UK City firms report fastest turnaround in fortunes in 30 years

Britain’s financial services companies have reported a strong recovery in activity at the start of the year, in a surprise boost to the government after a gloomy end to 2025.Banks, insurers and investment managers said their businesses were growing, with a positive balance of nearly two-thirds noting an expansion, according to a long-running survey by the Confederation of British Industry (CBI), a lobby group. That contrasted with the negative balance of 38% in December, despite the start of the US-Israel war on Iran.It was the fastest turnaround in the sector’s fortunes in 30 years, since December 1996, the group said.Financial services companies such as banks, insurers and investors have been performing well in recent quarters

UK manufacturers ‘will pay £940m a year more in business rates due to Reeves changes’

British manufacturers have said they will have to pay an extra £940m a year in business rates because of changes by Rachel Reeves that come into effect this month.Manufacturers face a disproportionate business rates bill because they often have large factory floors, according to analysis by MakeUK, an industry lobby group. It said that factories accounted for a fifth of England and Wales’s property by rateable value, despite manufacturers only accounting for a 10th of economic output.The chancellor increased business rates at the budget in November. That included companies paying an additional surcharge on buildings of a rateable value of more than £500,000

‘Italy has the best benefits’: Milan takes on Dubai as home for the super-rich

Just over a month ago, Dubai was the obvious destination for wealthy Britons in search of a new home. Few cities allow you to earn vast sums tax-free and spend them across any number of luxury hotels, restaurants and shops.But as the United Arab Emirates comes under Iranian fire, Dubai’s reputation – in part created by emigrant influencers – as a haven for the global elite is eroding. Super-rich UK nationals are now looking for a route back to Europe; and Milan, the financial centre of Italy, is climbing to the top of the list.“Italy has the best benefits: a flat tax and good quality of life,” says Armand Arton, a consultant who helps multimillionaire and billionaire families to relocate through investment citizenship schemes

Waitrose under pressure to reinstate worker sacked after stopping shoplifter

Waitrose is under growing pressure to reinstate an employee of 17 years who was sacked after tackling a shoplifter who was trying to steal Lindt Gold Bunny Easter eggs.The retailer has faced public outcry over its treatment of Walker Smith, who was fired two days after he stopped the shoplifter taking items from the Easter egg display.After Smith told the Guardian he had lost his job after the incident, a fundraiser was launched on his behalf and has since raised more than £4,000, with the organiser claiming he had “simply tried to do the right and noble thing”.On Sunday, Smith explained that a customer alerted him to someone filling a bag with Lindt chocolate eggs.The 54-year-old, who worked in the Clapham Junction branch in south London, said the shoplifter was a repeat offender

Jamie Dimon says US should strengthen allies economically, in veiled criticism of Trump

The head of the US’s largest bank has pressed the White House to strengthen Washington’s allies economically in order to “avoid truly adverse consequences”, in the latest intervention in an increasingly testy relationship with the Trump administration.As the Middle East conflict sparked by US and Israeli attacks on Iran enters its sixth week, Jamie Dimon, the chair and chief executive of JP Morgan Chase, said in his annual letter to shareholders that good US foreign policy should put America first “though not alone”.His remarks appear certain to be viewed as critical of Donald Trump, who in January announced he was suing the banker and the Wall Street institution for at least $5bn (£3.8bn) after accusing them of debanking him.The comments also come five days after Trump told governments to “go get your own oil” by force from the Gulf, as transatlantic relations further soured over soaring energy prices as a result of the war

Dozens of firms risk losing B Corp status after standards overhaul

Dozens of companies may be at risk of losing their coveted B Corp ethical status after the organisation behind the corporate kite-marking system raised the standards required to qualify.B Lab, which oversees B Corp certification, launched the biggest overhaul in its 19-year history earlier this month, scrapping a system under which companies must gather enough points across multiple categories to qualify.Previously, businesses that performed poorly in one of five areas, such as their environmental record, could make up for it by scoring highly in another category, such as corporate governance or their treatment of staff.The criteria required for B Corp status came under the spotlight in 2022, when the Scottish brewer BrewDog lost its certification after high-profile allegations about a “toxic” workplace culture.The organisation has also faced criticism for certifying the coffee company Nespresso, in an open letter from the Oregon-based non-profit Fair World Project, sent the same year