Hospitality employs 2.6 million people in the UK, 7.1% of the entire workforce. It generates £69.5 billion in gross value added. It contributes £54 billion in gross tax receipts annually. It is, by any reasonable measure, not a peripheral cottage industry but a cornerstone of the British economy.
The Footsie has scaled fresh heights, as demand for London-listed assets intensifies. The mega takeover of Schroders by US institutional investor Nuveen demonstrates how overseas players are sniffing out untapped value in UK companies. The acquisition will create an asset management behemoth and, thanks to the decision to locate the merged company in London, adds shine to the City's reputation as a leader in global asset and wealth management.
As a result of a new deal agreed during Sir Keir Starmer's trip to China, import taxes on whisky will be cut from 10% to 5% - a deal the UK government said would be worth 250m to the UK's economy over the next five years. Scotch whisky is a key export for Britain's drinks sector, with more than 5bn in annual exports. In recent years, China has been one of its fastest-growing markets.
"While it encouraging to see insolvency rates decrease, we know that big name brands are struggling and the outlook for 2026 is far from rosy. Retailers and hospitality businesses who had hoped for more support from the Autumn Budget are now facing increased uncertainty. It seems as though the New Year may already see another Government U-turn, this time backing down on plans to scrap business rates relief for pubs that has been in force since the pandemic."
The UK is on course to overtake Japan and become the world's fifth-largest economy by the end of the next decade, according to new long-term projections from Centre for Economics and Business Research (CEBR). In its latest global outlook, the think tank forecasts that Britain's gross domestic product will rise from just under $4 trillion in 2025 to around $6.8 trillion by 2040, lifting the country back into the global
Rachel Reeves has confirmed that she will deliver an early spring statement on 3 March, as the Treasury moves to restore confidence after a year in which prolonged tax speculation was blamed by businesses for weakening the UK economy. In announcing the date, the Treasury said the chancellor had formally asked the Office for Budget Responsibility to prepare updated forecasts for the economy and the public finances.
Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
Fears over the strength of the UK economy appear to have kept shoppers away from high streets on Black Friday, adding to growing evidence that consumer caution will weigh heavily on growth into 2026. Footfall across all shopping destinations fell by 2% on Friday and was 7.2% lower than the equivalent days last year, according to data from monitoring firm MRI Software. Only locations close to central London offices bucked the trend, seeing a slight lift as workers browsed stores during breaks
PA Media Global banking giant JP Morgan Chase has announced plans to build a new tower in Canary Wharf, claiming it will boost the UK's economy by 10bn. The firm said at three million square feet (280,000 sq m), the building would have double the space of Britain's current tallest building, the Shard. It will hold about 12,000 of its staff and be its most significant presence in Europe, the Middle East and Africa (EMEA).
The UK economy is expected to grow at a slower rate than previously expected from next year, the government's official forecaster has said. The Office for Budget Responsibility (OBR), which maps out how the economy is set to perform based on the government's tax and spending policies, increased its growth expectations for this year, but downgraded its forecast for the following four.
BDO's Output Index rose to 97.49 in October, up from 96.25 in September. This marks its largest monthly improvement since December 2024, when the UK economy grew off the back of strong consumer-facing sectors, including leisure activities such as pubs and bars, likely boosted by last year's festive period. Both the services and manufacturing sectors contributed to October's rise, with easing cost pressures such as lower-than-expected inflation, which in turn increased domestic demand driving improvement in services output.
"When someone says they are a B Corp, or even going through the process, I understand they really mean it," she said. "It's not easy, and the framework gives businesses structure and purpose. If you measure your business purely on profit, you are missing the point."
Michael O'Leary, the chief executive of the budget airline, hit out at Rachel Reeves, accusing the chancellor of failing to deliver on her programme of economic growth. The UK economy under the current leadership is doomed, he said. The UK badly needs growth, but the way to deliver growth is through selective tax cuts you are not going to grow the UK economy by taxing wealth or by taxing air travel.
The UK's post-summer economic rebound has been short-lived, according to the latest Business Trends report from business advisory and accountancy firm BDO LLP. BDO's Output Index declined to 98.53 in September, down from 101.21 in the previous month and falling below the 100-point threshold which represents long-term average growth levels over the past 15 years. After exceeding 100-points in August for the first time in over three years, September's decline signals that UK business momentum has once again stalled.
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