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Aston Martin sells F1 team stake for $146m amid financial struggles
Business

Aston Martin sells F1 team stake for $146m amid financial struggles

by August 1, 2025

Aston Martin Lagonda, the iconic British carmaker known for outfitting James Bond, has announced the sale of its stake in the Aston Martin Aramco Formula One Team as part of efforts to shore up its struggling balance sheet.

The $146 million deal, revealed in a binding letter of intent this week, values the Formula 1 team at $3.2 billion. While the buyer has not yet been disclosed, the move sees Aston Martin offload its 4.6% stake in the team—meaning it never held majority control to begin with.

The transaction marks a significant shift in Aston Martin’s strategy, as the company faces deepening financial challenges. Shares have lost over 50% of their value in the past year, and second-quarter revenues dropped by 34%, driven by sluggish demand for high-performance models such as the Valkyrie and the delayed Valhalla hypercar.

Compounding the pressure is a newly implemented US–UK trade agreement, which reduces auto tariffs to 10%, but only for the first 100,000 vehicles annually. Once that quota is reached, tariffs snap back to a punishing 27.5%—a brutal prospect for low-volume luxury manufacturers like Aston Martin.

Although this represents an improvement on the previously flat 27.5% rate, it’s still well above historical norms, and introduces added volatility into Aston Martin’s most critical export market.

Ironically, while the Aston Martin F1 team has had an underwhelming season on track, the rising commercial value of the sport helped the carmaker command a premium for its minority stake. Back in March, the company had forecast a sale price closer to $100 million, but the final deal ended up being nearly 50% higher.

The team is controlled by Lawrence Stroll, the Canadian billionaire whose Yew Tree Consortium owns 33% of Aston Martin Lagonda. His son, Lance Stroll, races for the team. Existing branding agreements mean the Formula 1 outfit will continue under the Aston Martin name, even as the manufacturer exits its equity position.

Adrian Newey, widely regarded as the greatest designer in Formula 1 history, has joined Aston Martin as managing technical partner, with a mission to lead the team to a world championship.

Despite current performance woes, there’s reason for optimism in the F1 garage. The team has secured the services of Adrian Newey, the legendary engineer behind Red Bull’s recent dominance. Combined with new regulations arriving in 2026, the reshuffle could present an opportunity for Aston Martin’s racing arm to move up the grid.

With its back against the wall, Aston Martin Lagonda is now in cash preservation mode. The divestment is aimed at refocusing on its core automotive operations and securing capital to support upcoming model launches and electrification efforts.

While Formula 1 will remain a key branding tool, the company is clearly prioritising survival over sentiment—cashing in on its minority holding to generate short-term liquidity.

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Aston Martin sells F1 team stake for $146m amid financial struggles

August 1, 2025
Supreme Court ruling blocks car finance payouts for millions of consumers
Business

Supreme Court ruling blocks car finance payouts for millions of consumers

by August 1, 2025

Millions of car buyers who were hoping for compensation over mis-sold motor finance have been denied redress following a significant ruling by the UK Supreme Court, in a partial victory for lenders that reins in what could have been a multibillion-pound scandal.

The decision overturns core elements of a 2023 Court of Appeal judgment that had favoured consumers in cases against lenders MotoNovo and Close Brothers, which analysts warned could expose the industry to up to £44 billion in compensation liabilities—rivalled only by the historic PPI scandal.

While the ruling curbs the legal precedent that consumer rights groups hoped to rely on, it does not spell the end of potential payouts. The Financial Conduct Authority (FCA) is continuing its own wide-ranging investigation into discretionary commission arrangements on at least 14.6 million car finance deals struck between 2007 and 2021.

The FCA is expected to announce its next steps within six weeks of the Supreme Court’s decision.

At the heart of the issue are “secret” or undisclosed commissions paid by lenders to car dealerships for arranging finance. Under so-called discretionary commission arrangements, dealers were allowed to set interest rates on loans—earning more commission the higher the rate, which critics say incentivised inflated borrowing costs for consumers.

These practices were banned by the FCA in January 2021 due to the clear conflict of interest. However, between 2007 and 2020, around 25.9 million car finance agreements were made—14.6 million of which involved discretionary commissions worth an estimated £8.1 billion.

The FCA’s intervention in early 2023 prompted a surge in complaints from affected borrowers, alongside a rise in claims management firms and legal teams offering to pursue compensation.

In October 2023, the Court of Appeal found that car dealers—acting as credit brokers—owed a fiduciary duty to their customers and ruled that undisclosed commissions could render finance agreements unfair and invalid. The judgment applied not only to discretionary commissions but also all forms of commission where transparency was lacking.

The decision sparked alarm across the financial services sector, raising concerns that the ruling could affect other industries with similar brokered commission models, such as insurance and energy.

Both MotoNovo and Close Brothers appealed to the Supreme Court, which reviewed the cases in April 2024. On Friday, the court overturned some of the most far-reaching elements of the earlier ruling—delivering a reprieve for lenders and limiting the likelihood of widespread litigation.

However, the court did uphold one of the original cases, specifically relating to partial commission disclosures—leaving the door open for more narrowly framed complaints to succeed.

Despite the Supreme Court’s decision, the FCA remains the central player in determining whether the motor finance industry will be forced to pay compensation.

The regulator is conducting a comprehensive review of historic car finance deals involving discretionary commissions and has previously signalled that an industry-wide redress scheme is likely. The FCA said it would issue a statement within six weeks outlining its response.

The government, concerned by the potential knock-on effects of mass compensation payouts on the UK’s financial sector, had earlier considered intervening in the legal process. With the Supreme Court now ruling in favour of lenders, the pressure on ministers to legislate may temporarily ease.

However, campaigners have warned that justice for affected consumers should not be swept aside.

While Friday’s ruling narrows the legal path for consumers to claim in court, it does not prevent regulatory action—and all eyes are now on the FCA’s next move.

What does the car finance ruling mean for consumers?

The issue centres on undisclosed commissions paid by lenders to car dealers for arranging finance deals. Under discretionary commission arrangements (used from 2007 to 2021), dealers could set interest rates and earn more commission by charging higher rates—often without telling the customer.

Why were consumers expecting compensation?

In 2023, the Court of Appeal ruled that dealers owed customers a fiduciary duty, meaning they should act in the borrower’s best interest. It also found that any commission not disclosed could make the loan unfair—potentially entitling millions of people to compensation.

What did the Supreme Court decide?

On Friday, the Supreme Court overturned the fiduciary duty finding and limited the scope of the previous ruling—meaning millions of potential claims based on that legal precedent will now fail. However, one case was upheld, suggesting some narrower claims may still succeed.

Does this mean compensation is off the table?

Not entirely. The Financial Conduct Authority (FCA) is still investigating 14.6 million finance deals involving discretionary commissions. It is expected to announce within six weeks whether it will order an industry-wide compensation scheme.

What should affected car buyers do now?

• Wait for the FCA’s update on possible redress.
• Check your finance agreement: If you had a loan between 2007 and 2021 arranged by a dealership, especially with high interest rates, you may have been affected.
• Avoid unregulated claims firms and seek advice from trusted sources like the FCA, Citizens Advice, or regulated law firms.

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Supreme Court ruling blocks car finance payouts for millions of consumers

August 1, 2025
Lunar Loussia’s Rise: From Family Storefronts to Business Scale-Up
Business

Lunar Loussia’s Rise: From Family Storefronts to Business Scale-Up

by August 1, 2025

From Stocking Shelves to Shaping Enterprises

Lunar Loussia’s path to business leadership didn’t begin in a boardroom. It started in San Diego, California, inside his father’s grocery and liquor stores. As a kid, he didn’t just visit — he wanted to help. “Going to work with my dad was something I loved,” he says. “Even at a young age, I liked watching how things ran.”

That early exposure to small business gave him a front-row seat to the basics of customer service, cash flow, and community trust — lessons that would quietly shape his future.

Early Career: Learning from Family, Building from Scratch

After graduating from Valhalla High School in 1997, Lunar got his first real business experience working at Wild Bill’s Tobacco between 1999 and 2002. His cousin, Mazin Samona, had founded the business and became Lunar’s mentor.

“I learned how to grind, how to build relationships, and how to scale something without cutting corners,” he says.

In 2007, he took what he had learned and made a bold move: becoming an AT&T franchisee. What started as a single venture quickly grew. Lunar built the company into a network of 65 stores across three states.

“I just believed in going all-in,” he says. “You don’t get that kind of growth without focus, good people, and a lot of long days.”

By 2017, after a decade of growth and learning, he exited the business through a successful sale. But instead of slowing down, he saw it as a launchpad.

Improve Business: Scaling With Purpose

After exiting retail telecom, Lunar turned to something new — a business solutions firm now known as Improve Business Solutions. He didn’t inherit a model. He built one. Today, the company supports over 1,500 clients and employs 240 people.

“I wanted to build something that helped other businesses grow. We’re not just a vendor. We’re a partner,” he explains.

The company’s work spans industries, but the thread is the same — improving systems, supporting growth, and providing structure. Lunar credits his success not to just strategy, but to the teams he’s built along the way.

“I love building teams. That’s the fun part. Getting the right people in the right seats and watching them win — that’s what I enjoy.”

Homes, Materials, and Global Supply

Beyond business services, Lunar also pursued a personal passion — custom home design and development. His company doesn’t just design and build homes; it also manufactures building materials all over the world . That gives them greater control over quality and costs.

“This wasn’t about getting into real estate just to invest. It was about creating. I’ve always liked building things — homes, businesses, people,” he says.

It’s this approach — hands-on, long-term, and grounded in relationships — that defines much of Lunar’s work across industries.

A Leader Rooted in Service

Outside of business, Lunar’s priorities are clear: faith, family, and community. He’s a father of three and spends much of his free time with his kids — especially on the golf course, where they compete in junior tournaments.

“Golf teaches a lot. Patience, discipline, and how to handle wins and losses. Kind of like business,” he jokes.

He’s also deeply involved in philanthropy. His contributions aren’t symbolic — they’re substantial and personal. Lunar and his company support over 20 nonprofit organizations, from St. Peter’s Catholic Church and Sharia’s Closet to RIP Medical Debt and Adopt a Refugee.

“I’ve been blessed, and I don’t forget that. I give my time and my money because it’s what we’re supposed to do.”

Business Without the Buzzwords

Lunar doesn’t rely on buzzwords or flashy marketing. He’s careful, even quiet, about his achievements.

“It’s just not something I want to be associated with. I’ve made choices about what I want my name to stand for,” he says.

His clarity of focus — on values, faith, and long-term success — stands out in a fast-moving business landscape.

Lessons From Lunar

What sets Lunar Loussia apart isn’t a single innovation or a viral story. It’s the cumulative effect of decades of consistent action — learning from family, taking risks early, scaling with intent, and staying grounded along the way.

He’s proof that real growth comes from showing up daily, not just dreaming big.

“You don’t have to be loud to lead. Just show up, build the right things, and help others do the same.”

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Lunar Loussia’s Rise: From Family Storefronts to Business Scale-Up

August 1, 2025
Tech’s Next Frontier: Preparing Your Business for the Quantum Computing Revolution
Business

Tech’s Next Frontier: Preparing Your Business for the Quantum Computing Revolution

by August 1, 2025

With the passage of time, the quantum realm, which was before only a subject of discussion among physicists, is rapidly becoming a component of the real world of business.

This is not only another technological advancement; rather, it is a breakthrough in computing capability that will bring about a transformation in whole industries, ranging from the banking and medical fields to the logistics and cybersecurity fields.  Knowing about and being prepared for this impending upheaval is not only a good idea for businesses that want to remain ahead of the curve; it is a must for them to comply with this requirement.  It is possible that in the years to come, even robust organizations may become vulnerable if they choose to ignore the significant changes that quantum computing may bring about.

Recognizing the Concept of the Quantum Leap

Due to phenomena such as superposition and entanglement, qubits, which are the fundamental building blocks of quantum computers, as explored by leaders like IBM are capable of being in more than one state at the same time. There is a distinction between this and traditional computers, which make use of bits such as 0s and 1s.  This lets them handle huge volumes of data and solve issues that are very hard to solve far quicker than even the most powerful supercomputers on the market today.  Full-scale, fault-tolerant quantum computers won’t be ready for a few more years, but the basic research and early uses show that they might change things in ways that were thought to be impossible before.

Quantum’s Impact on Data and Analytics

The effects on data analysis are huge.  Businesses that are having trouble getting useful information out of huge, complicated datasets will discover that quantum computing gives them powers they’ve never had before.  Quantum algorithms can find patterns and conduct simulations at rates that are impossible to imagine today. They can also make supply chains work better, anticipate market trends more accurately, create new materials, and speed up medicine development.  This will make it possible to make decisions in real time, customize services to each user, and find value that was buried in large information stores.

The Cybersecurity Imperative

The ability for Quantum computing to overcome existing encryption standards is perhaps the most important short- to medium-term issue for enterprises.  Quantum assaults might happen in the future and break the cryptographic systems that protect our intellectual property, sensitive consumer data, and financial transactions.  This means that we need to move to “post-quantum cryptography” (PQC) before it’s too late. PQC is a new kind of encryption that can protect against both classical and quantum threats.  Companies that deal with sensitive data that will be around for a long time or run important infrastructure need to start looking at their cryptographic posture and making plans for this move now to prevent losing data in the future.

Strategic Readiness: What Businesses Can Do Now

You don’t need to buy quantum gear right now to be ready for the quantum age.  Instead, it requires strategic forethought.  Companies should choose a quantum lead or create a working group to keep an eye on changes, find possible use cases in their field, and look for weaknesses in their data.  Talking to colleges and universities, looking at quantum-as-a-service (QaaS) options from cloud providers, and making sure that important employees keep learning are all good initial steps.  For instance, the online gaming industry, which relies heavily on complicated algorithms to handle complicated player interactions and figure out how well incentives like a Casino Bonus CA offering work, might look into how quantum-enhanced analytics could lead to more advanced ways to keep players interested or better ways to find fraud in the future.

Building a Quantum-Resilient Future

However, in the end, the revolution in quantum computing is not only about technology; it is also about gaining a competitive edge and being resilient over the long run. The next frontier of computing will be better understood, evaluated, and strategically prepared for by businesses that begin to do so. These organizations will be better able to take advantage of their ability to innovate, improve their security, and stay at the top of their markets in the future. Companies that take part in the process will be able to make sure that they are not just responding to change but also actively designing their future in a world driven by quantum computing. This will be possible because of the proactive involvement of businesses.

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Tech’s Next Frontier: Preparing Your Business for the Quantum Computing Revolution

August 1, 2025
Friday freedom: remote workers log off early as broadband data reveals 3pm switch-off
Business

Friday freedom: remote workers log off early as broadband data reveals 3pm switch-off

by August 1, 2025

It’s 3pm on a Friday. If you’re working from home, there’s a growing chance you’ve already shut your laptop, set your Teams status to “active”, and headed off for a long weekend.

New data from Virgin Media O2 has revealed a distinct shift in working habits, with broadband traffic dropping by 8 per cent between 3pm and 5pm on summer Fridays compared to winter levels—suggesting thousands of remote workers are quietly calling time on the week early.

The figures back up what many have suspected: that summer Fridays are increasingly becoming the unofficial start to the weekend, with the garden pub or motorway lay-by replacing the home office.

Virgin’s survey found that 59 per cent of respondents felt no guilt about logging off early, while 61 per cent said they’d earned it after a productive week. Meanwhile, 63 per cent believed they worked harder earlier in the week to justify finishing early on a Friday.

For some, the weekend starts wherever they are. Around 30 per cent of 18–24-year-olds admitted to working from their car while en route to their weekend destination, and 10 per cent said they had taken their laptop to a beer garden. A quarter confessed to often sneaking off early while maintaining a “green” online status.

Britain leads Europe in hybrid working, with 42 per cent of the workforce either fully or partially remote, according to the Office for National Statistics. A separate study from King’s College London (KCL) found that UK workers now work from home for an average of 1.8 days a week—compared to 1.3 days globally.

Some employers are starting to formally embrace the shift, with 30 per cent of companies sanctioning early Friday finishes during the summer.

Dr Cevat Giray Aksoy, Associate Professor of Economics at KCL, said: “If some people are logging off at 3pm on a Friday, that’s not necessarily a bad thing. In fact, it may reflect greater efficiency, better time management, or simply a more balanced work culture. What ultimately matters is whether the work gets done—not whether someone is active on their broadband connection at a particular hour.”

However, not all business leaders are convinced. JP Morgan Chase CEO Jamie Dimon made headlines earlier this year when he told staff: “Don’t give me this shit that work-from-home-Friday works.” The Wall Street bank has since mandated full-time office returns, a move mirrored by Goldman Sachs, BlackRock, and Amazon.

UK corporates have responded with their own policies. HSBC will require executives back in the office four days a week from later this year, while Barclays has introduced a three-day minimum. BT and Asda have adopted similar mandates.

Yet research shows a growing resistance among British workers to return full-time. A May 2025 KCL study found that only 42 per cent of workers would comply with a five-day office mandate—down from 54 per cent in 2022. More notably, the proportion of workers willing to switch jobs to avoid a full office return has climbed from 40 per cent to 50 per cent in just three years.

Jeanie York, Chief Technology Officer at Virgin Media O2, said: “Our network traffic analysis is revealing changing workplace habits in real time as the nation takes advantage of long summer Fridays.”

As businesses navigate the post-pandemic workplace, one thing is clear: for many employees, summer Fridays are no longer a perk—they’re becoming an expectation.

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Friday freedom: remote workers log off early as broadband data reveals 3pm switch-off

August 1, 2025
Global markets slip as Trump unleashes sweeping tariffs on 92 countries
Business

Global markets slip as Trump unleashes sweeping tariffs on 92 countries

by August 1, 2025

Stock markets across Europe and beyond fell sharply this morning following a dramatic escalation in the global trade war by former US President Donald Trump.

On Thursday night, Trump announced a new wave of tariffs on imports from 92 countries, igniting fears of a significant blow to international commerce and a renewed slowdown in global economic growth.

In early trading, Germany’s DAX index dropped by 1.1 per cent, while France’s CAC 40 fell by nearly 1 per cent and Spain’s IBEX lost 0.6 per cent. London’s FTSE 100 was also down 0.5 per cent despite the UK and EU finalising a trade deal with the US earlier this week.

Economists warned the tariffs could damage business confidence and disrupt supply chains just as global trade had started to stabilise post-pandemic.

“This is a huge blow to global commerce,” said Atakan Bakiskan, US economist at Berenberg Bank. “The tariffs distort competition between firms producing in the US and those based abroad.”

However, Bakiskan noted that the blanket nature of the tariffs – a uniform 15 per cent levy applied to all affected countries – might cushion the blow compared to a more targeted approach.

“European, Japanese and South Korean manufacturers tend to compete more with each other than directly with US producers,” he explained. “Since they’re all subject to the same tariff rate, the competitive distortion is less severe than if the US had singled out individual countries with varying tariffs.”

Nevertheless, the financial markets are clearly spooked. Analysts say Trump’s aggressive trade stance risks igniting retaliatory measures, disrupting international supply chains and pushing up prices for consumers and businesses alike.

The announcement comes amid a volatile period for the global economy, with inflation pressures lingering in key markets and central banks walking a tightrope between interest rate cuts and economic fragility.

If sustained, the latest tariffs could also test the strength of recent transatlantic trade agreements, as well as the willingness of major economies to maintain cooperation in the face of mounting protectionist pressure.

Investors will be closely watching the response from affected nations in the days ahead—and whether global markets can absorb yet another shock from the White House.

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Global markets slip as Trump unleashes sweeping tariffs on 92 countries

August 1, 2025
Microsoft joins $4tn club as AI-driven growth fuels tech boom
Business

Microsoft joins $4tn club as AI-driven growth fuels tech boom

by August 1, 2025

Microsoft has become the second publicly traded company in history to reach a $4 trillion market valuation, propelled by booming demand for artificial intelligence and record performance from its cloud computing division.

The milestone was reached on Thursday, just weeks after chipmaker Nvidia became the first company to cross the same threshold on 9 July. The Washington-based tech giant’s achievement follows a strong quarterly earnings report and a bold forecast for future AI-led capital investment.

Microsoft’s Azure cloud platform continues to be a primary driver of growth, with the company reporting surging sales in its most recent update. It also announced plans to spend a record $30 billion in capital expenditure during the first quarter of its current fiscal year—largely to expand AI infrastructure and meet intensifying enterprise demand.

“It is in the process of becoming more of a cloud infrastructure business and a leader in enterprise AI, doing so very profitably and cash generatively despite the heavy AI capital expenditures,” said Gerrit Smit, lead portfolio manager at the Stonehage Fleming Global Best Ideas Equity Fund.

Microsoft first surpassed the $1 trillion mark in April 2019. Compared to the rapid ascent of Nvidia—whose value has tripled in under 12 months—Microsoft’s growth has been more measured, underpinned by consistent earnings and strategic shifts toward cloud services and artificial intelligence.

The company’s ambitious AI roadmap, combined with strategic layoffs and aggressive investment in next-generation technologies, has positioned it as a frontrunner in the global race for AI supremacy.

Investor confidence is surging across the wider tech sector. Meta Platforms, another tech titan, also reported stronger-than-expected earnings this week, citing AI as a major contributor to its revitalised advertising business. The social media giant raised its full-year capital spending forecast by $2 billion, echoing a similar move by Google parent company Alphabet just days earlier.

The optimism has driven broader market gains, with the S&P 500 and Nasdaq reaching record highs in recent days, buoyed further by positive developments in trade talks between the US and international partners ahead of former President Trump’s 1 August tariff deadline.

Microsoft’s latest quarterly forecast—its largest single-quarter capital expenditure plan in history—suggests it could outspend rivals over the coming year as it scales its AI and cloud infrastructure.

Since September 2022, Microsoft has delivered back-to-back record revenues. The company has also been actively streamlining its operations, announcing several rounds of layoffs to sharpen its focus on high-growth segments.

As AI continues to reshape industries and fuel investor enthusiasm, Microsoft’s steady evolution from a traditional software provider into an AI-powered cloud infrastructure leader appears to be paying off—both on the balance sheet and in the markets.

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Microsoft joins $4tn club as AI-driven growth fuels tech boom

August 1, 2025
PM urged to review North Sea oil policy after Trump calls it UK’s ‘treasure chest’
Business

PM urged to review North Sea oil policy after Trump calls it UK’s ‘treasure chest’

by August 1, 2025

Shadow Scottish secretary Andrew Bowie has called for an urgent policy review on North Sea oil and gas, following comments by former US President Donald Trump describing the region as “a treasure chest for the United Kingdom”.

Trump’s remarks—made during a visit to Scotland earlier this week—criticised the UK’s windfall tax on fossil fuel profits and claimed high taxes on oil and gas firms “make no sense”. He argued that the UK government is effectively telling drillers and energy companies that “we don’t want you”.

The Conservative MP for West Aberdeenshire and Kincardine has now written to Prime Minister Sir Keir Starmer requesting a meeting in Downing Street to reconsider current energy policies and engage with industry leaders, supply chain firms, and local workers to agree on a “coherent and sustainable path forward”.

In his letter, Bowie cited Trump’s calls to “incentivise” domestic oil production and warned that Labour’s decision to retain the energy profits levy (EPL)—first introduced by the previous Conservative government in 2022—has contributed to industry uncertainty.

“As President Trump has said, the UK’s ‘very high’ tax on oil and gas companies is a deterrent to investment,” Bowie wrote. “The extension of the EPL, coupled with uncertainty around future licensing and investment signals, has created a climate of instability that threatens jobs, innovation, and the region’s economic resilience.”

Bowie added that the UK must not overlook the vital role oil and gas still play in its energy security and economic future, arguing that “British people would rather see the UK benefit from domestic exploration and drilling than import more from Norway and Qatar”.

During his visit, Trump shared his views on the issue via his Truth Social platform, writing: “North Sea oil is a treasure chest for the United Kingdom. The taxes are so high, however, that it makes no sense… Incentivise the drillers, fast. A vast fortune to be made for the UK, and far lower energy costs for the people.”

The former president also took aim at the country’s offshore wind energy sector, describing the turbines off the coast near Aberdeen as “some of the ugliest windmills you’ve ever seen” and mocked their size, comparing them to 50-storey buildings.

Speaking at his Turnberry golf resort, he added: “You can take 1,000 times more energy out of a hole in the ground this big,” while making a gesture with his hands to emphasise his point.

Sir Keir, who was with Trump during part of his visit, maintained a more measured tone, stating: “Oil and gas are going to be with us for a very long time, and that’ll be part of the mix—but also wind, solar, and increasingly nuclear.”

Despite criticism of renewables from Trump, the Labour government has chosen Aberdeen as the headquarters for GB Energy, a new state-owned company tasked with accelerating the rollout of clean energy across the UK.

The tension between short-term energy security and long-term sustainability continues to dominate debate around the UK’s energy future. With fiscal pressures mounting and industry stakeholders demanding clarity, Bowie’s call for a review could spark further discussion within Westminster and across the North Sea energy sector.

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PM urged to review North Sea oil policy after Trump calls it UK’s ‘treasure chest’

August 1, 2025
Anneliese Dodds urges Labour to consider wealth tax to plug public finance gap
Business

Anneliese Dodds urges Labour to consider wealth tax to plug public finance gap

by August 1, 2025

Labour’s former shadow chancellor Anneliese Dodds has called on the Treasury to consider a wealth tax ahead of this autumn’s budget, warning that the government cannot avoid “big decisions” on how to fund growing public spending demands.

Dodds, who served under Keir Starmer and resigned earlier this year over the government’s decision to cut international aid, said Chancellor Rachel Reeves must confront the UK’s fiscal reality—and consider new tax measures, including on wealth, to fill a financial black hole that economists estimate could exceed £20 billion.

In her first interview since stepping down, Dodds told The Guardian that ministers must be open with the public about the scale of the challenge, especially with mounting pressure to increase defence spending while rebuilding underfunded public services.

“It’s important that we have a longer-term approach. That does mean confronting difficult questions around our fiscal position and taxation,” Dodds said. “If we’re honest about the nature of the challenge we face, we cannot duck that.”

Dodds stopped short of calling for specific measures but urged the Treasury to revisit the work of economist Arun Advani, whose 2020 Wealth Tax Commission proposed a one-off levy on millionaire households as a more effective alternative to raising taxes on workers or consumers.

“There needs to be a conversation where those with the broadest shoulders take more responsibility,” she said.

Her comments come as a growing number of Labour MPs—not all from the party’s left—push for wealth tax reforms this autumn. However, not all within government are convinced. Business Secretary Jonathan Reynolds has dismissed the idea of an annual 2% tax on assets over £10 million as “daft”, and some Treasury insiders have cast doubt on whether it would generate significant revenue.

Dodds acknowledged the risks and practical complexities, warning against the idea that any single tax change could quickly solve the UK’s fiscal problems.

“There’s no silver bullet here,” she said. “Any significant tax reform will have consequences. But we mustn’t pretend we can keep kicking the can down the road.”

She also argued strongly against further cuts to the UK’s aid budget to meet the government’s pledge to increase defence spending to 2.5% of GDP by 2027, with an ambition to reach 3% in the next Parliament.

Having resigned from her ministerial role in protest over the reallocation of aid to defence, Dodds warned of the long-term consequences of withdrawing from soft power diplomacy at a time when Russia and China are expanding their global influence.

“Now isn’t the time to be walking back from those commitments,” she said. “We’ve already seen a reduction in our soft power, and with that comes an impact on global security and migration.”

She pointed to the recent increase in asylum applications from countries like Sudan as an example of how foreign aid cuts can lead to rising population movement and domestic pressure.

Dodds also questioned whether the UK’s current fiscal rules—limiting borrowing even for long-term investment—are fit for purpose in a world of geopolitical instability and AI-driven economic change.

“It’s very difficult for the UK to pivot on fiscal rules in the way Germany has done,” she said. “But there’s no route forward without some risk and without some cost.”

On migration and asylum, Dodds urged ministers to show greater empathy in public messaging, calling for “a full and frank discussion” about the pressures on public services while also being clear that “we are ultimately talking about human beings.”

She declined to criticise Sir Keir Starmer directly over his recent remarks referring to the UK becoming “an island of strangers,” which drew widespread backlash. However, she emphasised the importance of explaining Labour values clearly, particularly as Nigel Farage’s Reform UK gains momentum.

“When I speak with people considering Reform, they say they want politicians to say what they really believe,” she said. “There’s a yearning for authenticity.”

Dodds also took a swipe at former Labour leader Jeremy Corbyn’s new movement, describing it as “a bit like the People’s Front of Judea” from Monty Python’s Life of Brian and warning that further splintering of the left could prove damaging at the ballot box.

As Labour prepares for its most consequential budget in over a decade, the message from one of its senior former figures is clear: tough decisions lie ahead—and avoiding them is not an option.

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Anneliese Dodds urges Labour to consider wealth tax to plug public finance gap

August 1, 2025
Heathrow reveals £21bn third runway plan with potential completion by 2039
Business

Heathrow reveals £21bn third runway plan with potential completion by 2039

by August 1, 2025

Heathrow Airport has unveiled updated plans to build a third runway by 2039 at a revised cost of £21 billion—up from £14 billion in 2018—citing “construction inflation” and growing passenger demand.

The proposal, submitted to the UK government for review, includes a 3,500-metre runway located to the north-west of the existing site. The airport has also stated it is open to considering a shorter alternative to reduce costs and complexity.

The expansion would enable Heathrow to accommodate 276,000 additional flights annually, increasing capacity from 480,000 to 756,000 flights per year. To facilitate the new infrastructure, the M25 motorway would need to be rerouted through a tunnel beneath the proposed runway.

Heathrow also plans to raise passenger capacity from 84 million to 150 million per year, with a major redevelopment of terminal infrastructure. This includes the construction of new terminals T5XW and T5XN, the extension of Terminal 2, and the demolition of Terminal 3 and the now-defunct Terminal 1.

The airport’s chief executive, Thomas Woldbye, said the time had come to push forward with the long-debated expansion. “It has never been more important or urgent to expand Heathrow,” he said. “We are effectively operating at capacity to the detriment of trade and connectivity.”

He added: “With a green light from government and the correct policy support underpinned by a fit-for-purpose, regulatory model, we are ready to mobilise and start investing this year in our supply chain across the country.”

Heathrow believes it can secure planning consent by 2029 and have the new runway operational within the following decade. The project will be privately funded, although the total cost—including terminals and infrastructure—is expected to reach £49 billion.

Budget airline easyJet, which currently does not operate from Heathrow, welcomed the move. CEO Kenton Jarvis said the expansion would offer a “unique opportunity” for the airline to serve the airport at scale and bring lower fares to consumers.

However, concerns have already emerged over potential increases in passenger charges as a means of funding the expansion—an issue raised by several airline operators.

Mayor of London Sadiq Khan reiterated his long-standing opposition to the runway. “I remain firmly against a third runway at Heathrow because of the severe impact it will have in terms of noise, air pollution and meeting our climate change targets,” he said.

Environmental groups echoed these concerns. Tony Bosworth, a climate campaigner at Friends of the Earth, warned: “If Prime Minister Sir Keir Starmer wants to be seen as a climate leader, backing Heathrow expansion is the wrong move.”

The timing of the announcement coincided with a rival plan from hotel magnate Surinder Arora. His Arora Group has proposed a shorter, 2,800-metre runway that would avoid moving the M25, reduce risk, and cut costs.

The revised Heathrow expansion plan appears to have the backing of the current government. Chancellor Rachel Reeves, who voiced her support for the project in January, said: “We are one step closer to expanding our biggest airport – boosting investment in Britain, increasing trade for businesses, and creating up to 100,000 jobs.”

Transport Secretary Heidi Alexander welcomed the proposals as “a significant step towards unlocking growth, creating jobs, and delivering vital national infrastructure”.

The next stage involves a summer review of the Airports National Policy Statement (ANPS), which will form the basis for any future development consent order application.

Conservative shadow transport secretary Richard Holden added a note of caution, welcoming the private investment but warning: “There can be no backup blank cheque from taxpayers. Britain needs infrastructure that is affordable, accountable and ambitious.”

As the debate reopens over Heathrow’s future, ministers, business leaders and environmentalists alike are preparing for another high-stakes runway decision—this time against the backdrop of economic recovery and net zero goals.

Read more:
Heathrow reveals £21bn third runway plan with potential completion by 2039

August 1, 2025
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