Month: May 2025

Dame Mary Archer has been removed from her role as a non-executive board member of the Department for Energy Security and Net Zero (DESNZ), in a move that has triggered accusations of political bias and intolerance of dissent within Ed Miliband’s department.
The 80-year-old energy expert and wife of Conservative peer Lord Archer was summoned to the department on Friday and informed that her services were no longer required. The decision, reportedly taken by departmental permanent secretary Jeremy Pocklington, follows speculation about internal divisions within the government over its ambitious net zero strategy.
Sources close to Dame Mary said her removal came without warning, and highlighted the timing — just days after Sir Tony Blair publicly criticised the government’s net zero policy, calling it “doomed to fail”. Dame Mary is said to broadly share that assessment.
Sir Christopher Chope, a Conservative MP and member of the Commons energy security and net zero committee, accused the government of trying to “suppress all opposition” to its climate agenda.
“Clearly they are not interested in listening to people on their board who may have a different point of view,” he said.
Dame Mary’s dismissal has added to growing political tension over Ed Miliband’s leadership of DESNZ. Downing Street this week refused to confirm whether Miliband would remain in post until the next general election, amid reports that his more radical climate policies are at odds with Sir Keir Starmer’s increasingly cautious tone on net zero — particularly on issues like the petrol car ban.
Appointed by former Conservative energy secretary Claire Coutinho in February 2024, Dame Mary was widely praised for her academic expertise in solar energy, including as founder chair of the National Energy Foundation and co-founder of the UK section of the International Solar Energy Society.
Coutinho described the decision to remove her as a “huge shame”, and criticised the department under Miliband for “scientifically illiterate” claims and failing to publish transparent costings for renewables.
“If anything, Ed needs to bring more scientists like Dame Mary into his team,” she added.
The sacking comes just months after Dame Mary was also blocked by the Culture Secretary, Lisa Nandy, from taking up a role as chair of London’s Royal Parks — a move labelled “spiteful” at the time by MPs on the Commons culture committee.
The government insisted the latest dismissal was part of a “wider board refresh” to align with the Prime Minister’s goals to lower household bills and make the UK a “clean energy superpower”.
“The Secretary of State thanks Dame Mary for her work as a member of the board,” a government spokesperson said.
Dame Mary declined to comment, but her allies warn that her removal reflects a broader issue: an apparent unwillingness within Miliband’s department to accommodate independent scientific voices who may challenge the prevailing policy direction.
Her departure reduces the number of non-executive board members on the 11-member DESNZ board, which includes Miliband, industry minister Sarah Jones, and Labour peer Lord Hunt of Kings Heath.
As Miliband faces increasing scrutiny over the cost, feasibility, and delivery of the government’s net zero goals, critics say this latest episode raises serious questions about transparency, scientific independence, and political control within one of Whitehall’s most high-profile departments.
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Miliband sacks Dame Mary Archer from net zero advisory role amid political backlash

The UK’s financial regulator is exploring a ban on using credit cards to buy cryptocurrencies like bitcoin, as part of a wider crackdown on high-risk retail crypto investing.
In a discussion paper published on Friday, the Financial Conduct Authority (FCA) warned that borrowing to invest in cryptoassets could lead consumers into unsustainable debt. The proposed restriction would prevent firms from accepting credit cards or credit lines from e-money providers for crypto purchases.
“We are exploring whether it would be appropriate to restrict firms from accepting credit as a means for consumers to buy cryptoassets,” the regulator stated. “We are considering a range of restrictions, including restricting the use of credit cards to directly buy cryptoassets.”
The move is aimed at limiting risky financial behaviour, particularly among retail investors, who the FCA believes may be vulnerable to the volatile nature of crypto markets. The paper also proposes blocking consumer access to crypto lenders, which often offer high returns but come with complex risks and limited protections.
David Geale, the FCA’s executive director of payments and digital finance, told the Financial Times: “Crypto is an area of potential growth for the UK but it has to be done right. To do that we have to provide an appropriate level of protection.”
The regulator is also weighing whether to require crypto firms that serve UK customers to be based in the UK, a move that would bring more oversight to a sector currently dominated by offshore operators.
The proposals reflect growing concern over crypto-related financial harm. In 2023, the FCA tightened rules on crypto marketing and promotions, and earlier this year, it launched a campaign warning against “get rich quick” schemes linked to digital assets.
While the UK government has stated its ambition to position Britain as a global hub for crypto innovation, the FCA’s latest measures signal a firm stance on consumer protection over unchecked expansion.
The consultation is expected to continue into the summer, with final rules potentially introduced in early 2026.
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UK considers banning bitcoin purchases on credit cards to prevent debt spiral

In today’s interconnected world, the foundation of successful business lies in authentic human connections. Leaders who embrace in-person meetings tap into the unique benefits of face-to-face interactions – such as building trust, interpreting nonverbal cues and fostering creativity that virtual meetings often lack.
Mark Hooper, founder of hospitality experience platform Go Privilege, the piece explores how thoughtful, in-person connection is becoming a powerful differentiator in today’s virtual business landscape
Formal business settings often come with an unspoken pressure, stifling the sort of rapport-building and human connection which can be easier to find in a more relaxed setting. While the meeting may have a successful outcome, the very best (and most long-lasting) partnerships are often based on a much more genuine and deeper connection than can be forged in a video call or office-based meeting.
So, how do the best leaders connect with would-be partners, suppliers and clientele? They strip back the formality, change up the setting, and offer a more memorable and personalised experience for those they meet with.
How to truly connect
In a world where video calls have become more popular than in-person meetings, this makes the moments when people do come together all the more valuable. In fact, 87% of CEOs believe technology will never replace the value of face-to-face interactions for strategically important meetings, according to International Workplace Group.
When people meet in person, they’re giving their undivided attention to those in the room – showing their commitment to forging a genuine partnership, rather than being able to have other tabs open to check their emails or work through their to-do list.
People connect best when they are comfortable, engaged and pressure free, with conversation flowing much more naturally across a dinner table than a boardroom table. Opportunities present themselves to learn more about the other person’s ambitions, motivations and working styles, which not only connects you to them in a much more personal way but also allows you to provide them with a bespoke deal or service because of this more in-depth knowledge you have about them.
The value of connecting
For an SME, every cost must be justified. And while it’s true that taking a prospective client or partner out for drinks or dinner is more expensive than offering them an instant coffee from your office kitchen, the reality is that investing in hospitality can pay dividends. Because it builds trust, deepens relationships and provides invaluable insights, it not only gives you a greater chance of succeeding in your goal to bring that person on board, but also provides you with a wealth of knowledge that you can use in your business going forward.
By truly understanding your clientele, your potential business partners, and other stakeholders, you give yourself an edge over your competition and open yourself up to a much more tailored (and successful) way of working.
Make it personal
Naturally, close business relationships aren’t built in one meeting alone. So meaningful engagement requires an ongoing hospitality strategy, which is tailored to meet the expectations and personality of each individual you’re interacting with.
A well-planned face-to-face interaction fosters deeper relationships, but the key is to attune yourself to where and when to meet with potential contacts, in order to provide a thoughtful hospitality experience. Reserving a quiet table in a restaurant may have a much more impressive impact than taking someone to a crowded city-centre coffee chain, for example. And picking up on hints they may reveal about themselves and acting upon them – such as taking them to a restaurant which serves cuisine they’ve mentioned is a particular favourite of theirs at a previous meeting – shows it isn’t just about corporate posturing, but a real authentic desire to build a lasting connection.
Being able to offer sell-out concert tickets to a client who loves a particular artist, Michelin-star dining to a ‘foodie’ business contact, or a private box to see their football team in action makes you stand out from the rest. But there is also so much value in considering the individual you’re meeting and what would mean the most to them, perhaps meeting at that independent coffee shop they mentioned they’d been meaning to try out, or purchasing a small thoughtful gift to mark their birthday or anniversary. Showing real thought has been put into the occasion leaves people feeling genuinely valued, and aligned to you and your business.
Bespoke experiences will stand out in a client’s mind long after the meeting ends. Because it shows you’ve got to know them, and invited them somewhere which means something to them, which suits their personality and their preferred environment (meaning black-tie venues should be ruled out for those who thrive in a casual setting, for example).
You can talk about your company’s skills and successes all day, but without the emotional connection that comes through genuine conversation and shared experiences to back it up, you may just blur into the background among tens of other businesses saying exactly the same thing. By contrast, thoughtful hospitality is an instant ticket to becoming unforgettable.
Ultimately, a well-placed invitation could lead to a game-changing conversation or long-term partnership. Just remember, hospitality isn’t about extravagance, it’s about paying attention to detail and offering a memorable experience – which can be elite and meaningful without feeling forced or transactional. That’s the key to staying ahead and keeping your business moving forward.
Read more:
Business Is Personal: Why hospitality still wins in a digital world

LVMH is cutting 10% of the workforce at its wine and spirits division, Moët Hennessy, as the group contends with slowing luxury demand, rising costs, and mounting global trade tensions.
The job cuts, expected to affect around 1,200 staff, will reduce Moët Hennessy’s headcount to pre-pandemic levels, the Financial Times reported. In an internal briefing, CEO Jean-Jacques Guiony and deputy CEO Alexandre Arnault — son of LVMH chairman Bernard Arnault — acknowledged that while sales had returned to 2019 levels, costs had surged by 35%.
“This was an organisation that was built for a much larger size of business,” Guiony reportedly told staff. “People realise … that this [rebuilding sales] is not going to happen anytime soon.”
A precise timeline for the job reductions has not been confirmed.
Moët Hennessy, which owns iconic brands including Belvedere vodka, Krug, Veuve Clicquot, and Moët & Chandon, has seen revenues falter in 2024 amid weakening demand in its critical US and Chinese markets. The division’s organic sales fell 9% in Q1, lagging behind other LVMH units.
The broader LVMH group has also faced challenges, with fashion and leather goods sales—its largest segment—down 5% in Q1, marking the third consecutive quarterly decline.
Moët Hennessy’s recovery is further complicated by international trade tensions. The division has been hit by President Trump’s 20% reciprocal tariff on European Union goods, including French wine and spirits, and China’s retaliatory duties on European brandy—affecting key products like Hennessy cognac.
Last month, the French wine and spirits exporters group FEVS warned that exports to the US could fall by at least 20% this year due to tariffs. The US and China represent Moët Hennessy’s most important international markets.
Alexandre Arnault, appointed deputy CEO in November 2024, is tasked with revitalising the struggling division. However, the current economic environment—with inflation-driven costs, sluggish consumer spending, and geopolitical trade disputes—will make a turnaround challenging.
The layoffs highlight a broader trend across the luxury sector, which has faced softening post-pandemic demand and heightened sensitivity to macroeconomic and political uncertainty. LVMH, often viewed as a bellwether for global luxury, now faces the task of balancing operational restructuring with preserving its prestige and growth momentum.
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LVMH to cut 10% of Moët Hennessy staff amid global luxury slowdown and trade tariffs

Tesla has initiated a search for a new CEO, marking a pivotal moment for the electric vehicle giant as it grapples with a sharp downturn in profits, declining sales, and growing backlash over Elon Musk’s controversial involvement in politics.
The move follows weeks of investor unrest and a steep 71% drop in first-quarter profits, with earnings falling to $409 million, down from $1.4 billion a year earlier. Tesla shares have plunged nearly 40% since January, though some recovery followed the earnings announcement.
According to The Wall Street Journal, the company’s board began exploring CEO succession earlier this year as concerns mounted over Musk’s dual role as head of Tesla and his political appointment to lead the Department of Government Efficiency (DOGE) under President Trump. The search reportedly began without Musk’s prior knowledge.
At the urging of the board, Musk announced plans to step back from his political role starting in May and devote “far more of my time to Tesla.” Speaking during Tesla’s earnings call, Musk acknowledged the toll his foray into Washington has taken on the company’s brand and share price.
“Starting next month, my time allocation to DOGE will drop significantly,” he said, while admitting he still plans to contribute one or two days a week.
The pressure on Musk has intensified as Tesla’s once-loyal customer base — particularly environmentally conscious and tech-savvy consumers — has grown disillusioned with his alignment with far-right politics and outspoken support for Trump and other populist leaders.
Protests at Tesla dealerships have become increasingly visible. A grassroots campaign, Tesla Takedown, claimed a symbolic victory following the company’s poor financial results.
“Today’s earnings report sends a very clear message: the Tesla Takedown grassroots pressure is beginning to hit Tesla where it hurts — the company’s bottom line,” the group said.
While Tesla remains the top-selling EV brand in the US, analysts warn that its lead is shrinking as rivals roll out more competitive models. BYD, Rivian, Hyundai, and GM have all launched EVs that outperform Tesla in price, range, or charging speed.
In its earnings statement, Tesla blamed Trump’s aggressive trade policies and a volatile global supply chain for disrupting its cost structure. The president’s sweeping reciprocal tariffs, including a 145% levy on Chinese imports, have rattled the auto industry.
Despite the turmoil, Tesla is pressing ahead with plans for a new, more affordable electric vehicle set to launch in early 2025. It also highlighted continued development in robotics and autonomous driving tech as part of its long-term vision. However, it warned that the cost savings for its $25,000 EV, first promised in 2020, would be “less than previously expected.”
As Tesla begins its search for Musk’s potential successor, the company is also seeking to appoint an independent director to help stabilise governance amid mounting scrutiny.
Trump, who praised Musk this week for his work on DOGE, quipped that the CEO might want “to get back home to his cars.” Musk, in turn, credited the president for his support but admitted that the political spotlight had created headwinds for Tesla.
With the CEO’s attention now promised to return — and the brand’s once-golden reputation in flux — Tesla faces a defining crossroads. Investors and customers alike will be watching closely to see whether the company can regain focus and reassert its dominance in an increasingly crowded EV market.
Read more:
Tesla launches CEO search as Elon Musk pledges return amid stock plunge and political fallout

Business confidence in the UK has climbed to its highest level since before last autumn’s budget, buoyed by President Trump’s decision to delay the full implementation of his reciprocal tariff regime, according to the latest survey from the Institute of Directors (IoD).
The organisation’s economic confidence index rose from -58 in March to -51 in April, reaching its highest point since September 2024. The findings are based on a poll of 648 business leaders conducted between 11 and 29 April.
The IoD said business leaders had begun increasing recruitment and investment plans for the second consecutive month, with expectations around rising costs also beginning to ease.
The data suggests that uncertainty surrounding US trade policy — particularly Trump’s aggressive new tariff strategy — has weighed more heavily on sentiment than the domestic tax rises introduced in Chancellor Rachel Reeves’s October budget.
From April 6, national insurance contributions for employers rose from 13.8% to 15%, alongside a lower threshold for payments and a 6.7% rise in the national minimum wage. These changes triggered a sharp drop in business sentiment last autumn, a trend worsened earlier this year by Trump’s unexpectedly steep tariff plan, announced on 2 April and now delayed by 90 days.
Anna Leach, chief economist at the IoD, said: “The overall mood among business leaders improved in April as the worst of the tariffs from the States were paused for 90 days. The most prominent areas of concern were uncertainty arising from US tariff policy, which is both slowing down and scaling down contracts, alongside the sharp rise in costs following last year’s budget.”
Leach added that many businesses remain frustrated at the lack of support from Westminster: “There’s a strong sense of frustration among business leaders that the government has been quick to raise their costs but slow to deliver policies which will support them to grow their businesses.”
The mixed signals in the economy continue to complicate the outlook. While official GDP data from the Office for National Statistics showed stronger-than-expected 0.5% growth in February, the more recent composite purchasing managers’ index (PMI) for April signalled that private sector activity slowed at its fastest rate in 29 months.
In a further sign of caution, the International Monetary Fund downgraded its UK growth forecast for 2025 to 1.1%, down from 1.6% earlier this year, citing weak productivity and the potential global impact of US trade policy.
For now, the temporary pause in Trump’s tariffs appears to have lifted some of the immediate gloom — but with the 90-day countdown already ticking, business confidence may be short-lived without further clarity on both international trade and domestic economic policy.
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Business confidence hits highest level since October budget as Trump delays tariffs

The US economy shrank in the first quarter of 2025, marking its first contraction since early 2022, as a surge in imports ahead of President Trump’s sweeping new tariffs dragged down output, official figures show.
Gross domestic product (GDP) fell by 0.3% on an annualised basis between January and March, according to the US Bureau of Economic Analysis (BEA), ending a period of strong post-pandemic growth. The figure was worse than the 0.2% drop expected by analysts and a sharp reversal from 2.4% growth in the previous quarter.
The contraction was largely caused by a 41.3% spike in imports, as businesses rushed to stockpile foreign goods before tariffs took full effect. Since imports subtract from GDP, this surge had a negative impact on the growth figures. America’s goods trade deficit also hit a record high in March.
Wall Street reacted sharply to the news, with early losses across major indices. However, markets stabilised by close: the Dow Jones rose 0.4%, the S&P 500 edged up 0.2%, and the Nasdaq recovered from a steep drop to end just 0.1% lower.
Economists believe the downturn may be temporary. Paul Ashworth of Capital Economics noted that the import surge is already reversing, which “should boost second-quarter GDP.” ING’s James Knightley said businesses were “desperately trying to bring in as many goods as possible ahead of tariffs.”
The downturn coincides with the rollout of Trump’s “liberation day” tariff plan, announced on April 2. The plan imposes a blanket 10% tariff on all imports, a 145% charge on Chinese goods, and additional sector-specific levies. Trump later delayed implementation of most tariffs by 90 days, but core charges remain in place.
Despite the contraction, Trump blamed his predecessor in a Truth Social post:
“This is Biden’s Stock Market, not Trump’s. Tariffs have NOTHING TO DO WITH IT. Our Country will boom… BE PATIENT!!!”
Adding to economic headwinds was a drop in government spending, tied in part to a sharp reduction in public sector staff overseen by Elon Musk, head of the Department of Government Efficiency (Doge).
Major investment banks including Goldman Sachs, JP Morgan, and Morgan Stanley have since downgraded their US growth forecasts. JP Morgan now sees a 60% chance of recession in the coming months.
Inflation also showed signs of re-accelerating. The core personal consumption expenditures (PCE) index, the Federal Reserve’s preferred inflation gauge, rose to 3.5%, up from 2.6% and higher than expected.
Meanwhile, the eurozone economy delivered a rare bright spot, growing by 0.4% in Q1, double the previous quarter’s pace. Germany and France narrowly avoided recession, buoyed by interest rate cuts by the ECB and a new €500 billion investment plan announced by Germany’s incoming chancellor Friedrich Merz.
However, analysts warned that Trump’s tariffs — which currently subject the EU to a 10% blanket rate and could rise to 20% — may weigh on future European growth. Christophe Boucher of ABN Amro called the latest eurozone GDP data “a good surprise,” but cautioned it “does not take into account the ‘liberation day’ shock.”
As global markets adjust to Trump’s protectionist policies, economists are watching closely for signs of deeper disruption — and whether the US contraction marks a blip or the beginning of a broader slowdown.
Read more:
US economy shrinks for first time since 2022 as Trump tariffs rattle markets

Greene King chief executive Nick Mackenzie has warned that rising business rates and employment costs are putting huge pressure on the UK pub sector, calling on the government to “level the playing field” and deliver meaningful reform by 2026.
Speaking after the October budget, which introduced significant tax changes for hospitality businesses, Mackenzie said Greene King expects to be hit with nearly £50 million in additional costs each year. He also revealed that national insurance increases and minimum wage rises will add a further £24 million annually — a figure that could double when full wage changes are included.
“The industry has been paying a disproportionate amount of rates for many, many years,” said Mackenzie. “We’re urging ministers to work with us to create a fairer system — one that delivers real and lasting change in 2026.”
Labour has pledged to introduce two permanently lower business rates tiers for hospitality, leisure and retail properties with rateable values below £500,000, beginning in 2026–27. But Mackenzie warned that businesses need certainty and support now to safeguard jobs and investment.
Greene King operates 2,600 pubs across the UK, including 878 managed pubs and 1,114 leased and tenanted sites, alongside two breweries. Its portfolio also includes 580 destination pubs under brands like Hungry Horse, Chef & Brewer, Flaming Grill and Farmhouse Inns.
Despite the pressures, Greene King reported 3.2% revenue growth in the year to December 29, reaching £2.45 billion, with strong Christmas trading and events such as Euro 2024 lifting performance. Adjusted operating profit rose 6.4% to £198 million, but statutory figures tell a different story.
A £208.5 million non-cash impairment linked to property and goodwill valuations pushed the company to a statutory operating loss of £16.4 million, compared with a £167.2 million profit a year earlier. Pre-tax losses reached £147.1 million, down from a £45.2 million profit in 2023.
Mackenzie said these impairments reflected not only market uncertainty but also the government’s policy decisions, which have “dramatically increased our costs”. A sharp rise in bond yields added further pressure to property valuations.
While Greene King continues to invest and modernise, Mackenzie stressed the need for government action to support a vital industry. “We need policies that encourage growth — freeing up investment, reducing red tape, and ensuring pubs remain at the heart of our communities.”
Founded in 1799, Greene King is best known for its beers including Greene King IPA, Abbot Ale, and Belhaven. The company was acquired in 2019 by CK Asset Holdings, controlled by Hong Kong billionaire Li Ka-shing, in a £4.6 billion deal.
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Greene King boss calls for business rates relief as budget adds £50 million in annual costs

Families earning £100,000 a year are left with less disposable income than those on minimum wage if they send two children to private school, according to new analysis by financial planning firm Saltus.
The introduction of VAT on private school fees has pushed costs sharply higher, leaving even high-earning parents struggling to cover education costs without making significant sacrifices.
Saltus said families now face an average annual fee of £50,302 to send two children to day school once VAT is applied. Based on current tax rates and household outgoings, a gross income of nearly £150,000 would be required to cover those fees and still retain the UK median disposable income of £37,430 per person.
By comparison, a couple earning the national minimum wage — £23,809 each for a 40-hour work week — would have more disposable income than a household on £100,000 paying private school fees for two children.
Saltus partner Mike Stimpson said: “Even those earning six figures are facing incredibly difficult financial decisions. These are people who have budgeted carefully, planned responsibly and prioritised education, but now they find themselves in a position where earning £100,000 is no longer enough to afford the education they aspire to for their children.”
The figures are based on the Independent Schools Council’s (ISC) most recent census, which found the average annual day school fee is £18,064 per child, or £20,959 for boarders. Saltus factored in VAT of 20%, although schools have reportedly passed on around 14% on average to parents so far.
A pending judicial review, brought by the ISC and others, is challenging the government’s decision to impose VAT on private school fees. They argue the move is discriminatory and infringes human rights, with a ruling expected soon.
Saltus said some families had already taken action — removing children from private school, opting for more affordable options, or seeking financial help from relatives. Others are cutting holidays or extending mortgages to cope.
John Williams, 36, a freelance translator earning £95,000, said his children’s fees rose from £36,000 to £41,500 after VAT.
“We’ve had to tighten our budget significantly. We’re likely to move our daughter to a state school for sixth form,” he said.
“While I understand the argument about charitable status for private schools, many don’t function like true charities — so the tax exemption was always on shaky ground.”
With private school enrolment under renewed financial pressure, the VAT policy is reshaping household budgets — and sparking debate about who should shoulder the cost of education.
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Families earning £100k ‘worse off than minimum wage’ after private school fees, says report