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uk
Commodities BP Puts North Sea Oil and Gas Business Up for Sale, Ending 60-Year Era
BP has announced the sale of its North Sea business, marking the end of 60 years of production in the region. The portfolio includes five production hubs and around 1,100 employees. CEO Meg O'Neill said the business would be better positioned as part of another company.
Business Sainsbury's Agrees £120m Sale of Argos to Swift Partners to Focus on Core Food Business
Sainsbury's has agreed to sell Argos for £120m to Swift Partners, a newly created company that includes former Co-operative Group boss Richard Pennycook. The supermarket chain aims to focus on its core food business, while Argos will continue operating in Sainsbury's shops, selling Habitat products and offering Nectar points. The deal is expected to complete next February.
Commodities Burnham Confirms Pragmatic North Sea Oil Stance in Trump Call, Fueling Drilling Debate
Prime Minister Andy Burnham said he told US President Donald Trump he would take a 'pragmatic approach' to North Sea oil and gas. Trump claimed Burnham pledged to 'open up the North Sea,' drawing praise from the president and criticism from environmental groups. The debate centres on the Rosebank and Jackdaw fields, with legal challenges ongoing.
Manufacturing Jaguar Land Rover to cut hundreds of jobs after £1.9bn cyber attack loss
Jaguar Land Rover (JLR) has announced a limited redeployment and displacement programme expected to result in fewer than 300 salaried and management job losses. The cuts follow a severe cyber attack in September 2025 that halted all manufacturing for five months, caused a 27% drop in production, and cost the company an estimated £1.9bn.
Technology Geek+ robots from China automate UK retail warehouses for Tesco, Asda and Next
Geek+, the world's largest supplier of autonomous mobile robots, has deployed over 2,000 units across 10 UK warehouse sites via partner MotionTech. Retail giants Tesco, Asda and Next are using the Chinese-built robots to increase picking speeds, improve storage density and reduce errors. The technology addresses persistent UK productivity challenges and labour shortages, though unions urge caution on job impacts.
Logistics IACS chief Robert Ashdown appointed chair of trustees at seafarer charity Stella Maris UK
Robert Ashdown, secretary-general of the International Association of Classification Societies (IACS), has been appointed chair of trustees at seafarer charity Stella Maris UK. He succeeds Captain Esteban Pacha, who steps down after eight years and becomes the charity's first ambassador. Ashdown previously served nine years as a trustee of the charity, which provides practical, pastoral, and spiritual support to seafarers, fishers, and their families.
Commodities Crown Estate Launches Accelerated Tender for 1.5GW Morgan Offshore Wind Site in Irish Sea
The Crown Estate has launched an accelerated tender for the 1.5GW Morgan offshore wind site in the Irish Sea, following the withdrawal of EnBW and JERA Nex BP. Bidders will compete via a rising-clock auction for a site exclusivity fee, with potential developer selection by end of 2026. The project already has a development consent order from August 2025.
Business New UK Chancellor Unveils VAT Cut, Bus Fare Cap, and Business Rates Relief for Hospitality
BBC's Money Box reports on Chancellor John Healey's immediate policy announcements including a VAT cut on household energy from October, a bus fare cap from January, and a 20% business rates reduction for pubs, clubs, and live music venues from April. The programme also highlights a water poverty study affecting nearly 2 million households and a survey showing over 80% of wealthier over-45s favour lifetime gifts over inheritance.
Trade Assocham: India's exports to UK may reach USD 115 billion by 2030 under trade pact
Assocham has projected that the India-UK trade agreement, effective July 15, 2026, could more than double India's exports to the UK from USD 58 billion in FY2025-26 to USD 115 billion by 2030, while creating 7-10 lakh jobs. The chamber stressed the need for sustained competitiveness in quality, certification, and rules of origin compliance.
Trade US Imposes 10% Tariffs on India, Pakistan, Bangladesh, UK Over Forced Labour Investigation
The U.S. Trade Representative imposed 10% tariffs on India, Pakistan, Bangladesh, the UK, and other nations following a Section 301 investigation into forced labour practices. The move comes as India and the US progress on a bilateral trade agreement.
Finance UK Mortgage Rates Rise to Highest Level in a Month as Global Tensions Persist
Average UK mortgage rates have risen to levels last seen a month ago, with the two-year fixed deal averaging 5.58%, as renewed Middle East tensions push up lenders' funding costs and oil prices to $100/barrel, reducing expectations of central bank rate cuts. Over five million homeowners are projected to see higher monthly repayments by end of 2028, according to the Bank of England.
UK Government to Cut Business Rates by 20% for Pubs, Clubs and Music Venues
The UK government has announced a 20% cut in business rates for pubs, clubs and live music venues in England from April, saving firms around £1,100 next year. The £100m cost will be funded by reviewing tax relief on vape shops and clamping down on online marketplace tax compliance. Industry figures welcome the move but caution it may not offset rising costs.
Finance Aston Martin Secures £550m Loan Package to Bolster Balance Sheet Amid US Tariffs and Weak China Demand
Aston Martin has secured £550m in loans managed by HPS Investment, including a £450m senior secured-term loan and a £100m delayed draw facility, to strengthen its balance sheet and fund future product plans. The move comes after the company cut 600 jobs and reported a net loss of £493.2m for the last fiscal year, attributing the poor performance to US tariffs and weak demand in China. CFO Doug Lafferty said the financing 'significantly strengthens our liquidity.'
Finance Bank of England Holds UK Interest Rates at 3.75% as War with Iran Stalls Cuts
The Bank of England held UK interest rates at 3.75% for the fourth consecutive time in June 2026, maintaining the lowest level since February 2023. The decision comes as the US-Israeli war with Iran has pushed up global energy and fuel costs, stalling earlier expectations of rate cuts. CPI inflation fell to 2.6% in the year to June 2026, down from 2.8% in May, but the central bank warns that higher energy prices have already built inflationary pressure.
Business UK Inflation Holds at 2.6% as Bank of England Weighs Rate Path Amid Fuel and Food Price Shifts
UK inflation declined to 2.6% in the year to June 2026, slightly below expectations, driven by cheaper fuel and falling food prices. The Bank of England, with its base rate at 3.75%, faces a delicate balance as inflation remains above the 2% target and is expected to rise again. Businesses should monitor rate decisions that affect borrowing costs and investment.
RMT Union Plans Three Saturdays of Strike Action at East Midlands Railway Over Safety Fears
The RMT union has announced strike action by members at East Midlands Railway (EMR) on three Saturdays in August 2026, citing unresolved safety concerns with the new Hitachi Class 810 (Aurora) fleet. The dispute, ongoing since April, centres on faults that the union says pose risks to passengers and staff. EMR and Hitachi Rail maintain the trains meet safety standards but acknowledge performance issues. The strikes will disrupt passenger services and may affect logistics operations reliant on rail.
Commodities UK Electricity Prices Remain Among Europe’s Highest as Wholesale Gas Costs and Grid Investment Bite
The BBC reports that UK household electricity prices are the fourth highest in Europe, driven by three factors: wholesale gas costs (heightened by wars in Iran and Ukraine), a gas-heavy generation mix (31% from natural gas in 2025), and rising grid infrastructure investment. France, by contrast, generates 69% of its electricity from nuclear power.
Regulations & Compliance B&M Retail Ltd Fined £2m for Serious Food Hygiene Offences at Three Birmingham Stores
B&M Retail Ltd has been fined £2 million by Birmingham Magistrates' Court after pleading guilty to serious food hygiene offences at three Birmingham stores. Inspections following public complaints revealed mouse droppings and gnawed products on sale. The company must pay the fine and costs within 28 days.
Manufacturing British Sugar Proposes Closure of Cantley Factory on Norfolk Broads, Putting Over 100 Jobs at Risk
British Sugar has announced plans to close its Cantley sugar factory in Norfolk, potentially affecting over 100 employees. The facility, which produces 130,000 tonnes of sugar annually and underwent an £11m upgrade last year, could shut by February 2027. The company cites low European sugar prices, high energy costs, and declining demand.
Business Thames Water lenders offer 'golden share' to head off nationalisation
The L&VW consortium of lenders has proposed a golden share and greater local authority control to prevent Thames Water's nationalisation. The sweetened deal adds hundreds of millions of pounds to a previously rejected £10bn plan, which includes writing off nearly half of the company's debt.
UK government borrowing falls to £16bn in June, ONS data shows as Burnham unveils cost-of-living measures
UK government borrowing totalled £16bn in June, £7.9bn less than a year earlier, according to the ONS. The unemployment rate held steady. New Prime Minister Andy Burnham began setting out policies to cut household living costs.
E-Commerce & Marketplaces TikTok Live Shopping Drives £100,000 Sales in a Day for UK Seller, but Fees Bite
TikTok Shop UK sellers report massive live-streaming sales, including £100,000 in a single day for one beauty brand. However, platform fees of up to 9p per £1 sold (9%) raise cost concerns, with eBay Live offering a combined fee of up to 8.42p. Industry research shows 30% of shoppers have bought via live shopping, highlighting rapid consumer adoption.
Trade UK Trade Deal: India Invites Applications for Car Import Quota Under CETA
India's DGFT has invited applications for the Tariff Rate Quota (TRQ) for importing 0.378 million conventional-engine passenger cars from the UK at a concessional 10% customs duty, down from 110%, under the India-UK CETA. The application window runs from July 21 to August 4, 2026.
Trade India Opens Applications for Car Import Quota Under India-UK Trade Pact
India's Directorate General of Foreign Trade has invited applications for importing cars from the UK under quota-based duty concessions of the India-UK Comprehensive Economic and Trade Agreement (CETA). The agreement, effective July 15, allows 3.78 lakh passenger car imports over 15 years with tariffs reduced from up to 110% to 10%, with specific quotas per engine capacity. Applications are open from July 21 to August 4, 2026.
Logistics Collision at UK Port of Tyne Topples Crane onto Containership, Injures One
A collision at the Port of Tyne in northeast England on Sunday July 20 resulted in a gantry crane toppling onto a containership, leaving one person injured. The incident involved Cadeler's Wind Orca striking the moored feeder vessel BG Orange. Emergency services responded, and the Port of Tyne has launched a full investigation.
Finance Thames Water Lenders Prepare Legal Challenge Against Potential Nationalisation by Incoming PM Burnham
Lenders to Thames Water are preparing a legal challenge in case incoming Prime Minister Andy Burnham attempts to nationalise the utility. The company has about £20bn in debt and warned it has cash only until end of 2026. A proposed lender-led rescue (writing off £9.4bn and injecting £3.35bn in exchange for pollution fine leniency) was rejected by the government as weak.
Trade India-UK FTA Unlikely to Significantly Hurt Domestic Consumer Brands, Industry Leaders Say
Industry leaders including Amul and Britannia say the India-UK Free Trade Agreement is unlikely to significantly hurt domestic consumer brands. Customs duties will be progressively reduced over up to 10 years, with 99% of India's exports gaining duty-free access and India cutting tariffs on 90% of lines covering 92% of UK imports. Premium categories may see increased competition but overall pricing impact expected to be limited.
Trade India-UK CETA takes effect: First zero-duty Indian coffee, jewellery consignments reach UK shores
The India-UK Comprehensive Economic Trade Agreement (CETA) took effect on July 15, 2026. The first zero-duty consignments of Indian coffee and jewellery have already arrived in the UK, displayed at a celebratory event at the High Commission of India in London. The agreement covers 99% of India's export tariff lines to the UK, with long-term bilateral trade expected to increase by £25.5 billion annually.
Trade India-UK Trade Deal: Luxury Cars Get Cheaper, but Scotch Whisky Tariff Cuts Will Take Time
The India-UK Comprehensive Economic Partnership Agreement (CETA) entered into force on July 15, 2026, immediately lowering import duties on luxury cars from the UK. Tariffs on Scotch whisky and other premium spirits will be reduced gradually over ten years, with the standard 150% duty on such drinks falling to 75% by Year 10. Consumer benefits for spirits will depend on state-level taxes and company pricing decisions.
UK Government Brings British Steel Under Public Ownership, Secures Steelmaking Future
The UK government has nationalised British Steel, taking control of the Scunthorpe steelworks to secure domestic steelmaking. The move follows years of uncertainty and financial losses, with the plant losing £700,000 per day under Chinese owner Jingye Group. The government's intervention ensures continued production of virgin steel for critical infrastructure.
Trade PM Modi Cheers UK FTA as Exporters Ship Orders of $140 Million on Day 1
Indian exporters shipped goods worth $140 million on the first day of the UK FTA, according to a report. Prime Minister Narendra Modi welcomed the development via social media, stating the agreement will give fresh momentum to farmers, entrepreneurs, and MSMEs while deepening cooperation in technology, professional services, and innovation. He emphasized the partnership is driven by trust, trade, technology, investment, and innovation.
Logistics UK Appoints Marine Management Organisation as Lead Regulator for £175m Port of Tyne Clean Energy Park
The UK government has appointed the Marine Management Organisation (MMO) as the lead environmental regulator for the Port of Tyne's £175m Clean Energy Park. This move is designed to coordinate planning, licensing, and environmental approvals for the 230-acre development, which will support offshore wind manufacturing, assembly, storage, and logistics. The project could create 12,000 jobs and generate £5.6bn in economic activity, with the port expanding beyond its traditional bulk, automotive, and ferry operations.
Trade India-UK CETA Cuts British Car Prices But Scotch Waits for State Excise Clearances
The India-UK Comprehensive Economic and Trade Agreement (CETA) took effect, prompting immediate price cuts of up to Rs 75 lakh on JLR models and nearly 38% on McLarens. However, Scotch whisky and gin tariff cuts are delayed by at least a month as companies file revised costs with state excise departments. ISWAI estimated a 12-13% price reduction for imported whisky if benefits are passed on.
Business South East Water ordered to pay £30.5m by Ofwat after supply failures
Ofwat has ordered South East Water to pay a £30.5m redress package after three investigations found repeated supply failures affecting hundreds of thousands of households in Kent and Sussex. The package includes £15m in customer compensation and improvement measures, and will be funded by shareholders. An independent monitor will oversee the company's performance improvement plan.
Finance UK Banking Review Draws Over 15,000 Responses as Branch Closures Near 7,000
A UK government review into access to banking services has received over 15,000 responses in three weeks, following nearly 7,000 bank branch closures over the past decade. Separately, the National Audit Office found HMRC must 'learn lessons' after incorrectly suspending child benefit payments for thousands. The youngest recipients of the Winter Fuel Payment are those born 27 June 1960, and VAT on children's summer attractions has been cut.
Trade India-UK Trade Pact Comes Into Force: Gold Standard FTA Brings Zero Duties on 99% of Indian Goods
The India-UK Comprehensive Economic and Trade Agreement (CETA) and a Social Security Agreement came into force on July 15, 2026. The pact eliminates UK duties on 99% of Indian goods from Day One and includes provisions on government procurement, intellectual property, and social security contributions for Indian professionals. Both countries aim to boost bilateral trade to $100 billion by 2030.
Trade India Exports $140 Million in Duty-Free Goods on Day One of UK Trade Pact
India exported $140 million worth of goods at zero duty on the first day of the UK-India Comprehensive Economic Trade Agreement (CETA). The pact grants duty-free access to nearly 99% of Indian exports. Key sectors include leather, textiles, gems, and electronics. The government procurement chapter opens a GBP 90 billion UK market to Indian suppliers, with safeguards for MSMEs.
Commodities British Steel Nationalisation Bill Passed by Parliament, Securing Public Ownership of Scunthorpe Operations
Parliament has passed the Steel Industry (Nationalisation) Bill, paving the way for nationalisation of Scunthorpe-based British Steel. The King signed the bill into law on Wednesday. Energy minister Chris McDonald said the government acted decisively in the national interest. Shadow business secretary Andrew Griffith criticised the move, linking it to high energy costs. Owner Jingye has begun seeking compensation.
Trade UK-India trade pact 'gold standard' and powerful message for rules-based order: UK envoy Lindy Cameron
The UK-India Comprehensive Economic and Trade Agreement (CETA) entered into force, with British High Commissioner Lindy Cameron calling it a 'gold standard' deal that sends a powerful message for rules-based order. The pact secures zero-duty market access for nearly 99% of India's exports to the UK and includes significant tariff reductions on Scotch whisky and premium UK-built cars.
Trade The biggest prize in the India-UK FTA may not be an export boost
The India-UK Free Trade Agreement may have its largest impact not in immediate export growth but in expanding India's exporter base by building lasting trade capabilities. A report by the Global Trade Research Initiative (GTRI) argues that tariff reductions alone are insufficient; India must strengthen standards, certifications, and logistics. The real benefit lies in creating thousands of new exporters, particularly among SMEs in textiles, garments, leather, footwear, marine products, processed foods, and gems and jewellery.
Trade India-UK CETA Comes Into Force, Delivering Zero-Duty Access for Nearly 99% of Indian Exports
The India-UK Comprehensive Economic and Trade Agreement (CETA) and the concurrent Social Security Agreement entered into force on July 15, 2026. The pact provides zero-duty market access for nearly 99% of India's exports, covering almost 100% of trade value, and eliminates tariffs on labour-intensive sectors such as textiles, leather, gems and jewellery, and engineering goods. The Social Security Agreement exempts temporary Indian workers from UK National Insurance contributions for up to five years, benefiting over 75,000 professionals and 900 companies.
Trade India-UK Free Trade Deal Takes Effect: Textile and Scotch Whisky Tariffs Slashed
The India-UK free trade agreement came into effect on July 14, 2026, eliminating or reducing tariffs on 99% of Indian exports to the UK and 90% of UK imports into India. The deal is expected to boost textile exports from companies like Welspun Living and cut Scotch whisky duties from 150% to 75% immediately, with further reductions over 10 years.
Trade India-UK Trade Pact Comes into Force on Wednesday; Bilateral Trade to Hit USD 100 bn by 2030
The India-UK comprehensive economic and trade agreement comes into force on July 15, 2026. Bilateral trade in goods and services is currently about USD 55-60 billion, with a target of USD 100 billion in 3-4 years. Key features include zero-duty entry for Indian textiles, leather, footwear, gems and jewellery and plastics; stringent rules of origin for silver imports; and the Double Contribution Convention benefiting over 75,000 Indian workers.
Finance Thomas Miller Shareholders Back UK Club and TT Club Takeover with 89% Acceptances
UK P&I Club and TT Club have secured over 89% shareholder acceptances for their acquisition of Thomas Miller Holdings via SPV TMH Bidco. Completion is expected in Q4 2026, subject to regulatory approvals. The deal is linked to a planned merger of the two clubs by February 20, 2027. TT Club chairman Morten Engelstoft called the response a strong endorsement of the strategic rationale.
MINI Andy Burnham Likely to Replace Rachel Reeves as Chancellor if He Becomes PM
The BBC reports that Andy Burnham, the sole candidate for the Labour leadership, is expected to replace Rachel Reeves as chancellor and offer her a more junior cabinet role. James Purnell would become Downing Street chief of staff. Defence spending is an immediate challenge. Burnham could become PM as early as 17 July.
Finance Bank of England Chief Economist Says Interest Rates May Need to Rise This Year
Bank of England chief economist Huw Pill indicated that interest rates may need to rise this year to control inflation, currently at 2.8% above the 2% target. Pill was among a minority of MPC members voting for a rate increase in June. He cited lower economic speed limits and productivity slowdowns, particularly in Wales, as reasons for potential tightening.
Commodities Fugro Wins Survey Contract for UK's First Offshore CO2 Storage Project
Dutch surveyor Fugro has been awarded a contract by Saipem to deliver integrated marine survey and inspection services for the Northern Endurance Partnership (NEP), the UK's first CO2 transportation and storage infrastructure project. The project, a joint venture between BP, Equinor, and TotalEnergies, aims to decarbonise carbon-intensive industrial regions with up to 1bn tonnes of CO2 storage capacity beneath the North Sea.
Commodities UK North Sea Offshore Workers Reject Pay Offer and Back Strikes at Neo Next+ Energy Platforms
Offshore workers at Neo Next+ Energy's Elgin Franklin and North Alwyn platforms have rejected pay offers of less than 3% and voted for strike action, with the first 24-hour stoppage scheduled for July 22. The dispute involves around 50 Unite union members in key operational roles, and further walkouts are planned on July 29 and August 5, 12, and 19. Unite leadership has called the pay offers "pitiful" and warned the company to resolve the issue before disruptions begin.
Trade Baroness Mone Among Individuals Sued to Recover PPE Medpro Millions
Baroness Michelle Mone and her husband Doug Barrowman are among individuals being sued by joint liquidators from Interpath Advisory to recover millions owed to the UK government by PPE Medpro. The government won a £122m plus interest judgment last year over breached contracts for sterile surgical gowns. The company was liquidated in December 2025 with less than £1m in assets, prompting legal action against six individuals and five companies.
Trade Global rating agencies have been unfair to India, says Piyush Goyal; discusses trade, economic growth with industry leaders in UK
Commerce and Industry Minister Piyush Goyal, on a UK visit, told industry leaders that global rating agencies Fitch, Moody's and S&P have been unfair to India, failing to recognize its growth and fundamentals. He called for ramping up exports to the UK and highlighted the upcoming India-UK Comprehensive Economic and Trade Agreement (CETA) effective July 15. Goyal also praised CareEdge for objective ratings and noted 22 country ratings were revised to align with CareEdge's findings.
Trade UK Carbon Market Extends to Domestic Shipping from July 1, 2026
The United Kingdom extended its emissions trading scheme to domestic shipping on July 1, 2026, covering cargo and passenger vessels of 5,000 gt and above. Operators must monitor CO2, methane, and nitrous oxide emissions and surrender UK allowances. The scheme is separate from the EU ETS, adding a new compliance layer for operators trading around the UK.
Up to 150 Former WH Smith Stores to Close After Court Approves TG Jones Rescue Deal
The High Court has approved a rescue deal for TG Jones, the owner of former WH Smith high street stores, allowing up to 150 store closures and steep rent cuts. Modella Capital, which acquired the chain last year, said the plan is vital to avoid insolvency and will invest savings into a turnaround strategy.
Business Humphrey Smith, Secretive Owner of Samuel Smith's Brewery, Dies at 81
Humphrey Smith, the long-time owner of Samuel Smith's brewery and pub chain, has died aged 81. Known for eccentric rules banning mobile phones and TVs, Smith ran the Tadcaster-based business since the 1980s. The mayor of Tadcaster called him a 'true gentleman' and a 'man of principle'.
Halifax Brand Scrapped After 173 Years as Lloyds Banking Group Consolidates Portfolio
Lloyds Banking Group has confirmed it will retire the Halifax brand after 173 years, rebranding all customer accounts to Lloyds. The decision, reported by BBC Business, aims to simplify the group's portfolio. No job cuts are announced, and branches will be rebranded or relocated throughout 2027.
Trade India-UK Trade Pact Sparks Rush of Export Orders Ahead of July 15 Rollout
The India-UK trade pact, effective July 15, has triggered a surge in export orders across textiles, leather, gems, and chemicals. Textile and garment orders are up 12%, leather handbags and shoes up 20%, and chemical exporters expect a 30-40% rise, according to industry sources.
SSE Airtricity Price Hike Highlights Sustained Wholesale Electricity Market Volatility
SSE Airtricity domestic customers in Northern Ireland will pay £71.57 more annually from 1 August, a 6.2% increase driven by sustained wholesale market volatility and higher wholesale costs, according to the company.
Trade India waives customs duty, IGST on imported animals under UK trade pact from July 15
India has announced a customs duty and IGST waiver on imported animals used in shows and public functions, effective July 15, under its trade pact with the UK. The notification from CBIC requires re-export within six months and a bank guarantee of 110% of duty, with exceptions for government and diplomatic missions.
Business Sky to Acquire ITV's Broadcast Arm in Landmark UK Media Takeover
Sky, the pay-TV and broadband company owned by Comcast, is expected to buy ITV's television and streaming channels, including ITVX, in one of the largest takeovers in British media history. The deal will create a new American-owned British media company, with ITV's production arm, ITV Studios, remaining as a separate publicly traded entity. Key ITV shows will remain free-to-air until at least 2034 due to public service broadcasting obligations.
Business ITV Agrees £1.6bn Sale of Media and Entertainment Arm to Sky
ITV is selling its media and entertainment divisions, including broadcast channels and ITVX streaming service, to Sky for £1.6bn. The deal, one of the largest in British media history, excludes ITV's studio arm and is backed by Comcast, which owns Sky. Sky CEO Dana Strong called it a 'defining moment for British media'.
Business Getty Images calls off Shutterstock merger after UK regulator's divestment demand
Getty Images abandoned its planned merger with Shutterstock after the UK competition regulator required divestments that the companies deemed unacceptable. The deal, which would have created a dominant stock photography platform, is now terminated.