Business news 3 October 2025

Small business leaders in London report the lowest confidence since the pandemic, while consumer sentiment has slumped and employers plan more staff cuts. With the Chancellor facing reduced fiscal headroom, the Budget looms large over the SME landscape. Amid the gloom, JD Wetherspoon’s profits rose and the FTSE hit fresh highs, but uncertainty continues to dominate. Plus the latest episode of Secret Diary of a credit controller.

James Salmon, Operations Director.

Top SME & UK stories

  • Small business confidence plunges – London SMEs show the lowest confidence since the pandemic, with just 36% predicting growth and 86% fearing the Budget will hurt finances (Novuna).
  • Consumers cut spending – 62% of households say the economy is worsening, with over half cutting back on everyday items (KPMG).
  • Tax storm ahead – Morgan Stanley sees scope for £25bn in tax rises; Tesco warns retail can’t absorb more costs; polls show most Britons expect hikes; BCC calls to scrap the windfall tax; Greens urge taxing the top 1%.
  • Jobs squeeze – Businesses plan staff cuts at the highest rate in four years; unemployment has risen to 4.7%.
  • OBR productivity downgrade – Growth outlook expected to cut Reeves’s Budget headroom by £20bn.
  • Gilt demand weakens – Latest 10-year auction showed weakest appetite in five months.
  • BOE data swap confuses forecasts – Economists left unsure as inflation data revised down by 0.1pp.

Corporate stories

  • Thames Water rescue plan – Creditors propose £4bn debt write-off plus £5bn new investment in exchange for eased pollution targets.
  • Selfridges sales slump – Owner CRG reports £130m fall in revenue, blaming the loss of tax-free shopping.
  • JD Wetherspoon’s Friday cheer – Annual revenue rose 4.5% to £2.13bn and profits jumped 10%. Like-for-like sales grew 5.1%, with recent trading up 3.7% against the sector’s 0.5%.

International & global markets

  • London & Europe hit records – FTSE 100 reached an intraday record 9,475 before steadying; Stoxx 600 also at all-time high.
  • Wall Street rally – S&P 500 closed at a record 6,711.20, its 29th record this year; Dow and Nasdaq also at highs.
  • Tesla smashes deliveries – Nearly 500,000 EVs delivered in Q3, boosted by expiry of US tax credit; Ford & GM also gained.
  • Buffett’s farewell deal – Berkshire buys Occidental’s OxyChem for $9.7bn cash, easing Occidental’s debt.
  • Trump leans into shutdown – Calls it an “unprecedented opportunity” to cut “Democrat agencies,” with thousands of federal jobs at risk.
  • Asahi beer runs dry – Suspected ransomware shuts most Japanese breweries, threatening supplies of Super Dry beer.

Market snapshot

  • FTSE 100: 9,435.74 (–0.1%)
  • Stoxx 600: +0.6% to record high
  • DAX: +0.8% | CAC 40: +0.7%
  • S&P 500: 6,711.20 (+0.34%) record close
  • Dow Jones: 46,441.1 (+0.1%) | Nasdaq: 22,755.2 (+0.4%)
  • Copper: $10,491.50/t (+1.2%)
  • Brent crude: $65.51 (+0.2%) | WTI: $61.92 (+0.2%)
  • Gold: $3,870/oz (–$25 from record)
  • GBP/USD: 1.3500 | EUR/USD: 1.1750 | DXY: 97.50 (weakest in 4 days)

The latest episode of Secret Diary of a Credit Controller – It’s Friday!

Find more episodes on Tik Tok, YouTube or Instagram

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⚖️ Insolvency notices

Appointments of Administrators

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Appointments of Liquidators

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