News

In a move that has sent ripples through Hollywood, Amazon MGM, in partnership with long-time James Bond producers Michael G. Wilson and Barbara Broccoli, has formed a joint venture to oversee the rights to the iconic 007 franchise.

Although all three parties will remain co-owners of Bond’s intellectual property, Amazon MGM will now lead on creative decisions for new projects, a sharp departure from the company’s previous passive role in the franchise.

The turning point follows Amazon’s 2021 acquisition of MGM for US$8.5 billion. Until now, Amazon owned 50 per cent of the Bond property but was restricted to distribution rights and limited input in key artistic calls. Ever since Daniel Craig’s swansong as Bond in 2021’s No Time to Die, speculation about who might step into the secret agent’s well-polished shoes has been rife, yet no official word on next steps has materialised.

Amazon founder and current executive chairman Jeff Bezos reignited Bond casting discussions on social media platform X, simply asking his 6.8 million followers, “Who’d you pick as the next Bond?” The response was immediate—and overwhelming. While a host of names popped up in his feed, a fervent campaign quickly emerged in favour of Henry Cavill, the British actor best known for his turn as Superman and, more recently, for roles in The Witcher and Mission: Impossible – Fallout.

In 2006, Cavill auditioned for the part of James Bond in Casino Royale, only to lose out to Daniel Craig. Casino Royale ultimately relaunched the Bond series, revitalising the franchise after 2002’s less well-received Die Another Day starring Pierce Brosnan. Director Martin Campbell, who helmed Casino Royale, later described Cavill’s tryout as “excellent,” praising his physique, acting talent, and classic good looks. Yet Campbell felt Cavill was simply too young at the time to shoulder the demands of Bond.

Over the years, Cavill’s name has regularly surfaced as a frontrunner to replace Craig. Despite Casino Royale having premiered well over a decade ago, Campbell recently pointed out another potential hurdle: Cavill is now in his early forties. “By the time he’s completed a few more Bond films, he’d be pushing 50,” Campbell quipped, suggesting a longer-term commitment might be challenging.

Meanwhile, Daniel Craig—who bowed out of the franchise after five films—has paid tribute to producers Michael G. Wilson and Barbara Broccoli, following the announcement that they are relinquishing day-to-day creative control to Amazon MGM. “My respect, admiration and love for Barbara and Michael remain constant and undiminished,” Craig told Variety. “I wish Michael a long, relaxing (and well deserved) retirement and whatever ventures Barbara goes on to do, I know they will be spectacular and I hope I can be part of them.”

Craig’s own departure, alongside the producers’ reduced role, leaves the door wide open for Amazon MGM to forge a new direction in the Bond universe. While Wilson and Broccoli still retain co-ownership, they now appear ready to take more of a back seat, offering creative space for Amazon MGM to shape Bond’s on-screen future.

With Amazon MGM’s newfound authority and Jeff Bezos openly soliciting opinions, fans are itching for an official Bond announcement. Henry Cavill, Taron Egerton, Tom Hardy, and Idris Elba are just a few names commonly touted to take up the mantle. For now, though, the studio has not revealed a timeline for naming the next 007, nor have they signalled how adventurous their new direction might be.

What is clear is the potential for a significant shake-up in how future Bond films are produced, marketed, and distributed. With Amazon’s global streaming platform to hand and Hollywood’s obsession with brand expansion, the next iteration of Bond might encompass more than just feature films—think spin-offs, series, or newly licensed products.

As devotees and insiders alike watch for clues from both Amazon MGM and Henry Cavill’s schedule, the question “Who’s next?” remains very much open—though the steel-jawed Cavill faithful will undoubtedly keep making their case until they have their answer.

Read more:
As Amazon MGM secures creative control of 007, Cavill supporters flood Jeff Bezos’s call to pick next Bond

British businesses cut jobs last month at a rate not seen outside the pandemic since 2009, as many companies looked to head off the impact of higher employment taxes and the rise in the National Living Wage due in April.

New flash data from S&P Global’s UK purchasing managers’ index (PMI) revealed that private sector employment fell sharply in February, with nearly one in three businesses reporting lower staffing levels. Those respondents directly linked the cuts to policies announced in last October’s Budget, when Chancellor Rachel Reeves introduced a £25 billion National Insurance hike and confirmed that the legal minimum wage would climb for many age brackets from April.

Chris Williamson, chief business economist at S&P Global, said: “Employment fell sharply again in February, dropping at a rate not seen since the global financial crisis if pandemic months are excluded. One in three companies reporting lower staffing levels directly linked the reduction to policies announced in last October’s Budget.”

While the PMI data also indicates that overall private sector growth softened slightly in February, wage pressures continue to drive up average cost burdens. According to S&P Global, operating costs grew at the fastest pace in 21 months, compounding the labour cost concerns of companies already bracing for higher tax bills and statutory pay obligations.

The resulting job cuts underline the challenges facing businesses in multiple sectors as they navigate both global headwinds and domestic fiscal changes. Many employers appear to be proactively adjusting headcount ahead of the higher wage floor and the sizeable National Insurance hike.

The news comes at a delicate time for Chancellor Reeves, who has been wrestling with higher-than-expected levels of public borrowing since the fiscal year began. Treasury data from the Office for National Statistics (ONS) shows public sector borrowing hitting £118.2 billion in the 10 months to January, overshooting the Office for Budget Responsibility (OBR)’s October forecast by £12.8 billion.

With government debt building, some economists predict the Chancellor will be forced into further tax increases or spending cuts in her next Budget. Alex Kerr of Capital Economics said that “in order to meet her fiscal rules, the Chancellor will need to raise taxes and/or cut spending in the fiscal update on March 26.”

Elliott Jordan-Doak of Pantheon Macroeconomics described the pressure on the public finances as “seemingly relentless,” noting that analysts’ estimates had undershot the Treasury’s borrowing tally by £5.1 billion in January alone—the biggest miss so far this fiscal year. He suggested “it will only get worse from here,” citing fresh revisions to earlier borrowing data.

With the OBR scheduled to produce updated fiscal forecasts next month, many insiders believe that both new revenue-raising measures and more stringent public spending discipline will follow. A potential combination of further tax hikes, alongside a clampdown on departmental budgets, is increasingly on the cards for the Autumn Budget.

The spectre of higher employment taxes and wage costs underscores the challenges facing businesses across Britain, from large retailers down to SMEs. Uncertainty over consumer demand—amid stubborn inflation—and ongoing global supply chain disruptions add further layers of complexity.

For employees, the blow of job cuts coincides with rising household bills and living costs. The pace of wage growth may offer some relief, but it remains to be seen whether the upward pressure on operating costs will moderate or if more firms will decide to follow suit by trimming payroll.

As Chancellor Reeves wrestles with the need to shore up the government’s finances while delivering on policy promises, the tension between raising the labour market floor and maintaining robust employment levels is set to remain a key concern for businesses—and for the British economy as a whole.

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Jobs axed at second-fastest pace since global financial crisis, PMI survey shows

The global employment market is mired in its longest downturn in more than 20 years, according to Dirk Hahn, chief executive of Hays, Britain’s largest listed recruitment group.

“I’ve been in this business for 27 years and have never seen a global downturn like it,” he said, citing “ongoing macroeconomic uncertainty” as the primary factor keeping both employers and prospective hires on the sidelines.

Hays, which employs nearly 7,000 consultants worldwide, reported subdued demand for temporary workers in early 2025, while the market for permanent roles, especially in Europe, has failed to recover from a pre-Christmas slump. France, the UK, Ireland, and Germany — Hays’s biggest market — remain under particular pressure.

Over the six months to December, group net fees slipped 15 per cent to £496 million, compared with £583.3 million a year earlier. Pre-tax profits tumbled 67 per cent to £9.1 million, significantly below the £27.6 million booked in the same period the previous year. Hays’s shares, down by a quarter over the past year, eased a further 1.8 per cent on Thursday, closing at 71¾p and valuing the FTSE 250 recruiter at just under £1.2 billion. Despite the fall in profits, Hays will hold its interim dividend at 0.95p per share.

The UK’s broader labour market has remained relatively resilient, with few mass redundancies. Yet James Hilton, Hays’s chief financial officer, notes a lack of appetite for new hires: “Most companies have enough work to justify keeping current staff, but they’re not looking to grow headcount,” he said. “People who secured good pay rises in the last few years aren’t motivated to move. We’re in a stalemate, but at some point, employees will want promotions or fresh challenges.”

Recruitment groups had hoped that the market would rebound earlier this year, yet that recovery continues to be “pushed back,” Hahn warns, with an upturn now not expected until 2026. In the meantime, Hays, headquartered in London with offices in 33 countries, remains focused on its technology recruitment arm — currently its most profitable division — as it weathers the enduring global hiring freeze.

Read more:
Global jobs slump at two-decade low, warns Hays boss, as hiring freeze persists

The government posted a smaller-than-expected surplus of £15.4 billion in January, short of economists’ forecasts of £21 billion and the £19 billion projected by the Office for Budget Responsibility (OBR).

January’s data is traditionally buoyed by self-assessment tax payments; however, the shortfall means total borrowing so far this financial year has climbed to £118.2 billion — more than £11 billion higher than last year. Analysts say the figure raises questions about the chancellor’s fiscal headroom in the run-up to next month’s spring statement.

With the debt-to-GDP ratio standing at 95.3 per cent — a level last seen in the 1960s — the OBR’s forthcoming forecasts on 26 March may downgrade the government’s ability to meet its target of reducing the debt ratio by 2029. This could compel the chancellor to consider spending cuts or tax increases in the autumn budget.

Last month’s surplus was bolstered by reduced debt-servicing costs, down from £9 billion in December to £6.5 billion. However, the impact was offset by a £6 billion one-off payment for the government’s buyback of military housing from private firm Annington.

Darren Jones, chief secretary to the Treasury, said ministers remain committed to “economic stability and meeting our non-negotiable fiscal rules”, adding that the government has commenced a line-by-line spending review for the first time in 17 years to ensure every penny is spent in line with national priorities.

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Government’s January surplus disappoints at £15.4bn, piling pressure on Chancellor

Twin Path Ventures, the UK’s leading pre-seed investor in AI-first start-ups, has received a £10 million commitment from British Business Investments.

The agreement, spread over the next three years, is designed to expand Twin Path’s capacity to nurture emerging tech founders across all UK regions.

Led by partners John Spindler, Nick Slater, and Katie Lockwood, Twin Path Ventures aims to invest approximately £10 million each year in around 15 AI-focused start-ups. The investment will target companies both inside and outside of London, reflecting the investor’s drive to champion regional innovation and decentralise economic growth.

Demonstrating impact

• Sention: East London-based Sention harnesses ultrasound and cutting-edge AI to spot and diagnose faults in fuel cell and battery production, enabling manufacturers to predict performance and degradation rates at an early stage. The funding allowed Twin Path Ventures to lead a £3 million seed round, alongside international co-investors.

• Amply Discovery: Hailing from Belfast, Amply Discovery deploys advanced machine learning and synthetic biology to uncover novel drug therapies. As a spin-out from Queen’s University Belfast, it is tackling major global health challenges, including cancer and drug-resistant infections.

• Composo AI: With teams in London and the North West, this start-up founded by ex-Graphcore and Quantum Black engineers has developed a platform that enables domain experts—engineers, lawyers, teachers—to easily train, test and evaluate AI applications built on Large Language Models.

Strategic collaboration

Adam Kelly, Managing Director at British Business Investments, says: “We’re thrilled to join forces with Twin Path Ventures and reinforce our support for the UK’s burgeoning AI ecosystem. By encouraging innovation in emerging tech, this partnership underlines our commitment to driving economic growth across all parts of the UK.”

John Spindler, Partner at Twin Path Ventures, adds: “This collaboration marks a big milestone. It boosts our ability to reach out to the next generation of AI pioneers, particularly in regions where support can be harder to find. We’re eager to discover new talent and help scale transformative projects in AI.”

Twin Path Ventures has already invested in over 20 AI-first companies since launching 18 months ago, with the new injection of funds set to accelerate its mission of backing UK-based start-ups poised for global impact.

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British Business Investments backs Twin Path Ventures with £10m AI fund to power UK tech growth

Unions are calling on the UK government to inject £200 million into British Steel, in a last-ditch attempt to keep its two blast furnaces in Scunthorpe running until electric arc replacements can be brought online.

The trade union Community warns that without additional support, the rapid shutdown of Scunthorpe’s coal-fuelled blast furnaces could spark nearly 2,000 immediate job losses.

British Steel, owned by Chinese group Jingye, is already committed to installing cleaner electric arc furnaces (EAFs) in Scunthorpe. However, union leaders fear that the abrupt closure of blast furnaces, without an interim plan, will devastate Lincolnshire’s local economy and eliminate key steelmaking capabilities prematurely.

Roy Rickhuss, Community’s general secretary, described the plan as a “roadmap towards a just transition” and a way to avoid a “destructive cliff-edge” in job cuts. He believes government intervention to cover an extra £200 million in carbon costs, which are levied on large polluters, could keep both blast furnaces running and maintain income streams until EAFs are operational.

Syndex, the consultancy commissioned by Community, backs the union’s case. It argues that government support to fund the short-term costs of carbon is the only way to make operating both furnaces “financially viable.” Maintaining just one furnace or closing them both would prove too costly, Syndex warns, especially considering the high fixed costs and potential loss of critical raw material access.

The request follows a separate move by the government to provide around £500 million to India’s Tata Steel for upgrading the Port Talbot plant in Wales, a deal that included the closure of its blast furnaces there, costing 2,500 jobs. Ministers have pledged up to £2.5 billion in further support to help decarbonise the UK steel industry, but details remain vague, and it is unclear how much might go to British Steel.

Business Secretary Jonathan Reynolds has signalled a desire to “champion decarbonisation without deindustrialisation,” launching a consultation on the UK’s steel strategy. Yet a cocktail of global forces—such as a steel glut fuelled by China’s construction downturn and the 25% US tariffs on steel imports—threatens to depress prices further, complicating British Steel’s switch to greener operations.

While EAFs produce significantly less carbon dioxide compared to traditional blast furnaces, they require extra facilities to convert iron ore for steelmaking. Such infrastructure is not yet established in the UK at the necessary scale, fuelling fears—particularly among some politicians and defence officials—that the country could lose a core manufacturing skillset if Scunthorpe’s blast furnaces are mothballed.

Despite these concerns, the Trades Union Congress (TUC) says moving quickly to modern, cleaner technology is “vital” if UK steel is to remain globally competitive. “It’s essential we continue to produce steel in Britain, and decarbonising is the only way we can do that in the long term,” insists TUC general secretary Paul Nowak.

For now, British Steel acknowledges that government talks are ongoing, emphasising that its “trade union partners will be an important part of that future.” The question remains whether ministers will agree to pump in a further £200 million, with Community and Syndex arguing it is the only strategy that will save Scunthorpe from large-scale redundancies and maintain a fully functioning domestic steel industry until greener technology is ready to take over.

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Unions seek £200m from ministers to safeguard Scunthorpe steelworks as blast furnaces face closure

Lloyds Banking Group has posted a 20 per cent drop in annual pre-tax profits for 2024, missing City forecasts amid rising costs and one-off charges linked to the ongoing motor finance commission scandal.

The FTSE 100 lender recorded profits of £5.97 billion last year, down from £7.5 billion in 2023 and below analyst expectations of £6.4 billion.

Lloyds’ income was dented by a lower net interest margin — essentially the difference between interest income from lending and the costs of funding — in an environment of falling rates. The bank has also taken heavier remediation and impairment charges, including an additional £700 million linked to disputes around undisclosed or “partially disclosed” commissions in car loans.

This latest set-aside brings the lender’s total provision for possible motor finance compensation to £1.15 billion, though Lloyds cautioned there remains “significant uncertainty” over the final outcome. The charge is connected to a Court of Appeal judgment involving three consumers — Wrench, Johnson and Hopcraft — who challenged the liability of lenders when credit brokers such as car dealers arrange a hire-purchase agreement but fail to fully disclose commission details.

Charlie Nunn, chief executive of Lloyds, noted that the £700 million provision was prompted by the appeal court ruling, which goes “beyond the scope of the original FCA motor finance commissions review”.

In spite of these headwinds, Lloyds reported loans and advances to customers rose by £10.2 billion last year to £459.9 billion, with UK mortgages increasing by £6.1 billion. Deposits grew by £11.3 billion to £482.7 billion, reflecting solid customer confidence in the UK’s largest high street bank. Encouragingly, Lloyds also revealed an improved economic outlook, buoyed by recent house price growth and a more favourable assessment of risks such as inflation and interest rate volatility.

According to Matt Britzman, senior equity analyst at Hargreaves Lansdown, the extra £700 million provision has “clouded” what was otherwise a strong fourth quarter. However, Britzman highlighted that “Lloyds has managed to improve its loan quality over the course of the year, defying fears that borrowers would buckle under the pressure of persistent inflation.”

Despite the profit miss, the bank’s share price has climbed more than 40 per cent over the past 12 months, reflecting a generally upbeat sector outlook and consistent performance away from the motor finance charge.

Read more:
Lloyds profits shrink by a fifth as car finance saga drives up provisions

Small businesses across the UK are urging the government to scale back its proposed Employment Rights Bill, warning that sweeping changes could hamper hiring and trigger widespread job losses.

The Federation of Small Businesses (FSB), which represents thousands of employers nationwide, claims the plans — including expanded grounds for unfair dismissal and automatic sick pay from day one — “will wreak havoc on our already fragile economy”.

In a survey of 1,270 members, two thirds of small firms said they would reduce or freeze recruitment if the bill is passed in its current form, while a third predicted they would cut existing headcount before the measures even come into force. Tina McKenzie, policy chairwoman of the FSB, says that allowing staff to “sue their employers on their first day on the job” risks opening the door to “frivolous claims”, especially during an economic climate where many businesses feel more exposed.

The government has heralded the Employment Rights Bill as the “biggest upgrade to rights at work for a generation”. It includes removing the two-year qualifying period for unfair dismissal protections and offering new rights to sick pay from the first day of employment. While some large employers and trade unions have welcomed the moves, the FSB believes they could mean more legal uncertainty for smaller enterprises and has urged the prime minister to revert to a one-year qualifying period, alongside a rebate for statutory sick pay costs.

The FSB’s concerns come amid tense relations between business groups and government following last autumn’s budget, which introduced a £25 billion increase in employment taxes. Other industry snapshots reflect growing caution: one FSB poll found that 32 per cent of small firms planned to reduce staff in the final quarter of last year, with only 10 per cent looking to hire — a notable shift from the 14 per cent figure three months before. Meanwhile, the Chartered Institute of Personnel and Development (CIPD) has reported that one in four businesses intend to make redundancies or slow their recruitment drive.

McKenzie warns that “reckless changes” may deter businesses from hiring: “If taking on staff becomes a legal minefield, companies will simply stop. That means more people on benefits, a ballooning welfare bill and a devastating hit to living standards.”

The Department for Business and Trade has yet to comment on the FSB’s assertions. Nevertheless, the government maintains that stronger safeguards and expanded entitlements will support workers’ rights without placing untenable strain on employers. As the bill progresses through the House of Commons, small businesses will watch closely to see if any amendments ease their mounting concerns.

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Fears grow over Workers’ Rights Bill as small firms warn of job cuts

Senior City of London bankers have urged Chancellor Rachel Reeves to soften plans for abolishing non-domiciled tax status, claiming the policy is prompting high-earning foreign workers to relocate.

At a breakfast meeting in No 11, representatives from major financial services firms, including BlackRock, Schroders, Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley, raised concerns over the impact of ending the non-dom regime on the UK’s competitiveness.

Non-domiciled status, which allows UK residents to be taxed on a remittance basis rather than worldwide income, is set to end on 6 April. Reeves made a small concession in January, granting a simplified ‘temporary repatriation facility’ that offers discounted tax rates for bringing certain funds into the UK. However, bankers warn that changes to inheritance tax on existing trusts, coupled with the overall removal of non-dom benefits, risk accelerating the departure of ultra-wealthy individuals.

Latest data from analytics firm New World Wealth and investment advisers Henley & Partners shows a net 10,800 millionaires moved away from Britain last year, a larger outflow than anywhere but China. Seventy-eight centi-millionaires and 12 billionaires also left in 2024, according to the report.

Despite these statistics, Reeves has not shown signs of backtracking, insisting that the reforms will deliver an “internationally competitive” tax system. The Office for Budget Responsibility estimates the move could generate an extra £33.8 billion over the next five years.

During the meeting, industry figures also discussed simplifying ISAs to boost domestic investment in UK shares. In a separate announcement, Reeves said Britain will switch to a ‘T+1’ settlement cycle for securities, aligning with major markets such as the United States. “Speeding up the settlement of trades makes our financial markets more efficient and internationally competitive,” she added.

The Treasury declined to comment specifically on the non-dom debate but says it remains committed to ensuring the reforms work effectively for both businesses and taxpayers.

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City bankers press Reeves to ease non-dom clampdown as wealthy workers exit UK

Turning your smartphone interface darker might not preserve battery power after all.

Despite long-held beliefs that “dark mode” extends battery life — particularly on phones equipped with power-saving OLED screens — a new BBC study has found that most users compensate by pushing their brightness levels higher, effectively negating any energy gains.

According to the research, 80 per cent of participants who switched their phones to a dark background then adjusted the brightness upwards, causing them to drain their batteries at a faster rate. By contrast, those opting for standard “light mode” were less likely to fiddle with screen settings, meaning the original lower brightness was maintained.

This dynamic runs counter to previous lab-based findings, including a 2021 Purdue University study showing phones set to dark mode use 42 per cent less power under full brightness conditions. Google engineers, likewise, had discovered a potential power reduction of up to 63 per cent for OLED displays in dark mode. However, those tests did not factor in real-world user behaviour.

Zak Datson, an engineer with the BBC’s Research & Development team, said that simple sustainability tips don’t always stand up to scrutiny in actual practice. “Some of the most common recommendations are overly simplistic,” he noted. “In the case of dark mode, some people end up using more energy.”

The BBC’s test underscores that the surest way to lengthen battery life is to reduce screen brightness. Lowering brightness significantly can halve energy consumption compared with a phone kept at maximum settings.

The study is part of the BBC’s broader sustainability campaign, as the corporation aims to slash its overall carbon emissions by 90 per cent by 2050. Among media-related carbon sources, the production of devices such as televisions and smartphones ranks as a major contributor, while in film production, travel is typically the largest emitter of carbon.

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Dark mode may sap more battery life if users ramp up brightness, study reveals