Business

Britain’s only tin mine could end up exporting much of its future production to the United States after the American government signalled it is prepared to provide up to $225 million (£166 million) in financing to revive the historic South Crofty site in Cornwall.

Cornish Metals, which is working to bring the South Crofty mine near Camborne back into production, has received a letter of interest from the Export-Import Bank of the United States (Exim), proposing a potential financing package linked to supplying tin to the US market.

The move comes less than a year after Cornish Metals secured a £28.6 million equity investment from the UK’s government-backed National Wealth Fund, which was framed at the time as supporting a domestic supply of a strategically important mineral.

In its statement, Cornish Metals said Exim’s interest was explicitly tied to South Crofty providing a “responsible supply of tin concentrate” to the United States, as Washington seeks to strengthen critical mineral supply chains and reduce dependence on overseas producers.

The company estimates it will cost around £198 million to restart the mine by mid-2028, with both costs and timelines increasing over the past year. It is now seeking to secure funding to cover capital expenditure and operating costs as it moves towards production. Shares in Cornish Metals rose 2.7 per cent following confirmation of Exim’s interest.

Tin is classed as a critical mineral and is widely used in electronics, renewable energy systems and advanced manufacturing. The UK currently has no domestic tin production, and South Crofty is expected to produce an average of around 4,700 tonnes of tin concentrate annually in its first five years, roughly equivalent to the UK’s total yearly consumption.

Fawzi Hanano, Cornish Metals’ chief development officer, said the US financing proposal would inevitably come with expectations around offtake.

“Exim would not give money to a foreign entity unless there’s something in it for them,” he said. “Ideally they would want all of the production, but in reality it would be a certain percentage that aligns with the level of financing being provided.”

He confirmed that none of South Crofty’s future output is currently committed to buyers and that there is no obligation for the mine to supply UK customers, despite the National Wealth Fund’s involvement.

One of the challenges, Hanano said, is that while the mine will produce a high-grade tin concentrate, the UK and Europe currently lack the smelting capacity needed to process it into refined tin metal.

“There is no smelting capacity in the UK or Europe at present, so there is no outlet for tin concentrate domestically,” he said. While the US also lacks significant smelting capacity today, it is in the process of developing it as part of its critical minerals strategy.

Hanano suggested that government-to-government agreements could still allow for some tin to flow back to UK end users in the future. “If one country has upstream capacity and another has processing capability, there are structures where material can be processed and some of it returned. That’s ultimately a decision for governments to take.”

The potential deal highlights growing geopolitical competition for critical minerals, and raises questions over how far UK-backed resource projects may ultimately serve domestic industry when global supply chains, and foreign state financing come into play.

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US offers $225m backing for Cornwall tin mine in bid to secure supply

Stellantis, the European carmaker behind Vauxhall, Citroën and Fiat, has taken a €22bn hit after admitting it overestimated the pace of electric vehicle adoption and reversing its push towards an all-electric future.

The Franco-Italian automotive group said the strategic U-turn would result in €22bn of future losses, write-offs and cancellation costs linked to electric models that will no longer be brought to market. Around €6.5bn of that charge will involve cash leaving the business.

The announcement triggered a sharp market reaction, with Stellantis shares briefly suspended before plunging more than 20 per cent once trading resumed. By mid-morning in London, the stock was down 21 per cent at €6.40, its lowest level in five years. The company also confirmed it would scrap its dividend.

Stellantis said its future strategy would now be driven by “demand, not command”, signalling a clear shift away from regulatory-led electrification targets towards customer preferences. The move also aligns with a broader change in tone in the US market under President Donald Trump, where carmakers are increasingly pivoting back to internal combustion engines.

The group, formed from the merger of Peugeot-Citroën, Fiat-Chrysler and Opel-Vauxhall, has faced internal tensions over strategy in recent years. Those divisions culminated in the departure of former chief executive Carlos Tavares 15 months ago. His successor, Antonio Filosa, has now delivered a blunt assessment of the previous approach.

Announcing the charges, Filosa said Stellantis would prioritise new petrol and hybrid models after misjudging the speed of the energy transition and losing touch with customers’ real-world needs.

“The charges announced today largely reflect the cost of over-estimating the pace of the energy transition,” Filosa said. “That miscalculation distanced us from many car buyers’ needs, means and preferences, and was compounded by poor operational execution.”

As part of the reset, Stellantis will invest $13bn over the next four years to expand production in the United States, creating more than 5,000 jobs and increasing capacity utilisation at its American plants. Iconic petrol models will make a comeback, including the HEMI V8 engine for the Ram 1500 pick-up and the return of the Jeep Cherokee, a gasoline bestseller that was dropped three years ago.

The company has also cancelled the Ram 1500 REV, an all-electric pick-up that had been due to enter production later this year, citing the need to align product plans with customer demand and changes in US regulation.

In a pointed critique of its former management structure, Stellantis said it would re-empower regional teams, giving them greater autonomy to make decisions based on local market knowledge rather than centralised mandates.

Although its UK manufacturing footprint has shrunk significantly, Stellantis remains the owner of the Vauxhall brand, with limited electric van production continuing at Ellesmere Port.

The move mirrors similar retreats by Ford and General Motors and underscores a broader reassessment by western carmakers as EV demand softens and political support for aggressive electrification weakens. Stellantis will publish its full-year 2025 results on 26 February.

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Vauxhall owner takes €22bn hit after electric car u-turn

Bitcoin has slipped below the $70,000 mark, erasing the gains made after Donald Trump’s return to the White House, as weakening investor demand and regulatory uncertainty weigh on the world’s largest cryptocurrency.

The digital asset fell to around $65,600 on Thursday, its lowest level since November 2024, amid a combination of hawkish signals from the US Federal Reserve, a slowdown in institutional buying and continued delays in crypto regulation.

Bitcoin had rallied sharply following Trump’s second election victory after he pledged to turn the US into the “crypto capital of the world”, fuelling expectations of lighter regulation and greater political backing for digital assets. However, those hopes have faded as progress on legislation has stalled and central banks have signalled they will keep interest rates higher for longer.

The cryptocurrency is now down around 30 per cent over the past year, as enthusiasm from both retail and institutional investors has cooled. Analysts say delays to US legislation aimed at creating a clear regulatory framework for digital assets have played a key role in undermining confidence.

The so-called Clarity Act, a bipartisan proposal designed to define how cryptocurrencies should be regulated, has been held up by disagreements within the sector and in Congress. In contrast, the UK has set out plans to bring cryptoasset firms under Financial Conduct Authority oversight from 2027, although that framework remains some way off.

In a research note, analysts at Deutsche Bank said regulatory inertia has slowed the integration of bitcoin into mainstream investment portfolios. They noted that while the recent sell-off looks sharp, it also reflects a retreat from highly speculative gains made over the past two years.

“Despite the recent drop, bitcoin remains around 370 per cent higher than in early 2023,” the bank said, adding that the steady selling suggests traditional investors are losing interest and broader pessimism around crypto is growing.

Created in 2008 by the pseudonymous developer Satoshi Nakamoto, bitcoin has no physical form and exists purely as computer code. Once worth almost nothing, it reached parity with the US dollar in 2011 and has since become the bellwether for the wider crypto market.

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Bitcoin falls below $70,000, wiping out post-election gains

The Governor of the Bank of England has said he was “shocked” by revelations that Lord Mandelson leaked sensitive government information to Jeffrey Epstein during the 2008 financial crisis, saying it was right that the matter is now being investigated by the police.

Andrew Bailey made the comments as he paid tribute to the late former chancellor Alistair Darling, drawing a sharp contrast between Darling’s conduct during the crisis and the alleged actions of the former business secretary.

Asked whether sufficient safeguards exist to prevent those in positions of power from misusing market-sensitive information, Bailey said there was a “very clear” legal framework for dealing with potential breaches and that it was appropriate for the Mandelson allegations to be handled by law enforcement.

He also stressed that the focus should remain on Epstein’s victims, asking: “How is it that we live in a society that this happened and was allowed to happen?”

Bailey appeared visibly emotional as he reflected on images showing Mandelson alongside Darling during the crisis period. He described Darling as someone who acted with “honesty and decency” while helping to steer the UK through one of the most severe financial shocks in modern history.

“Alistair Darling was doing all the right things,” Bailey said. “He was doing them with a thorough sense of integrity, and he can’t speak for himself today, sadly.”

Darling died in November 2023 aged 70.

The comments follow reports that Mandelson kept Epstein informed about the Labour government’s decision to cap bankers’ bonuses in the aftermath of the financial crash and that he had sought to persuade the Treasury to abandon the policy. The disclosures have triggered a police investigation.

Bailey said he was “shocked by what we heard about that period”, reiterating that the priority must be the harm suffered by Epstein’s victims rather than the reputations of those implicated.

The Bank of England governor has previously been drawn into scrutiny surrounding Epstein due to his role as head of the Financial Conduct Authority when the regulator investigated Jes Staley, the former Barclays chief executive, over his relationship with the disgraced financier.

Staley unsuccessfully challenged the FCA’s decision to ban him from senior financial services roles, with the court upholding the regulator’s finding that he had acted with a lack of integrity by misleading it about the nature of his links to Epstein. While the ban was maintained, the court reduced a financial penalty imposed on Staley.

That case centred on a cache of emails between Staley and Epstein, some of which later became public and added to wider concerns about accountability and conduct at the highest levels of finance and government.

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Bank of England Governor ‘shocked’ by Mandelson leaks to Epstein

NatWest has announced plans to dramatically expand its Accelerator community, with an ambition to support 50,000 entrepreneurs across the UK in 2026 – a five-fold increase on the target it set for 2025.

The move follows a standout year for the programme, during which the bank supported around 12,000 founders. That figure exceeds the total number of entrepreneurs the Accelerator had backed over the previous decade combined, highlighting the rapid acceleration in both scale and impact.

The expansion forms part of NatWest’s new five-point Growing Together plan, which outlines how the bank intends to support long-term UK growth. The strategy focuses on backing regional economies, championing mid-market businesses, strengthening infrastructure and housing, improving financial confidence among families and young people, and supporting the innovators shaping the future economy.

NatWest said it believes banks have a role to play beyond providing finance, using their regional footprint, expertise and convening power to bring together businesses, communities and policymakers to help remove structural barriers to growth and unlock productivity across the UK.

At the heart of the expansion is the NatWest Accelerator community, which is built around peer networks, local cohorts and access to expert mentors, investors and specialist support. The programme is designed to help early-stage and high-growth businesses launch, scale and build resilience.

Data released by the bank shows the impact of the programme on participating businesses. Companies that completed the Accelerator grew their turnover by an average of 104 per cent year-on-year, compared with 20 per cent growth among a control group. In addition, nine out of ten Accelerator businesses were still trading three years later, compared with fewer than half in the control group.

Robert Begbie, CEO of Commercial & Institutional Banking at NatWest Group, said the expanded ambition reflects the bank’s confidence in the programme’s effectiveness.

“We know that to build the economy of the future we need to back the innovators who will power it,” he said. “Entrepreneurs are the driving force behind innovation, job creation and long-term economic growth across the UK. By raising our ambition for 2026, we’re reinforcing our commitment to back founders at every stage – from idea to scale-up – and help them turn ambition into sustainable success.”

The commitment was welcomed by government and business groups. Small Business Minister Blair McDougall said the announcement reflected the kind of practical support needed to unlock the potential of small businesses nationwide, while Aaron Asadi, CEO of Enterprise Nation, described NatWest as unmatched among banks in its support for UK entrepreneurs.

Shevaun Haviland, Director General of the British Chambers of Commerce, added that expanding the Accelerator would give more founders access to the advice and peer networks they need to grow with confidence.

As part of the expansion, NatWest will continue to grow its network of Accelerator hubs and on-campus university partnerships. The bank has already established hubs in collaboration with universities including Manchester, Oxford, York, Brighton and Warwick, and plans to set up hubs in up to ten universities over the next three years.

The Accelerator also delivers structured growth journeys through its UK hub network and via the NatWest Accelerator app, working in partnership with Google to provide access to digital tools, training and specialist expertise. Pitch events and founder forums held across the UK give entrepreneurs opportunities to showcase their businesses, build networks and access funding.

One business to benefit from the programme is Leeds-based production company Mood Films, which launched in 2024 after evolving from a long-standing mentor-mentee relationship into a creative partnership. After joining the NatWest Accelerator, the founders gained access to co-working space, one-to-one coaching and workshops covering funding, sales, marketing and future planning.

Louis Jones, co-founder and director of photography at Mood Films, said the programme helped the team move from being filmmakers learning the basics of business to confident founders with a clear understanding of how to scale.

“Joining the NatWest Accelerator was one of the best decisions we ever made for our business,” he said. “The support helped us understand every area of the business and gave us the confidence to grow now and into the future.”

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NatWest to expand Accelerator community to 50,000 UK entrepreneurs in 2026

An award-winning tradesperson has announced plans to leave the UK for Switzerland, warning that rising employment taxes, shrinking apprenticeship support and mounting red tape are driving skilled workers and small business owners overseas.

Martin Daly, founder of Motherwell-based MD Builders and recently crowned Screwfix Top Tradesperson for 2025, said changes introduced in Labour’s first Budget were the final catalyst behind his decision to relocate after years of building his business in the UK.

Daly, 30, began his career as a joiner before setting up his own firm five years ago. Since then, he has employed and trained multiple apprentices, many of whom have gone on to establish their own businesses or pursue opportunities abroad. He now fears the UK risks accelerating a wider exodus of skilled tradespeople at a time when construction labour shortages are already acute.

He pointed to the rise in employers’ National Insurance contributions, increases in the National Living Wage and what he described as insufficient funding for apprenticeships as key pressures squeezing small firms.

“Those changes were the tipping point,” Daly said. “I want to grow a business and bring young people through, but I can’t afford to do that anymore. The costs don’t stack up.”

Under changes announced in the October Budget, employers will pay a 15 per cent National Insurance rate on salaries above £5,000 from April, up from 13.8 per cent on earnings above £9,100. The National Living Wage is also set to rise to £12.21 an hour.

Daly said the impact goes beyond payroll. He described a slowdown in available projects as firms rein in spending, alongside rising overheads driven by compliance and regulation. He also cited concerns about personal safety and quality of life as part of his decision to leave.

“I want to wake up and not worry about my van being broken into,” he said. “I want to know taxes are being used positively. And I want to feel safe walking at night. That’s not how Britain feels anymore.”

The builder has visited Switzerland several times and has already received job offers there, including work installing kitchens. He said he had also been approached by firms in Australia and the Middle East, regions actively targeting skilled UK tradespeople with visa schemes and relocation incentives.

Australia, for example, introduced a specialist construction visa programme in 2023, offering relocation support of up to £5,100 in some regions.

While Daly stressed that his decision was not solely about money, he said the contrast in incentives and support for apprentices abroad was stark. “Australia helps fund apprentices. Here, the whole apprenticeship system needs reform,” he said.

The concerns come as the UK construction sector faces mounting workforce pressures. The number of construction workers fell to around two million in late 2025, the lowest level in 25 years, with more than a third of the workforce now aged over 50. Industry estimates suggest more than 60,000 new workers are needed each year to meet housing targets.

The government has pledged to build 1.5 million new homes by the end of this parliament, but delivery remains under scrutiny. Independent forecasts suggest current build rates fall well short of that ambition, despite recent planning reforms designed to speed up approvals and increase density near transport hubs.

Daly acknowledged that pressures on trades had built up over multiple governments but warned the current policy mix risks accelerating departures just as skills shortages deepen.

“Unless we focus properly on young people, they’ll all leave,” he said. “If we don’t change, there won’t be anyone left to build the homes we need.”

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Award-winning builder quits UK for Switzerland, due to tax pressure and skills crisis

Jason Goldberg Winnipeg has built a career around clarity. In a field known for complexity, he has focused on making big ideas work in the real world. Not with noise or headlines, but with structure, discipline, and long-term thinking.

Based in Winnipeg, Jason is a partner at MLT Aikins, the largest law firm in Manitoba and Western Canada. His work sits at the intersection of tax law, business strategy, and transition planning. Over time, he has helped shape transactions and structures that allow businesses and families to move forward with confidence.

“I’ve always believed that good ideas only matter if they can be implemented,” Jason says. “Execution is where value is created.”

Early Influences and a Winnipeg Foundation

Jason Goldberg Winnipeg grew up in Winnipeg, a city that values loyalty and community. Sports and culture were a constant presence. From the historic Winnipeg Arena to today’s Canada Life Centre, he learned early that showing up matters.

“Winnipeg teaches you to stay committed,” he says. “You don’t chase trends. You build something solid.”

That mindset shaped his early ambitions. In 1989, Jason received a YTV Achievement Award for Entrepreneurship. It was an early signal of his interest in how ideas become sustainable ventures.

He went on to earn a BA from the University of Manitoba in 1993, followed by a law degree from the University of Western Ontario in 1997. He was called to the Manitoba Bar in 1998.

Finding His Path in Tax and Business Law

Early in his legal career, Jason gravitated toward tax law. It was not about numbers alone. It was about how decisions ripple across time.

“Tax law forces you to think ahead,” he says. “You can’t just look at today. You have to understand what happens five or ten years down the road.”

To deepen his expertise, Jason completed the CICA In-Depth Tax Course in 2006, along with advanced training in corporate reorganisations and tax law. These programmes are known for their rigour and practical focus.

“You learn very quickly that precision matters,” he says. “Small details can shape very large outcomes.”

Bringing Big Ideas to Life in Practice

Jason’s work focuses on corporate tax planning, acquisitions and divestitures, reorganisations, and estate and succession planning. Much of it involves closely held and family-owned businesses facing moments of change.

These moments often come with pressure. Emotions run high. Timelines are tight.

“My role is to bring creativity and stamina to a complex problem,” Jason explains. “A concept needs space to be tested before they are put into motion.”

He is known for helping clients translate complex strategies into workable steps. Not by oversimplifying, but by asking the right questions early.

“Good planning is about alignment,” he says. “When structure and intent match, things tend to hold.”

Leadership Through Clarity and Collaboration

As a partner at MLT Aikins, Jason works closely with lawyers, accountants, and advisors across disciplines. Transactions rarely succeed in isolation.

“Everyone brings a piece of the puzzle,” he says. “Leadership is making sure those pieces fit together.”

Jason is also active in professional education. He has written papers for Continuing Legal Education and the Canadian Tax Foundation and presented for organisations such as the Business Development Bank of Canada.

Teaching, he believes, keeps his thinking sharp.

“If you can explain a complex idea in plain language, you can understand it,” he says.

Life Beyond the Office

Outside of work, Jason remains deeply connected to sports and the arts as a supporter. He is a lifelong fan of the NHL and NBA. At home, he supports the Winnipeg Jets. From afar, he follows the New York Rangers. The Phoenix Suns and Vancouver Canucks are also favourites.

“Sports are a shared experience,” he says. “They bring people together in a way few things can.”

That same belief draws him to the arts. Jason regularly attends the Vancouver International Film Festival and the Toronto International Film Festival. He enjoys discovering new voices and perspectives.

He also supports institutions such as the Vancouver Symphony Orchestra, Phoenix Symphony Orchestra, Vancouver Art Gallery, Phoenix Art Museum, the Scottsdale Museum of Contemporary Art and the Agassiz Chamber Music Festival.

“Art challenges how you see the world,” he says. “That’s valuable in any profession.”

Investing in Education and the Future

Jason is an advocate for education and youth development. He actively supports Balmoral Hall School and programmes that encourage leadership, curiosity, and character.

“Education is one of the few investments that always pays forward,” he says.

That belief mirrors his professional philosophy. Focus on fundamentals. Build with care. Let results compound over time.

A Career Defined by Thoughtful Execution

Jason Goldberg’s career is not defined by bold claims. It is defined by follow-through and working the details. By taking complex ideas and turning them into structures that last.

“Success is usually quiet,” he says. “If things are working, you’re probably doing something right.”

From his roots in Winnipeg to his leadership role today, Jason continues to show that innovative concepts and implementation adds value for clients.

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Jason Goldberg Winnipeg: Turning Complex Ideas Into Lasting Impact

Chinese state-owned carmaker Chery is pressing ahead with its rapid UK expansion by launching a fourth brand in the British market, underlining its ambition to become a long-term player in one of Europe’s most competitive automotive landscapes.

The group confirmed it will introduce vehicles under the Lepas brand, a new line focused on battery-electric and hybrid SUVs aimed at younger families. While Lepas is being developed primarily with Europe in mind, the UK will be one of its early launch markets.

The move adds to Chery’s already fast-growing UK portfolio. Since entering Britain, the company has rolled out Omoda in 2024, Jaecoo in early 2025 and its core Chery-branded models last summer. Combined, those brands delivered more than 53,600 UK sales in 2025, giving Chery a 2.7% share of the market and putting it ahead of rivals including BYD, Tesla, Mini, Honda and Mazda.

Lepas vehicles will initially be manufactured in China and imported into the UK. Unlike the US and EU, Britain has not imposed additional tariffs on Chinese-built electric vehicles, making it an attractive entry point for manufacturers looking to scale quickly. However, the UK government is keen for overseas carmakers to move production onshore, and Chery has repeatedly indicated it is open to that possibility.

Jaguar Land Rover, the UK’s largest automotive employer, is understood to be in early-stage discussions about potentially using its factories to produce Chery vehicles, although no agreement has been finalised.

The announcement follows Chery’s recent confirmation that it will open a research and development headquarters for commercial vehicles in Liverpool, further strengthening its UK footprint beyond sales alone.

Chery has been China’s largest car exporter for more than two decades, but historically focused on lower-cost markets in the Middle East, Latin America and parts of Asia. The shift to electric vehicles, combined with heavy state backing and competitive pricing, has allowed Chinese manufacturers to make far deeper inroads into Europe.

In the UK, that momentum is already visible. In January alone, Chery sold nearly 6,100 vehicles, with hybrids accounting for the bulk of demand. Data from thinktank New Automotive shows that hybrid models, which pair smaller batteries with petrol engines, are proving particularly popular with British buyers.

The same data highlights the scale of competitive pressure facing established brands. Tesla’s UK sales fell to just 650 units in January, less than half its total a year earlier, as it continues to grapple with an ageing model range and reputational headwinds. BYD, which overtook Tesla globally in battery-electric sales last year, sold more than twice as many electric vehicles in the UK during the same period.

Chery has yet to commit formally to UK manufacturing, but senior executives have described localisation as a key strategic goal. Victor Zhang, the company’s UK director, said last year that Chery was “actively considering” building a British plant as part of an “in UK, for UK” strategy.

The Lepas brand appears positioned as a mass-market, lifestyle-led offering, with branding that leans into themes of fun and family appeal. That contrasts with Jaecoo, which has drawn attention for its design similarities to premium SUVs at significantly lower price points.

With four brands now lined up for the UK, Chery’s expansion shows no sign of slowing — and signals a broader shift in the balance of power within Britain’s car market.

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Chinese carmaker Chery to launch fourth brand in the UK

The UK’s data protection watchdog has fined the owner of image-sharing platform Imgur nearly £250,000 after finding serious failures in how the site handled children’s personal data.

The Information Commissioner’s Office (ICO) has imposed a £247,590 penalty on MediaLab.AI, Inc, concluding that the company allowed children to access Imgur for years without putting in place even basic age-checking safeguards required under UK data protection law.

Following a long-running investigation, the regulator found that MediaLab failed to establish the age of Imgur users, processed the personal data of children under 13 without parental consent, and did not carry out a data protection impact assessment to identify or mitigate risks to younger users.

Because Imgur had no effective way of determining who was using the platform, children were exposed to potentially harmful content, including material relating to eating disorders, antisemitism, homophobia, and sexually explicit or violent imagery. The ICO said personal data was being used to shape content recommendations without any protections appropriate for children.

John Edwards, the UK Information Commissioner, said the company had failed in its legal duty to protect young users. He said MediaLab had allowed children to use Imgur without effective age checks while collecting and processing their data, exposing them to serious risk.

He added that age assurance plays a crucial role in protecting children’s personal information and preventing it from being used in ways that may cause harm, such as recommending age-inappropriate content. Companies that ignore the fact children use their services, he warned, should expect enforcement action.

The ICO’s investigation covered a four-year period between September 2021 and September 2025, during which MediaLab was found to have breached the UK General Data Protection Regulation. Under UK law, online services can only rely on consent as a lawful basis for processing data relating to children under 13 if that consent is given by a parent or carer.

Although Imgur’s terms stated that children under 13 required parental supervision, the ICO found that MediaLab had no mechanisms in place to enforce this or obtain parental consent.

In setting the penalty, the regulator took into account the length of time the breaches occurred, the number of children affected, the level of potential harm, and MediaLab’s global turnover. The ICO also noted that MediaLab accepted its provisional findings and committed to implementing appropriate safeguards should Imgur resume processing children’s data in the UK.

The watchdog said further regulatory action could follow if those commitments are not met.

The fine forms part of the ICO’s broader push to improve how digital platforms protect children’s personal information online. UK data protection law gives children enhanced protections, reinforced through the Children’s Code, also known as the Age Appropriate Design Code, which sets clear expectations for online services likely to be accessed by under-18s.

The ICO has stressed that platforms must either apply the Children’s Code protections to all users or implement proportionate and robust age assurance measures to tailor safeguards appropriately.

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ICO fines Imgur owner £247k over children’s data failures

Investment in UK film production hit a record £2.8bn last year, driven overwhelmingly by Hollywood studios and global streaming platforms, according to new figures from the British Film Institute (BFI).

However, industry leaders are warning that growth is likely to slow in 2026 as Netflix shifts production back to the United States amid political pressure and plans for a blockbuster acquisition.

The BFI said that 91 per cent of the £2.78bn spent on UK film production in 2025 came from “inward investment”, funding from studios and streamers based outside the UK. The total marks a 23 per cent increase year on year and represents the highest level of film production spend since the BFI began tracking the data in 2002.

The surge was fuelled by a run of major international productions choosing the UK as a filming base, including Avengers: Doomsday, Super Girl and four separate biopics focusing on members of The Beatles. More than £2.5bn of total film spend came from US-based companies such as Netflix and Amazon, up 30 per cent on the previous year.

High-end television production also remained strong. Spending on UK-made TV shows with budgets of more than £1m per episode rose by over 7 per cent to £4bn, again dominated by US-backed platforms. Netflix, Amazon Prime Video and Disney+ accounted for around 80 per cent of that total, backing global hits including Bridgerton, Slow Horses, Outlander and The Thursday Murder Club.

UK broadcasters showed modest recovery after a difficult period. Investment from ITV, Sky, Channel 4 and Channel 5 edged up to £688m, following a five-year low in 2024, but remained well below historic highs.

In total, combined spending on UK film and high-end TV production reached £6.8bn in 2025, up 13 per cent on the year. Yet despite the strong headline numbers, the outlook has become more uncertain.

Netflix co-chief executive Ted Sarandos has confirmed that the streaming giant is actively pulling projects back to the US to support domestic job creation, as it seeks regulatory approval for its proposed $82.7bn (£59bn) takeover of Warner Bros Discovery. Speaking before a US Senate antitrust subcommittee this week, Sarandos said new tax incentives in New Jersey had made filming in the US more attractive than overseas locations, including the UK.

He revealed that since the incentives were approved, Netflix had redirected 11 projects into the US, seven of which had originally been planned for the UK. Sarandos said the company was “very invested in creating more American jobs” and keeping production at home, signalling increased competition for UK studios as governments race to offer more generous incentives.

While the UK remains one of the world’s most attractive destinations for large-scale film and TV production, thanks to its talent base, infrastructure and tax reliefs, industry figures are increasingly concerned that geopolitical pressure and subsidy competition could temper growth after a record-breaking year.

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Hollywood money fuelled record £2.8bn spend on UK film production in 2025