News

Small and medium-sized enterprises (SMEs) in Britain are repaying debt at levels exceeding pre-pandemic times, prompting the Department for Business and Trade to launch a review of SME debt finance supply. The review aims to address concerns that a lack of competition is keeping loan prices high, potentially hindering SME growth and contributing to the UK's productivity issues.

The tech-heavy Nasdaq Composite experienced its biggest single-day drop since the pandemic-induced "Black Monday" of March 2020, plummeting by 4%. The total market valuation of the "Magnificent Seven" - Alphabet, Amazon, Apple, Microsoft, Meta Platforms, Nvidia, and Tesla - has plunged by a staggering $2.7 trillion.

Berkeley Group, a major UK housebuilder, warns that a potential new cladding tax could hinder its efforts to deliver 1.5 million homes by 2029, adding to industry concerns about rising costs and regulatory changes. Despite these challenges, the company reports a "modest improvement in sales reservations" and reaffirms its commitment to shareholder returns.

The UK's manufacturing sector is facing a perfect storm of rising costs, global trade disruptions, and higher taxes, leading to a sharp decline in output and fears of a deeper economic crisis in 2025. The industry is calling for urgent government support to weather the storm and ensure its long-term viability.

Britain's youngest workers are facing a tougher jobs landscape as businesses cut back on hiring due to rising employment taxes and a looming minimum wage increase. This has led to a 1.8% contraction in youth employment among those aged 16-24, with concerns growing that this demographic could miss out on crucial early-career experiences.