in Traverse City, Michigan. With more than 25 years of experience, he has become a respected voice in Michigan’s legal community.

His journey began long before his time in the courtroom. As a United States Army veteran, he carried with him a strong sense of discipline, resilience, and focus—qualities that would shape his legal career.

Fragel began his legal work as a prosecutor. This early role gave him insight into how the state builds its cases. Yet it also revealed the imbalances that defendants often face. Driven by a sense of fairness, he chose to become a defence attorney. “When you sit on the prosecutor’s side, you see how much leverage the state has,” he explains. “I decided I wanted to use my experience to balance that scale.”

Over the years, Fragel has guided countless clients through Michigan’s complex legal system. His firm, Patrick S. Fragel, Attorney at Law, P.C., is known for approaching every case as if it were going to trial. He has secured numerous acquittals and “not guilty” verdicts, earning him recognition as one of the state’s leading defence attorneys.

Outside of work, Fragel is committed to maintaining physical and mental stamina. He is an avid runner, having competed in the Marquette Half-Marathon and local 5K races, and uses weightlifting to stay sharp. His approach to both life and law is grounded in preparation, fairness, and endurance.

In Conversation with Patrick S. Fragel: Discipline, Defence, and Fairness

Q: You began your career in the Army before entering the legal world. How did your military service shape you as a lawyer?

A: The Army taught me how to stay calm under pressure. In the field, you don’t have the option of panic—you focus, you act. That same mindset is crucial in the courtroom. Trials can be unpredictable, but if you remain steady, you can make clear decisions even when the stakes are high.

Q: After your service, you became a prosecutor. What drew you to that side of the law at first?

A: As a young lawyer, prosecution felt like the natural starting point. You’re representing the state, learning how cases are built. It gave me a strong foundation in procedure and strategy. But over time, I realised defendants were often outmatched. The state has resources and leverage that the average person doesn’t. That imbalance is what pushed me to move into defence.

Q: What was the biggest shift in mindset when you transitioned to defence work?

A: It was about perspective. As a prosecutor, you see the evidence through the state’s lens. As a defence lawyer, you look for the gaps, the overlooked details, the human side of the case. It made me see justice differently. For me, it’s not just about punishment—it’s about fairness.

Q: With over 25 years of practice, what lessons stand out to you the most?

A: Preparation is everything. You can’t control every twist in a case, but you can control how ready you are. At my firm, we treat every case as if it’s going to trial. That mindset means you never cut corners, and it shows in the results.

Q: You’ve secured many acquittals and not guilty verdicts. What does success look like for you?

A: Success is when a client feels they’ve had a fair chance. Winning is important, of course, but so is making sure someone’s voice was heard, their side was presented fully, and they weren’t steamrolled by the system.

Q: Michigan’s criminal justice system is complex. What challenges do you see most often?

A: Consistency. Every courtroom is different, every judge is different. A strategy that works in one county may not work in another. You have to adapt constantly. That’s where experience comes in—it teaches you how to read the room, the case, and the system itself.

Q: Outside of law, you’re known for your running and weightlifting. How do those habits connect to your legal work?

A: Running clears my head. Weightlifting keeps me sharp. Courtroom work can mean long hours, high stress, and intense focus. Fitness gives me the stamina to keep going. It’s also a reminder that discipline is daily. Just like in law, you can’t expect results without putting in the work.

Q: What advice would you give to young lawyers entering criminal defence?

A: Don’t underestimate preparation, and don’t forget the people you represent. Every case is someone’s life. Remember that, and you’ll never lose sight of why this work matters.

Q: Looking ahead, what drives you to keep practising after decades in the field?

A: Every case is different, every client brings a new story. That’s what keeps me going. The stakes don’t get smaller, but the experience helps me handle them better. For me, this isn’t just a career—it’s a calling.

Read more:
Patrick Fragel on Balancing Fairness and Defence in Michigan

Small businesses are bracing for a major shake-up after it emerged the Treasury is considering slashing the VAT registration threshold from £90,000 to just £30,000.

The move, reportedly under review ahead of the November 26 Budget, would pull tens of thousands of sole traders and small firms into the VAT system for the first time, forcing them to charge customers more and deal with additional red tape.

The change is being examined as part of Chancellor Rachel Reeves’s hunt for up to £30bn in extra revenue following warnings from the Office for Budget Responsibility that Britain’s productivity outlook will be downgraded. The cut could deliver billions to the Exchequer by widening the tax net, but critics warn it risks hammering independent businesses already squeezed by high inflation, weak consumer demand and rising borrowing costs.

Analysts said the measure would be felt most sharply by small traders such as electricians, builders, hairdressers and consultants, many of whom deliberately keep their turnover just under the current £90,000 threshold to avoid registration. Lowering the bar to £30,000 would leave far fewer with that option, raising prices for customers and adding to paperwork burdens.

Business groups have previously described such a move as a “tax on ambition” that discourages growth. The Federation of Small Businesses has long argued that a steep drop in the threshold would trap fledgling companies in “VAT limbo,” where they must pass on higher costs but struggle to compete with unregistered rivals.

While the Treasury has refused to comment on “speculation” ahead of the Budget, insiders say the option is being modelled alongside other tax-raising ideas – including an extension of the freeze on income tax thresholds, levies on pensions, and even new duties on sugary snacks.

If Reeves proceeds, it would represent one of the most significant overhauls of VAT in decades, potentially reshaping the landscape for Britain’s 5.5 million small businesses.

Read more:
Reeves VAT bombshell: Small firms face £30,000 registration threshold in Budget shake-up

Britons could soon pay more for their favourite chocolate bars as Rachel Reeves’s Treasury scrambles to plug a gaping hole in the nation’s finances with up to £30bn in new tax hikes.

The Chancellor is under intensifying pressure after insiders admitted the Office for Budget Responsibility (OBR) is poised to downgrade productivity forecasts. That shift, expected to be unveiled ahead of the November 26 Budget, would blow apart her plans to balance the books and force a fresh wave of painful revenue-raising measures.

According to senior officials, the Treasury is now “frantically working” on options to fill the gap, which could mean breaking Labour’s manifesto promise not to raise income tax, VAT, or National Insurance. Together with last year’s £40bn tax raid, Reeves may soon preside over a staggering £70bn rise in the overall tax burden in just over a year.

Among the measures being floated is a levy on chocolate, crisps and sugary snacks – a move that would hit millions of households already battling the cost-of-living crisis. A fresh freeze on income tax thresholds, extended by another two years, could quietly drain £7.5bn more from pay packets. Pensioners also face the prospect of seeing more of their retirement income taxed, while small firms could be dragged into the VAT net if the registration threshold is slashed from £90,000 to just £30,000.

The Resolution Foundation, Labour’s favoured think tank, has urged Reeves to take exactly this approach, arguing such reforms could raise the vast sums needed while “levelling the playing field” between different forms of income. But critics warn it will feel like a betrayal to voters who were assured their incomes would be protected.

The backdrop to Reeves’s Budget dilemma is worsening by the week. The OECD has forecast the UK will suffer the highest inflation in the G7 this year at 3.5%, driven by soaring food costs, before easing slightly to 2.7% in 2026 – still the second highest in the group.

Meanwhile, fresh survey data from S&P Global showed growth in the private sector slowing to its weakest pace since May, with demand stalling and job cuts mounting. Economists said the figures should trigger “alarm bells” in Whitehall about the risk of stagflation – the toxic mix of high prices and low growth.

Speaking at the opening of Revolut’s new headquarters in London, Reeves admitted Britain had been the “laggard of productivity performance” since the financial crisis, but insisted Labour’s reforms would attract talent and investment.

Her political opponents were quick to pounce. Sir Mel Stride, the shadow chancellor, accused Reeves of “taxing Britain into stagflation”, warning: “Rachel Reeves seems to think the solution is yet more tax rises. The UK is now teetering on the edge of stagflation, all driven by Labour’s economic mismanagement. This should be a wake-up call: you can’t tax your way to growth.”

The clock is now ticking toward Reeves’s Budget day, with households, pensioners and even chocolate lovers braced for what could be the most punishing round of tax increases in a generation.

Read more:
Britain Faces ‘Chocolate Tax’ as Treasury Prepares £30bn Budget Raid

Gold has surged to a fresh all-time high, fuelling predictions it could break through the $4,000 mark before the end of the year.

The precious metal climbed to $3,778 per ounce this week, up 42% since January, while silver reached $42 per ounce – a gain of 45%. The rally has been underpinned by a combination of central bank buying, sticky inflation, geopolitical instability and concerns about equity market valuations.

JPMorgan forecasts gold could top $4,000 by the second quarter of 2026, but several analysts believe the landmark may be reached sooner.

Anita Wright, Chartered Financial Planner at Ribble Wealth Management, said momentum was strong: “There’s every chance the gold and silver momentum could carry further. Silver could climb toward the $50s per ounce by year-end, with gold testing the $3,800–$3,900 range. Investors are restructuring portfolios to include a higher weighting in gold and silver. For many, these metals are no longer simply ‘insurance policies’ but strategic allocations.”

Paul Williams, Managing Director at Solomon Global, added: “Gold has scaled yet another all-time high today and is in touching distance of $3,800, having hit dozens of records this year. In the past month alone, the price has risen by $400. With inflation fears, Fed rate cut expectations, a softening dollar and central bank accumulation, $4,000 by Christmas is a strong possibility.”

The rally has also sparked a rise in retail activity, with more households selling or borrowing against jewellery. Jim Tannahill, Managing Director at pawnbroker Suttons and Robertsons, said: “Now is an ideal time to cash in on old or unwanted items. Right now you’d receive almost 80% more than in September 2023. We’ve seen a sharp rise in people selling jewellery and using gold as collateral for loans.”

However, others warned of overheating. Samuel Mather-Holgate of Mather and Murray Financial said: “Precious metals are already at record highs and could be ripe for a correction. If geopolitical tensions flare, capital will flow into gold – but if stability returns, money could quickly move in reverse. It might be time to take profits rather than dive in.”

Eamonn Prendergast, Chartered Financial Adviser at Palantir Financial Planning, cautioned against “fear of missing out”, saying: “Gold glitters as uncertainty bites, but it should only ever be part of a diversified portfolio. It pays no dividends, so returns rely solely on price moves.”

Despite mixed views, market momentum remains firmly upward, leaving investors to weigh whether the rally is a bubble – or just the start of a new era for precious metals.

Read more:
Gold hits record high as analysts predict $4,000 milestone by Christmas