Business

Leonid Radvinsky, the billionaire owner of OnlyFans, has died at the age of 43 after a long battle with cancer, the company has confirmed.

Radvinsky, who was born in Ukraine and raised in Chicago, acquired OnlyFans in 2018 from its UK-based founders and oversaw a period of explosive growth that transformed the platform into one of the most influential businesses in the creator economy.

In a statement, OnlyFans said he had “passed away peacefully” and asked for privacy for his family.

Founded in 2016, OnlyFans allows creators to share content, ranging from fitness and cooking to adult material, directly with subscribers, who pay monthly fees or tips. The platform takes a 20 per cent commission on transactions.

Under Radvinsky’s ownership, the company’s growth accelerated dramatically, particularly during the Covid-19 pandemic, when lockdowns drove a surge in both creators and subscribers. Within three years, he had joined Forbes’ list of billionaires.

By 2024, OnlyFans had generated $1.4 billion in annual revenue from more than $7 billion in transactions, according to its latest filings. The platform hosted around 4.6 million creators and attracted more than 377 million registered users globally.

Radvinsky’s net worth was estimated at $4.7 billion.

The platform’s rapid expansion was accompanied by significant regulatory and political scrutiny, particularly around its association with adult content.

UK regulator Ofcom launched an investigation in 2024 into concerns that underage users may have accessed explicit material. While the probe was later dropped, OnlyFans was fined around £1 million for providing inaccurate information about its age verification systems.

The company has also faced criticism over its handling of illegal content and accusations that some user interactions were managed by third-party operators rather than the creators themselves — claims that have led to legal challenges, though none have been successful to date.

In 2021, OnlyFans briefly announced plans to ban explicit content in response to pressure from payment providers and regulators, before reversing the decision within days following backlash from users and creators.

Beyond OnlyFans, Radvinsky invested in technology ventures through his Florida-based firm Leo.com and supported philanthropic causes, including donations to cancer research institutions such as Memorial Sloan Kettering Cancer Center.

A graduate of Northwestern University with a degree in economics, he had also reportedly explored a potential sale of OnlyFans in recent years as the business matured.

Radvinsky’s tenure at OnlyFans reshaped the economics of online content creation, enabling millions of individuals to monetise their work directly and challenging traditional media and entertainment models.

While the platform remains controversial, its impact on the digital economy is widely acknowledged, particularly in how it redefined the relationship between creators and audiences.

His death marks the end of a pivotal chapter for one of the internet’s most disruptive platforms, with questions now turning to the future direction of the business he helped transform into a global phenomenon.

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Onlyfans owner Leonid Radvinsky dies aged 43

French consumer goods giant Danone has agreed to acquire UK-based nutrition brand Huel in a deal valued at around €1 billion (£870 million), marking a major move into the fast-growing functional nutrition market.

The acquisition will deliver a significant windfall for Huel’s founder Julian Hearn, as well as investors including Idris Elba and Jonathan Ross, who backed the company during its rapid growth phase.

Founded in 2015 by Hearn and nutritionist James Collier, Huel, short for “human fuel”, began as a direct-to-consumer brand selling plant-based powdered meals online. It has since expanded into snack bars and ready-to-drink products and is now stocked in more than 25,000 retail locations globally.

Chief executive James McMaster said the deal represents a pivotal moment for the business, positioning it for accelerated international expansion.

“With Danone, we will now have the infrastructure, distribution and R&D capability to go further, into new markets and to more people,” he said, pointing to growing global demand for convenient, nutritionally complete food.

The acquisition reflects Danone’s strategic push into the “functional nutrition” segment, a rapidly expanding category driven by consumer interest in health, wellness and personalised diets.

Products designed to support gut health, weight management and overall wellbeing have seen strong demand in recent years, with Huel benefiting from trends including the rise of time-poor consumers seeking convenient meal alternatives and the increasing use of GLP-1 weight-loss medications.

Danone, which owns brands such as Evian and Activia, is seeking to strengthen its position in this space as competition intensifies among global food and beverage companies.

Huel has demonstrated consistent growth, reporting pre-tax profits of £13.8 million on revenues of £214 million in 2024. The company, headquartered in Tring, Hertfordshire, employs around 300 people and has built a loyal customer base across Europe and North America.

Its rise has been supported by a strong digital marketing strategy and high-profile endorsements. Among its supporters is Steven Bartlett, who previously served as a director before stepping down last month.

For Hearn, the deal marks a second major entrepreneurial success following the sale of his earlier venture, Mash Up Media, to a US buyer in 2011. Despite achieving financial independence at a relatively young age, he chose to pivot into the health and nutrition sector, building Huel into one of the UK’s most recognisable challenger brands.

The acquisition now provides the scale and resources needed to compete globally, particularly in markets where distribution and regulatory complexity can act as barriers to growth.

Shares in Danone edged slightly lower in early trading following the announcement, reflecting investor caution over valuation and integration risks. Analysts have previously noted that Huel’s strong brand and growth potential may justify a premium, particularly given its asset-light, direct-to-consumer origins.

The deal also underscores the increasing value placed on digitally native food brands, which have been able to build direct relationships with consumers and respond quickly to evolving dietary trends.

The transaction highlights a broader wave of consolidation in the global nutrition and wellness market, as established players seek to acquire fast-growing disruptors rather than build new brands from scratch.

For Danone, the acquisition of Huel represents both a defensive and offensive move — strengthening its portfolio while positioning itself to capture a larger share of a market expected to expand significantly over the coming decade.

For Huel, the challenge now will be to scale globally without losing the brand identity and agility that underpinned its success — a balance that will define the next phase of its growth journey.

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Danone to acquire Huel in €1bn deal as functional nutrition market heats up

The government is considering reducing the operating speed of HS2 trains as part of a wider effort to contain costs and avoid further delays on the troubled high-speed rail project.

Ministers are expected to instruct HS2 Ltd to assess the feasibility of running trains below the originally planned top speed of 360km/h (224mph) on the line between London and Birmingham — a move that could save billions but would dilute one of the scheme’s defining features.

The proposal forms part of a broader review led by Transport Secretary Heidi Alexander, who is examining options to bring the project back under control after years of cost overruns and delays.

HS2’s total cost is now expected to exceed £100 billion in today’s prices, with the completion date for the initial London–Birmingham phase likely to slip beyond the current 2033 target.

A long-awaited “reset” plan, being developed by chief executive Mark Wild, is expected to set out a revised timetable and budget, although its publication has been delayed until after the May elections.

Wild, who previously led the Crossrail project, was brought in to stabilise the programme and restore confidence after the government described the scheme as “an appalling mess”.

HS2 was originally designed as one of the fastest conventional railways in the world, with a maximum operating speed of 360km/h. However, achieving and validating those speeds presents significant technical and financial challenges.

Testing trains at full speed would require either a dedicated test track or a fully completed railway, both options that could add years to the project timeline and further inflate costs. An alternative under consideration is testing trains overseas, potentially in China, where suitable high-speed infrastructure already exists.

By contrast, lowering the initial operating speed could simplify testing requirements, reduce engineering complexity and accelerate delivery, albeit at the expense of headline journey times.

For context, most UK rail services operate at speeds of up to 200km/h (125mph), while high-speed services on HS1, the Channel Tunnel route, reach up to 300km/h.

The potential shift highlights the ongoing tension between performance ambitions and fiscal realities. While HS2 was conceived as a transformative high-speed network connecting London with major cities including Manchester and Leeds, the northern legs of the project have already been scrapped, significantly scaling back its original vision.

Under current plans, trains will continue north from Birmingham to Manchester using existing infrastructure on the West Coast Main Line, operating at lower speeds than on the purpose-built HS2 track.

Critics argue that further compromises risk undermining the project’s value proposition, while supporters say pragmatic adjustments are necessary to ensure completion.

The review comes as major construction milestones, including tunnels, viaducts and earthworks, continue to progress along the route, even as the project remains years from operational readiness.

The government is under increasing pressure to demonstrate that HS2 can be delivered within a realistic budget and timeframe, particularly given wider fiscal constraints and competing infrastructure priorities.

Lowering train speeds, while politically sensitive, is emerging as one of several options being considered to bring the project back on track.

Whether that compromise proves acceptable will depend on how it balances cost savings against the original promise of a world-class high-speed railway, a question that is likely to define the next phase of HS2’s evolution.

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HS2 speeds could be cut as government seeks to rein in spiralling costs

Proposed plans to introduce a “holiday tax” in England could put up to 33,000 tourism jobs at risk and reduce Treasury revenues by nearly £700 million, according to new analysis that has intensified opposition from the hospitality sector.

Research by Oxford Economics, commissioned by UKHospitality, suggests that giving regional mayors the power to impose visitor levies would have a materially negative impact on tourism demand, spending and wider economic activity.

Under the government’s proposals, mayors would be able to introduce local taxes on overnight stays in hotels, guesthouses, hostels and holiday lets, with revenues earmarked for transport and infrastructure projects. The level of the levy would be determined locally, and implementation would be optional.

The most severe scenario modelled, a 5 per cent levy on accommodation, could result in a £1.8 billion decline in tourism spending by 2030 and the loss of 33,000 jobs across the sector. The same scenario is also expected to reduce overall tax receipts by £688 million, reflecting lower economic activity.

Alternative models also point to significant impacts. A flat £2 per person per night charge could reduce spending by £846 million and lead to 16,000 job losses, while a £2 per room levy would still result in around 7,000 fewer jobs and a £400 million drop in tourism expenditure.

Matthew Dass of Oxford Economics said the policy risks weakening the UK’s competitive position as a destination, particularly given the existing 20 per cent VAT rate applied to hospitality services.

“An additional tax would further weaken the country’s competitiveness,” he said, warning of broader negative consequences for the economy.

Leaders across the hospitality and tourism sector have reacted strongly to the proposals, arguing that additional costs would deter both domestic and international visitors at a time when the industry is already under pressure.

Allen Simpson, chief executive of UKHospitality, said the levy would “hike costs for Brits, make staycations more expensive and decimate tourism”.

Operators warn that reduced visitor numbers would not only affect hotels and accommodation providers, but also have knock-on effects across local economies, particularly in regions heavily reliant on tourism for employment and investment.

Simon Palethorpe, chief executive of Haven Holidays, said the tax could discourage domestic travel and reduce economic activity in areas with limited alternative employment opportunities.

Meanwhile, Fiona Eastwood, head of Merlin Entertainments, said the proposals risk making short breaks unaffordable for many working families, while Hilton executive Simon Vincent warned the move could make the UK less attractive compared with competing destinations.

The government has framed the policy as a way to give local leaders greater control over funding for infrastructure and public services, particularly in high-traffic tourist areas. However, critics argue that the economic trade-offs may outweigh the potential benefits.

The consultation on the proposals, which explored different levy structures and rates, concluded last month, with the government yet to confirm its final position.

The debate comes at a time when the hospitality sector is already facing a challenging operating environment, including rising employment costs, higher business rates and fragile consumer confidence.

For policymakers, the challenge lies in balancing the desire to generate additional local revenue with the need to maintain the UK’s competitiveness as a tourism destination.

Industry leaders are urging the government to focus instead on measures that stimulate growth, increase visitor numbers and support investment, rather than introducing additional costs that could suppress demand.

With tourism playing a critical role in regional economies and employment, the outcome of the policy debate is likely to have far-reaching implications, not just for the sector itself, but for the broader UK economy.

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Holiday tax could cost 33,000 jobs and £700m in lost revenue, industry warns

Singapore’s sovereign wealth fund is poised to deepen its exposure to UK real estate with a deal to acquire Access Self Storage for more than £1 billion, underlining continued international appetite for British property assets despite a volatile macroeconomic backdrop.

The transaction is being led by CapitaLand, part of the Temasek portfolio, and represents one of the largest recent moves into the UK’s self-storage sector. While final documentation is yet to be signed, the agreed price is understood to be just over £1 billion.

The deal, if completed, would deliver a significant windfall to the Lalji family, which owns Access Self Storage through its investment vehicle Precis Advisory. The business has been on the market for more than a year, with advisers at JP Morgan overseeing the sale process.

Founded more than 20 years ago, Access Self Storage operates 57 sites across the UK, with a strong concentration inside the M25. Although its most recent annual revenue stood at £27.9 million, down slightly year-on-year, the company’s appeal lies primarily in its property holdings.

Industry insiders note that Access owns the freehold on the majority of its sites, significantly enhancing its underlying asset value and making it attractive to long-term investors seeking stable, income-generating real estate.

That asset-backed model helps explain the premium valuation, which some analysts had previously questioned when measured against revenue alone.

Despite agreement in principle, bankers involved in the process are said to be cautious, given the current geopolitical and economic environment. Rising borrowing costs, exacerbated by instability linked to the Middle East conflict, could still threaten the completion of the deal.

CapitaLand declined to comment on the transaction, citing a policy of not responding to market speculation.

The proposed acquisition reflects a broader trend of overseas investors targeting the UK self-storage market, which remains relatively underdeveloped compared with more mature markets such as the United States and Australia.

According to industry data, the UK currently offers just 0.89 square feet of self-storage space per person, compared with more than 7 square feet in the US, a gap that investors believe presents significant long-term growth potential.

Recent activity in the sector reinforces that view. In 2024, Shurgard acquired Lok’nStore in a deal worth around £380 million, while Blackstone explored a £2 billion-plus takeover of Big Yellow before talks collapsed late last year.

For Temasek, the move aligns with its strategy of investing in high-quality, income-generating assets in stable markets. The UK’s property sector, despite recent headwinds, continues to attract sovereign wealth capital due to its transparency, liquidity and long-term demand fundamentals.

The acquisition would also strengthen CapitaLand’s global portfolio, adding a foothold in a niche but expanding segment of the real estate market.

If completed, the deal would signal renewed confidence in UK commercial property from international investors, even as domestic conditions remain challenging, and further highlight the growing strategic importance of alternative asset classes such as self-storage in global investment portfolios.

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Singapore wealth fund targets £1bn takeover of UK self-storage chain

UK government borrowing costs have surged to their highest level since the global financial crisis, as investors react to rising energy prices, inflation fears and mounting fiscal pressures linked to the escalating conflict in the Middle East.

The yield on benchmark 10-year UK government bonds, known as gilts, briefly rose above 5 per cent on Friday, marking the first time it has crossed that threshold in 18 years. The sharp increase reflects a significant sell-off in sovereign debt, with prices falling as investors demand higher returns to compensate for perceived risks.

The move caps a turbulent week across global markets, with the UK seen as particularly exposed to the latest energy shock due to its reliance on imported gas and its recent track record on inflation.

At the same time, the pound weakened, slipping to around $1.33, while the FTSE 100 fell 1.44 per cent to close at its lowest level of the year. Since the start of hostilities in the Gulf, the index has lost nearly 1,000 points, equivalent to around 9 per cent, highlighting the scale of investor unease.

The surge in borrowing costs has been driven in large part by extreme volatility in energy markets. The price of Brent crude has climbed to nearly $110 a barrel, having spiked as high as $119 earlier in the week, and is now more than 55 per cent above pre-conflict levels.

Uncertainty over the reopening of key shipping routes, particularly the Strait of Hormuz, continues to cloud the outlook, with geopolitical tensions showing little sign of easing.

Higher energy costs are feeding directly into expectations of persistent inflation, prompting markets to reassess the likely path of interest rates. Traders now believe the Bank of England may be forced to raise rates by as much as one percentage point this year, a dramatic reversal from earlier expectations of rate cuts.

The rapid rise in gilt yields has drawn comparisons with previous periods of financial stress. The 10-year yield reached as high as 5.02 per cent during trading before closing just below that level, surpassing peaks seen during the market turmoil following the 2022 mini-budget.

Shorter-term borrowing costs have also risen sharply. The yield on two-year gilts jumped by 0.18 percentage points in a single day and has climbed by more than one percentage point over the past month, reflecting a rapid repricing of monetary policy expectations.

Market participants say the combination of rising energy prices, hawkish signals from the Bank of England and pressure on the government to provide cost-of-living support has created a perfect storm for the bond market.

While borrowing costs have increased globally, with bond yields rising in the US and across Europe, the UK is viewed as especially vulnerable to external shocks.

Economists point to the country’s dependence on imported energy and its sensitivity to global price movements as key risk factors. Chris Scicluna of Daiwa Securities said the current environment is hitting the UK at a particularly difficult moment, with inflation risks already elevated.

Matthew Amis of Aberdeen described the situation as a “blockbuster week” for the gilt market, noting that multiple pressures converged simultaneously to drive yields higher.

The volatility is not confined to the UK. European equity markets also fell sharply, with Germany’s DAX and France’s CAC both down close to 2 per cent. In the United States, the S&P 500 and Nasdaq declined amid reports of potential further military escalation in the region.

Even traditional safe-haven assets have shown unusual behaviour. Gold prices fell by around 2 per cent on the day and are down nearly 10 per cent over the week, as higher interest rates reduce the appeal of non-yielding assets.

Despite the scale of the market reaction, some analysts suggest the current shock may prove less severe than the energy crisis triggered by Russia’s invasion of Ukraine in 2022. However, the path ahead remains highly uncertain.

For the UK government, the rise in borrowing costs presents a significant challenge. Higher yields increase the cost of servicing debt at a time when public finances are already under pressure, limiting the scope for fiscal intervention.

For households and businesses, the implications are equally stark. Rising energy costs, higher interest rates and weaker financial markets are combining to create a more difficult economic environment, with the risk that volatility persists if geopolitical tensions continue.

In the near term, markets will be closely watching both developments in the Middle East and signals from central banks, as investors attempt to gauge whether the current surge in borrowing costs marks a temporary spike, or the start of a more sustained shift in the global financial landscape.

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UK borrowing costs hit highest level since 2008 as markets reel from energy shock

At just 26, Doménique Wissink is redefining what luxury travel looks like. As founder of Extra Ibiza, he has built a fast-growing, high-end travel company that goes far beyond villas and yachts—using psychological insight to curate deeply personalised experiences for discerning clients.

What started as a teenage side hustle has evolved into a business delivering 5,100% growth in just four years, all without external funding. Driven by instinct, creativity, and a refusal to follow the traditional path, Wissink represents a new generation of entrepreneur, one that blends lifestyle, data, and human connection to create something entirely different in the luxury travel space.

What do you currently do at Extra Ibiza?

At Extra Ibiza I focus on building and growing the ecosystem around the company while protecting it’s human and creative soul. On one side that means developing partnerships with yacht owners, villa owners and other asset partners so we can offer a strong portfolio of experiences that are curated and fit our clients desires. On the other side I spend a lot of time on strategy, marketing and brand development, making sure Extra keeps evolving as a platform for curated holidays and experiences in Ibiza and beyond.

A big part of my role is connecting the different pieces of the business. I work with partners, oversee new collaborations, guide the direction of the brand with the team and help shape the long term vision of the company. At the same time I stay close to the day to day reality of the business, whether that is developing new products, improving the sales process or expanding our network, and from time to time hopping back on a client request which still brings me the joy it did when we just started.

Ultimately my job is to keep pushing Extra forward, building the relationships, structure and ideas that allow the company to grow while continuing to work with our excellent team to create memorable experiences for the people who come to Ibiza.

What was the inspiration behind your business?

The inspiration came from a contrast I experienced while living in Switzerland. From the outside everything looked extremely polished and luxurious, but very often it felt a bit hollow. It made me realize that what is presented as luxury is sometimes just a facade. That experience pushed me to rethink what luxury actually means.

For me, real luxury is not about status or appearances. It is about time, curation and the people you share moments with. It is the ability to bring people together, create environments where they can disconnect from the noise and simply enjoy being present with the people they care about. In the end, no matter how successful someone becomes, we all sit around the same table playing Monopoly with family or friends. Those moments are the real luxury.

A big part of the inspiration also came from my girlfriend and partner, Jiel Dassen. Many of the ideas behind Extra grew from conversations between us about creating something of our own. We wanted to build a brand and a company that reflects the way we see the world and allows us to design the kind of life and experiences we believe in. Ibiza gave us the space to turn that vision into reality.

Who do you admire?

I’ve always admired people who build something with their bare hands and refuse to let go of it, no matter how hard it gets. The first people that come to mind are my grandparents. They were incredible business people who gave everything they had to what they were building. 

No shortcuts, no illusions, just work, risk and persistence. Hearing those stories growing up left a deep mark on how I think about business.

Beyond that, I’m drawn to people who step completely outside the box and follow their own path, even when it makes others uncomfortable. The people who change industries or create new ones rarely fit neatly into expectations. They tend to be a little stubborn, a ‘little’ rebellious and very convinced of their own vision.

Those kinds of people interest me far more than anyone who simply follows the script. The world moves forward because of the ones who ignore the script altogether. 

Looking back, is there anything you would have done differently?

Looking back, I would have invested earlier in the right people and in better structure around the team. When you build something from scratch you tend to focus on the idea, the deals and the growth, but the real strength of a company always comes down to the people and how well they are guided. Better onboarding, clearer management and stronger internal systems are things I would prioritize sooner if I could start again.

I would probably also listen more to my partner, Jiel. Having someone close to you who can challenge your thinking and bring a different perspective is incredibly valuable, especially when you are moving fast.

And on a more personal level, I would remind myself more often to be aware of the beautiful moments along the way. When you are building a company it’s easy to always look at the next step and forget to enjoy the journey itself. That said, I’m still only 26, so I like to think I still have plenty of time to make mistakes, learn from them and do things differently many more times.

What defines your way of doing business?

I tend to do business like a rocket. Fast, instinctive and always moving. I like connecting dots, meeting people, spotting opportunities and turning ideas into something real before most people have even finished talking about it.

I’ve never been very good at sitting still or waiting for the “perfect” moment. A lot of my approach is built around momentum. If there’s an opportunity, I’d rather move on it, learn along the way and adjust while flying.

At the core of it all is people. Almost everything in business comes down to relationships, trust and energy. The right conversation at the right moment can open doors you didn’t even know existed. My role is often just to keep that momentum going and keep connecting the right people, ideas and opportunities together.

What advice would you give to someone starting out?

Find the right partners. Business is rarely a solo journey (Even though we sometimes feel like it), and the people you build with will shape both the outcome and the experience along the way. Surround yourself with people who complement you, challenge you and genuinely enjoy building something together. It has to work both ways, be smart on who you work with and why!

Don’t be afraid to take risks either. Most people wait for certainty, but certainty almost never comes, and when it comes you can be certain it’s too late. If you believe in something, move on it, learn as you go and adjust along the way.

And keep some perspective. We’re literally floating on a rock through space, so the idea that everything has to be perfectly controlled is a bit of an illusion. Take things seriously, but not so seriously that you stop yourself from trying. The biggest regret for most people is usually not the things they did, but the things they never dared to do.

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Getting To Know You: Doménique Wissink, founder of Extra Ibiza

Labour has unveiled plans to allow wind turbines up to 30 metres tall to be installed at schools, hospitals and farms without full planning permission, in a significant shift aimed at accelerating the rollout of small-scale renewable energy across the UK.

Under the proposed changes, ministers will extend permitted development rights, currently limited largely to domestic properties, to cover non-domestic sites including public sector buildings and commercial premises. The move is designed to enable organisations to generate their own electricity and reduce exposure to volatile energy costs.

At present, homeowners can install small turbines without planning approval, but these are capped at 15 metres when mounted on a building and 11.1 metres when placed in a garden. The new framework would more than double that height limit for non-domestic use, allowing turbines comparable in scale to mature trees to be deployed more widely.

A turbine of this size can generate up to 50 kilowatts of power, which the government says is sufficient to meet the full electricity demand of a medium-sized farm or significantly offset consumption at sites such as schools and hospitals.

Energy minister Michael Shanks said the reforms would give organisations “the tools to lower their bills and make the best use of their land”, describing onshore wind as one of the cheapest and quickest forms of energy to deploy.

The policy comes against a backdrop of heightened energy price volatility driven by global geopolitical tensions, with ministers increasingly focused on boosting domestic generation to improve long-term resilience.

However, the proposals have already drawn criticism from opposition politicians and rural campaign groups, who warn the changes could sideline local communities.

Richard Tice, Reform UK’s deputy leader and energy spokesman, described the move as “intrusive”, accusing the government of weakening planning protections in pursuit of its net zero agenda.

Similarly, Sarah Lee of the Countryside Alliance cautioned that the reforms risk setting a precedent for wider development without adequate consultation. She said the key issue was not the turbines themselves, but “location, density and consent”, adding that planning rules exist to ensure local voices are heard.

Despite the relaxation of rules, planning permission will still be required for installations in sensitive areas, including conservation zones, listed buildings and designated habitats.

Industry figures have broadly welcomed the shift, arguing it could help address one of the UK’s core energy challenges, its reliance on imported gas. Nigel Pocklington of renewable supplier Good Energy said scaling domestic renewables is “the most effective way to bring prices down over the long term”.

The reforms also attempt to address the slow uptake of small-scale wind technology in the UK. Despite permitted development rights for homes being in place since 2011, adoption has remained limited, with just 128 installations recorded over the past decade.

That lack of traction has been attributed to a combination of planning constraints, cost barriers and public resistance, challenges the government now hopes to overcome by targeting larger, non-domestic sites where energy demand is higher and installations can deliver more meaningful savings.

For businesses and public sector organisations facing rising energy costs, the policy signals a shift towards decentralised, site-level generation, but its success will likely depend on how effectively ministers balance speed of deployment with local acceptance.

Read more:
Labour to allow 30m wind turbines at schools and hospitals in planning shake-up

Turo is stepping up its push into London, targeting former Zipcar users with a capital-light car-sharing model that avoids the high costs associated with owning and maintaining a fleet.

The US-based peer-to-peer platform, which has operated in the UK since 2018, allows private car owners to rent out their vehicles directly to users. More than 2,000 London motorists are already listing cars on the platform, according to the company, as it seeks to capitalise on a gap left by Zipcar’s withdrawal from the capital at the end of 2025.

Unlike traditional car clubs, Turo does not own or lease vehicles. Instead, it acts as a marketplace, enabling short-term rentals between individuals. The approach significantly reduces capital expenditure and operational overheads, a key differentiator at a time when rising costs have squeezed fleet-based operators.

Rory Brimmer, Turo’s UK managing director, said the model unlocks value from underutilised assets. “Cars are idle most of the time,” he noted, describing them as assets that can generate income rather than sit unused.

Hosts set their own availability and pricing, with rates fluctuating based on demand and seasonality. Turo takes a commission of between 25% and 35%, depending on the level of insurance and services selected. The company says the average London host earns around £400 per month, although more active users can generate significantly higher returns.

Brimmer himself rents out his Audi Q3 for roughly half the month, earning close to £800, and said built-in safeguards such as insurance cover and DVLA-integrated licence checks are critical to building trust on the platform.

The company has moved quickly to capture displaced demand following Zipcar’s exit, launching a £120,000 advertising campaign across the London Underground and Overground networks. Brimmer described the market shift as a clear “opportunity” to attract users previously reliant on traditional car clubs.

Zipcar’s departure reflects the mounting pressure on fleet-heavy models. The company cited deteriorating financial performance, falling usage and rising costs, including energy, insurance and vehicle maintenance, as key factors behind its decision. Additional pressures, such as the extension of London’s congestion charge to electric vehicles, have further eroded margins.

The contrasting fortunes of the two models highlight a broader shift in the economics of shared mobility. While asset-heavy operators face rising fixed costs and utilisation challenges, marketplace-driven platforms like Turo benefit from scalability without balance sheet exposure.

Policy momentum in London continues to favour shared transport solutions. With lower car ownership rates than the national average, city authorities, led by Mayor Sir Sadiq Khan, are seeking to reduce private vehicle use and encourage alternatives such as car clubs and shared mobility schemes.

Turo’s UK expansion also comes as it recalibrates its global strategy. The company has recently shelved plans for a New York Stock Exchange listing, with chief executive Andre Haddad citing market conditions and a desire to remain private to continue investing in growth.

Despite that decision, the business has scaled rapidly. Revenues rose from $150 million in 2020 to $958 million in 2024, with 150,000 active hosts and 3.5 million users worldwide.

For the UK market, the divergence between capital-light platforms and traditional fleet operators is becoming increasingly pronounced, and as funding tightens and cost pressures persist, that distinction may define the next phase of urban mobility.

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Truro targets former Zipcar users with capital-light expansion in London

A sharp rise in UK government borrowing has intensified concerns that ministers will have limited capacity to shield households from a looming surge in energy bills, as geopolitical tensions push inflation risks higher.

Official figures show public sector net borrowing reached £14.3 billion in February, the second-highest level for the month since records began and significantly above economists’ expectations of £8.8 billion. The figure was also £2.2 billion higher than the same period last year, underlining mounting fiscal pressure even before the escalation of conflict in the Middle East.

The data, released by the Office for National Statistics, reflects a widening gap between government spending and tax income. While receipts increased, they were outweighed by higher expenditure and the timing of debt interest payments, highlighting the growing burden of servicing the UK’s national debt.

The deterioration in the public finances comes at a critical moment. Since the outbreak of the US-Israel conflict with Iran, global energy markets have been thrown into volatility, pushing up oil and gas prices and raising fears of a renewed inflationary shock.

Economists warn that this combination of higher borrowing and rising debt costs significantly constrains the government’s ability to repeat the kind of large-scale energy support packages deployed during the 2022 cost-of-living crisis.

Ruth Gregory, deputy chief UK economist at Capital Economics, said there was little room for manoeuvre. “We doubt there is scope for a large-scale fiscal support package like that seen in 2022, even in more extreme scenarios,” she said, adding that any assistance offered would likely be more limited due to the UK’s “worse fiscal position”.

That view was echoed by Charlie Bean, former deputy governor of the Bank of England, who said the government no longer has the same financial flexibility it enjoyed during previous energy shocks.

Financial markets have already begun to react. Government borrowing costs have risen sharply in recent weeks as investors factor in the prospect of higher inflation driven by surging energy prices. This has increased the cost of servicing the UK’s debt pile, with around one in every ten pounds of public spending now going towards interest payments.

Danni Hewson, head of financial analysis at AJ Bell, said the latest borrowing figures would make uncomfortable reading for the Treasury. “With the chancellor under pressure to act swiftly to protect households from the impact of the latest energy price shock, today’s numbers won’t make great reading,” she said.

The scale of the challenge is compounded by forecasts that household energy bills could rise by more than £300 from July, according to consultancy Cornwall Insight, although the final figure remains subject to market movements.

While borrowing over the broader financial year remains lower than previously forecast, the February spike highlights the volatility in the UK’s fiscal position. Analysts noted that part of the increase reflects technical factors, including the timing of debt interest payments, but the underlying trend remains concerning.

Lindsay James, investment strategist at Quilter, said hopes that the government was regaining control of the public finances had been short-lived. “There were glimmers of hope that borrowing was being reined in after January’s record surplus, but the latest data has put a swift end to that picture,” she said.

The UK’s debt burden remains elevated at 93.1 per cent of GDP, close to levels last seen in the early 1960s, limiting the government’s ability to deploy further fiscal stimulus without risking market confidence.

Chief Secretary to the Treasury James Murray insisted the government had the “right economic plan” and was prepared for a more volatile global environment. However, political pressure is mounting, with critics arguing that rising borrowing and debt costs are narrowing the policy options available.

For households and businesses already grappling with high living costs, the message is increasingly clear: any government intervention to offset rising energy bills is likely to be more targeted, more modest, and far less generous than in previous crises.

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Surge in UK borrowing limits scope for energy bill support as fiscal pressures mount