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Labour’s National Wealth Fund branded ‘completely misleading’ by own side
The government has come under fire for allegedly “gaslighting the British public” concerning its National Wealth Fund, following the Treasury committee’s announcement on Monday that it is initiating an inquiry into the new entity. Initially part of Labour’s 2024 manifesto, the National Wealth Fund aimed to amalgamate the British Business Bank with the UK Infrastructure …
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Business Live
What readers think of lockdown decisions five years on
Readers of Reach plc titles across the UK still believe that the country was right to go into lockdown – but opinions vary depending on where you live and which of our titles you read. The Reach lockdown survey was taken by over 15,000 UK readers of titles owned by BusinessLive’s parent company. It shows …
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Business Live
Shop closures continue in North East but pace of decline slows
Shop closures in the North East continued to outpace openings last year but the gap has closed, new figures show. Data from financial services firm PwC found that 502 retail stores, leisure venues and service outlets closed in the North East in 2024 while there were 359 openings. The net closures of 143 stores in …
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Business Live
TSB appoints new CEO amid parent company’s uncertain future
UK retail bank TSB has declared that Marc Armengol is now at the helm as its new chief executive officer. Armengol, stepping up from his role as corporate strategy director within the institution, was selected for leadership duties back in November 2024, as reported by City AM. The executive shuffle came along with the retirement …
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UK’s ultrafast broadband expansion set to reach 96% of homes by 2027, Ofcom reports
The UK’s ultrafast broadband roll-out is entering its “final phase” and could reach nearly all homes by 2027, according to Ofcom. The industry regulator revealed that data from telecoms firms suggests 96 per cent of homes and businesses would have access to full-fibre by 2027 with the right investment and regulation, as reported by City …
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Tech infrastructure company Softcat beats analyst expectations as profit jumps
UK tech infrastructure company Softcat surpassed analyst predictions last year, with profit growth soaring into double digits over the final six months of the year. The firm’s gross profit rose by 12.1 per cent to £220.2m, exceeding analyst forecasts of £218.3m, as revealed in its half-year report, as reported by City AM. Operating profit also …
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Business Live
Asos shares plunge as investors ‘lose confidence’ in retailer’s turnaround plan
Asos shares have plummeted over 8% in early trading, exacerbating losses accumulated over several months as investors’ faith in the retailer’s recovery strategy has dwindled. The e-commerce company’s share price has fallen by a third in the past month and has halved since the start of the year, with a 15% decline in the last …
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Business Live
Portishead Railway gets back on track as £27m funding approved
The West of England Combined Authority has committed £27m to resurrect the Portishead Railway line. Work on the long-awaited project is set to start in the summer – some 61 years after the line’s closure. The news comes after a period of uncertainty last year when government funding for the project was withdrawn. But following …
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91m mast could pave the way for ‘England’s largest onshore windfarm’
A proposed 91m meteorological mast on moorland to the north of Manchester may pave the way for the creation of England’s largest onshore wind farm, if authorities give the go-ahead. Cubico Sustainable Investments revealed plans last year for Scout Moor II, with 21 powerful wind turbines across the moors bridging Greater Manchester and Lancashire, adjacent …
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Vanquis shares plummet as it posts £34.8m loss for 2024
Vanquis Banking Group, the specialist lender, has reported that its “turnaround” is “on track”, despite posting a loss in 2024. The Bradford-based firm recorded a £34.8m loss, a significant decrease from its pre-tax profit of £17.3m in 2023, as reported by City AM. The company’s bottom line was impacted by the rising cost of dealing …
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Promotional products firm 4imprint reports 10% rise in profit
4imprint, the promotional products manufacturer, has announced a 10% increase in profit for 2024, outperforming the wider market and growing its market share. The company revealed to markets this morning that revenue climbed by three per cent year on year to £1.36bn, up from £1.32bn the previous year, as reported by City AM. The London-based …
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Business Live
LVMH-backed Stella McCartney brand sees sales slump as losses widen by £15m
Stella McCartney’s fashion brand has reported a significant drop in sales, with losses increasing by £15m in the year before the designer bought out LVMH. The accounts, filed nearly six months after the Companies House deadline, reveal that Stella McCartney Ltd’s turnover was cut from £40m to £21.9m in 2023., as reported by City AM. …

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