Business news 29 August 2025
Business confidence, business rates, retail sales data, digital wallets, tax, data security,markets, insolvencies & more business news that we thought would interest our members.
James Salmon, Operations Director.
📈Business confidence improves despite pessimism over economy
Economic optimism among British businesses declined in August, falling three points to 44%, according to the Lloyds Business Barometer. But business confidence rose slightly to 54%, driven by a 14-point increase in manufacturing confidence. However, construction confidence dropped to a four-month low. Hann-Ju Ho, a senior economist at Lloyds, commented: “This continued upward trend in business confidence suggests UK firms remain optimistic about their own trading prospects.”
⚠️Wholesalers warn of business rates crisis
Thirteen major wholesalers in the UK have warned the Chancellor that her proposed £1.7bn overhaul of business rates could jeopardise their viability. Rachel Reeves is preparing to increase business rates on larger premises, which will include warehouses, department stores and supermarkets, and lower them for smaller independent retailers. But the Food and Drink Wholesale UK trade body argues that while reform is necessary, the changes disproportionately affect wholesalers with lower profit margins. They cautioned that increased costs would ultimately burden local businesses, undermining the goal of balancing the high street and online retailers. The Treasury maintains that the reforms aim to create a fairer system to support high street businesses.
💼Labour attempts to repair ties with business ‘horrified’ by performance
The FT reports on how Labour is facing significant criticism from business leaders who previously supported the party, with executives now expressing disappointment over “poor political decisions” and a “lack of ability”.
🛍️Doubt cast on UK retail sales data
Retail analysts say the Office for National Statistics is failing to properly take into account the rise of spending on by Gen Z and other young consumers on social media platforms like Tik Tok and the use of online marketplaces. Experts are worried that the data does not properly reflect recent changes in how consumers spend online, including the trend of consumers buying goods online and sending them back. Economists are also concerned that the ONS may not be adjusting properly for seasonal effects, pointing to volatile December and January data in recent years.
📈Markets
📈Yesterday, the FTSE 100 closed down 0.42% at 9216.82 and the Euro Stoxx 50 closed up 0.07% at 5396.73. Overnight in the US the S&P 500 rose 0.32% to 6501.86 (a new high) and the Composite NASDAQ rose 0.53% to 21705.16 as traders shrugged off what many thought was a below exceptional Nvidia forecast. CEO Jensen Huang was after all upbeat, forecasting as much as $4 trillion in AI infrastructure spending by 2030. US GDP growth for Q2 was revised up to 3.3% from an initial 3.0%, according to the Bureau of Economic Analysis — marking a solid rebound after a 0.5% contraction in the first quarter.
In corporate news, Drax disclosed it is being investigated by the Financial Conduct Authority over past statements regarding its biomass sourcing. The regulator confirmed the probe but gave no further details. Drax shares were down -7.5% in late trading.
💱This morning on currencies, the pound is currently worth $1.3476 and €1.1542 .
On Commodities, 🛢️Oil (Brent) is at $68.28 & 💰Gold is at $3410.
📈On the stock markets, the FTSE 100 is currently down 0.36% at 9184.15 and the Eurostoxx 50 is down 0.66% at 5360.74. British banks are leading the fall. To understand see the piece a few stories down about taxing banks!
Defense stocks advanced after German Chancellor Friedrich Merz said a meeting between the Russian and Ukrainian presidents is unlikely to happen.
🏤Small parcel exports to US chaos
From tomorrow any small parcels sent to US customers will be subject to tariffs as the de minimus exemption is scrapped. during a six month transition shippers will be able to pay a $80-200 flat duty. Many handlers are refusing to handle exports due to the added red tape.
👩Female CFOs drive shareholder returns higher
Female chief financial officers (CFOs) are outperforming industry benchmarks, according to OneStream’s Glass Chair study. UK firms with female CFOs saw a 13% increase in total shareholder return compared to their previous CFOs. The study found that female-led companies delivered an average return of 1.5% above benchmarks, with healthcare firms achieving 4.7%. Aisling Harney, senior director at OneStream, stated: “Companies led by women CFOs often outperform their peers.” However, women face structural barriers, taking an average of 18 years to reach the CFO role, three years longer than men.
💳Digital wallets face fraud risk
Warnings have surfaced regarding the security of digital wallets, with a report by Which? revealing that many banks still use easily compromised one-time passcodes (OTPs). This reliance on SMS OTPs leaves customers vulnerable to fraud, with criminals exploiting phishing scams to gain access to card details. Only three out of fourteen providers linked to mobile wallets avoid OTPs. Rona Warne from Global Payments noted that speed often trumps security for consumers. Which? urges banks to invest in stronger authentication methods to protect users against evolving fraud threats.
🏦Reeves urged to tax banks for £8bn boost
The Institute of Public Policy Research (IPPR) suggests Rachel Reeves should introduce a new tax on bank reserves at the Bank of England (BoE) to generate £8bn annually. The proposal draws inspiration from Margaret Thatcher’s 1981 deposit tax. Additionally, the IPPR estimates that the Chancellor could recover £12bn by halting loss-making bond sales under the quantitative tightening scheme. Carsten Jung from the IPPR said: “What started as a programme to boost the economy is now a massive drain on taxpayer money.” Responding to the idea, a spokesman for UK Finance said: “The banking sector is very important to UK tax revenues, making a total tax contribution of almost £45bn last year. Banks based here already pay both a corporation tax surcharge and a bank levy. Adding another tax would make the UK less internationally competitive.”
🏠Labour’s plan to tax rental income would harm landlords and tenants
Several papers pick on the news that Treasury officials are exploring ways to generate £2bn from property earnings ahead of the autumn Budget. The Times first reported that Rachel Reeves is contemplating imposing an 8% National Insurance tax on rental income as part of efforts to address a £50bn budget deficit. However, property experts explain that this will drive landlords out of the market. Although this might increase supply temporarily, making it easier for first-time buyers to get on the property ladder, rents will become more expensive for tenants. TV personality Kirstie Allsopp condemned the proposals as “tenant-bashing under the guise of landlord-bashing” and likened the Chancellor to Blackadder’s hapless servant Baldrick, suggesting she takes a break from coming up with cunning ways to take money from people and thinks more about how to save money and improve the economy instead. Finally, analysis by Hamptons suggests a higher-rate taxpayer with a typical rental income would turn an annual profit of just £295 if Labour went ahead with its plans.
☠ Government urged to toughen data security
A review by the Cabinet Office has revealed 11 data breaches across public sector entities, including HMRC, the Metropolitan Police, the benefits system and the MoD. The review was triggered by the 2023 leak of personal data of about 10,000 serving officers in the Police Service of Northern Ireland. The science, innovation and technology committee, along with the Information Commissioner forced its release on Thursday, 22 months after it was completed. The Government said it had delivered on 12 of the 14 recommendations about toughening up data security, but the Information Commissioner John Edwards called for Whitehall to go “further and faster” to “put their practices in order.”
🛒 Asda blames tax hikes for sales fall
Asda has reported a 0.2% decline in sales to £5.3bn for the three months ending 30 June, attributing the drop to rising costs from new taxes. Executive chair Allan Leighton noted: “A lot of taxes are hitting down on businesses and that’s flowing through to the consumer.” Leighton added: “Growth isn’t driven by government. Growth is driven by organisations and companies and people. And if they can’t invest, then we will not grow, no matter what the government says or does.”
🏢WHSmith backs CEO as it probes profit overstatement
WHSmith’s board continues to support chief executive Carl Cowling as it awaits the results of an investigation by Deloitte into a £30m profit overstatement. The issue, discovered during a year-end review, is believed to be limited to the US travel business. WHSmith anticipates a reduction in pre-tax profits to £110m for the year ending August 31. Following the announcement, shares plummeted by 42%, reaching a 12-year low. Richard Marwood, head of UK equities at Royal London Asset Management, remarked: “Let’s face it, it’s not a good look.”
👮Kenny Alexander faces bribery charges
Kenny Alexander, the former chief executive of Entain, which owns Ladbrokes and Coral, has been charged with conspiracy to commit bribery and fraud. Alexander is among 11 individuals facing prosecution for seven alleged offences in relation to the provision of gambling services in Turkey between 2011 and 2018. Alongside Alexander, Lee Feldman, Entain’s former chair, Richard Cooper, the company’s former finance director, Robert Hoskin, its former legal director, and James Humberstone have been charged. Six other people who did not work for Entain have also been charged. Richard Las, the director of HMRC’s fraud investigation service, said: “This has been a complex and international investigation. These are serious charges that relate to conspiracy to defraud, bribery, cheating the public revenue, evasion of income tax and perverting the course of justice, among others.”
🚨Latest Insolvencies
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➕Why you should become a member of CPA!
The Credit Protection Association (CPA) has been assisting thousands of UK businesses to get paid, since 1914. We have supported our members through all sorts of difficult trading environments. With high interest rates and a struggling economy and elevated insolvencies, our services can help your business navigate these difficult waters.
Unlike other credit management and debt collection companies, we offer a range of services to our members that are all included as part of a fixed annual subscription, tailored to your needs.
Under your annual subscription you will have access to our main services:
- Our Creditcare credit reports provide credit ratings and limits along with a host of detailed information on your potential customers to enable you to trade with confidence and set appropriate credit policies for new customers.
- Our monitoring service will alert you to any significant changes in the status of those customers.
- ️Our Overdue account recovery service can be used to chase up payment on any invoices to those customers that have not been paid on time. Unlike other debt collection companies, this service directs your customer to pay direct to you and allows you to maintain your goodwill with them, rather than inserting ourselves into your relationship with you customer and insisting they pay CPA instead. Our Overdue account recovery service resolves over 80% of accounts referred to us.
All of the above services and other complimentary services such address verification, are included in your subscription!
And for the small minority of debts not resolved through our Overdue account recovery service, you can refer the debt to our collections department to escalate the late payment collections process.
CPA eases cash from tardy debtors – Efficiently, Effectively, Economically and Ethically. And we provide credit information so you can monitor and assess your key customers and be warned of any potential risks. CPA has been improving business cash flow for over 100 years, by tackling late payers and campaigning against the late payment culture in the UK.
Unlike other credit management companies, we offer our members a fixed annual subscription regardless of how high the value of their debts maybe!
Rather than to borrowing more money to improve your cashflow, CPA suggests that business owners tackle the problem at its source. If late payments are a strain on your cashflow, then talk to CPA about how we can help you reduce those late payments.
Just ☎️ call Peter Uwins, CPA’s National Sales Manager, on 020 8846 0000 (business hours) or 💻 email nsm@cpa.co.uk today.
When you see your money come in, you will be so glad you used CPA.
️ The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections
Do you have a commercial late payer that is causing you grief? Use CPA’s no-win, no-fee, commercial debt recovery service!
If you have a particular business customer who is late paying and causing you sleepless nights, why not offer it to CPA’s collection department for purchase on recourse?
CPA’s collection department will then pursue the debt. We will be liable for any costs incurred and then when we have recovered the debt, we will pay you the net principle debt recovered less our percentage.
Once you have enjoyed that success then you can consider the more cost effective membership which includes our Overdue Account Recovery service and Status/Credit reports as well as a range of other complimentary services.
Just call ☎️ 020 8846 0000 and ask for Godfrey Nelson or Cris Shirley (business hours) or 💻email debtpurchase@cpa.co.uk today.
️ The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.
Get compensated for previous late payments
Have you been paid late by business customers in the last six years?
Maybe you no longer work with them. Under ⚖️ legislation, you are entitled to compensation you for those late payments you have suffered.
You put up with the PAIN – now claim the GAIN!
Claim late payment compensation (LPC) from former business customers who paid you late in the last six years!
CPA (LPC) Recoveries is using our bespoke software and decades of experience to do just that for our clients
Check our compensation calculator to see how much your business could be owed!
Discover NOW the potential value of late payment compensation hidden in your sales ledger!
️ The Credit Protection Association – Prompting Punctual Payments – Ethical, Effective, Efficient, Economical collections.