Business news 25 November 2025

A busy day ahead of the Autumn Budget: warnings on tax rises, questions over mansion tax plans, concerns about slowing growth, and calls from major business groups for the Chancellor to prioritise investment and competitiveness. Markets are calm but watchful. Insolvencies remain elevated across multiple industries.

James Salmon, Operations Director.

SME-FOCUSED STORIES

Budget Could Hit SMEs, Says FLA Chair

Finance and Leasing Association chair John Phillipou warned that SMEs are under significant pressure following recent tax changes, with 73% affected by the increase in employers’ National Insurance. He urged the Government to prioritise SMEs in fiscal decisions and improve access to finance.
Why it matters: Higher operational costs tighten SME cashflow and increase late-payment risk.

Brexit Costs UK Up to £90bn in Lost Tax Revenue

New analysis from the House of Commons Library suggests Brexit is costing the Treasury up to £90bn a year, with UK households thousands of pounds worse off.
Why it matters: Weaker household incomes mean slower spending and payment delays for SMEs selling on credit.

IFS: Threshold Freeze Breaks Manifesto Pledge

The Institute for Fiscal Studies warned that extending the income tax threshold freeze will pull nearly 2 million people into paying more tax.
Why it matters: Higher personal tax burdens reduce disposable income and slow customer payments.

Reeves to Reduce Tax-Free Saving Pots

Chancellor Rachel Reeves is expected to cut the annual cash ISA allowance from £20,000 to £12,000. Critics warn of damage to the savings system and mortgage funding.
Why it matters: Reduced savings buffers raise credit risk for SMEs relying on customer repayment.

AI Threatens 3 Million Low-Skilled Jobs

The National Foundation for Educational Research forecasts that automation could eliminate millions of low-skilled roles by 2035, even as higher-skilled roles grow.
Why it matters: Household income shocks increase late payment and bad-debt exposure for small businesses.

ECONOMIC STORIES

OBR Set to Downgrade Growth Forecasts

The OBR is expected to cut its UK growth outlook through to 2030/31, with GDP forecasts well below previous projections.
Why it matters: Slower growth means reduced demand and tighter cashflow across UK supply chains.

Moody’s Affirms UK’s Aa3 Rating

Moody’s reaffirmed the UK’s credit rating as Aa3 with a stable outlook, citing a wealthy, diversified economy.
Why it matters: A stable rating helps contain borrowing costs, supporting overall economic stability.

Fund Managers Bullish Despite Market Fears

A Quilter survey showed rising investor risk appetite, though concerns persist around private credit and tech overvaluation.
Why it matters: Market optimism can improve funding for SMEs, but hidden risks may disrupt credit availability.

Fund Groups to Hit $200trn in Assets by 2030

PwC reports private markets are driving explosive growth in global asset management despite thinning margins.
Why it matters: Competition for returns may reduce appetite for SME lending and investment.

INDUSTRY-SPECIFIC STORIES

Heathrow’s £49bn Third Runway Expected to Be Approved

Ministers have reportedly backed Heathrow’s plan for a third runway, requiring M25 rerouting and major construction. Airlines warn of higher costs.
Why it matters: Rising airport fees could increase shipping and air-freight costs for SMEs.

European Car Sales Rise for Fourth Consecutive Month

Sales climbed 4.9% in October, driven by cheaper EV options and strong plug-in hybrid demand.
Why it matters: Automotive recovery boosts activity for SME suppliers, manufacturers and logistics firms.

Tech Consulting Market Set to Soar

Technology consulting is expected to exceed $400bn by 2026, driven by digital upgrades and AI adoption.
Why it matters: Rising consulting prices could widen the digital gap, slowing SME productivity gains.

Nvidia Shares Slip After Reports Meta May Switch Suppliers

Nvidia dipped after reports Meta may consider Google chips instead.
Why it matters: Shifts in chip demand can impact costs of AI tools and hardware used by SMEs.

TAX & GOVERNMENT

Kyle: Taxes Are Driving Wealth Away

Business Secretary Peter Kyle acknowledged that higher taxes and closure of non-dom loopholes may be pushing wealthy individuals out of the UK.
Why it matters: Outflows of high-net-worth individuals reduce investment and spending that supports SME revenues.

Economist Issues Mansion Tax Warning

Paul Johnson of the IFS warned the proposed mansion tax could disrupt the housing market if implemented poorly.
Why it matters: Housing market uncertainty weakens consumer confidence and delays spending with SMEs.

US Urges Europe to Rethink Digital Taxes

US Commerce Secretary Howard Lutnick urged Europe to reconsider tech taxes to ease US metal tariffs.
Why it matters: Trade tensions risk raising import costs for metal-using SMEs.

CBI Chief Urges Growth-Focused Budget

The CBI called on the Chancellor to cut energy costs, accelerate infrastructure, and adopt flexible tax reforms.
Why it matters: Growth-focused policy can improve demand and payment reliability across SMEs.

MARKET SNAPSHOT

US markets rallied strongly on Monday, with the S&P 500 up 1.55% and the Nasdaq gaining 2.7%, led by technology and communication services. Dovish Federal Reserve commentary has sharply increased expectations of a December rate cut.

European markets were mixed: the Stoxx 600 rose modestly, while the FTSE 100 drifted lower as investors await the Autumn Budget. Mining stocks outperformed on rising metals prices.

Commodities were broadly firmer. Gold moved higher on rate-cut expectations. Copper rose due to supply tightness and strong demand. European natural gas remained below €30 per MWh.

The dollar weakened for a second session before stabilising ahead of fresh US data. Sterling held above $1.31 but saw heightened volatility due to Budget uncertainty.

Overall, markets remain cautiously optimistic but sensitive to fiscal announcements and global rate expectations.

Key themes driving markets include:

  • Growing expectations for a December Fed rate cut (now priced at nearly 88% probability)
  • UK budget uncertainty creating volatility in sterling
  • Supply tightness supporting industrial metals
  • Ample energy supplies keeping European gas prices subdued
  • Technology sector leadership in equity markets

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INSOLVENCY NOTICES

Appointments of Administrators

  • COVE COMMUNITIES HOLIDAY PARK UK HOLDCO LIMITED
  • COVE COMMUNITIES VENTURE 2 GWEL AN MOR OPCO LIMITED
  • COVE COMMUNITIES VENTURE 2 SOLWAY OPCO LIMITED
  • COVE COMMUNITIES VENTURE 2 SPRINGWOOD OPCO LIMITED
  • RILEY & SHUTT (TOOLS) LIMITED
  • UK VAP GPS LTD

Appointments of Liquidators

  • ACTIVE MOBILITY CENTRE LIMITED
  • AERO TRUCK LIMITED
  • ARTIZIAN CATERING SERVICES LIMITED
  • ASCENTIA LETTINGS AND PROPERTY MANAGEMENT LIMITED
  • ASSET ECOLOGY LTD
  • BANTHORPE WALKER ROOFING LTD
  • BARRINGTON BROWN LIMITED
  • BELL HAMMER LIMITED
  • BRANHURST FINANCE LIMITED
  • CHURCH FARM INVESTMENTS LTD
  • CLASSIC ACQUISITIONS LIMITED
  • CLASSIC CANES LIMITED
  • CONICAL LIMITED
  • COUNTERFLOW LIMITED
  • DAVID BROWN AND COMPANY LIMITED
  • DREW DIGITAL LTD
  • DS PINFOLD LTD
  • DW RESIDENTIAL PORTFOLIO REALISATIONS 2025 LIMITED
  • FILM ACCOUNTS.COM LIMITED
  • GLYNN ROLFE LIMITED
  • H.S.G. (PACKING CASES) LIMITED
  • HAYCAP (NO 2) LIMITED
  • HERBERT RAPAPORT LIMITED
  • HOLLYBANK CONSULT LTD
  • HORIZONTAL TRAVEL LIMITED
  • INBAR FINANCE SERVICES LTD
  • IRGENDWO PRODUCTIONS LTD
  • J.D. BREGMAN & CO LIMITED
  • JGG ACTUARIAL SERVICES LIMITED
  • JORDAN RAE LIMITED
  • MACGECHAN IT LTD
  • OGARD CORPORATE INVESTMENT COMPANY LIMITED
  • PATRICK CONNOLLY ASSOCIATES LTD.
  • PRE INSULATED PIPES LIMITED
  • RANOM LIMITED
  • ROBERT CRAIG JEWELLERY LIMITED
  • ROSEWOOD CONSTRUCTION LTD
  • RUSDENE GROUP LIMITED
  • RUSDENE HOLDINGS LIMITED
  • SAM SMILEYS LIMITED
  • SOLO INTERIORS (LEICESTER) LIMITED
  • STEVE DAVIS HOLDINGS LIMITED
  • STRANDWAY LIMITED
  • THE AUCTIONEER LIMITED
  • THE MOORINGS CARE LIMITED
  • THE SQUIRREL COLLECTION NURSERY LIMITED

Winding-Up Petitions

  • BPW CENTRE C.I.C.
  • C5 CAPITAL LIMITED
  • CKEU LTD
  • FAIRMAY LTD
  • MY ECO ENERGI SERVICES LTD
  • NAVE PLUMBING & HEATING LTD
  • NOVA FINE ART LIMITED
  • PPA MANAGEMENT LTD
  • REM COURIERS LTD
  • TC BIOPHARM (HOLDINGS) PLC
  • TWD GROUP LTD