Month: December 2024

Donald Trump has threatened European Union member states with punitive tariffs if they fail to purchase more American oil and gas, reviving the prospect of a renewed transatlantic trade war.
On Friday, the president-elect declared on social media: “I told the European Union that they must make up their tremendous deficit with the United States by the large scale purchase of our oil and gas. Otherwise, it is TARIFFS all the way!!!”
The warning comes as Mr Trump insists the EU reduce its trade surplus with the US, which stood at $131 billion (£105 billion) last year. He is expected to press for a more balanced trade relationship, wielding the threat of tariffs on European exports unless the EU buys more American goods and services.
The stance could pose a delicate challenge for Britain, with the incoming US ambassador Lord Mandelson likely to devote considerable diplomatic effort to staving off a full-blown trade conflict while trying to keep both the EU and the US in accord.
Mr Trump’s tough rhetoric recalls his previous presidency, when he imposed tariffs on EU steel and aluminium and threatened further duties on German car imports. That period sparked a flurry of transatlantic tensions, countermeasures by the EU on products like Harley-Davidson motorcycles and denim, and a temporary truce in 2018.
This latest escalation signals a potential return to tit-for-tat tariffs. After being caught off guard before, EU officials have since refined their trade defence capabilities to respond more swiftly to US pressure, should it arise. In November, German Foreign Minister Annalena Baerbock noted that Europe is “well-prepared” for a scenario where Washington revives its “America first” policies, vowing a unified European response.
The EU has also introduced rules enabling it to exclude foreign firms benefiting from state subsidies from tendering for public contracts or pursuing takeovers within the bloc—an insurance policy against what it views as unfair competition.
Mr Trump has frequently criticised European nations for relying on the US security umbrella while spending too little on their own defence, and has accused them of exploiting America’s economic generosity through substantial trade surpluses. Brussels, the EU’s political heart, has been called a “hellhole” by the president-elect, who has threatened to stand back and let Russia “do whatever the hell they want” should Nato countries fail to invest adequately in their militaries.
These latest tariff threats are not solely aimed at the EU. Mr Trump has also targeted China and close allies like Canada, which he has jokingly described as “another US state.” In a move to hedge against these threats, some LNG (liquefied natural gas) buyers, including EU member states and Vietnam, have already discussed increasing their purchases from the US.
The US remains the world’s largest crude oil producer and top exporter of LNG. More than half of American LNG exports went to Europe last year, though the EU has sought energy supply diversification, signing agreements with other producers such as Qatar. The urgency for alternatives heightened after Russia’s invasion of Ukraine exposed the EU’s vulnerability due to its previous reliance on Russian energy.
Given Mr Trump’s known enthusiasm for the word “tariff,” long viewed by him as a key strategic tool, European governments may now find themselves caught between diplomatic negotiations and the threat of sudden trade penalties. This climate of uncertainty raises the stakes for EU leaders, who must balance the need to secure stable energy supplies with the imperative to maintain cordial trading relationships with Washington.
Read more:
Trump issues fresh trade threat: buy american oil or face heavy tariffs, eu told

The UK economy is likely to see no growth in the aftermath of the Chancellor’s Budget, the Bank of England has warned, as businesses respond to record tax measures by increasing prices and reducing staffing levels.
Policymakers now anticipate the economy will flatline in the final quarter of 2024, a notable downgrade from their previous forecast of 0.3% growth. This comes after figures showed output shrinking in October, prompting concerns that a recession may be on the horizon.
Although the Bank’s Monetary Policy Committee (MPC) voted on Thursday to maintain interest rates at 4.75%, Governor Andrew Bailey indicated that the path ahead remains uncertain. He stressed that the Bank is not in a position to commit to future rate cuts just yet, given the lingering uncertainties following the Chancellor’s maiden Budget.
Analysts have cautioned that households and businesses could face further cost pressures into 2025, leading to a challenging combination of subdued growth and persistent inflation.
A Bank of England survey suggests that a growing proportion of households now expect stagnant economic conditions to become the norm. “There was a common view that the UK was moving from a cost-of-living crisis to a prolonged period of higher costs and lower living standards,” the report noted.
Firms appear to be responding to the Chancellor’s decision to raise employers’ National Insurance contributions by £25bn with moves that could keep inflation higher for longer. Many are choosing to push up prices rather than cut wages, while also scaling back on recruitment and working hours.
The Prime Minister acknowledged that improving living standards “will take some time” and “won’t be fixed by Christmas.” Meanwhile, the Chancellor stood by the Government’s commitments and insisted that low-income families are already feeling the benefit of recent measures.
However, the Bank’s survey painted a more cautious picture. Some households felt that official commentary on economic stabilisation and inflation nearing 2% did not match their lived experience, with many saying their day-to-day costs remain high.
The Bank of England added that the increase in National Insurance is “weighing heavily on sentiment” among businesses, dampening their optimism about the speed and scale of any potential recovery. Consumers’ concerns have also extended to the property market, where the Bank observed that buyers are increasingly reluctant to make major financial commitments amid the current economic climate.
Economists at Citi suggested that several factors, including planned price increases next year, could keep inflation levels stubbornly high. HSBC analysts said the outlook has left investors seeing the UK as drifting towards stagflation, potentially justifying higher interest rates even if growth slows and unemployment rises.
Minutes from the MPC’s latest meeting revealed differing views among policymakers about the Budget’s long-term impact on economic growth. Three of the nine members favoured an immediate cut in interest rates, but the majority, including Governor Bailey, voiced concern that inflationary pressures remain too uncertain to allow a quick shift in policy.
Market expectations currently lean towards a possible rate cut in February, but Mr Bailey made clear that any move to reduce borrowing costs would be gradual. “We must ensure we meet the 2% inflation target on a sustained basis,” he said, adding that the Bank remains cautious given the heightened level of uncertainty.
Businesses themselves expressed surprise at the extent of the National Insurance rise, particularly the reduction in the threshold at which employers begin to pay. Many anticipate that this will push up total labour costs, especially in sectors reliant on part-time or lower-paid staff.
In response, some firms are considering investment in automation or even moving operations abroad, as they seek to mitigate the impact of rising costs and maintain competitiveness in an increasingly challenging environment.
Read more:
Budget ‘weighing on growth’, warns Bank of England

Sir Keir Starmer is set to appoint Lord Mandelson as the UK’s next ambassador to the United States, marking the first political appointment to the role in nearly half a century.
The Prime Minister believes that Mandelson’s background in trade and extensive network of contacts will bolster Britain’s position in what promises to be a delicate period for UK-US relations.
Donald Trump, the incoming US President, has threatened to impose blanket tariffs on foreign imports, raising concerns about potential challenges for Britain. His allies have warned that the UK may have to choose between a deal with the US and one with the “socialist” European Union. Sir Keir, however, has dismissed the notion that a binary choice must be made.
Lord Mandelson, a seasoned Labour figure and close ally of Morgan McSweeney, Starmer’s chief of staff, has been backed by David Lammy, the Foreign Secretary. Mandelson was seen at the Foreign Office last week. His appointment represents an extraordinary political comeback, as he last held government office 14 years ago during Gordon Brown’s premiership. He was previously Business Secretary and effectively acted as deputy prime minister, and also served as the EU’s Trade Commissioner under Tony Blair—a role that played a key part in securing this new Washington post.
One source described the decision as evidence of how seriously Starmer takes relations with the US, and noted that Mandelson is a “significant figure in his own right.”
Dame Karen Pierce, the current ambassador, will remain in her post until the end of January, when President-elect Trump is inaugurated. Dame Karen, who has built extensive Republican contacts, helped secure a dinner meeting between Trump, Starmer, and Lammy in November.
Mandelson’s selection follows intense speculation about who would take the role. David Miliband, Baroness Amos, and Baroness Ashton of Upholland were all considered strong contenders.
Sir Keir is keen to strengthen ties with the Trump administration. Earlier this month, McSweeney met with Susie Wiles, a key strategist behind Trump’s re-election campaign, in the US. Although Trump and Starmer differ politically, the US president-elect has praised the UK leader as a “very nice guy” who was “very popular” ahead of the election.
Despite such cordial words, tensions remain. During the campaign, Trump accused Labour of election interference after the party’s head of operations revealed that 100 current and former staffers were helping Kamala Harris, then the Democratic nominee, on LinkedIn.
Mandelson has previously stressed the importance of steering a careful path between the EU and the US if Trump follows through on his threat to impose blanket tariffs on imported goods. “We must find a way to have our cake and eat it,” he told The Times’s How to Win an Election podcast, emphasising that Britain must avoid being forced into an either/or choice between the two trading blocs.
Trump has suggested tariffs of up to 20 per cent on all imports, with even steeper levies of 60 per cent on goods from China. The National Institute of Economic and Social Research has calculated that such measures would halve UK GDP growth, creating a £21.5 billion hole in Rachel Reeves’s tax and spending plans, and push inflation up by 3 to 4 percentage points.
Mandelson maintains that Britain cannot abandon its transatlantic ties, nor can it walk away from the EU’s enormous market. However, he cautioned against reverting to outdated notions of free trade agreements, arguing that future deals must focus on modern aspects of commerce: “We’ve got to look forwards to a more 21st-century set of trading arrangements, which are more to do with clicks and portals than goods and mortar,” he said.
In the event Trump presses ahead with tariffs, the EU is expected to respond with its own retaliatory measures on US exports such as bourbon whiskey, Levi’s jeans, and Harley-Davidson motorcycles. Though UK officials have contingency plans, ministers are wary of a protectionist stance that might provoke a more severe US response. They also suspect the new president may water down his tariff threats to avoid stoking inflation at home, likely targeting only specific sectors—such as steel, aluminium, technology, and automotive—rather than applying broad-based tariffs.
It is notable that two thirds of the UK’s £188 billion of annual exports to the US are in services rather than goods, giving Britain a degree of resilience against potential trade turbulence.
By entrusting the ambassadorship to Mandelson, Starmer is sending a clear signal that the UK aims to navigate these uncertain waters with diplomatic skill, informed expertise, and the hope of balancing the country’s global interests.
Read more:
Mandelson chosen by Starmer as UK ambassador to US

Shoe Zone, the beleaguered UK footwear retailer, has pinned the blame for a fresh wave of store closures on cost pressures stemming from October’s budget measures.
The Leicester-headquartered chain, which currently employs around 2,250 staff across 297 stores, said new financial burdens—especially higher national insurance contributions and an increased minimum wage—had pushed some outlets beyond the point of viability.
In a statement underscoring “very challenging trading conditions”, the company highlighted strained consumer confidence following the Chancellor’s latest budget, weaker-than-expected spending by shoppers, and poor weather affecting footfall. Together, these factors forced Shoe Zone to downgrade its profit expectations for the year to 27th September 2025 to “not less than £5 million”—roughly half its previous target of £10 million.
“This year’s budget, announced by Rachel Reeves in October 2024, has intensified cost pressures and impacted consumer sentiment. As a result, certain stores can no longer be maintained,” Shoe Zone said. The retailer confirmed it would not pay a final dividend for 2024.
Investors reacted sharply, sending shares down by 38.5 per cent to 85p. This further decline caps a challenging year, with the stock having fallen by two thirds over the past twelve months.
Shoe Zone, founded in 1980, is well-known for its budget-friendly footwear—an average price point of about £13.30 per pair—and operates from a mixture of high street, retail park, and online sites. Although the company has been gradually closing loss-making stores to streamline its portfolio (26 net closures in the last financial year), management had been hoping to stabilise or improve financial performance through incremental measures such as store refurbishments and larger-format outlets.
However, the surprise escalation in wage and tax costs appears to have accelerated the closure programme. While no specific number of further closures was disclosed, the business is clearly adopting a more defensive posture in the face of economic headwinds.
Analysts were divided over the chain’s justification for pinning closures on the budget. Some questioned the logic, noting that shoes are typically considered non-discretionary purchases. Yet, others pointed to Shoe Zone’s history of prudent cost management and store transformation efforts, suggesting the retailer is simply taking a disciplined approach to store economics, refusing to subsidise loss-making branches in such uncertain times.
Zeus Capital, for one, acknowledged the group’s resilience, citing strong underlying fundamentals: zero financial debt and a track record of restoring dividends once trading conditions allow. While investors may find little comfort in near-term turbulence, Shoe Zone’s swift and decisive response to shifting economic pressures may ultimately serve its longer-term interests.
Read more:
Shoe Zone highlights recent budget pressures as it prepares to close more stores

Recent years have been characterised by unique events, constant change, and challenging economic conditions. While businesses have become accustomed to operating in an ever-evolving landscape, the start of a new year offers a chance to reflect and look forward.
Meanwhile, technology continues to dominate headlines. AI is changing how we interact with the world while commanding greater attention and investment. According to Capterra, over three-quarters of UK businesses plan to increase their software budgets in 2025, including a focus on AI.
As we enter the new year, businesses will also look to allocate resources to enhance efficiency and support compliance – such as with new environmental, social, and governance (ESG) reporting requirements – all while adapting to a new era of technological advancements.
Nicky Tozer, SVP EMEA, Oracle NetSuite looks at the trends influencing the UK business landscape in 2025.
The barriers to AI adoption are softening
AI might still be considered an emerging technology by some, but it’s no longer in its infancy.  Data from the Federation of Small Business (FSB) in March 2024 suggested that only 20 percent of UK small businesses were leveraging AI, yet 55 percent believed it could provide benefits – indicating that businesses were either experiencing barriers to AI adoption or just not sure where to start their AI journey. But as we look ahead to 2025, according to Capterra data, AI adoption is emerging as a priority, along with IT security, as a fear of missing out drives action and adoption.
What is changing? The understanding of ‘garbage in, garbage out’ has become mainstream and businesses now have a greater understanding of how to maximise the value of data and AI. Similarly, according to Forrester, while 2024 was characterised by AI experimentation, in 2025, business leaders will pivot to focus on bottom-line gains and return on investment. As the AI market matures, decision makers will look to connect and standardise data across lines of business to ensure it enhances the performance and relevance of AI.
There is also a growing awareness of where to deploy AI. Forrester identifies Enterprise Resource Planning (ERP) solutions as an optimal destination for leveraging generative AI, while leading ERP vendors have rolled out new AI features embedded in existing workflows to help businesses utilise the technology and accelerate adoption.
Effectively adopting new technology is critical for productivity
With increased adoption of AI, business leaders must ensure that employees across all departments are brought along on the journey to truly reap the rewards. Certain business functions and departments are more likely to leverage AI than others, while benefits may vary based on job role, personal interest, and enthusiasm to new technologies.
Notably, according to Capterra, 57 percent of UK companies that implemented software solutions in the past year also introduced a learning management system (LMS) to support employee onboarding, suggesting that business leaders are increasingly aware of the need to bring employees along on the journey to adopt new technologies. Organisations will adopt AI and software solutions that prioritise this user-first approach, valuing intuitive design and adaptability.
Moving forward, we can also expect Natural Language Processing (NLP) to enable more intuitive interactions with AI systems, allowing employees at all levels to leverage AI capabilities without specialised training. Transparency and adaptability are also crucial. AI systems are only useful if we understand their decisions, so organisations will increasingly adopt software solutions that offer explainable outputs to ensure trust and usability in the results.
The need to meet impending ESG requirements
Incoming ESG regulations are set to reshape business practices as the EU’s Corporate Sustainability Reporting Directive (CSRD) requires some companies to provide reporting on their environmental and social impact starting in 2025. And beyond regulatory mandates, stakeholders – including investors, customers, and employees – are increasingly seeking greater transparency and accountability in the businesses they engage with.
Technology will play a pivotal role in meeting ESG requirements. Data from Deloitte in July 2024 found that 74 percent of public companies plan to invest in reporting tools over the next year to streamline the collection, analysis, and reporting of ESG data. For many businesses, this responsibility will fall across multiple departments, including finance, legal, and operations.
More robust regulations increase the need for greater tools and measures to support compliance. Systems that go beyond basic financial and managerial reporting to include specific and non-financial metrics such as capturing carbon emissions and plastic usage, will be especially pertinent from 2025 onwards.
The major priority areas for businesses in 2025 reflect a convergence of technological innovation, economic opportunity, and regulatory responsibility. As business leaders look to enhance the efficiency of their organisations with AI, they will be especially conscious of how their employees are able to adapt to interact with technology. This drive for efficiency will enable decision makers to allocate resources strategically, addressing both current operational demands and the increasingly demanding challenges of regulatory compliance. By embracing and responding to these priorities, businesses will position themselves to thrive in a competitive and evolving landscape.
Read more:
The Trends Impacting UK Businesses in 2025

The world of online gambling has evolved by offering players more transparent and rewarding experiences.
One of the most appealing innovations in this space are no wagering casinos.
Essentially, these casinos eliminate the most common and often frustrating barrier you might face when trying to withdraw bonus winnings: wagering requirements. This singular difference sets them apart, making them particularly appealing to those who value transparency and straightforward gaming.
Types of No Wagering Bonuses: A Closer Look
When you are exploring the world of no wagering casinos, you will come across several intriguing bonus options. These bonuses are originated so you are able to enjoy the gaming experience without any typical restrictions, such as high wagering requirements. Here are some types of no wagering bonuses available in the UK market:
Welcome bonuses are amongst the most attractive offers you’ll find. These bonuses provide new players the opportunity to start playing with an increase to their original deposit in an effort to attract them. In contrast to regular welcome bonuses, such bonuses give you the freedom to withdraw your winnings without any wagering limitations. Hence, for newbies who are keen to explore, this freedom makes them particularly alluring.
No Wagering Free Spins are another popular form of bonus. Often these spins are available upon signing up or depositing funds to the account, where generally they can be used on a specific selection of slots. Any winnings from these free spins are paid out as real cash, making them one of the most transparent and play-friendly bonuses available.
In the UK market you might also find No Deposit No Wagering Bonuses. Imagine being able to keep all of your winnings and receiving a bonus without having to make a deposit. Despite it might be rare, they are always worth snapping up when available.
When selecting a casino, being aware of these kinds of bonuses may significantly improve your decision making process. Every bonus type has its own set of conditions, but it’s comforting to know that there aren’t any wagering requirements. While exploring the world of no wagering casinos, keep a look out for these treasures.
How No Wagering Bonuses Work
As it was already mentioned, when you engage with these bonuses, you are not required to wager your money before claiming your winnings. This means you can immediately enjoy what you win without needing to jump through hoops typically associated with standard bonuses.
Here is a closer look to how it typically works.
Upon a successful deposit, or sometimes simply by signing up, your casino account is credited with a bonus amount. This could be in the form of free spins, bonus cash or a combination. Once the bonus is claimed you can start playing on the eligible games specified by the casino. Lastly, if you get lucky, withdraw your winnings.
Although there are no wagering requirements, sometimes these bonuses come with other stipulations such as a cap on the maximum amount you can withdraw from winnings. Therefore, understanding these terms is crucial for making the most of your no wagering experience.
Exploring the Benefits of No Wagering Bonuses
One of the primary attractions of no wagering bonuses lies in their ability to offer players immediate access to their winnings without the usual strings attached. In contrast to the traditional bonuses that could impose onerous wagering requirements on you, no wagering bonuses permit you to take out your winnings immediately. Since there are no extra requirements, the gaming experience is more transparent and easier to understand. In fact, terms and conditions associated with these bonuses are typically easy to understand, allowing you to know exactly what you are dealing with from the beginning.
Due to the straightforward nature, no wagering bonuses often foster a greater sense of financial empowerment. You are able to make judgments according to your own terms and have more control over your gambling budget. As no wagering bonuses can offer fun and rewarding experiences, it’s crucial to practice responsible gambling, to ensure online gaming remains enjoyable and safe. Additionally, since there are no wagering conditions, you are able to cash out the winnings instantly, reducing the waiting time. Therefore, this allows you to use the winnings instantly on other games.
The Drawbacks of No Wagering Casinos: What to Watch Out for
In the alluring world of online casinos, no wagering casinos might seem like a golden opportunity. Yet, it’s crucial to tread carefully. While they offer undeniable benefits, there are several pitfalls to be mindful of.
A common complaint associated with no wagering casinos are withdrawal limits. Even if you get lucky and win big, you might not be able to cash out the entire sum right away. Therefore, it is essential to comprehend these restrictions.
Another restriction might be that these casinos may offer a narrower range of games in comparison to their traditional counterparts. This means that you might find your favorite games unavailable when using the bonus.
As no wagering casinos are gaining popularity, competition is increasing. This might translate to lesser known casinos offering such bonuses to stay relevant. Therefore, you might find yourself on an arduous quest trying to locate these casinos to benefit from these perks. When choosing the casino, make sure it is reliable and trustworthy. To find out more about UK casino’s licensing information visit the Gambling Commission page.
Final Thoughts
No wagering casinos have revolutionized the online gaming experience by offering transparent, hassle-free bonuses. However, while the simplicity and instant payouts are attractive, you should remain cautious.
It’s essential to choose licensed, trustworthy casinos with clear bonus terms. By doing so, you can enjoy a fair, secure and rewarding gaming experience. Enjoy the thrill of the game, stay informed and always gamble responsibly.
Read more:
No Wagering Casinos: What UK Players Need to Know

Honda and Nissan, two of Japan’s largest carmakers, are reportedly set to begin discussions on a potential merger as they grapple with fierce competition in the fast-evolving electric vehicle (EV) landscape
Both companies released near-identical statements confirming that they are exploring ways to deepen collaboration and would update stakeholders in due course. While neither announced merger talks directly, the reports from Japanese media outlet Nikkei suggest a significant strategic shift could be on the horizon.
Facing growing pressure from Chinese EV manufacturers and strained profit margins in their own electrification efforts, Honda and Nissan have been forging closer ties in recent months. In March this year, the companies agreed to cooperate on electric vehicle development, and by August they had extended their partnership to cover EV batteries, e-axles, and other critical technologies.
Insiders indicate that the two automakers are considering placing themselves under a single holding company, streamlining operations and potentially integrating Mitsubishi Motors—of which Nissan is the largest shareholder with a 24% stake—into the new entity. This development could reshape the global automotive landscape and stand as the sector’s biggest merger since Fiat Chrysler joined forces with PSA in 2021 to create Stellantis.
A combined Honda-Nissan operation would respond to the mounting challenges traditional carmakers face. Together, Honda and Nissan sold 7.4 million vehicles worldwide last year, yet both have seen their influence wane in China’s booming EV market. China accounted for almost 70% of global EV sales last November, where homegrown brands like BYD have soared ahead, putting established players under pressure to consolidate and pool resources for R&D, manufacturing, and supply chains.
Nissan’s recent commitments signal that the company remains determined to meet zero-emission targets in Europe and the UK, despite the market’s volatility. Plans to retool its Sunderland plant into a hub for EV production and build a third gigafactory underscore Nissan’s ambition, while Honda also has substantial interests in accelerating its own electrification strategy.
Should Honda and Nissan finalize a merger, it would mark one of the most significant industry realignments since Stellantis was formed two years ago. Stellantis’s own consolidation was partly driven by similar market pressures and cost-saving imperatives. Amid these shifting dynamics, global players including General Motors and Ford have scaled back EV investments due to weak charging infrastructure, high borrowing costs, and uncertain consumer uptake.
As the auto industry continues to change at breakneck speed, the potential Honda-Nissan merger illustrates how legacy carmakers are striving to adapt, unify forces, and stay competitive in a market that increasingly rewards scale, innovation, and rapid responsiveness to new consumer demands.
Read more:
Honda and Nissan explore merger amid EV market pressures

Harland & Wolff, the historic UK shipbuilder famed for constructing the Titanic, is on the brink of a £70 million rescue deal with Spanish state-owned shipbuilder Navantia.
The agreement, supported by the British government, is expected to preserve more than 1,000 jobs across the company’s four UK sites: Belfast, Methil, Arnish, and Appledore.
The board of Navantia is set to approve the takeover in the coming days, following several months of negotiations. Under the proposed deal, Navantia will assume control of all four Harland & Wolff facilities and commit to retaining the current workforce for a set period, safeguarding both skilled positions and the shipyards’ future.
Alongside the acquisition, Navantia is also poised to secure improved terms on a key contract to build three support ships for the Royal Navy, bolstering the UK’s maritime capabilities and providing a much-needed boost to the nation’s shipbuilding sector.
This intervention comes after a period of prolonged uncertainty for Harland & Wolff. The company entered administration in September following mounting financial challenges and an inability to secure long-term funding. Harland & Wolff’s attempts to steady its finances included multiple loans from American lender Riverstone totalling around $200 million, yet the shipbuilder continued to struggle under debt and fierce global competition.
In 2019, the Belfast-based firm was previously rescued from administration by London-based energy company Infrastrata. Despite winning the Royal Navy contract in partnership with Navantia in 2022, the company found itself unable to keep pace with larger rivals and faced increasing debt repayments.
The government’s decision to reject a requested £200 million loan guarantee earlier this year left Harland & Wolff in a precarious position. Business Secretary Jonathan Reynolds stressed that “the market is best placed to resolve the commercial matters,” prompting the shipbuilder to pursue private sector solutions rather than rely on public funds.
Founded in 1861, Harland & Wolff’s legacy includes the iconic RMS Titanic and other renowned vessels built for White Star Line. The latest deal, if finalised, will ensure that this historic name survives the current upheaval in global shipbuilding, forging a new future under the ownership of Navantia—a company that employs nearly 4,000 staff in its home country and maintains strong government backing.
Both the UK Department for Business and Trade and Navantia declined to comment ahead of the official conclusion of the deal. As Britain’s shipbuilding sector faces changing demands and stiff international competition, this high-profile rescue agreement could mark a turning point, ensuring Harland & Wolff’s heritage continues to shape the future of UK maritime engineering.
Read more:
Titanic shipbuilder Harland & Wolff set for £70m rescue deal from Spanish rival

Barclays has lost a pivotal legal challenge that strengthens the position of car finance customers seeking compensation for mis-sold loans.
In a ruling with far-reaching implications for UK lenders, the High Court rejected the bank’s judicial review of a Financial Ombudsman Service (FOS) decision, potentially opening the floodgates to billions of pounds in claims.
At the heart of the case was a £1,327 compensation order issued to Barclays in January, stemming from a complaint by Jenna Lewis. In 2018, Lewis purchased a second-hand Audi for £19,133, financed partly by a £13,333 Barclays loan arranged through car dealer Arnold Clark. Lewis later argued that she had not been properly informed of the commission arrangement: the dealer had unfairly increased the interest rate to boost its own commission—an arrangement she alleged was never clearly disclosed.
The ombudsman’s finding, mirrored in a similar case against Lloyds, contributed to the Financial Conduct Authority (FCA) launching a broader investigation into historical mis-selling across the sector. Discretionary commission models, under which dealers benefited by charging customers higher rates, were banned at the end of 2020. Before the ban, 14.6 million car loans were written under such agreements, involving £8.1 billion in bank-paid commissions.
Barclays, although not seeking to overturn Lewis’s individual compensation, pursued a judicial review to clarify legal interpretations of the underlying consumer credit rules. Mr Justice Kerr dismissed the bank’s challenge “on all grounds,” a verdict that rattled share prices across the industry. Barclays shares fell 1.3%, while Lloyds Banking Group and Close Brothers—also implicated in the broader mis-selling scandal—saw similar declines.
A Barclays spokesman expressed disappointment and confirmed plans to appeal the decision. The FCA’s ongoing investigation will be critical to determining just how extensively lenders might be exposed. RBC Capital Markets estimates that resulting compensation could run as high as £6 billion.
Market observers say much hinges on legal battles still to come. In October, the Court of Appeal ruled that any undisclosed commission, not just discretionary arrangements, could be unfair to consumers. If the UK Supreme Court upholds that ruling next year, the liability for banks could soar beyond even today’s daunting projections.
For now, the Barclays loss provides clarity on one point: as regulators and courts continue to scrutinise car finance agreements, major lenders face a mounting challenge in containing the financial and reputational costs of past sales practices.
Read more:
Barclays faces blow over car finance mis-selling as court upholds ombudsman ruling