Lloyds Banking Group has set aside an additional £800 million to cover potential compensation claims related to the car finance mis-selling scandal, as the UK’s financial regulator finalises plans for a sweeping redress scheme. The FTSE 100 lender said the provision “reflects the increased likelihood of a higher number of historical cases being eligible for redress” and a “higher level ...
Lloyds Banking Group is putting its entire senior leadership team — including chief executive Charlie Nunn — through an intensive six-month artificial intelligence (AI) bootcamp as the bank commits to embedding generative AI across its operations. The programme, created by education technology firm Cambridge Spark in collaboration with experts from the University of Cambridge, is designed to teach Lloyds’ most ...
Financial experts have urged the Chancellor to abandon any plans to expand VAT coverage in the forthcoming Budget, warning that the move would “bludgeon UK consumers and businesses”, drive up costs and undermine key government policy goals. The warnings come amid reports that Treasury officials are considering broadening VAT to previously exempt services such as private tuition, financial advice, postal ...
Electric vehicle charging software company Fuuse has raised a further £6 million from its existing investors, Par Equity and YFM Equity Partners, as it accelerates growth and moves closer to profitability. The Lancaster-based platform — which provides EV charge point management software and services — said the follow-on investment came at an increased valuation after the company more than doubled ...
The consortium behind PPE Medpro has announced its readiness to enter discussions with the company’s administrators to explore a possible settlement with the government, following the High Court’s ruling that the firm must repay £121.9 million for breaching its PPE contract with the Department of Health and Social Care (DHSC). In a statement shared with Business Matters, a spokesperson for ...
A senior industry figure has called on the Government to take robust retaliatory action against the European Union’s new trade restrictions on British steel, warning that they could devastate the UK’s manufacturing base. Simon Boyd, managing director of Dorset-based structural steel company REIDsteel, urged ministers to impose reciprocal tariffs to protect UK producers, manufacturers and supply chains after Brussels announced ...
Google may be required to overhaul the way its search engine operates in the UK after the Competition and Markets Authority (CMA) confirmed it has granted the tech giant “strategic market status” (SMS) under the country’s new Digital Markets, Competition and Consumers Act (DMCCA). The landmark decision, announced on Friday, gives the CMA sweeping new powers to impose legally binding ...
The UK risks losing ground in the global race to harness artificial intelligence, with small businesses in particular falling behind their American counterparts, according to Debbie Weinstein, President of Google Europe. Weinstein, who previously led Google’s UK and Ireland operations, said that while Britain remains an innovation hub, its small and medium-sized enterprises (SMEs) are slower to adopt AI — ...
Royal Mail and TikTok Shop have announced a new partnership aimed at powering the next wave of growth for British small businesses and online sellers. The collaboration, effective 9 October 2025, will see Royal Mail become TikTok Shop’s primary UK delivery partner, connecting one of Britain’s most trusted logistics networks with one of the world’s fastest-growing digital commerce platforms. The ...
The Cyber Security and Resilience Bill (CSRB), announced in the King’s Speech in July 2024, is expected to be introduced this month. The Bill is designed to build upon the existing Network and Information Systems Regulations to mitigate against increasingly dangerous cyber threats. Through expanded and strengthened regulations and compliance mechanisms, the bill will mark a significant moment of change ...