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The UK government is facing pressure to increase research and development spending to £30 billion by the end of the decade, as business leaders warn that the country risks falling behind global innovation powerhouses. The Confederation of British Industry (CBI) is calling for an ambitious target of 3.4% of GDP by 2030, arguing that this would attract private investment and strengthen the UK's position in the global economy.

HM Revenue & Customs (HMRC) has significantly increased the number of Research and Development (R&D) tax relief claims it has "corrected" using controversial powers, sparking concerns that the tax authority is bypassing due process. This aggressive approach could deter genuine businesses from claiming R&D relief and has led to calls for a fairer and more transparent system.

Santander is closing 95 UK branches, citing a shift to digital banking and a 63% surge in online transactions since 2019. Despite the closures, 93% of the UK population will still be within 10 miles of a Santander branch, and the bank is investing in upgrades to its remaining branches and expanding its digital services.

Polaron, a spin-out from Imperial College London, has developed a groundbreaking AI solution that reduces the time needed to create advanced materials, potentially transforming the production of materials used in wind turbines, electric vehicle batteries, and infrastructure. This innovation has been recognized with the Manchester Prize, aligning with the government's new AI blueprint to drive economic growth and a sustainable future.

Five Below reported a 4% increase in total revenue for the fourth quarter, while comparable sales decreased by 3%. The company also provided guidance for the first quarter and full year 2025, with revenue expected to be in the range of $905 million to $925 million and $4.21 billion to $4.33 billion, respectively.