Business

GB News has reached a new digital milestone after surpassing two billion views on its YouTube channel, as the broadcaster’s audience growth continues to accelerate.

The channel, which launched in 2021, now has 1.92 million subscribers and is on track to reach the two million mark within weeks, according to the latest viewing figures. Data from August 12 shows the channel has achieved 2,236,288,208 views in total, reflecting what the broadcaster says is “soaring demand” for its content.

Geoff Marsh, GB News’ Chief Content Officer, described the achievement as “extraordinary”, adding: “Doing so in a highly competitive market speaks volumes about the depth, breadth, and quality of our output – and the tireless dedication of our brilliant team. The strength of our journalism is now firmly disrupting the established British media landscape.”

The channel said its growth spans multiple platforms, with the GB News app now ranking among the top five most downloaded free news apps in the UK, ahead of the BBC, Sky News, The Times, Daily Mail and the Daily Telegraph, according to Apple.

The broadcaster is also pushing ahead with its global expansion. Last week it launched on Truth+, the streaming platform linked to Truth Social in the United States. The deal will make GB News available worldwide as part of Truth+’s free basic package across mobile, web, and connected TV devices.

Truth+ chairman Devin Nunes said: “We welcome our good friends from across the pond, GB News, to the Truth+ platform.”

The milestone follows a period of record-breaking growth for GB News, which says it plans to “accelerate even further” into 2026 and beyond.

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GB News passes 2 billion YouTube views as subscriber growth surges

Outdated business credit scoring models are shutting out promising UK startups from crucial funding, according to Swoop Funding chief executive Andrea Reynolds, who is urging a cultural and systemic rethink to match the realities of modern entrepreneurship.

Reynolds said the legacy systems used by lenders are “inherently biased towards more mature businesses” and fail to account for the unique profiles of early-stage companies.

“Historically, credit scores were designed for established firms with long track records, steady cashflow and detailed accounts,” she explained. “That works for mature companies, but it fails new businesses that simply haven’t had time to build that kind of footprint.”

This “thin-file” problem, where startups have little or no formal credit history, means many innovative firms are deemed unscorable or too risky — and are denied access to debt funding.

Attempts to modernise scoring through AI, open banking and alternative data are under way, but Reynolds said data quality, transparency and the risk of “new forms of bias” remain obstacles. “When innovation outpaces infrastructure, it’s startups that pay the price,” she added.

Swoop Funding is advocating for change on two fronts: practical steps to help founders build their credit profiles early, and systemic reforms to credit models. On the practical side, Reynolds recommends opening a business bank account, registering a company phone line, taking out a business credit card, and establishing supplier credit lines — all while keeping personal and business finances separate and paying on time.

She also champions the government’s Startup Loan Scheme, which offers low-interest borrowing and mentoring, but warns that cultural perceptions around debt must shift. “Many entrepreneurs, particularly women and under-represented founders, still view business borrowing through the lens of personal debt — when in reality, capital for a business is an investment that can generate returns.”

Reynolds argues that scoring systems must adapt to the “messy, iterative” nature of startups by factoring in real-time performance, creating separate models for pre-revenue firms, and rewarding strong founder behaviour and growth signals.

“If we want to fuel economic growth, we need a funding infrastructure that recognises potential, not just paperwork,” she said. “Capital isn’t just about cash flow, it’s about confidence — and right now too many brilliant founders are being excluded from the very system designed to support them.”

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Traditional credit scoring is locking out UK startups, warns Swoop Funding CEO

Sushovan Hussain, the former finance chief at Mike Lynch’s software company Autonomy, is planning a business comeback after serving a three-and-a-half-year prison sentence in the US.

Hussain, 61, has launched a new venture, Liberatus — Latin for “freed” — aimed at helping ex-offenders back into employment. The company will operate as an employment agency, matching those with criminal records to temporary work, with a pilot scheme planned in Cambridge before a national rollout.

Hussain said the idea was born from his own experience of returning to the UK last year after release from a Pennsylvania federal prison, where he served time for fraud over Autonomy’s £7bn sale to Hewlett-Packard.

“Reintegrating into society is extraordinarily difficult,” he said. “Securing employment with a criminal record remains one of the most significant barriers. For those who do find work, the reoffending rate drops to below 5%.”

He added that he had encountered the same issues many ex-offenders face, including difficulty opening bank accounts and obtaining ID.

Companies House records show Hussain owns Liberatus with his wife, Tracie, and has recruited former colleagues from Autonomy and cybersecurity firm Darktrace, which he co-founded with Lynch.

The initiative could attract support from prisons minister Lord Timpson, who has advocated for more employers to hire ex-offenders. Hussain echoed Timpson’s view that giving former prisoners a route back into work is a “win-win situation we cannot ignore”.

Hussain was convicted on 16 counts of fraud in 2018 and lost an appeal in 2020 before entering prison. He was released in early 2024, months before Lynch and Autonomy’s former finance director Stephen Chamberlain were acquitted of fraud in the US.

Earlier this year, Hussain settled a UK civil case brought by HP against him and Lynch, with a judge ruling damages of more than £740m — a sum threatening to wipe out Lynch’s estate after his death in 2024.

Liberatus plans to focus initially on building relationships with employers willing to take on staff with convictions, with the goal of expanding opportunities nationwide.

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Ex-Autonomy CFO Sushovan Hussain launches firm to help ex-offenders find work after US prison term

Former Liverpool and England footballer John Barnes is facing a fresh bankruptcy petition from HM Revenue & Customs (HMRC), reigniting the threat of financial ruin just over a year after he avoided going bust.

The petition was filed at the High Court on Friday, less than two months after it emerged that John Barnes Media Limited, his now-liquidated media company, had amassed debts exceeding £1.5 million. Liquidators’ reports show HMRC is owed £776,878 in unpaid VAT, National Insurance, and PAYE, alongside £461,849 to unsecured creditors and a £226,000 director’s loan.

Barnes, 60, agreed to repay the loan in instalments and has so far returned £60,000, but liquidators warned there would be no funds for unsecured creditors and only a “small distribution” to HMRC.

The former winger, capped 79 times for England, has faced multiple bankruptcy petitions since 2010, including one in 2023 over a £238,000 personal tax bill that was settled at the last moment.

Barnes was banned from being a company director for three and a half years in 2023 after an Insolvency Service investigation found his firm failed to pay more than £190,000 in corporation tax and VAT between 2018 and 2020, despite a turnover of £441,798. Mike Smith, chief investigator at the service, said Barnes’s failure to ensure taxes were paid “should serve as a deterrent to other directors”.

Barnes formed John Barnes Media Limited in 2012, offering media representation services. The company ceased trading in 2020 and went into liquidation last year.

Despite his financial troubles, Barnes remains a high-profile figure, serving as a Liverpool FC club ambassador since 2022 and frequently commenting on football and social issues.

Barnes has been approached for comment on the latest HMRC action.

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John Barnes faces fresh bankruptcy petition from HMRC over unpaid taxes

Norway has reopened oil and gas exploration in the North Sea for the first time since 2021, prompting opposition parties to urge the UK Government to lift its own ban on new drilling licences.

The Norwegian energy ministry announced it will invite bids for exploration across the northern Barents Sea, the Norwegian Sea and parts of the North Sea, in a move aimed at securing the country’s role as “a long-term supplier of oil and gas to Europe.”

Energy Minister Terje Aasland said the new licences would create jobs, drive investment and sustain Norway’s technology-intensive oil and gas sector. “Oil and gas are the engine of the Norwegian economy,” he said, adding that the licensing round had already attracted “great interest” from industry.

The UK imposed a ban on new oil and gas licences last year under Energy Secretary Ed Miliband, with around 180 of the country’s 280 existing fields expected to close within five years.

Conservative shadow business secretary Andrew Griffith said the UK was “missing a massive economic trick” by failing to exploit its remaining North Sea reserves. Reform UK energy spokesman Richard Tice went further, calling for both offshore and onshore shale gas drilling and urging the Government to take equity stakes in new projects, similar to Norway’s sovereign wealth fund model.

Industry body Offshore Energies UK warned Britain risks increasing its reliance on imports unless it backs domestic production. CEO David Whitehouse said: “Norway’s decision underlines its commitment to secure supplies for Europe alongside renewable growth. With supportive policies, we could produce half of the oil and gas needed to reach net zero by 2050 from UK waters.”

The Department for Energy Security and Net Zero defended the ban, arguing that new fields would not cut household bills, improve energy security or help meet climate targets.

Oil prices currently hover at around $67 per barrel, while Ofgem’s household energy price cap stands at £1,720 – up sharply from pre-Ukraine war levels.

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Norway restarts North Sea drilling licences as UK faces calls to lift ban

More than 2,000 jobs are at risk after Claire’s UK entered administration, a week after its American parent company filed for Chapter 11 bankruptcy protection.

The accessories and ear-piercing chain has appointed Will Wright and Chris Pole of Interpath Advisory as joint administrators for Claire’s Accessories UK Ltd, Claire’s European Services Limited, and Claire’s European Distribution Limited.

The company said the move was designed to “protect the business and its stakeholders” while it considers future options. Chief executive Chris Cramer said the UK arm would continue trading during the process: “Taking this step will allow us to continue to trade the business while we explore the best possible path forward. We are deeply grateful to our employees, partners and customers during this challenging period.”

Interpath’s Wright said administrators would aim to keep stores operating “as a going concern” while exploring a sale to secure the brand’s future.

Founded in Chicago in 1961, Claire’s operates over 2,750 stores in 17 countries, plus franchise outlets in the Middle East and South Africa. In the UK and Ireland, it runs 306 shops and employs 2,150 people.

The retailer has struggled in recent years with shifting consumer habits, the rise of online competitors such as Shein and Temu, and tariffs imposed by the Trump administration. Claire’s also filed for bankruptcy in 2018 before being taken over by Elliot Management Corporation and Monarch Alternative Capital, which eliminated $1.9bn in debt.

According to Sky News, potential buyers for the UK arm include Hilco Capital, owner of Lakeland, though sources say bidders have been cautious due to the scale of the company’s financial difficulties.

Cramer cited “increased competition, consumer spending trends, and the ongoing shift away from brick-and-mortar retail” as key factors behind the administration, alongside debt obligations and wider macroeconomic pressures.

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2,000 jobs at risk as Claire’s UK enters administration after US parent’s bankruptcy

Under-22s in England should be given free bus travel to improve access to work and training and encourage long-term public transport use, MPs have urged, as part of a wider plan to reverse a steep decline in bus usage.

A Commons transport committee report recommends extending the English national concessionary travel scheme — which currently provides free travel for pensioners and some disabled people — to all under-22s, with a pilot scheme to test the approach.

The cross-party committee said passenger numbers in England have fallen by 20% since 2009, while the number of routes outside cities has dropped 18% since the Covid pandemic. It cited evidence that more than half of small towns are now “transport deserts” for those without cars.

The MPs welcomed plans to devolve powers over bus services to local transport authorities but said this alone would not solve problems in smaller towns and rural areas, warning that many would struggle to make significant improvements without extra support.

The report calls for:
• Minimum service levels across all local transport authority areas by the end of this parliament, backed by guaranteed long-term funding and multiyear budgets.
• A rural weighting in bus funding allocations to reflect higher operating costs in sparsely populated areas.
• Minimum standards for bus stops, including real-time service information.
• A national policy for buses in England within 18 months, setting out a clear vision for what a successful network should deliver.

Committee members said ministers should use the measures to help address connectivity gaps, improve integration, and make journeys more affordable.

A Department for Transport spokesperson said: “After decades of decline, we’re providing a record £1bn in multi-year funding to improve the reliability and frequency of bus services across the country.

“Our landmark bus services bill will protect routes and prevent services from being scrapped, bringing buses back into local control, and will put passengers at the heart of services. We have also stepped in to prevent a fare hike for passengers by extending the £3 fare cap until March 2027.”

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MPs call for free bus travel for under-22s in England to boost access to jobs and training

Outgoing Balfour Beatty chief executive Leo Quinn has called on Chancellor Rachel Reeves to reverse her abolition of the UK’s non-dom tax status, warning the move has deterred wealthy investors and is limiting funding for major infrastructure projects.

Quinn, who steps down after a decade leading the construction giant, said the decision to end the non-dom regime in April had driven “phenomenal” investment away from Britain, particularly from billionaires and wealthy families who could take a long-term view on projects.

“London’s the best city on the planet and what we should be doing is attracting all these billionaires and wealthy families here,” Quinn said. “Maybe we’ve gone a little bit too far in what we’ve done around non-doms … and we’ll look to mitigate some of those rules.”

High-profile departures following the policy change include Goldman Sachs banker Richard Gnodde, Aston Villa co-owner Nassef Sawiris and Norwegian shipping magnate John Fredriksen.

Quinn argued that the government should be doing more to encourage overseas businesspeople to invest in UK infrastructure, warning that Britain was “missing out” on opportunities to secure patient capital.

His comments come amid figures showing foreign direct investment into the UK fell to its lowest level since records began in 2008. Department for Business and Trade data shows inbound projects fell 12% in 2023 to 1,375, despite efforts to attract overseas capital.

Balfour Beatty’s latest trading update reported an 18% rise in half-year profits to £132m, helped by faster government approvals for infrastructure projects. Current work includes the £833m Net Zero Teesside carbon capture scheme and the Sizewell C nuclear plant, where it will deliver a third of the main civil engineering works.

A Treasury spokesperson said the UK was attracting “record investment” and giving investors “direction and clarity on our priorities for major projects”.

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Balfour Beatty chief urges Reeves to rethink non-dom tax changes to boost UK investment

Dragons’ Den investor Sara Davies is increasing her stake in Crafter’s Companion, the crafting supplies business she founded 20 years ago, as Maven Capital Partners acquires a majority shareholding.

Davies launched the company from her university bedroom and grew it into an international retailer of paper craft, art, and sewing products, valued at over £25 million in 2019. Earlier this year, she returned as chief executive after the business entered administration and was sold via a pre-pack deal to Modella Capital.

Modella has now sold its interest to Glasgow-based Maven Capital Partners and Davies, who will retain a significant minority stake. The financial terms have not been disclosed.

Under Davies’s renewed leadership, Crafter’s Companion returned to profitability in May. She will now step down as chief executive, handing day-to-day operations to Diane Sharp, initially brought in as financial controller and later promoted to managing director.

The company is set to open a US warehouse in the coming weeks, a move prompted by the Trump administration’s removal of tariff exemptions on lower-value imports.

Davies, who remained a non-executive director after selling the business to Growth Partner in 2024, said the company had “lost its way” under previous management, who shifted focus from its core crafting audience to a broader market.

“Our customers are generally older, retired ladies with time and disposable income,” she told The Times. “We don’t compete on price; we deliver exceptional products at the higher end of the market. The strategy pivot went after a much broader audience, and in my eyes, we had no right to win there.”

Maven’s investment marks the latest phase in the turnaround of the County Durham-based firm, which is re-focusing on product development — historically its largest area of investment — and its established, loyal customer base.

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Dragons’ Den star Sara Davies increases stake in Crafter’s Companion as Maven takes majority

Virgin Trains has agreed a deal with French manufacturer Alstom for 12 new high-speed trains as part of its plan to compete with Eurostar on cross-Channel routes from 2030.

The company’s submission to the Office of Rail and Road (ORR) confirms it has secured binding exclusivity for the Avelia Stream model — the latest generation of the Pendolino tilting trains that Virgin introduced to the UK’s West Coast Main Line two decades ago. Similar trains are already in service in Sweden and Italy.

Virgin’s proposal outlines services from London St Pancras to Paris, Brussels, and Amsterdam, with longer-term ambitions to extend further into France, Germany, and Switzerland. The venture will be led by Phil Whittingham, former boss of Virgin Trains UK.

The company says it is the only current applicant with both funding and trains secured. The plan requires around £700 million in capital, with a structure involving a 50% Virgin stake and two undisclosed institutional shareholders. Virgin envisages separate operating and rolling stock asset-holding companies.

Competition to enter the market is mounting, with the ORR also considering applications from Trenitalia, Italy’s state-owned railway, and UK start-up Gemini.

Writing in The Times, Virgin founder Sir Richard Branson said his aim was to inject competition and improve the passenger experience:

“For too long, passengers have had no choice and even less joy. We’re not here to copy. We’re here to raise standards, spark innovation and give people a better way to travel.”

If approved, Virgin’s services would mark the first significant challenge to Eurostar’s dominance of the Channel Tunnel passenger market since it began operating in 1994.

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Virgin orders 12 new Alstom trains in bid to challenge Eurostar from 2030