Business

A British man jailed in the United States for hacking the Twitter accounts of high-profile figures including Barack Obama and Jeff Bezos has been ordered to hand over £4.1 million in cryptocurrency linked to his crimes.

Joseph James O’Connor, 26, was sentenced in the US last year after admitting to his role in a sophisticated cyberattack that saw him gain access to dozens of celebrity and corporate Twitter accounts. He used the compromised profiles to promote fraudulent Bitcoin schemes, scamming victims worldwide. O’Connor also threatened several celebrities with the release of private messages and images unless they paid him in cryptocurrency.

The Crown Prosecution Service (CPS) has now secured a Civil Recovery Order to seize 42 Bitcoin — along with other digital assets — that O’Connor obtained through the scheme. The recovered cryptocurrency is worth approximately £4.1 million at today’s market value.

The CPS Proceeds of Crime Division worked closely with agencies in the United States and Spain, where O’Connor was arrested, to ensure he could not conceal or transfer the assets before the order was enforced.

Adrian Foster, Chief Crown Prosecutor for the CPS Proceeds of Crime Division, said the action demonstrates the reach of UK authorities even when offenders are convicted overseas.

“Joseph James O’Connor targeted well-known individuals and used their accounts to scam people out of their crypto assets and money,” he said. “We were able to use the full force of our powers to ensure that even when someone is not convicted in the UK, we can still prevent them from benefiting from their criminality.”

O’Connor was a central figure in the July 2020 Twitter breach, one of the platform’s most significant security failures. The attack compromised accounts belonging to political leaders, billionaires, celebrities and major brands, prompting international investigations and widespread concern over the security of social media platforms.

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Twitter hacker ordered to repay £4.1m in Bitcoin after celebrity account scam

UK businesses are preparing for renewed uncertainty as the Employment Rights Bill (ERB) returns to the House of Lords today, with new research suggesting confidence in a swift resolution is almost non-existent.

A survey by compliance firm VinciWorks has found that just 3 per cent of senior HR, compliance and business leaders believe the Lords will retreat from their opposition to key provisions in the legislation, including day-one employment rights and proposed changes to trade union rules.

The poll, which gathered responses from 190 HR and compliance professionals, CEOs and in-house counsels, reveals deep concern across UK industry. One in five respondents expects the legislation to fail entirely, while 12 per cent believe the government will resort to using the Parliament Act, a move that would delay implementation until at least next year. A further 40 per cent anticipate a compromise between the Lords and Commons — an outcome ministers have so far been unwilling to entertain.

Nick Henderson-Mayo, head of compliance at VinciWorks, warned that the government’s stance risks prolonging instability for employers. He said ministers were “backing themselves into a corner” by refusing to negotiate, despite the sweeping scale of the reforms. “The Employment Rights Bill is the biggest change to workers’ rights in decades,” he noted. “Employers deserve to have their voices heard over proposals that will be very difficult to implement.”

Opposition in the Lords is focused primarily on the government’s push to extend unfair dismissal protection to day one of employment, along with wide-ranging provisions for zero-hours workers and rules governing political donations to trade unions. With large majorities expected to vote against the government again, many employers say they remain stuck in regulatory limbo.

VinciWorks’ findings show widespread concern about the bill’s wider implications. Almost 60 per cent of respondents believe they will need to strengthen their workplace sexual harassment policies, while two-thirds say they will have to introduce new staff training programmes to prepare for the sweeping changes contained in the ERB. However, many say they cannot progress these plans while the dispute over unfair dismissal rules continues.

Henderson-Mayo pointed out that even previous Labour governments accepted the need for a qualifying period for unfair dismissal. “The Employment Protection Act of 1975 reduced the qualifying period to six months. Today it stands at two years. Clearly, there is space to compromise and allow businesses time to prepare.”

The government has already launched multiple consultations on elements of the bill, including proposals affecting the rights of pregnant women and new mothers, as well as requirements for menopause action plans. But with nearly one in five business leaders believing the bill may fail altogether, many fear they are investing time and money preparing for reforms that could ultimately be abandoned.

“Staff and bosses want confidence in the employment system,” Henderson-Mayo added. “If the government and parliament cannot compromise, it increases the likelihood of the rules being rewritten again in a few years. The ERB is important — but perhaps it’s time for some grown-up government.”

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Only 3% of business leaders believe the Lords will back down in Employment Rights Bill fight, survey finds

Businesses and financial experts have sharply criticised a potential clampdown on salary sacrifice pension benefits in the upcoming Budget, warning that the move would amount to a stealth rise in Employer National Insurance and leave companies with even fewer ways to manage rising employment costs.

Rumours are circulating that the Chancellor could introduce a dramatic cap on the amount employees can sacrifice into their pensions, with some suggesting the annual allowance could be cut to as little as £2,000. Salary sacrifice agreements allow employees to give up part of their gross pay in exchange for non-cash benefits such as pension contributions. Because the adjustment is made before tax and National Insurance are calculated, both employers and employees reduce their NI liabilities.

While the Treasury is seeking ways to plug a significant fiscal gap, businesses warn that dismantling salary sacrifice would hit firms at a time when wage pressures are already intense. Many fear that if pension sacrifice becomes restricted, electric vehicle salary sacrifice schemes could be next, undermining one of the most effective levers employers have used to boost green transport adoption.

There is also deep uncertainty about when any changes would take effect. Some sources believe the government may act immediately on Budget Day; others think the cut could be delayed until April 2026. If implemented next year, employers may rush to lock in salary sacrifice arrangements before the window closes.

Luke James, Tax Director at Sheffield-based Gravitate Accounting, said capping the allowance would remove a critical financial tool when businesses need it most. “In today’s tight labour market and cost-sensitive business environment, removing or capping salary sacrifice will strip employers of a crucial flexibility lever,” he said. “Salary sacrifice is vital right now because it’s one of the few tools employers have to manage rising costs while still offering competitive, meaningful benefits. It allows firms to offer stronger benefits without increasing payroll spend, and it helps support employees’ financial wellbeing in a tax-efficient way.”

Chartered Wealth Manager Philly Ponniah, of Philly Financial, said any cap would feel like a tax hike in disguise rather than a move towards fairness. She warned that the consequences could extend far beyond pensions, with employers forced to rethink reward strategies and green transport schemes placed at risk. She also pointed out that parents earning around £100,000 may lose access to funded childcare hours, since salary sacrifice often keeps them under the threshold. “The timing question only adds stress,” she said. “If changes happen on Budget Day, businesses will have no time to prepare. Firms need stability, not surprise rule changes.”

Others warned of unintended consequences for the wider economy. Benjamin Woodhouse, co-owner of Balguard Engineering Ltd, said the proposal looked like “a headline grab with little thought behind it”, and questioned how the restriction might affect the car industry if EV schemes are eventually included. He fears Labour may gain only a marginal revenue boost while inflicting far greater damage on sectors reliant on vehicle leasing and employee mobility.

Financial adviser Michelle Lawson, Director at Lawson Financial in Fareham, expressed frustration at the growing instability surrounding tax and employment policy. “How anyone can plan beyond tomorrow now is beyond me,” she said. “Businesses plan months or years ahead around progression, investment and resource, and the Government may be about to throw further spanners into the works. Salary sacrifice benefits are tax-efficient but also help protect the workforce and keep them medically fit and in work. Removing them could make retention even harder.”

With the Budget only days away, businesses say they need clarity — and fear that a sudden move could undermine recruitment, employee wellbeing and long-term financial planning just as economic pressures on employers reach their peak.

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Businesses warn Budget cap on salary sacrifice pensions would remove “one of the few tools employers have to manage rising costs”

More than 60 leading operators of serviced offices, business centres and co-working spaces have warned Chancellor Rachel Reeves that recent changes to the business rates system could force thousands of companies to the brink and place jobs across the UK at risk.

In a letter seen by Business Matters, the group, which collectively hosts over 27,000 businesses nationwide,  expressed “urgent and deeply serious concern” over what they described as a quiet but dramatic shift in how the Government calculates business rates for flexible workspaces.

At the centre of the dispute is a major change by the Valuation Office Agency (VOA), which has begun treating flexible workspaces as single properties for rating purposes rather than as individual units. This shift means operators and occupiers face significantly higher bills, and tenants can no longer claim key reliefs such as small business rates relief.

According to operators, the reclassification has been introduced without consultation, and in some cases applied retroactively — with backdated bills reportedly reaching up to £400,000.

Jane Sartin, executive director of the Flexible Space Association (FlexSA), said the change was placing the future of many centres in jeopardy: “This sudden reclassification has been introduced without consultation and is already putting the future of many workspaces in jeopardy. Over 150,000 SMEs are losing the reliefs they depend on. Many centres are now on the brink.”

She warned that those who survive may be forced to pass on the cost increases directly to the small businesses they host — a move that could further strain SMEs already facing rising taxes, inflation and energy costs.

FlexSA said the VOA has refused to offer guidance or clarity on its approach, adding to the sector’s uncertainty at a time when demand for flexible workspace remains high.

The VOA has said the change follows developments in case law, including Prosser v Ricketts (2024), Cardtronics v Sykes (2020) and Ludgate House v Ricketts (2019). Operators argue these rulings do not apply to serviced offices and accuse the agency of making sweeping policy changes through valuation practice rather than legislation.

There are more than 4,000 flexible workspace centres across the UK, providing essential space to freelancers, start-ups and growing SMEs. Industry organisations warn that closures could lead to reduced workspace availability, undermine entrepreneurial activity and hollow out high streets already struggling to recover from pandemic-era disruption.

The National Enterprise Network, which represents local enterprise agencies, said the changes could “trigger widespread business failures”, adding that the sector is still recovering from the long-term effects of Covid.

Tim Attridge, head of UK rating at CBRE, said the business rates system is outdated and ill-equipped for the modern workspace economy: “Rather than making changes to the methodology now, the VOA should cease merging and backdating assessments until the basis of valuation is established through the appropriate litigation.”

A VOA spokeswoman told Business Matters that recent case law required the agency to review how serviced offices are assessed: “Developments in case law have meant we have had to review the way serviced offices are assessed. Many may now need to be treated as a single property depending on their contractual arrangements.”

She added that the VOA is engaging with industry representatives but must apply the law based on individual cases.

Operators say the Chancellor must intervene to prevent widespread closures and protect a sector that supports hundreds of thousands of small businesses across the country.

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Serviced office operators warn chancellor that property tax changes threaten thousands of small businesses

A 15-year-old British entrepreneur has been crowned the Grand Winner of Alibaba.com’s CoCreate Pitch, securing a $200,000 prize for his innovative small business, CoolTowel, at the platform’s flagship B2B event in London.

Held on 14 November, CoCreate Europe brought together thousands of SMEs from across the continent, with 30 finalists shortlisted to pitch their product innovations to a panel of global business leaders. Each finalist was tasked with delivering a 90-second pitch to win the competition’s top accolade.

Following what judges described as a “fantastic pitch” and a “brilliant product”, Harrison Nott, from Essex, was named Grand Winner for his CoolTowel, a reusable cooling towel designed to provide instant relief during workouts, hot weather, travel and outdoor activities.

Despite his age, Harrison has already built an impressive enterprise: CoolTowel generates £200,000 in annual turnover, and his entrepreneurial journey — documented on social media — has attracted more than 50,000 followers and millions of views. He credits early encouragement and support from his parents for fuelling his passion for business.

Alongside the Grand Winner, 10 additional finalists were highly commended, each receiving $20,000 in prizes for their innovations. These were:
• UK: Nutri Troops, Intotum, HUID
• France: Azza Fencing, Opack, Portalo
• Germany: TRAINOM, RAZECO, Garados Swimwear
• Italy: Reeflex

This year marked the inaugural European edition of CoCreate Pitch. Alibaba.com reported an exceptionally high quality of entries, with British SMEs standing out for their commitment to sustainability: 18% of UK submissions featured environmental concepts, outperforming France, Italy and Germany.

Together, CoCreate Pitch Europe and CoCreate Pitch Vegas have now awarded $1 million in global prize funding, bringing together more than 4,000 SMEs across the two events. The programme reflects Alibaba.com’s focus on accelerating SME growth, helping businesses adopt AI-driven sourcing tools and unlocking new international opportunities.

Speaking after his win, Harrison said: “I’m speechless. I have worked so hard to get here and didn’t expect to win. I couldn’t be more grateful to Alibaba.com for the opportunity.”

Kuo Zhang, President of Alibaba.com, praised the calibre of entries: “CoCreate Europe celebrated the very best of SME product innovation. The creativity and fresh thinking on display were inspiring, and we have a one-of-a-kind winner in Harrison Nott and CoolTowel.

“At Alibaba.com, we are committed to helping SMEs fulfil their growth ambitions by democratising AI tools and digital sourcing.”

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15-year-old Harrison Nott named Grand Winner of Alibaba.com’s CoCreate Pitch, taking home $200,000 prize