Business

Tesco is trialling earlier closing times at some of its Express stores, following a sharp £235 million rise in staffing costs linked to Chancellor Rachel Reeves’s Budget measures. Britain’s biggest supermarket chain is closing selected stores at 10pm instead of 11pm and reducing staffing levels at certain locations. The changes are part of a pilot scheme focused on the retailer’s less profitable branches—referred to internally as “Express Lite” stores. Express Stores Face Cuts Amid Budget Pressures The move follows Tesco chief executive Ken Murphy’s warning that the company is urgently working to absorb significant additional costs imposed in the spring Budget. In April, Tesco revealed a £235m rise in National Insurance contributions, a direct result of Reeves’s tax changes...

UK GDP growth hits 0.7% in Q1 2025, beating expectations and leading the G7. Analysts caution the spike may be a temporary effect of global trade tensions. UK GDP Growth Beats Expectations with 0.7% Surge in Q1 The latest economic figures show the UK economy growing by 0.7% in the first quarter of 2025, outpacing forecasts and marking the fastest growth in the G7. The figure not only beats the 0.6% predicted by most economists, but also represents a significant rebound in GDP per capita, which rose by 0.5% — a better gauge of living standards as it accounts for population size. UK Leads G7 in Economic Growth When measured against other G7 industrialised nations, the UK’s quarterly growth puts it at the top of the leaderboard. This is a major boost for Chancellor Rachel R...

Uber Cash Payments UK: Ride-Hailing Giant Expands Cash Option Nationwide In a major shift, Uber cash payments are now available across most cities in the UK, giving riders the option to pay with physical money for the first time—except in London, where the feature remains under review. The move marks a departure from Uber’s traditionally cashless model and responds to a growing demand for payment flexibility. However, individual drivers can still choose to opt out of accepting cash, citing concerns around safety and theft. Why Uber Introduced Cash Payments in the UK Uber’s expansion of its cash payments feature follows successful 18-month pilot programs in cities like Birmingham, Leicester, Nottingham, and Stoke. The company said the decision was based on demand from riders...

All of the UK's major banks and building societies are now promoting fixed mortgage rates below 4%, although financial advisers caution that further reductions are far from guaranteed. A mini price skirmish has erupted among lenders, but many of the most attractive rates come with high upfront fees and significant deposit requirements. The Bank of England is widely expected to cut its base rate several times this year amid mounting global financial instability. Yet, many mortgage providers have already priced in anticipated base rate cuts, meaning customers hoping for continued drops could be left disappointed. "If the base rate falls, fixed rates might come down a bit more, but nothing is certain," said Aaron Strutt from broker Trinity Financial. Borrowers Face Difficult ...

Chancellor Rachel Reeves has vowed to improve the UK’s economy and living standards, promising a 15% reduction in government running costs and the loss of 10,000 civil service jobs. Economic Challenges and Spending Cuts Ahead of Wednesday’s spring statement, Reeves defended her economic strategy, acknowledging slow progress but insisting on necessary reforms. While maintaining fiscal rules and ruling out further tax hikes, she emphasized spending cuts within central government to stay within budget. Potential U.S. Trade Deal and Digital Services Tax Reeves hinted at the possibility of scrapping the £1bn-a-year digital services tax—which affects large U.S. tech firms—to secure a trade deal with Donald Trump. She stressed the need to balance UK interests, aiming to prevent higher...

Economists Call for Tax Team Composition from Rachel Reeves in Light of Budgetary Deliberations With spending demands rising ahead of her spring statement next year, top economists are calling on Chancellor Rachel Reeves to loosen her fiscal rules or raise taxes rather than slash spending on welfare. Economic Prospects and Limits of Spending The Office for Budget Responsibility, the government’s independent forecaster, is due to update its economic forecasts on 26 March, and they are likely to present a drearier picture for the UK economy. This downgrade could remove Reeves’s financial wiggle room to hit her fiscal goals. The Chancellor says she will make up the shortfall with cuts to public spending, including welfare cuts, despite dissent inside Labour sources of Treasury...

For the first time in nearly a decade, Costco is increasing its membership fees, citing the need to keep pace with rising costs. The wholesale giant, known for its bulk-buy discounts and exclusive member deals, has informed customers of the upcoming price hike, set to take effect this weekend. Details of the Membership Fee Increase Costco, which operates 29 stores and serves over two million customers in the UK, has officially confirmed the membership price changes. Letters have been sent to members notifying them of the increase, which will come into effect in March 2025. The company operates on a membership-only model, requiring shoppers to hold an active membership to make purchases. Customer Reactions and Backlash (Photo by Justin Sullivan/Getty Images) The announcement ...

Apple will remove its most advanced data protection feature from UK iPhones following reported government demands for access to user data. The feature, known as Advanced Data Protection (ADP), provides end-to-end encryption for most files stored in iCloud, ensuring only the user can access them. Earlier this month, reports surfaced that the UK government had issued an order under the Investigatory Powers Act 2016, requesting access to encrypted files from Apple users. At the time, Apple did not comment but has consistently maintained that it would never introduce a ‘back door’ into its systems due to security risks. Now, the company has confirmed it will discontinue ADP in the UK. The feature will no longer be available to new users, and existing users will eventually be requir...

British retailer WH Smith has announced it is in discussions to potentially sell its high street stores. He Considers selling historic high street stores as it shifts to travel retail focus. In a statement released on Saturday, the company confirmed it is "exploring potential strategic options for this profitable and cash-generative part of the group. It also includes a possible sale." Over the past decade, WH Smith has transitioned into a "focused global travel retailer" . Now he is operating more than 1,200 stores across 32 countries. The high street division, which once served as the backbone of the business, now accounts for less than 15% of its profits. The company’s first store opened in 1792 as a news vendor. Since then, WH Smith has grown into a major retailer wit...