Month: August 2024

The RAC has called for the scrapping of the 5p fuel duty cut, claiming motorists are not benefiting as intended.
Introduced in 2022 to ease the cost of living crisis, the cut costs the Treasury £2 billion annually but has failed to translate into savings at the pumps for drivers. The motoring group accused fuel retailers of pocketing the relief, leading to record-high profit margins of 13p per litre on unleaded and 15p on diesel, compared to pre-pandemic margins of 8p.
Simon Williams, head of policy at the RAC, criticised the biggest retailers for keeping prices high, stating: “The biggest retailers’ refusal not to reduce their prices to fairer levels is continuing to cost drivers dear, and it’s all the more outrageous when you factor in the fact we’re all meant to be benefitting from a temporary 5p cut in fuel duty.”
The cut was introduced by then-Chancellor Rishi Sunak in response to soaring fuel prices following Russia’s invasion of Ukraine, designed to save motorists 6p per litre once VAT was included. However, sharp increases in the wholesale price of oil quickly negated these savings. Although wholesale prices have since fallen significantly, retail profit margins remain high, suggesting that drivers are still not seeing the intended benefits of the duty reduction.
Fuel duty currently accounts for 52.95p of the cost of a litre of fuel, down from 57.95p before the cut, which has been frozen since 2011. Williams argues that the chancellor should reverse the cut in October’s budget, raising the duty back to 58p per litre, highlighting that the 5p reduction is costing the government billions while drivers are overcharged. According to the Competition and Markets Authority (CMA), motorists were overcharged by £1.6 billion last year due to inflated margins.
“We’d normally be against any increase in duty, but we’ve long been saying drivers haven’t been benefitting from the current discount due to much higher-than-average retailer margins,” Williams added. The RAC is urging retailers to adjust their prices to reflect lower wholesale costs, advocating for average petrol prices to drop from 142p per litre to 136p, and diesel from 147p to 139p.
However, the Petrol Retailers’ Association has disputed these claims. Executive director Gordon Balmer argued that the RAC’s focus on historical margins fails to consider the increasing costs faced by retailers, including rising interest rates, energy prices, crime, and labour costs.
Further analysis by the AA revealed that while fuel prices have generally decreased over the summer, motorway service stations have been slow to adjust, keeping prices high. Luke Bosdet, the AA’s spokesperson on pump prices, criticised motorway service areas for their consistently high charges: “Pump prices at motorway service areas continue the tradition of being almost completely uncompetitive — the consistency of exorbitant prices up and down the major network is breath-taking.”
The CMA’s pump price transparency scheme, which is set to move from a voluntary to a statutory scheme, is expected to shed light on fuel pricing practices and potentially offer more competitive options for long-distance drivers. However, whether it will prompt significant changes at motorway service areas remains uncertain.
As the debate continues, the RAC’s call to scrap the fuel duty cut puts pressure on the government to reassess the effectiveness of the measure, amid growing frustration that the intended savings are not reaching drivers.
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Scrap 5p fuel duty cut as drivers miss out on savings, says RAC

I’ll say it straight: I’m backing Kamala Harris for President of the United States. Yes, you read that right.
While the current political circus across the pond often feels like a far-off Netflix drama that’s both compelling and maddening, there’s something about Harris that makes you stop scrolling, sit up, and think, “Hang on, she could actually pull this off.”
But let’s not get ahead of ourselves. This is more than just a cheerleading piece; it’s a dive into why, despite all the noise and fury, Harris represents a future that’s sorely needed.
First, let’s address the elephant in the room: the woman is an underdog. Despite serving as Vice President, Kamala Harris hasn’t exactly had the smoothest of rides. She’s been criticised, sidelined, and at times, frankly, underestimated. The US political stage is no easy arena, and for every triumph she’s had, there have been missteps that her detractors have seized upon with gleeful abandon. But if you’re sitting there with your cup of tea thinking this is a bad thing, then you’re missing the point entirely. Because Harris’s story isn’t about perfection; it’s about perseverance. And if there’s one quality a leader needs in this tumultuous world, it’s a willingness to keep going when the odds are stacked against you.
Kamala Harris has the kind of grit that you simply can’t fake. Raised by immigrant parents in a world that didn’t exactly roll out the red carpet, she’s fought her way up from the courtroom to the Senate, and now, the White House. And let’s be honest—there’s something refreshing about a politician who knows how to throw a punch and take one too. Harris’s background as a prosecutor gives her an edge. She’s not afraid of a debate, she’s not afraid of confrontation, and she’s certainly not afraid to make the tough decisions.
Now, some will argue that she’s too tough, too direct, or perhaps too ambitious—a classic trope used to undermine women in power. But frankly, the world is a mess right now. Climate change is wreaking havoc, inequality is skyrocketing, and democracy itself feels like it’s teetering on the brink. Do we really want a President who’s going to sit on the fence and hum and haw their way through four years? Harris, by contrast, has a sense of urgency that aligns with the times. Her policies may not be to everyone’s taste, but at least she’s got some. From criminal justice reform to climate action, she’s consistently pushed for change in a way that suggests she’s not just playing at politics—she genuinely cares.
And then there’s her stance on global leadership, which, let’s face it, has been sorely lacking in recent years. America, once the self-appointed leader of the free world, has been floundering, retreating into itself in a way that has left the rest of us staring at the wreckage. Harris, however, represents a return to diplomacy, a return to sensible conversations, and a return to partnerships that are about more than just tweeting and chest-thumping. She’s been unafraid to call out Russia’s antics, China’s human rights abuses, and the global imbalance that’s seen the rich nations prosper at the expense of everyone else. In short, she brings a level of gravitas that’s sorely needed.
But beyond the politics, there’s something deeper that makes me root for Harris: her humanity. She’s not the type to hide behind clichés and platitudes. Whether she’s comforting a grieving family or speaking candidly about her own experiences, there’s a rawness that makes her stand out. It’s not about perfection; it’s about connection. And in a world where politicians often feel more like avatars than actual people, Harris’s ability to relate to everyday struggles is worth its weight in gold.
Some will say I’m dreaming, that Harris’s chances are slim, and that America’s not ready. And perhaps they’re right. Perhaps the US isn’t quite there yet. But here’s the thing: backing Kamala Harris isn’t about playing it safe. It’s about believing that a different kind of politics is possible—a politics that isn’t afraid to get its hands dirty, to admit mistakes, and to fight for something better.
Harris embodies the resilience, intelligence, and compassion that we desperately need in a leader. She’s the kind of figure who, for all her flaws, genuinely seems to care about the future in a way that feels both authentic and inspiring. So, while others might be content with more of the same, I’m putting my chips on Harris. Because if there’s one thing I’ve learned from watching her journey, it’s that she’s not just in this to win; she’s in this to change the game entirely. And frankly, that’s the kind of boldness we could all use right now.
Read more:
Why I Am Backing Kamala Harris in the US Presidential Election

The job market is changing faster than ever. New technologies like AI and automation threaten to reshape the world of work as we know it.
Many people, from truck drivers to accountants don’t know if their jobs will still exist in a decade, let alone what their children might do for work in the future.
Those looking for a career path that will survive what has been termed the Fourth Industrial Revolution should look to financial services, according to industry experts. Financial advisers are among those whose jobs remain safe – but more than that, they will see increased demand going forward.
Will AI replace financial advisers?
Industry experts believe algorithms will never replace the inimitable value of a trusted human who can be held accountable by their clients. Responding to comments from the Tesla CEO, Elon Musk, who claimed emerging technologies will “replace all jobs”, Vivek Madlani of Multiply.AI said there was an “irreplaceable value of the human touch, especially when addressing the emotional aspects of financial decision-making.” And added:
“We do not see AI replacing all human advisers in so far as they are doing roles that are enhanced by the fact that they are human — e.g. the parts of their role that involve empathy, understanding, and a nuanced ability to read their client’s needs and wants.”
Madlani’s view is part of a consensus in the industry which believes. At the same time, AI will come to play a bigger role, it will be complimentary to the function of financial advisers, rather than a replacement service.
Is there a shortage of financial advisers?
There are currently not enough financial advisers as are needed to meet demand, with thousands of extra roles to be created as a result. The profession is facing challenges that are being felt across the job market, including the aging population, particularly in the West, but also particular challenges, like increasingly complex financial products. As a result, the average adviser is now handling more clients than ever.
However as per analysis in the IFA Magazine, while the client-to-adviser ratio does represent increased efficiency, potentially aided by new technologies, it cannot continue to grow exponentially. That creates a clear opportunity for anyone interested in becoming a financial adviser, as firms have seen their collective client bases rise by 50 per cent in recent years.
In the US context, the Bureau of Labor Statistics expects the number of financial advisers to grow by more than 50,000 by 2031, as per Investopedia, a rate that outperforms the average job. Simply put, more jobs means more opportunities.
Do financial advisers have good job security?
financial advisers are in high demand and this trend is expected to continue. Despite the rise of AI and automation, the unique human qualities required in financial advising ensure that these professionals will remain indispensable. With increasing client bases and job growth projections, financial advising offers a stable and promising career path.
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Are financial advisers in demand?

Small businesses across the UK increasingly recognise the value of supporting women’s health in their workplaces.
Embracing this initiative yields numerous benefits, including increased productivity and performance, reduced absenteeism, enhanced employee satisfaction and engagement, attracting and retaining talented workforce, fostering a diverse and inclusive environment, and enhancing brand image while creating socially responsible businesses.
However, the reality falls short of these ideals. Despite the apparent benefits, many women still face significant health-related challenges at work. A staggering 68% of women report having encountered health issues during their careers, with almost 30% feeling unsupported by their employers. This figure rises to 36% feeling unsupported in relation to women-specific health matters such as periods, fertility, endometriosis, and menopause. Consequently, women’s economic status suffers, with over half taking time off work, nearly a quarter missing out on promotions, and as a result one in five receiving lower pay. Alarmingly, 83% of women report financial repercussions due to unmet health needs, leading many to exit the workforce altogether. The Office for National Statistics estimates that 58.4% of the UK’s economically inactive population comprises women, highlighting the broader economic impact.
Ultimately, neglecting women’s health in the workplace costs the UK economy £20.2 billion annually.
The Women’s Health Strategy for England
In 2022, the UK Government published the Women’s Health Strategy for England, acknowledging that despite comprising 51% of the population and living longer than men, women still face obstacles in accessing necessary healthcare. This 10-year plan aims to significantly improve health outcomes for women and girls, with a particular focus on women’s health in the workplace. The strategy promotes understanding how women’s health affects their work experience, normalising conversations on taboo topics like periods and menopause, ensuring women can remain productive and supported at work, and highlighting examples of good employer practices.
As part of the strategy, the Department of Health and Social Care has allocated funds to organisations addressing these issues, including The Women’s Organisation.
The Women’s Organisation: Championing Women’s Workplace Wellness
The Women’s Organisation, the UK’s largest provider of women-focused training, is pivotal in tackling the unique challenges women face. Their Women’s Workplace Wellness programme offers a comprehensive range of “bundles” containing tools, guides, support, and information to help small businesses attract and retain female talent by fostering a supportive workplace culture that prioritises women’s health and well-being.
These bundles cover every aspect of women’s reproductive health, from periods to pregnancy to menopause, providing employers with practical guidance on supporting women through these challenges. Developed in collaboration with medical, academic, legal, and business experts, the programme offers accurate, evidence-based information to assist employers.
Practical Steps for Employers
Employers can take several practical steps to support women’s health in the workplace:

Flexible Work Arrangements: Offer flexible hours and remote work options to help women balance work with health needs, especially during heavy and painful periods, pregnancy, postnatal periods, and menopause.
Wellness Programmes: Implement wellness programmes focusing on physical, mental, and emotional health, including fitness classes, mental health days, stress management workshops, and access to nutritionists.
Supportive Policies: Establish policies that support menstrual health, maternity and paternity leave, menopause, and other gender-specific health issues. Create an environment where women feel comfortable discussing their health needs without stigma or fear of discrimination.
Training and Awareness: Conduct regular training sessions for managers and employees on the importance of women’s health and how to support colleagues experiencing health challenges.

Additionally, simple measures such as providing a safe and comfortable work environment with clean restrooms, lactation rooms, ergonomic furniture, access to period products, fresh air, and drinking water can make a significant difference.
Addressing the Communication Gap
Small business owners often struggle to know what is required to support women’s health in their workplaces. Many avoid discussing reproductive health issues due to discomfort, fear of saying the wrong thing, or appearing insensitive. Similarly, women often feel embarrassed discussing these matters with male employers or managers, with 65% uncomfortable talking about their health at work. This reticence leads to significant emotional and professional impacts, with 90% of women feeling emotionally strained, 46% feeling helpless, and 43% feeling less motivated at work.
Advocacy Development Programme
To bridge this gap, The Women’s Organisation has launched the Women’s Workplace Wellness Advocacy Development Programme, training individuals to become Advocates for Women’s Health in their small businesses or organisations. These Advocates serve as first points of contact or “listening ears” for colleagues, facilitating discussions and helping to implement reasonable adjustments to support women’s health needs. The programme has received the Open Awards’ Badge of Excellence, recognising its quality and positive impact.
A Strategic Business Imperative
Supporting women’s health in the workplace is not just a matter of social responsibility but a strategic business imperative. Women’s Workplace Wellness Project lead Anne-Marie Swift comments, “When businesses prioritise the health and well-being of their women employees, they experience numerous benefits that positively impact the entire organisation. From improved productivity and reduced absenteeism to enhanced employee satisfaction and retention, the advantages are multifaceted and substantial”, and Professor Maggie O’Carroll, CEO of The Women’s Organisation adds “Women have specific healthcare needs, compared to their male counterparts, and despite women making up over half of the workforce in the UK, most SMEs do not understand the scale of the support and flexibility required.  The Women’s Workplace Wellness programme is vital in effecting positive change within SMEs in the UK, helping to break down taboos around women’s reproductive health, delivering better outcomes for women’s equality, and – fundamentally – improving business performance as a direct result.
Small businesses can access the Women’s Workplace Wellness Programme here: Women’s Workplace Wellness – The Women’s Organisation.
Supporting women’s health is not just the right thing to do; it’s a smart business move that benefits everyone – well women power good business.
Read more:
Empowering Women’s Health in the Workplace: A Strategic Imperative for Small Businesses

HM Revenue & Customs (HMRC) is actively investigating 791 of the UK’s largest companies for suspected tax underpayments, a figure that represents nearly 40% of the country’s biggest businesses.
According to a study by Thomson Reuters, these investigations span across critical sectors such as banking, telecommunications, pharmaceuticals, retail, and oil and gas, underscoring HMRC’s increasing focus on ensuring tax compliance among major corporations.
Ray Grove, Head of Corporate Tax and Trade at Thomson Reuters, highlighted the escalating importance of tax compliance in today’s economic climate: “The scale of HMRC investigations into large businesses shows the growing importance of tax compliance. Slow global growth means that many countries, including the UK, are looking towards tax investigations into large businesses to help close gaps in their finances. That means more intensive scrutiny by tax authorities and an expectation of more penalties.”
The banking sector is particularly under the spotlight, with around 70 banks suspected of underpaying up to £9.3 billion in taxes as of March 31, 2024. This suggests that each bank might be underpaying an average of £132.5 million. Similarly, the retail and oil and gas sectors are being closely examined, with HMRC estimating underpaid taxes of £5.5 billion and £3.9 billion respectively. For retail, this translates to an average of over £50 million per business, while for oil and gas firms, the figure stands at £64.9 million per company.
The focus on banking is especially noteworthy, as the sector’s tax liabilities have risen sharply, with the total value of tax under investigation climbing from £6.1 billion in 2018/19 to £9.3 billion in 2023/24. Banks often face complex tax challenges, particularly due to their reliance on third-party providers for IT and other back-office functions, which are frequently based in different tax jurisdictions.
Grove further emphasised the growing pressures on tax departments: “Amid mounting complexities in reporting and compliance standards, tax leaders are increasingly being looked to by their CFOs for strategic and operational counsel. Corporates must meet this increased pressure by investing in the right talent and technology in their tax departments to ensure that they remain compliant and strategic in today’s fast-evolving tax landscape.”
To address these challenges, Thomson Reuters has introduced innovative solutions such as Checkpoint Edge with CoCounsel, a generative AI assistant designed to streamline tax research. CoCounsel enables tax professionals to quickly navigate complex queries through a secure AI chat interface, drawing on vast databases of trusted Thomson Reuters content. This technology allows even junior professionals to perform high-quality research efficiently, reducing reliance on senior colleagues’ expertise and helping companies stay ahead in the compliance game.
The intensifying scrutiny by HMRC serves as a stark reminder for large businesses across all sectors: tax compliance is no longer just a legal obligation but a critical element of strategic planning and risk management.
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HMRC probes nearly 800 major UK firms over suspected tax underpayments with UK banks suspected of underpaying £7.9bn

As the leaves turn crisp and golden this October, the nation’s business owners will be bracing themselves for a political event that could redefine their future: the unveiling of Rachel Reeves’ first budget as Chancellor of the Exchequer.
Reeves, a figure who has climbed the Labour ranks with a reputation for being both sharp and shrewd, has now ascended to one of the most critical positions in government. But should British business owners be quaking in their boardrooms, wondering what she has up her sleeve?
Rachel Reeves, the first female Chancellor since the office’s creation in 1316 (yes, even that’s older than Mick Jagger), comes with an air of gravitas that suggests she’s not in this for a ceremonial tea party. No, Reeves means business—literally. Her background as an economist at the Bank of England and her tenure as Chair of the Business, Energy and Industrial Strategy Committee imply that she knows her way around a spreadsheet. But here’s the rub: it’s not her competency that’s in question; it’s her ideology.
For years, business owners have been habituated to the Tory playbook of tax cuts and deregulation—a steady drip-feed of policies designed to keep the wheels of capitalism greased and spinning. Reeves, however, has signalled a departure from this laissez-faire approach, advocating for what she calls “responsible capitalism.” The phrase itself sounds almost quaint, as if she’s promising to take the wild, reckless teenager that is British capitalism and turn it into a sensible, well-behaved adult. But is that really what business needs?
Let’s get one thing straight: businesses thrive on certainty. And while Reeves has vowed to maintain a competitive tax regime, she’s also made it clear that she intends to crack down on tax avoidance, increase public investment, and push for a more equitable distribution of wealth. On paper, these goals are laudable—who wouldn’t want a fairer society? But in practice, they may spell trouble for those who have grown accustomed to the status quo.
Take, for instance, Reeves’ plan to close the loopholes that allow multinationals to shift profits offshore and avoid paying their fair share of tax. It’s a noble endeavour, but one that could have unintended consequences. Companies that have relied on these mechanisms to maximise profits might find themselves in a tighter financial bind, forced to cut costs or, worse, consider relocating to more tax-friendly jurisdictions. The fear is that Reeves’ brand of responsible capitalism could lead to a flight of capital, with businesses seeking refuge in countries where the taxman’s reach isn’t quite so long.
Then there’s the issue of public investment. Reeves has committed to ramping up spending on infrastructure, green energy, and technology—areas that are undoubtedly in need of a cash injection. However, the question that looms large is: who’s footing the bill? If Reeves opts to fund these projects through borrowing, she risks increasing the national debt, which could lead to higher interest rates and inflation. On the other hand, if she decides to raise taxes—particularly on higher earners and corporations—she might stifle the very entrepreneurship and innovation she’s aiming to support.
And let’s not forget her commitment to workers’ rights. Reeves has promised to strengthen labour laws, enhance job security, and ensure that the minimum wage keeps pace with the cost of living. Again, these are commendable goals, but they come with a price tag for employers. Increased regulation and higher wage costs could force some businesses, particularly SMEs, to make tough choices—either absorb the costs and take a hit to their profit margins or pass them on to consumers in the form of higher prices. Neither option is particularly appealing in an economy already grappling with the cost-of-living crisis.
But perhaps the most significant concern for business owners is the broader economic environment in which this budget will be delivered. The UK economy is still reeling from the effects of Brexit, the pandemic, and the war in Ukraine. Inflation remains stubbornly high, and growth has been sluggish at best. Reeves’ budget will need to walk a tightrope—stimulating growth without overheating the economy, supporting the most vulnerable without deterring investment.
Yet, for all the uncertainties, there’s a case to be made that Rachel Reeves’ approach could be exactly what the UK economy needs. The past decade has seen a growing divide between the haves and the have-nots, with wealth concentrated in the hands of a few while many struggle to make ends meet. By addressing these inequalities and investing in the future, Reeves could lay the groundwork for a more sustainable and resilient economy—one where businesses can thrive in the long term, rather than merely surviving from quarter to quarter.
So, should UK business owners be worried about what Rachel Reeves has up her sleeve? The answer is: it depends. If they’re willing to adapt, innovate, and embrace a more responsible form of capitalism, they might find that Reeves’ budget offers new opportunities rather than threats. But for those who’ve grown comfortable with the old ways of doing things, this new chapter in British economic policy might just be a wake-up call. After all, as the saying goes, change is the only constant—and in the world of business, those who fail to adapt are often left behind.
In the end, whether Reeves’ budget is a boon or a bane will depend not just on the numbers she presents in October, but on the response of the business community. Will they see her as a harbinger of doom or a catalyst for positive change? Only time will tell. But one thing’s for sure: this autumn, all eyes will be on the Chancellor—and what she pulls out of her proverbial hat.
Read more:
Should UK Business Owners Be Worried About Rachel Reeves’ First Budget?

A significant majority of UK professionals are increasingly reluctant to change jobs, with 71% expressing hesitation due to concerns over job security, according to a recent poll by global recruitment firm Robert Walters.
This trend, which the firm has dubbed ‘The Big Stay,’ suggests that many workers are prioritising stability over career advancement, a choice that could have wide-ranging implications for both their professional futures and the broader economy.
The survey highlights that three-quarters of respondents consider job security as a key factor when evaluating new opportunities, with 16% admitting that fear of insecurity in a new role has completely deterred them from applying.
Chris Eldridge, CEO of Robert Walters UK & Ireland, contrasts this with the wave of ‘The Great Resignation’ just a few years ago, when professionals were changing jobs at record rates, lured by higher starting salaries. He notes, “While there was initial concern about ‘The Big Stay,’ this may be a short-lived phenomenon as market confidence appears to be rebounding post-election.”
Eldridge warns that staying in a stagnant role could hinder both individual career development and economic dynamism. “Economic growth relies on labour mobility. Organisations need fresh perspectives to remain competitive, and employees who shy away from new opportunities risk stagnating in their careers. Statistically, those who change jobs more frequently tend to earn more over their working lives.”
Shift in Priorities
The findings also reveal a notable shift in professional priorities. A significant 77% of UK workers now rank job security above salary, with 16% indicating that this concern has only recently come to the forefront of their minds. Employers have noticed this shift as well, with 74% stating that candidates are increasingly raising the issue of job security during the recruitment process.
Economic factors are a major driver of this trend, with over two-fifths of respondents citing the state of the economy as a crucial consideration in their decision to move roles. Inflation, unemployment rates, and GDP growth are among the top concerns influencing their hesitancy.
Eldridge acknowledges the pressures facing professionals, noting, “Even when a company can offer job security, the current economic climate is causing many to delay making significant life or career changes.”
Companies Struggle to Attract Talent
The report also sheds light on the challenges facing employers, with 79% of hiring managers observing an increase in candidates declining job offers in 2024. The primary reasons cited are salary expectations or cultural fit, followed by concerns over company security and job stability.
In response, 75% of companies have adjusted their recruitment strategies to address these concerns. These adjustments include being more transparent about growth plans and openly discussing industry challenges. However, only 13% of firms are candid about their financial performance during the recruitment process, fearing that such transparency might deter potential hires.
Nevertheless, some companies are recognising the value of transparency. Over a third now claim to be very transparent about their financial health and long-term plans, with a quarter still opting for a more guarded approach.
Eldridge concludes, “While companies may hesitate to disclose financial details or challenges, my experience shows that transparency often helps secure the right candidate—those who are not only undeterred by these challenges but are also eager to contribute solutions.”
Read more:
The big stay: job security concerns keep 71% of professionals from moving roles, finds new research

British firms are missing out on billions of pounds in potential revenue by not filing international patents as aggressively as their competitors in other countries, industry experts have warned.
A report from the Chartered Institute of Patent Attorneys (CIPA) reveals that UK companies are filing patents in crucial markets such as Europe and China at rates up to 40% lower than their French and German counterparts. The World Intellectual Property Organisation (WIPO) also ranks the UK between 16th and 20th in its Global Innovation Index, specifically in measures related to patents, highlighting the country’s underperformance in this area.
This concerning trend indicates that British businesses and entrepreneurs are not adequately protecting their inventions and discoveries on the global stage. According to the Society of Chemical Industry, this oversight could cost the UK billions of pounds in lost revenue, as other nations take the lead in science and technology-based applications. Sharon Todd, the society’s chief executive, warns that the lack of UK patent filings is a clear sign that the nation’s science-based industries are under strain. “We risk losing billions of value to our international competitors,” she stated.
The new government is being urged to address this issue as a matter of urgency, with calls for closer collaboration with industry to resolve the challenges surrounding patent protection. Todd emphasised the need for the UK to remain competitive in sectors like green technology, new medicines, and food production, which are vital for economic growth and job creation. The Society of Chemical Industry is advocating for the establishment of a “science and innovation growth council” to provide expert advice to the government on policies necessary to bolster innovative industries.
Matt Dixon, president of CIPA, affirmed the institute’s commitment to partnering with the government to tackle the UK’s patent shortfall. He stressed that only through close cooperation between businesses and the government can the UK capitalise on the economic opportunities presented by intellectual property and patent protection.
Founded in 1882, the Chartered Institute of Patent Attorneys is the UK’s largest intellectual property organisation, representing over 4,500 members, including 1,100 trainee patent attorneys. The institute plays a critical role in supporting small and medium-sized enterprises, universities, and large corporations in safeguarding their innovative technologies worldwide.
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UK businesses at risk of losing billions by neglecting overseas patents

The CBI, which faced a mass exodus of members and severe financial difficulties after the allegations emerged in April 2023, has taken significant steps to restore its standing.
The group cut a third of its staff, closed international offices, and revamped its governance structure. These efforts appear to be bearing fruit, with major firms returning and participating in the CBI’s regional councils and committees.
AstraZeneca, the UK’s most valuable public company, is now represented on several key CBI committees, including the president’s committee and the taxation committee, after pausing its engagement during the investigation. Unilever and GSK have also resumed active roles, while new members, including JLL and Drax, are rejoining the CBI’s leadership ranks.
Despite the organisation’s progress, leading retailers Tesco and John Lewis have yet to renew their memberships. The CBI remains optimistic about its future, with plans to host a high-profile summer reception in September and publish its annual report in October, highlighting ongoing efforts to rebuild trust and strengthen ties with the new government.
Read more:
Major corporations return to CBI as lobby group rebuilds after misconduct scandal