Business

Apple’s iPhone, Amazon and Virgin Atlantic have been named YouGov’s UK Advertisers of the Month for September, after each brand saw a sharp increase in consumer awareness of their advertising.

According to YouGov BrandIndex, which measures the percentage of consumers who have seen an advert for a brand in the past two weeks, all three brands posted significant gains in Ad Awareness during the month.

Amazon recorded the biggest uplift, rising from 26.5% on September 1 to 33.7% on September 25 — a gain of 7.2 percentage points. The surge followed the company’s UK Upfront event, which promoted new advertising formats across Prime Video and its growing retail media network.

The e-commerce giant also announced a landmark partnership with Netflix on September 10, allowing advertisers to buy inventory from Netflix’s ad-supported tier directly through Amazon’s demand-side platform (DSP). The tie-up marked a major step in Amazon’s ambitions to become a global hub for connected TV advertising.

Apple’s Ad Awareness score for iPhone jumped from 12.0% on September 9 to 21.5% on September 25, an increase of 9.5 points. The rise coincided with the company’s annual September product showcase, which unveiled the iPhone 17, iPhone 17 Pro, and the new iPhone Air, alongside updates to the Apple Watch Series 11, Apple Watch Ultra 3, and refreshed AirPods Pro.

The high-profile launch generated extensive cross-channel marketing activity, bolstered by cinematic advertising campaigns and sustained media coverage across the tech and lifestyle sectors.

Virgin Atlantic also saw a notable uplift in Ad Awareness, climbing from 7.9% on August 30 to 13.1% on September 25 — a rise of 5.1 points. The growth was driven by the airline’s latest LGBTQ+ campaign, “Free to Be Me”, created in partnership with Attitude magazine.

The campaign celebrated inclusion and self-expression among travellers, combining digital storytelling with branded content and social partnerships to reinforce Virgin Atlantic’s positioning as one of the most progressive brands in aviation.

Together, the three brands exemplified how major product launches, partnerships, and purpose-led campaigns can translate into tangible boosts in advertising visibility — even in a competitive and cluttered media landscape.

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iPhone, Amazon and Virgin Atlantic named UK advertisers of the month for September

The number of pensioners paying a punishing 60 per cent income tax rate has more than doubled in just three years, as frozen tax thresholds drag tens of thousands more older savers into higher tax bands.

New figures from HM Revenue & Customs show that around 77,000 people aged 66 and over fell into the “60 per cent tax trap” in the last tax year — up from 38,000 in 2021–22.

The steep rate applies to anyone earning between £100,000 and £125,140 a year. Within this band, individuals lose 60p of every extra £1 earned because the personal tax-free allowance of £12,570 tapers away once income exceeds £100,000.

The threshold has been frozen since 2010, and if it had kept pace with inflation, it would now stand at about £155,000. Analysts say this freeze — along with the broader “fiscal drag” caused by static tax bands — has pushed growing numbers of workers and retirees into punitive tax brackets.

Craig Rickman, personal finance editor at Interactive Investor, which obtained the data through a freedom of information request, said the figures expose “the punishing impact of the 60 per cent tax trap on older workers and pensioners”.

“More people work well into their late sixties now,” he said. “But there’s a real risk that ultra-high tax rates could push experienced workers out of the labour market — just when the economy needs their skills most.”

Under the rules, for every £2 of income over £100,000, taxpayers lose £1 of their personal allowance. The allowance is fully withdrawn once earnings hit £125,140. Combined with the 40 per cent higher-rate tax, this creates an effective marginal rate of 60 per cent.

For example, someone earning £100,000 who receives a £10,000 pay rise would pay £4,000 in income tax on the raise — but would also lose £5,000 of their personal allowance, adding a further £2,000 to their tax bill. In total, they would pay £6,000 — 60 per cent — on that additional £10,000.

The surge in over-65s facing high tax bills also reflects the growing number of retirees drawing larger sums from their pension pots. Withdrawals have risen sharply since Chancellor Rachel Reeves announced plans to bring pensions within the inheritance tax net from April 2027.

The Financial Conduct Authority said £70.9 billion was withdrawn from pensions accessed for the first time in 2024–25 — up 36 per cent from the previous year.

Tom Selby, director of public policy at AJ Bell, said: “Bringing pensions into inheritance tax increases incentives for wealthier pensioners to spend their money sooner. It’s likely a contributing factor to more retirees being dragged into the 60 per cent tax band.”

Tax thresholds have not risen since 2021, meaning pay increases are pulling millions more taxpayers into higher bands each year. The Office for Budget Responsibility has warned that if the freezes continue, 4.2 million more people will pay income tax by 2030, and 3.5 million more will become higher or additional-rate taxpayers.

The freezes are also hugely lucrative for the Treasury. The Institute for Fiscal Studies estimates they will raise £40 billion a year by 2027–28 — almost equivalent to a 4p rise in the basic rate of income tax.

Under current policy, thresholds will start rising again in 2028–29, but speculation is mounting that Reeves could prolong the freeze as part of her search for new revenue ahead of the November 26 Budget.

For many pensioners, that would mean yet more years in one of Britain’s most punishing — and politically explosive — tax traps.

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Number of pensioners caught in 60% tax trap doubles

Virgin Media O2 is set to become the first UK mobile network to offer customers automatic satellite connectivity in areas with no phone signal, after striking a deal with Elon Musk’s Starlink.

The new service, O2 Satellite, will launch in the first half of 2026, giving users coverage in rural and remote regions where terrestrial masts are unavailable. The company said smartphones compatible with the technology would automatically connect to satellites when no mobile signal is detected.

While Virgin Media O2 has yet to reveal pricing, the service will be offered as an optional monthly add-on rather than a standard feature.

Initially, O2 Satellite will only support messaging, maps and location apps. Phone calls made via normal mobile networks will not work over the satellite connection, as Starlink’s current generation of satellites does not support voice. However, WhatsApp calls and other data-based communication apps may function, with O2 confirming it will run trials before the public rollout.

Luke Pearce, a telecoms analyst at CCS Insight, said the technology could prove transformative for consumers and businesses.

“In today’s world, connectivity is no longer optional,” he said. “Whether it’s emergency SOS in life-saving situations or keeping software-defined vehicles online, people now expect constant access. Satellite is the only technology that can truly close the coverage gap across mountains, oceans and rural areas.”

O2’s announcement follows rival Vodafone’s successful live video call via satellite earlier this year from a remote mountain in Wales, which the company described as a UK first. Vodafone partnered with US satellite firm AST SpaceMobile, which currently has six satellites in orbit and aims to deploy up to 60 by the end of 2026.

Starlink, owned by SpaceX, already has more than 650 satellites supporting direct-to-device services and has launched similar offerings in Australia, New Zealand, the US, Canada and Japan.

In the UK, the telecoms regulator Ofcom updated its rules in September to allow satellite connectivity directly to smartphones. For now, such connections are limited to emergency texting features available on the latest iPhone and Android models, but O2’s partnership with Starlink is expected to be the first commercial deployment for mainstream users.

Astronomers, however, have raised concerns about the growing number of low-Earth orbit satellites, warning they contribute to light pollution and could make it harder to detect asteroids and other space hazards.

Still, with O2’s move, the UK looks set to take a major step toward universal mobile coverage — powered not by masts on the ground, but by “phone towers in the sky.”

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Virgin Media O2 to team up with Musk’s Starlink to launch UK’s first satellite-connected mobile service

More than 100 business and charity leaders have signed an open letter calling on ministers to “lead the country’s transition toward a shorter working week”, amid a growing row over the future of the four-day week in local government.

The letter, coordinated by the 4 Day Week Foundation, comes after Steve Reed, the local government secretary, criticised South Cambridgeshire District Council — the first in England to trial a four-day working week — claiming the move had harmed performance and value for money.

In a letter leaked to The Telegraph, Reed expressed his “deep disappointment” at the council’s decision to make its four-day trial permanent. Citing an independent report, he said performance had “declined in key housing-related services including rent collection, reletting times and tenant satisfaction with repairs”.

In response, more than 100 senior figures from across business, charities and trade unions have urged the government to establish a working time council to oversee and guide a nationwide shift towards a four-day week.

“As business leaders, trade union leaders and advocates who have witnessed the successful transition to a four-day working week (with no loss of pay) in many contexts, we can say with confidence that it is not just an idea for the future – it is already delivering results today,” the letter states.

“From different sectors and company sizes, we have all witnessed the same outcome: shorter working weeks are not only viable, but transformative.”

Signatories include employers who have already adopted reduced-hour working patterns and report benefits in productivity, staff wellbeing, and retention.

Bridget Smith, leader of South Cambridgeshire District Council, rejected Reed’s claims, insisting that “independently assessed data” showed the vast majority of council services had improved or remained stable during the trial.

“I am extremely disappointed by Mr Reed’s letter,” she said. “Our staff have done 100% of their work in 32 hours each week since the four-day week began. Our financial analysis indicates that we are saving around £399,000 per year, largely by cutting our reliance on agency staff.”

The trial, which began in 2023, has been closely watched across the public sector. At least 25 other councils are understood to be exploring similar pilots for next year.

Joe Ryle, director of the 4 Day Week Foundation, described Reed’s intervention as “frankly ridiculous” and said it made the government look “outdated and stuck in the past.”

“The evidence shows that four-day weeks and flexible working are good for workers and for businesses,” he said. “The council overall is outperforming other local authorities — so cherry-picking a few metrics is frustrating and disingenuous.”

Ryle added that while the private sector has embraced shorter weeks “with hundreds of companies now operating successfully on that model,” the idea becomes “politicised as soon as it enters the public sector.”

The UK government has no legal power to ban councils from adopting four-day work patterns, but ministers can exert political pressure.

According to Office for National Statistics data, more than 200,000 workers have switched to a four-day week since the pandemic. The 4 Day Week Foundation estimates that at least 430 companies, representing 13,000 workers, have now adopted shorter working weeks nationwide.

Advocates say the model improves productivity, work-life balance and recruitment, while critics warn it risks inefficiency and disruption in essential public services.

For now, the debate over the four-day week appears set to intensify — with councils, campaigners and businesses urging ministers not to stand in the way of what they see as an inevitable shift in how Britain works.

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Business and charity leaders urge ministers to back England’s transition to four-day week

Virgin Group has been given the regulatory go-ahead to move forward with plans to operate a new international train service through the Channel Tunnel, paving the way for the first serious competition on the route in three decades.

The Office of Rail and Road (ORR) confirmed on Thursday that Virgin can proceed with its bid to use the Temple Mills International rail depot in East London — a key piece of infrastructure for maintaining and servicing trains operating to continental Europe. The landmark decision removes one of the final barriers to entry and puts Virgin firmly on track to challenge Eurostar’s long-standing monopoly on cross-Channel travel.

Sir Richard Branson, founder of Virgin Group, welcomed the ruling as a win for passengers and for competition. “The ORR’s decision is the right one for consumers – it’s time to end this 30-year monopoly and bring some Virgin magic to the cross-Channel route,” he said. “Virgin is no stranger to delivering award-winning rail services, and just as we have successfully challenged incumbents in air, cruise and rail, we’re ready to do it again. We’re going to shake up the cross-Channel route for good and give consumers the choice they deserve.”

Virgin has also unveiled its investment partners for the new venture, confirming Equitix and Azzurra Capital as part of the funding consortium. Equitix, one of Europe’s leading infrastructure investors with a strong track record in rolling stock financing, will fund the train fleet. Virgin Group will lead funding for the operating company alongside Equitix and Azzurra Capital, the private equity firm founded by Stefano Marsaglia and Jorge Delclaux, known for backing high-growth companies in partnership with leading entrepreneurs.

Earlier this year, Virgin signed an exclusive deal with Alstom to purchase 12 Avelia Stream trains, marking a renewal of the partnership that produced the Pendolino fleet once synonymous with Virgin Trains on the UK’s West Coast Main Line. The Avelia Stream model, already in operation across parts of Europe, promises greater energy efficiency, passenger comfort and speed than previous designs.

Andrew DeLeone, Alstom’s President for Europe, said the partnership was a natural next step. “Virgin and Alstom have a history of driving innovation and change in the rail industry, and delivering for passengers,” he said. “This collaboration strengthens our longstanding relationship and reinforces our shared commitment to sustainability, customer experience and technological excellence.”

Virgin plans to launch services from London St. Pancras International to Paris Gare du Nord, Brussels-Midi, and Amsterdam Centraal by 2030, with ambitions to expand into Germany, Switzerland, and further into France. The company has also pledged to include Ebbsfleet International and Ashford International in Kent on its route map if either station is reopened, and is already in discussions with Kent County Council and local stakeholders to make this possible.

Phil Whittingham, former Managing Director of Virgin Trains, is leading the project for Virgin Group. He said the ORR’s decision on depot access represented “a significant milestone for Virgin and a pivotal turning point for international rail”.

“Temple Mills has been a critical bottleneck in the process to launching a new cross-Channel service,” Whittingham explained. “Building on the great success of Virgin Trains, Virgin will deliver a first-class cross-Channel service that will create hundreds of jobs and support the modal shift of short-haul journeys from air to rail.”

Virgin Group CEO Josh Bayliss said the consortium’s aim was to expand consumer choice and reshape the market. “The cross-Channel market is underserved and represents a fantastic opportunity for Virgin to bring greater value and service to customers, not just in the UK and France, but across the wider European network too,” he said. “Together with Equitix and Azzurra Capital, this consortium will build a new business that does what Virgin does best – disrupt and challenge the status quo.”

With depot access approved, funding secured, and train procurement underway, Virgin is now entering the final stages of planning before full service launch. The company expects to finalise its depot access agreement and complete financing for its train fleet in the coming months.

If all goes to plan, passengers could be boarding Virgin’s first cross-Channel trains within five years — ushering in a new era of competition, innovation, and choice on one of Europe’s most iconic transport routes.

Read more:
All Aboard: Virgin Group Cleared to Launch Cross-Channel Rail Rival

Chancellor Rachel Reeves is weighing plans to scrap the windfall tax on North Sea oil and gas producers in a bid to boost investment and revive economic growth.

The energy profits levy (EPL), introduced in 2022 under Rishi Sunak amid soaring global energy prices, currently imposes an effective tax rate of 78 per cent on North Sea operators. The Treasury is now considering whether to end the levy early, over growing fears it is stifling capital investment and threatening the UK’s domestic energy output.

Sources close to the discussions said officials have been consulting with major North Sea operators to gauge how much they would reinvest if the tax were removed. The move would mark a dramatic shift for the Labour government, which had previously supported extending the levy but now faces mounting pressure to prioritise growth.

Industry body Offshore Energies UK (OEUK) has warned that the sector is shedding 1,000 jobs a month as a direct consequence of the levy, with investment and production both falling faster than expected. The group has urged the Chancellor to replace the tax with a more stable, long-term fiscal framework, arguing that uncertainty over the levy is driving companies to shift their investment abroad.

The Office for Budget Responsibility (OBR) previously estimated that Ms Reeves’s decision to raise the levy from 75 to 78 per cent and extend it by a year to 2030 would raise about £1 billion. However, it also warned that the move would result in a 25 per cent drop in investment and up to a 9.2 per cent fall in output compared with projections under the previous Conservative regime.

Oil and gas revenues have also come in lower than forecast. The Treasury’s March consultation acknowledged that, while the EPL was initially expected to generate £19 billion by 2030, weaker energy prices and falling output have reduced returns.

Under current rules, ministers can remove the levy once oil and gas prices fall below $71.40 a barrel and 54 pence per therm for at least six months. While gas prices remain higher than their pre-crisis levels, Brent crude has traded below $70 for much of 2025, potentially triggering the conditions for the levy’s withdrawal.

Labour is also expected to unveil a new North Sea energy strategy alongside the Autumn Budget, setting out how the government will support “homegrown energy” and encourage new exploration. Prime Minister Sir Keir Starmer has pledged to “double down” on domestic oil and gas extraction to protect UK energy security and reduce reliance on imports.

The potential tax cut comes amid a worsening economic backdrop. The OBR recently warned that sluggish productivity growth has left the UK economy unable to expand at its previous pace, blowing a hole of more than £20 billion in the public finances.

Ms Reeves is under growing pressure to outline a credible growth strategy that restores business confidence. The Treasury hopes that signalling a more stable investment environment for energy producers could spur capital spending, safeguard jobs, and demonstrate fiscal pragmatism ahead of the Budget.

Any decision will depend heavily on the OBR’s final analysis of whether abolishing the levy would generate sufficient economic returns to offset the short-term loss in revenue. Treasury officials are also exploring whether a permanent variable tax could replace the levy, applying only when prices exceed certain thresholds — a measure intended to balance revenue stability with investor certainty.

Energy firms have cautiously welcomed the prospect of reform. One senior executive said ending the levy early would be “a game-changer” for investment decisions. “The UK has world-class energy resources, but the fiscal environment has been toxic,” they said. “If Labour follows through, it would send a strong signal that Britain is open for energy investment again.”

The Treasury declined to comment on whether changes to the windfall tax will feature in the Budget.

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Labour considers scrapping North Sea windfall tax in dash for growth

Fawn and India Rose James, the granddaughters of late property and publishing magnate Paul Raymond, have received £23 million in dividends from the family’s billion-pound Soho property empire following another record year of rental income.

The sisters inherited Soho Estates, which owns much of London’s West End, including bars, offices and restaurants, after Raymond’s death in 2008. Their combined wealth was estimated at £718 million in this year’s Sunday Times Rich List. Their mother, Debbie—Raymond’s daughter—died of a heroin overdose in 1992, when India Rose was a baby.

Accounts for the year to March 2025 show rental income rose 8 per cent to £43.84 million, surpassing last year’s record of £40.71 million. The increase was driven by full occupancy at Ilona Rose House, the flagship mixed-use building named after the sisters’ middle names, which houses tenants such as Warner Bros and Skyscanner.

Soho Estates said in its annual report that it had “benefited from stronger trading in Soho” as footfall and spending rebounded across the West End. Vacancies were “re-let quickly, typically on equal or improved terms,” the company added. New tenants during the year included Korean beauty brand Skin Cupid, “luxury” chip shop Frites Atelier, and the upcoming Market Place Food Hall in Leicester Square.

The company narrowed its pre-tax losses to £5.97 million, down from nearly £20 million the previous year, largely due to a smaller reduction in the value of its property portfolio, now valued at just under £1.1 billion.

Commercial property values have been under pressure since interest rates began to rise in 2022, but falling borrowing costs this year have led to tentative signs of recovery.

“With occupancy strong and cash flow stabilised, the board judged it an appropriate time to make a shareholder return,” Soho Estates said. The resulting £23.18 million dividend—the company’s first in two years—was distributed mainly to Fawn and India Rose James, the principal shareholders.

Paul Raymond, once dubbed “the King of Soho”, built his empire from the Raymond Revuebar, the strip club he opened in 1958 and whose profits he used to acquire freehold buildings across Soho. In the property slump of the 1970s, he bought aggressively—reportedly at one stage acquiring more than one freehold a week.

Today, Soho Estates owns some of the district’s most famous addresses, including Ronnie Scott’s Jazz Club, Kettner’s restaurant and hotel, and the original Soho House private members’ club.

Fawn James, 39, took over as chief executive earlier this year, succeeding her father, John James. Her half-sister, India Rose, 33, is not involved in the business but remains a major shareholder.

“Our financial performance reflects sustained demand for high-quality space across our portfolio,” said Fawn James. “As a family business, our focus is on long-term stewardship—continuing to invest in buildings and public spaces, supporting our tenants, and ensuring Soho can evolve while keeping its character.”

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Paul Raymond’s dranddaughters receive £23m as Soho Estates profits surge

Parliament Street, one of the UK’s leading think tanks has today appointed Steven George-Hilley as its Director of Artificial Intelligence, in a newly created role.

The news comes as the UK government signs a new deal with OpenAI, the firm behind ChatGPT, to use artificial intelligence (AI) to increase productivity in the UK’s public services and key government departments. Areas targeted for improvement include the justice, law and order, national security, defence and education sectors.

George-Hilley, founder of global tech communications firm Centropy PR, will lead the think tank’s cross-party policy development on AI deployment and liaise with businesses to discuss packages for public sector deals and services.

Established in 2012, Parliament Street specialises in connecting businesses with policymakers and operates impartially, organising debates, events and discussions in the Houses of Parliament and the House of Lords. Joining the organisation as Technology Director in 2013, Steven George-Hilley has led key political liaison programmes, working with ministers in both Labour and Conservative party governments to develop the best practice of key technologies such as analytics, AI and quantum computing.

This month, the UK government unveiled a blueprint for artificial intelligence regulation that would allow new AI products to be tested under relaxed rules, in a bid to drive growth and innovation in sectors such as healthcare and housebuilding.

Under the plans, unveiled by the UK’s technology secretary Liz Kendall in London on 21 October, a proposed AI Growth Lab would enable companies and innovators to test AI tools in ‘real-world’ conditions.

The proposed new testing environments would be set up for key economic sectors including healthcare, transport, and in the use of robotics in advanced manufacturing to “accelerate the responsible development and deployment of AI products”, according to the government.

Announcing the appointment, Patrick Sullivan, Chairman said: “Our think has now been in operation for well over a decade, producing agenda-setting research, events and policies. With AI set to shake up the business community beyond all recognition, I’m very proud to appoint Steven to this newly created role.”

Responding to the announcement, Steven George-Hilley, Director of AI, Parliament Street, said: “AI has the potential to transform public services beyond all recognition, saving key services like the NHS billions of pounds. However, the technology brings with it huge challenges in terms of security, privacy and ethical usage. Our organisation will continue to serve as a bridge between private businesses and the public sector, enabling the UK to become the epicentre of ethical and effective AI deployment.

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Steven George-Hilley appointed as AI director for Parliament Street think tank

The Chancellor, Rachel Reeves, must use the Autumn Budget to bolster the UK’s creative industries if she is serious about delivering economic growth, according to leading audit, tax and business advisory firm Blick Rothenberg.

Partner Mandy Girder said the creative industries — from film and music to digital media and design — remain one of the UK’s most dynamic growth engines, contributing around £124 billion to the economy in 2023, according to government data.

“The UK’s creative industry is an important part of the economy,” Girder said. “But to achieve Labour’s growth agenda, there needs to be more targeted support for freelancers in the media industry.”

Freelancers make up the backbone of the UK’s creative workforce — yet many struggle with irregular income, delayed payments, and limited access to financial support between contracts.

Girder said an emergency support fund for freelancers “to stay afloat when between jobs or awaiting late payments” would provide immediate relief and help retain skilled professionals in the sector.

But she added that structural change was just as vital as short-term support.

“Preventing these cashflow issues in the first place would go a long way,” she said. “The government should legislate creative industry-specific prompt payment rules, ensuring freelancers are paid within a reasonable timeframe — similar to the protections already in place for government suppliers.”

Girder called for the reintroduction of tax reliefs for freelancers, similar to those provided during the pandemic, to help independent creatives offset work-related costs such as software, equipment, and studio space.

“This would help small but established freelancers manage expenses and stay productive,” she said. “It should be coupled with increased or more permanent creative industry reliefs.”

She also proposed start-up grants for graduates and emerging professionals to help bridge the gap between university and employment.

“Some young people spend years honing their skills only to find it incredibly difficult to break into paid work,” Girder said. “A start-up grant could give them a lifeline to launch their careers and contribute to the economy.”

Girder said that while regional support schemes in the West Midlands, North East and Wales have proven effective, similar funds should be expanded across the UK to build a “national safety net” for creative freelancers.

She also urged the Treasury to increase the budget for the Global Screen Fund, which helps promote UK film and television exports abroad.

“More regional and national funding streams would unlock creative potential outside London and ensure the UK remains globally competitive,” she said.

Freelancers say slow and inconsistent payments remain one of the biggest challenges facing the industry.

Neil Kerber, an award-winning cartoonist, described how late payments disrupt livelihoods and morale: “It would be very helpful if a freelancer such as me could be paid quickly or at least on time, rather than finding out weeks down the line that my invoice still needs to be authorised — then forgotten about for another eight weeks,” he said.

“I once waited five months for a significant invoice to be paid. Prompt payment rules would encourage businesses to handle invoices efficiently and give creatives much-needed backup when chasing overdue payments.”

The UK’s creative sector is a vital export, a cultural powerhouse, and a proven driver of growth. But as Labour seeks to deliver on its promise of economic expansion, Girder said protecting the sector’s freelancers — who make up a significant proportion of the workforce — must be part of the plan.

“This is an industry that delivers jobs, innovation and global influence,” she said. “But to sustain that success, the people who power it — freelancers and small creative businesses — need stability, fair pay, and tangible government support.”

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Supporting the creative industry in Autumn Budget will increase growth

The Prince Albert II of Monaco Foundation (FPA2) has partnered with Circulate Capital, a leading circular economy investment firm, to scale solutions addressing ocean plastic pollution across South and Southeast Asia.

The collaboration, announced at the Ocean Innovators Platform in Hong Kong — an initiative led by FPA2 to promote sustainable blue economy solutions — marks a significant step in mobilising private capital to fight plastic pollution at its source.

The partnership will combine FPA2’s global environmental influence with Circulate Capital’s investment expertise in circular economy ventures to accelerate funding for businesses that prevent plastic leakage and build sustainable value chains in coastal regions.

“The fight against ocean plastic pollution is one of the Foundation’s highest priorities,” said Olivier Wenden, Vice Chairman and CEO of the Prince Albert II of Monaco Foundation. “Circulate Capital has demonstrated a compelling, market-based approach to solving this crisis in the regions most affected. Our partnership marks an important step in scaling effective, on-the-ground initiatives that protect marine ecosystems and support local livelihoods.”

South and Southeast Asia are responsible for nearly 70% of the plastic entering the world’s oceans each year. Yet, according to the Foundation, the region received just 10% of the US$190 billion invested globally in plastic circularity between 2018 and 2023.

Analysts estimate that improving recycling systems and managing mismanaged plastic waste across the region could reduce greenhouse gas emissions equivalent to shutting down 61 coal plants for a year. Meeting national recycling targets in six key markets could cut global emissions from plastics end-of-life by 10% by 2030.

“We aren’t just getting a partner; we’re getting a champion,” said Rob Kaplan, Founder and CEO of Circulate Capital. “With the Prince Albert II of Monaco Foundation alongside us, we can unlock the networks, capital, and collaboration needed to tackle plastic pollution head-on.”

Since its launch, Circulate Capital has invested in 23 companies across Asia and Latin America, financing projects that reduce plastic pollution while creating social and climate impact.

The firm’s portfolio has added 455,000 tonnes of annual recycling capacity, avoided 627,000 tonnes of CO₂ emissions, and improved the livelihoods of more than 6,600 workers throughout the recycling value chain.

The new partnership aims to extend that reach further, channelling more capital to local innovators tackling waste collection, recycling infrastructure, and alternative materials.

The alliance underscores a growing movement to align environmental philanthropy with market-driven investment strategies. By connecting impact investors with scalable solutions, FPA2 and Circulate Capital hope to redefine how plastic pollution is tackled — turning waste into opportunity and sustainability into growth.

“This partnership exemplifies how collaboration between foundations and private capital can deliver measurable, lasting change,” Wenden said. “The ocean connects us all — and protecting it demands that kind of shared responsibility.”

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Prince Albert II Foundation and Circulate Capital join forces to tackle ocean plastic in Asia