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Fuel Ventures, a leading UK venture capital fund, has co-led a £300,000 funding round in PlanningHub, a cutting-edge PropTech platform using AI to transform access to planning information for property development.

Designed to eliminate the inefficiencies of the UK’s complex planning system, PlanningHub provides instant, data-driven insights to developers, investors, and local authorities, helping to streamline decision-making and reduce planning risk.

As the first scalable AI solution of its kind, PlanningHub replaces time-consuming manual research with an automated, accurate, and efficient approach to planning data. The investment will enable the company to accelerate its mission to modernise the planning system, a move that could save the UK economy an estimated £1.2 billion annually and play a significant role in tackling the housing crisis.

Founded by graduates of the Antler accelerator programme, PlanningHub has rapidly gained recognition in the PropTech sector. The company has secured two prestigious UK Research and Innovation (UKRI) grants, including the highly competitive Smart Grant, awarded to top innovators across industries, and the Bridge AI Grant, which supports the adoption of artificial intelligence in key sectors. In 2024, PlanningHub was also selected from 150 applicants to join the Geovation PropTech accelerator, further cementing its position as a leader in the UK’s rapidly expanding PlanTechindustry.

Leading the company is CEO Ewa Moskwiak, who brings over 18 years of experience in planning and architecture, while CTO Professor Dr. Harald Braun, an expert in artificial intelligence, has a track record of founding seven successful tech startups. Together, they are spearheading PlanningHub’s mission to modernise and digitise the planning sector, making essential information more accessible, accurate, and actionable.

Commenting on the investment, Moskwiak stated: “This funding will allow us to further transform access to planning information, making the process faster, more accurate, and more efficient while expanding our impact across the public and private sectors. By enabling better decision-making and driving meaningful progress, we are bringing much-needed innovation to the planning industry and remain committed to empowering under-resourced public sector bodies, developers, property investors, and real estate professionals.”

Mark Pearson, Founder of Fuel Ventures, expressed his enthusiasm for the project, adding: “PlanningHub brings a fresh perspective to the challenges of the planning system, offering automation tools that streamline processes and reduce inefficiencies. Their focus on resolving issues like planning delays and development uncertainties is driving meaningful progress. We’re delighted to back their vision and are eager to see the benefits they will bring to local authorities and developers alike.”

With this latest investment, PlanningHub is set to revolutionise how planning data is accessed and utilised, driving greater efficiency, reducing uncertainty in property development, and helping unlock much-needed housing and infrastructure projects across the UK.

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Fuel Ventures backs PlanningHub’s AI-powered solution to modernise UK property planning

London-based startup IMPOSSIBREW has successfully closed its latest Crowdcube fundraising round, securing £1,575,390—more than three times its original £500,000 target.

Founded by Mark Wong, the company is redefining alcohol-free drinking with its patent-pending Social Blend technology, which naturally enhances relaxation while delivering an authentic beer experience.

The funding round, which valued IMPOSSIBREW at £12 million pre-money, attracted 1,204 investors, including high-profile backers such as Frazer Thompson, founder of Chapel Down, a former Global Brand Director of Heineken, and Jacopo Di Vonzo, founder of Remeo Gelato. With this investment, the company plans to accelerate strategic growth, expand retail partnerships, and drive further innovation.

Dry January 2025 saw record-breaking sales for IMPOSSIBREW, reflecting the growing demand for high-quality alcohol-free alternatives. The company generated over £500,000 in total sales for the month, nearly doubling the previous year’s figures, and recorded its first-ever six-figure revenue week in early January. Over the past 12 months, IMPOSSIBREW has sold more than one million cans, with a beer now being sold every 15 seconds via its website. The brand’s reach has grown significantly, with 18 million people engaged during Dry January alone, and its dominance in the alcohol-free category was evident as it captured 85.3% of all ‘alcohol-free beer’ searches in the UK at the peak of the month. Google Trends data also showed a 200% surge in searches for IMPOSSIBREW between late December and mid-January.

The alcohol-free market continues to thrive, with the sector expected to surpass alcoholic drinks by 2026, according to Statista. Consumer habits are changing rapidly, with 32% of Brits reducing their alcohol intake in the past year, according to Mintel. Research has shown that 51% of drinkers primarily miss the ‘buzz’ of alcohol—an experience IMPOSSIBREW directly addresses through its functional beer. Recent consumer surveys reveal that 70.6% of customers report feeling relaxation effects, while 87.7% have reduced their alcohol consumption since discovering IMPOSSIBREW.

Mark Wong’s journey to creating IMPOSSIBREW was deeply personal. Having developed a passion for beer and wine at a young age, he became one of the highest-scoring French Wine Scholars by the age of 18. However, in 2019, a serious health diagnosis forced him to give up alcohol entirely. Frustrated with the lack of satisfying alcohol-free alternatives, Wong came across the Kissa Yojoki, a 1211 AD Japanese text detailing the relaxation benefits of natural herbs. Inspired by this discovery, he partnered with Dr. Paul Chazot at Durham University to develop Social Blend, a revolutionary formula that combines ancient wisdom with modern science. The result was a completely new category of functional drinking—an alcohol-free beer designed not just to taste good, but to help consumers unwind naturally.

IMPOSSIBREW’s success comes despite being rejected on Dragons’ Den in 2022, just six months after launching. The Dragons raised concerns about pricing, market penetration, and early-stage revenue, with turnover at the time sitting at just £10,000. However, since then, the company has defied expectations, achieving a remarkable 299% three-year compound annual growth rate between 2021 and 2024. Following its rejection, IMPOSSIBREW turned to Crowdcube, raising £750,000 in 2022—far surpassing its original £400,000 target within just 10 minutes of launch. Today, that £45,000 investment the Dragons declined would be worth over £1 million.

Reflecting on the company’s growth, Wong sees the Dragons’ Den experience as a turning point. While the show did not secure them funding, it provided invaluable validation that there was a real demand for a third choice beyond drinking and not drinking. The response following the appearance was overwhelming, proving that consumers wanted more than just alcohol-free beer—they wanted an alternative that delivered the full experience of drinking, without the alcohol. Three years later, IMPOSSIBREW has established itself as the leading alcohol-free beer brand in the UK, with sustained year-round growth and an expanding consumer base.

Looking ahead, IMPOSSIBREW is focused on scaling production to reduce costs and enhance savings for customers, while expanding its retail and trade partnerships to improve accessibility. The company is also working to enhance the at-home drinking experience, making alcohol-free weeknight enjoyment more seamless. Wong sees the next phase of IMPOSSIBREW’s journey as a transition from a research-driven phase to a more public presence, ensuring that the brand meets consumers where they are.

Speaking about the future, Wong remains optimistic, stating, “We’re moving from a research phase into a more public phase, meeting consumers where they are. Our mission is to make the future of drinking accessible to everyone, and this latest funding round brings us closer to that vision.” As the alcohol-free market continues its rapid growth, IMPOSSIBREW is well positioned to become a global leader in alcohol alternatives, proving that sometimes the biggest opportunities come from turning ‘no’ into a powerful ‘yes.’

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Impossibrew raises £1.57M in record-breaking crowdfunding round as demand for alcohol-free beer surges

Gordon Ramsay is uniting his restaurant operations on both sides of the Atlantic through a deal that sees fresh investment flowing from US private equity house Lion Capital.

The celebrity chef, 58, is merging the British and American arms of his global dining empire into a single entity, jointly owned on a 50–50 basis by Ramsay and Lion Capital.

The arrangement builds on a previous partnership forged in 2019, when Lion Capital pledged $100 million to expand Ramsay’s US portfolio. Advisers from Rothschild & Co worked on the latest transaction, which will establish a central board headquartered in London.

Gordon Ramsay Restaurants, founded in 1998, includes 34 UK establishments and 32 US sites, alongside 22 other venues across China, South Korea, Malaysia, France, Dubai, Singapore and Thailand. From Michelin-starred destinations to casual pizza and burger outlets, the business employs 1,100 staff in the UK and 750 in the US. Globally, it recorded sales of $500.8 million last year.

In a statement, Ramsay said: “This is an exciting new chapter for our business, building on over five years of collaboration with Lion Capital. Together, and with the support of a brilliant team, we are poised to grow our international reach, create new partnerships and bring exceptional dining experiences to more people around the world.”

Ramsay has been ramping up his UK operations. He recently unveiled plans for a sprawling dining experience at 22 Bishopsgate in central London, spanning four floors and 25,000 sq ft. Expected to create over 250 jobs, it will offer five distinct culinary concepts, including a late-night terrace bar, an Asian-inspired ‘Lucky Cat’ and a Bread Street Kitchen.

Under Ramsay’s 2019 agreement, Lion Capital bought half of his North American restaurant interests and committed a further $100 million to open 100 new sites across the US within five years. This latest move consolidates all international interests, signalling a fresh phase of expansion for the TV chef’s worldwide restaurant empire.

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Gordon Ramsay combines UK and US restaurant businesses in Lion Capital deal

Lloyds Banking Group has been urged to release the complete version of a long-awaited review into whether it concealed a £1 billion fraud tied to the Reading branch of HBOS.

Dame Meg Hillier, Chairwoman of the Treasury Committee, has called on Lloyds to publish a “full copy” of the Dame Linda Dobbs review—an independent investigation exploring the bank’s conduct around the HBOS Reading fraud—once it is finalised. The move follows widespread fears that Lloyds might release only excerpts or “findings” rather than the unedited report.

The fraud, uncovered in 2007, involved rogue bankers and consultants who manipulated risky credit arrangements at HBOS, which Lloyds rescued in 2009. Dozens of small and medium-sized enterprises were devastated by the scheme, resulting in six criminal convictions in 2017. Lloyds has since paid out over £1.3 billion in compensation and other charges linked to the scandal, but critics claim the bank initially sought to bury the extent of the affair and did not fully cooperate with police.

Launched in 2017 and funded by Lloyds, the Dobbs review was initially expected to conclude in a matter of months. However, the final report remains unfinished. Lloyds has consistently vowed to release the review’s “findings” but has not unequivocally committed to publishing it in its entirety. Dobbs, a retired High Court judge, has said she intends to draft the document in a way that enables full publication.

Hillier’s intervention was prompted by a letter from Andy Agathangelou, founder of consumer group Transparency Task Force, which campaigns for openness within financial services. Agathangelou pressed the Treasury Committee to ensure the unredacted report is released and to scrutinise the causes of its prolonged delay.

In her reply, Hillier emphasised that concluding and publishing the review was “essential” but stressed that further committee scrutiny might prolong the process. She nonetheless made it clear that the Treasury Committee’s expectation is that Lloyds release the complete report.

A spokesman for Lloyds responded: “We stand by our commitments to the committee and look forward to co-operating with them,” declining to clarify whether the full document will be placed in the public domain. Agathangelou welcomed Hillier’s statement, calling it a “clear and unambiguous” signal to Lloyds that only a “full and unredacted copy” would satisfy the concerns of those affected.

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Lloyds under fire to publish full £1bn HBOS fraud review

UK employers are bracing for the largest wave of redundancies in a decade, as confidence among businesses plummets amid concerns over rising costs and tax hikes set to take effect from April.

A new survey from the Chartered Institute of Personnel and Development (CIPD) has revealed that redundancy intentions are at their highest level in 10 years, excluding the exceptional period of the Covid-19 pandemic. The findings, based on a poll of 2,000 employers, indicate growing anxiety over increasing National Insurance contributions and the 6.7% rise in the national living wage—both key measures introduced by Chancellor Rachel Reeves in her autumn budget.

The news deals a fresh blow to the Labour government, which has faced mounting criticism over its handling of the economy. Official figures last week showed that Britain narrowly avoided a recession in the second half of 2024, but business leaders warn that rising costs could push the economy back into decline in 2025.

Adding to concerns, inflation is expected to rise to 2.8% in January, up from 2.5% in December, while unemployment is projected to increase to 4.5%, continuing a steady upward trend over the past year.

The Federation of Small Businesses (FSB) has also reported a dramatic collapse in sentiment, with confidence levels among small firms falling from -24.4 to -64.5. The hardest-hit industries include hospitality and retail, with businesses in the accommodation and food services sector reporting the lowest score at -111.0.

Tina McKenzie, policy chair of the FSB, said the upcoming employment rights bill—which is set to enhance worker protections from next year—is adding to business concerns.

“The fourth-quarter blues reported by small firms underline how urgently the government’s growth push is needed. Small firms are understandably nervous about their prospects as 2025 gets under way.”

The CIPD’s chief executive, Peter Cheese, warned that businesses are already making plans to cut jobs, raise prices, and reduce investment in workforce training as they adjust to higher employment costs.

“These are the most significant downward changes in employer sentiment we’ve seen in the last 10 years, outside the pandemic. Businesses have had time to digest these impending changes, with many now planning to reduce headcount,” he said.

The British Beer and Pub Association (BBPA) has also sounded the alarm, reporting that six pubs closed every week in 2024, resulting in 4,500 job losses. The BBPA warned that the October budget will add £650 million in costs to the sector, making it even harder for pubs to stay afloat.

“We’re right behind Labour’s mission to supercharge growth,” said Emma McClarkin, CEO of the BBPA, “but only if it is easier for pubs to keep their doors open.”

With business sentiment at its lowest in a decade, rising taxes, and economic uncertainty on the horizon, 2025 is shaping up to be a challenging year for UK firms. While the government insists that its economic strategy will deliver long-term stability, employers are growing increasingly nervous about higher costs, tighter regulations, and slowing consumer demand.

Unless confidence is restored and businesses feel supported, the UK could be heading for a wave of job losses and economic stagnation, putting further strain on workers, employers, and the government’s growth ambitions.

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UK firms plan biggest layoffs in a decade as business confidence collapses

Elon Musk’s sweeping cuts to US government agencies have sparked concerns that private companies—including his own—could reap billions in new contracts as public services are dismantled.

Musk, who has taken on a powerful role in the Trump administration, has vowed to oversee the mass downsizing of federal agencies, arguing that many should be “deleted entirely.” But while the cuts are being framed as a drive for efficiency, they could end up funnelling lucrative contracts to private firms—including Musk’s SpaceX and Starlink, which already hold multi-billion-dollar deals with the US government.

The restructuring comes as Musk pushes for the adoption of artificial intelligence in government operations and a complete overhaul of US weapons programmes—an area where private defence contractors are eager to step in.

Private sector sees opportunity

Musk’s cost-cutting agenda has already been praised by Silicon Valley and defence firms, which see an opportunity to expand their influence as government functions are outsourced.

Palantir, the data analytics company with hundreds of millions in US military contracts, has been particularly vocal about the changes. On a recent earnings call, Palantir CTO Shyam Sankar lauded Doge for bringing “meritocracy and transparency” to government operations, adding that it would eliminate wasteful software projects.

“This is a revolution—some people are gonna get their heads cut off,” said Palantir CEO Alex Karp. “We’re expecting to see unexpected things and to win.”

Cryptocurrency exchange Coinbase has also expressed interest in integrating blockchain into government spending, while defence giants like Lockheed Martin and Northrop Grumman have welcomed Doge’s efforts to speed up military procurement.

Meanwhile, General Atomics Aeronautical Systems, which manufactures Predator drones, has written directly to Musk, urging him to streamline the Pentagon’s defence contracts.

Beyond private sector enthusiasm, Musk’s own companies stand to gain significantly from the hollowing out of government operations.

His space company, SpaceX, has already embedded itself within NASA’s operations, securing more than $15 billion in contracts since its first federal deal in 2006. SpaceX now controls over 60% of the world’s active satellites, and its Starlink satellite network has become a crucial communications tool for the US military and foreign conflicts.

Musk’s growing influence in the Pentagon and the Trump administration suggests that his businesses could receive an even greater share of government contracts as agencies are downsized.

Musk’s increasing control over federal agencies has drawn sharp criticism from government watchdogs, who warn that it removes checks on corruption and self-dealing.

Trump has already weakened federal oversight, firing 18 inspectors general—officials responsible for investigating ethical breaches in government contracts. Meanwhile, Musk has been given free rein over procurement decisions, despite his personal financial interests.

“You don’t need to be an ethics expert to see the massive problem here,” said Donald Sherman, executive director of Citizens for Responsibility and Ethics in Washington (Crew). “A billionaire who funds the president’s campaign and has government contracts of his own is now in charge of deciding who gets paid.”

Crew has joined other advocacy groups in filing lawsuits against Doge, arguing that it violates federal transparency laws. However, a judge has so far allowed Trump and Musk’s restructuring to continue.

Despite the ethical concerns, Trump has repeatedly dismissed allegations that Musk is abusing his position. The White House insists that if Musk encounters a conflict of interest, he will “excuse himself” from those decisions—a statement that has done little to reassure critics.

Musk’s official government role as a “special government employee” also allows him to sidestep financial disclosure requirements, meaning the full extent of his financial interests in government contracts remains hidden.

With oversight mechanisms dismantled and private companies—including Musk’s—gaining unprecedented access to federal decision-making, critics warn that the reshaping of the US government could have long-lasting consequences, shifting power away from public institutions and into the hands of a few corporate giants.

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Elon Musk’s government cuts could hand billions to private companies

The Vivienne Westwood fashion house is facing mounting scrutiny after an independent investigation upheld allegations of homophobic bullying against its chief executive, Carlo D’Amario.

The claims, which were examined by an employment barrister in June 2023, included accusations that D’Amario repeatedly used homophobic slurs, bullied staff, and discriminated against employees based on their sexuality.

Despite these findings, D’Amario remains in his role, while the complainant who raised the grievance has since left the company.

The allegations have raised serious questions about whether the values championed by the late Dame Vivienne Westwood—a pioneer of LGBT+ rights and gender expression in fashion—have truly endured within her company. While the brand has continued to publicly embrace queer culture, including a recent collaboration with non-binary singer Sam Smith, the revelations suggest a disconnect between the company’s external image and its internal leadership culture.

The allegations against D’Amario surfaced in 2023, when a gay employee raised an internal grievance about his conduct. The company brought in employment law specialist Paul Livingston to conduct an independent investigation, during which eight witnesses were interviewed.

The report upheld five of the allegations, concluding that D’Amario had likely breached employment law. Witnesses reported that he had frequently used homophobic nicknames for the employee, including “Mary Poppins,” “Mary Fairy,” and “Homo Pomo.” One staff member said they had regularly heard D’Amario use the term “homo pomo” and had considered it offensive at the time.

Concerns about D’Amario’s behaviour extended beyond verbal insults. Witnesses recalled him criticising store displays for looking “too gay”, a comment that left some employees “horrified.” When questioned during the investigation, D’Amario denied all allegations, insisting that sexuality was “the last thing in [his] brain” and suggesting that any misunderstandings might be due to language barriers. However, the investigator found his denials “not persuasive.”

The claims against D’Amario did not stop at homophobic remarks. Witnesses also alleged that he had made disparaging comments about gay employees, at one point saying, “All these gay men in the company … you can’t trust them.” Another witness recalled him using the phrase “gay parade” to describe employees who were well-dressed.

Allegations of racist comments also surfaced, including one instance where he reportedly told a staff member, “I’m not racist, but all your clients are members of the mafia.” D’Amario denied making the mafia comment during the investigation.

Concerns about his leadership were first publicly raised in November 2023, when Cora Corré, Westwood’s granddaughter, resigned from the company. In her resignation letter, she accused D’Amario of misusing Westwood’s designs, blocking charitable fundraising by the Vivienne Foundation, and “bullying” Westwood before her death in 2022.

She also claimed that her grandmother had been deeply unhappy with his management and had wanted him removed from the company. The fashion house did not respond to these allegations at the time.

The controversy has cast a shadow over Vivienne Westwood Ltd’s reputation, particularly given its long-standing support for progressive values. While the brand has been vocal about climate activism, human rights, and queer inclusivity, the investigation suggests that its internal culture may not align with these ideals.

The report found that D’Amario’s behaviour breached the company’s equality policy and that executives, including D’Amario and Westwood herself, had failed to complete mandatory diversity training. Despite these findings, the company has taken no public disciplinary action, and financial records show that D’Amario earned nearly £500,000 in 2023.

Vivienne Westwood Ltd has repeatedly declined to comment on the investigation’s findings or confirm whether any action was taken against D’Amario.

With increasing scrutiny on workplace culture and leadership accountability in the fashion industry, the brand now faces a crucial decision: whether to stand by its CEO or uphold the values that made Vivienne Westwood a global icon of rebellion, inclusivity, and justice.

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Vivienne Westwood fashion house under scrutiny over homophobic bullying allegations against CEO

Blue Origin, the spaceflight company owned by Amazon founder Jeff Bezos, is cutting 1,400 jobs—around 10% of its workforce—as it shifts focus to ramping up rocket production and increasing launch frequency.

In an internal memo seen by Business Matters, Blue Origin CEO Dave Limp said the job cuts would trim managerial ranks while reducing roles in research and development (R&D) and engineering. The decision follows the company’s first successful test flight of its New Glenn rocket, a major milestone in its space ambitions.

Founded by Jeff Bezos in 2000, Blue Origin has been a key player in the private space industry but has often been outperformed by rival SpaceX. The company is now restructuring to speed up manufacturing and launch operations, aiming to close the gap with Elon Musk’s dominant space firm.

“Our primary focus in 2025 and beyond is to scale our manufacturing output and launch cadence with speed, decisiveness, and efficiency for our customers,” Limp told employees.

The cuts are part of a broader strategic shift that prioritises the New Glenn rocket, a powerful heavy-lift launch vehicle designed to carry large payloads and satellites into space.

Named after John Glenn, the first American astronaut to orbit Earth, New Glenn is designed to be more powerful than SpaceX’s Falcon 9, with greater satellite-carrying capacity.

Bezos intends to use New Glenn to support Project Kuiper, his ambitious plan to deploy thousands of low-earth orbit satellites to provide global broadband services. The project is a direct competitor to Musk’s Starlink network, which already has a strong presence in the satellite internet market.

Blue Origin’s leadership shake-up began in 2023, when Dave Limp—formerly head of Amazon’s devices division—was appointed CEO to accelerate the company’s progress. The New Glenn launch in January was a critical step in proving Blue Origin’s capabilities, but challenges remain.

Despite its deep financial backing from Bezos, Blue Origin has lagged behind SpaceX, which has pioneered reusable rockets and operates at a higher launch frequency.

By cutting costs and shifting resources toward faster, more frequent launches, Blue Origin hopes to become a stronger competitor in the commercial space race. However, the layoffs highlight the challenges of balancing innovation with financial sustainability in an industry where efficiency and speed are key.

As Blue Origin repositions itself, the success of New Glenn and Project Kuiper will be crucial in determining whether Bezos can truly challenge Musk’s dominance in space exploration and satellite services.

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Blue Origin to cut 10% of workforce as it ramps up rocket launches

The UK economy defied expectations by posting 0.1% growth in the final quarter of 2024, according to new Office for National Statistics (ONS) data.

Analysts had predicted a contraction, but strong performances in construction, pubs, bars, and machinery manufacturing helped to keep the economy in positive territory.

In December alone, the economy grew by 0.4%, driven by a busy month for film distribution firms, hospitality, and industrial production. However, the overall picture remains fragile, with living standards slightly lower than in 2023 and concerns that the government’s April tax rises could weigh on businesses.

Despite the unexpected growth, businesses remain wary about the outlook for 2025. Employers are facing higher National Insurance costs, rising minimum wages, and reduced business rates relief, all of which could limit their ability to offer pay rises, invest, or create jobs.

The Bank of England has already halved its UK growth forecast for 2025, warning that the combination of higher employer costs, global uncertainty, and trade tariffs imposed by Donald Trump’s US administration could hold back recovery.

Paul Dales, chief UK economist at Capital Economics, said the economy was “all-but stagnating” as businesses struggled with cost pressures. He pointed to Chancellor Rachel Reeves’s Budget tax rises as a key factor dampening business confidence.

“Business sentiment is on the floor, with investment and consumer spending down. Overall, the economy is unlikely to do more than move sideways over the next six months,” he warned.

The latest figures will provide some relief for Prime Minister Sir Keir Starmer, who has made economic growth a key priority. However, a separate ONS measure, real GDP per head, showed a 0.1% decline in living standards compared to 2023.

Reeves acknowledged the long-term economic challenges, saying: “It’s not possible to turn around more than a decade of poor economic performance in just a few months, but we are doing what is necessary to bring stability to the economy.”

However, opposition figures were quick to criticise the government’s handling of the economy.

Shadow Chancellor Mel Stride accused Reeves of “killing growth”, blaming her policies for rising business taxes, job losses, and plummeting confidence.

Liberal Democrat Daisy Cooper called the government’s tax plans a “complete pig’s ear”, warning they would hammer small businesses, the backbone of the economy.

While private housing construction projects boosted the economy, homeowners cut back on repairs and maintenance, reflecting household financial pressures.

Meanwhile, computer programming, publishing, and car sales saw weaker trade, balancing out the gains from manufacturing and hospitality.

With higher taxes and weaker business investment on the horizon, economic growth is expected to remain subdued. The government insists it is taking steps to “put more money in people’s pockets”, but concerns persist over whether fiscal policy is supporting or hindering recovery.

The coming months will be crucial in determining whether the UK economy can sustain its momentum or whether sluggish growth and falling living standards will dominate 2025.

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UK economy posts surprise growth at end of 2024, but concerns remain

The UK government has signalled it will push for an exemption from Donald Trump’s planned 25% tariffs on British steel, as concerns grow over the potential impact on exports and domestic pricing.

Business Secretary Jonathan Reynolds said the UK had a strong case for avoiding the new US border taxes, highlighting that Britain’s steel exports to the US were relatively small and often used in strategic sectors such as defence.

The former US president has previously insisted that the tariffs—set to take effect on 12 March—will be enforced “without exceptions or exemptions.”

Despite pressure from the steel industry to respond with countermeasures, the UK government has indicated it will not immediately retaliate, in contrast to the European Union and Canada, which have vowed to hit back.

The UK is not a major steel supplier to the US, with the market accounting for just 10% of British steel exports. However, for some specialist producers, the American market is vital.

Beyond the direct impact on exports, there are concerns that excess steel could be “dumped” in the UK, as countries locked out of the US market seek alternative buyers, potentially undercutting British steelmakers.

Reynolds acknowledged the global oversupply of steel and aluminium but insisted that the UK is not the problem. He also suggested that Britain would be reluctant to support retaliatory measures led by the EU, arguing that “the UK national interest is best served by free trade.”

Trade tariffs are paid by importing businesses, not foreign producers, meaning US companies will bear the immediate cost of the new levies. However, there are fears that this could push up inflation if importers pass on the additional expense to consumers.

In some cases, businesses may absorb the costs or reduce imports altogether, which would hit foreign exporters—including UK steelmakers.

The looming tariffs add to growing uncertainty for British businesses, many of which are already preparing for higher taxes from April.

Reynolds admitted that the tax increases outlined in the Budget were “challenging” for businesses but said the government was “asking a lot” from them as part of its broader economic strategy.

Recently Reynolds announced new guidance for the Competition and Markets Authority (CMA) to act faster and with less risk aversion, amid concerns that overregulation is stifling economic growth.

His comments come after the CMA’s chair was recently ousted by ministers over claims that the regulator was too slow and bureaucratic.

Hinting at a broader regulatory shake-up, Reynolds questioned whether Britain has the right number of industry watchdogs: “I think we have to genuinely ask ourselves, have we got the right number of regulators?”

As businesses navigate the twin challenges of higher taxes and potential trade barriers, the UK government is facing growing calls to ease the regulatory burden while securing the best possible trade terms with the US. Whether it succeeds in gaining a steel tariff exemption remains to be seen.

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UK pushes for exemption from Trump’s steel tariffs