Month: December 2025

Expected tax revenues from the abolition of non-dom status have been dismissed as “fantasy economics” by a former government economist, amid warnings that the Chancellor is relying on deeply flawed assumptions to plug future gaps in the public finances.
Fresh post-Budget analysis published today by economic consultancy ChamberlainWalker suggests that forecasts underpinning the non-dom reforms are increasingly detached from reality. Drawing on the Office for Budget Responsibility’s latest Budget report alongside earlier forecasts, the study concludes that the government is assuming almost £16bn in tax receipts over the next three years will flow from overseas assets being brought into the UK — an outcome the authors say is highly unlikely under current legislation.
At the heart of the government’s projections is the expectation that around £130bn of foreign assets will be repatriated to the UK via the Temporary Repatriation Facility (TRF), part of the reforms introduced following the abolition of non-dom status in 2024. The OBR estimates that this would generate nearly £16bn in tax receipts in the near term and contribute towards a projected £34bn in revenues by 2029-30.
However, ChamberlainWalker’s analysis argues that this optimism rests on three questionable assumptions. First, it says the Treasury is banking on large numbers of non-doms making use of the TRF, despite tax advisers actively discouraging clients from doing so in its current form. While the government expects £360bn in overseas assets to be eligible, the report suggests there is little incentive for individuals to transfer funds without stronger legal certainty.
Second, the analysis challenges the assumption — unchanged in the 2025 Budget — that only one in seven affected non-doms will leave the UK. Recent evidence, the report claims, indicates that departures may already be at least 50 per cent higher than the OBR had anticipated.
Third, it questions the belief that the remaining non-dom population has a similar level of foreign income and gains to those who have already left. ChamberlainWalker says there are strong indications that those exiting the UK include individuals with significantly higher overseas wealth, including several high-profile billionaires, meaning the tax base could erode far faster than expected.
Chris Walker, founding partner of ChamberlainWalker and a former government economist, said the projections risk leaving a sizeable hole in the public finances if they fail to materialise.
“The government’s bet that it will receive almost £34bn of tax receipts by 2029-30 is based on increasingly unreliable assumptions,” he said. “Assuming that non-doms are going to shift £130bn of taxable assets into the UK is fantasy economics under the current legislation. If no tax adviser is willing to recommend the Temporary Repatriation Facility, there is zero chance revenues will come anywhere close to the Chancellor’s Budget figures.”
The report also warns that meaningful data on the true impact of the reforms may not emerge until early 2027, leaving ministers effectively “crossing their fingers” that the revenues arrive later in the parliament. While that may be politically convenient, the authors argue, it is no substitute for robust fiscal planning.
To mitigate the risk, ChamberlainWalker recommends a targeted amendment to the Finance Bill currently passing through Parliament. The proposal would provide explicit reassurance that non-doms using the TRF in good faith will not later be caught by anti-avoidance rules or retrospective tax challenges. According to the report, such a safeguard could help persuade more individuals to remain in the UK and bring foreign assets onshore, improving the credibility of the revenue forecasts.
Without such changes, the analysis concludes, the government risks discovering too late that one of its key post-Budget revenue streams was built on hope rather than hard economics.
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Non-dom tax revenues branded ‘fantasy economics’ by former government economist

Some of Britain’s most recognisable retailers and visitor attractions are bracing for dramatic swings in their business rates bills from next April, as the 2026 revaluation lands with what has already been dubbed across the sector as “Reeves’ Christmas tax”.
Fresh analysis from global tax firm Ryan reveals a retail landscape increasingly defined by extremes, with destination-led and seasonal attractions facing some of the steepest increases, while several high-profile high street names enjoy substantial reductions.
Among the hardest hit are seasonal and experiential venues that have boomed in popularity since the last valuation date. The land used for Winter Wonderland in Hyde Park will see its rateable value jump from £1.0m to £3.75m — an increase of 275 per cent. Despite transitional relief capping the first-year rise at 30 per cent, the site’s business rates bill is still set to climb by £166,500 next year, from £555,000 to £721,500.
Lapland UK in Ascot faces an even more dramatic shift. Its rateable value has surged from £150,000 to £1.87m, an extraordinary rise of 1,147 per cent, reflecting the explosive growth in demand for immersive Christmas experiences.
London’s major visitor markets are also under pressure. Camden Stables Market will see its rateable value rise from £1.26m to £3.5m, up 178 per cent, pushing its bill up by £209,790 next April, again capped at 30 per cent. Nearby Camden Lock Market faces a similar jump, with its valuation rising from £660,000 to £2.27m, an increase of 244 per cent.
Traditional retailers are not immune. Hamleys’ flagship toy store on Regent Street is facing one of the largest increases among permanent retailers, with its rateable value rising 38 per cent and its business rates bill set to increase by £449,550 next year.
While transitional relief limits first-year increases for large properties, the protection only delays the impact. Because the caps compound annually, retailers facing the biggest valuation jumps could still see their bills more than double by the end of the rating cycle.
At the other end of the spectrum, some of the UK’s best-known retail names are emerging as clear winners. Waterstones’ Piccadilly flagship will see its bill fall by around £828,000 next year, a reduction of 45 per cent, after its rateable value dropped by £1.36m — the largest fall recorded in the analysis. Primark’s Oxford Street store at 499–517 Oxford Street is also set for a significant cut, with its bill falling by £793,000, or 30 per cent.
Alex Probyn, practice leader for Europe and Asia-Pacific property tax at Ryan, said the scale of the changes highlights just how uneven the retail landscape has become.
“Seasonal attractions like Winter Wonderland and Lapland UK have grown significantly in popularity between valuation dates, so upward pressure on their valuations was not unexpected — but the level of increase certainly was,” he said. “The key question is whether the figures properly reflect the short, seasonal nature of these operations or whether broader income assumptions have been applied.”
Probyn added that across the wider sector, the divergence is stark. “Large-format and DIY stores are seeing some of the steepest reductions as rental evidence softens, while luxury outlet retail at destinations like Bicester has surged on the back of exceptional trading.”
Prime luxury locations have been more stable. “Bond Street’s world-record retail rents have remained broadly steady between valuation dates, and that stability is clearly reflected in the draft 2026 valuations for major luxury houses,” he said.
Taken together, the revaluation underlines a retail sector increasingly split between experiential destinations and traditional formats — and sets the stage for a highly uneven impact when the new business rates bills arrive next spring.
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‘Reeves’ Christmas tax’ creates big winners and losers as 2026 business rates shake-up hits retail

Northern Ireland is facing the prospect of new car shortages and higher motoring taxes as post-Brexit provisions under the Windsor Framework come into force at the start of 2026, triggering concern across the automotive sector.
From January 1, all new cars sold and registered in Northern Ireland will have to comply with European Union vehicle standards rather than those applied in Great Britain. Dealers warn that many British-specification models currently sold in Northern Ireland will no longer be eligible, creating the risk of significant gaps in showroom availability and, in some cases, the complete withdrawal of certain models.
EU vehicle rules typically require additional safety features, such as mandatory speed-limit alerts and steering-wheel lane-assist systems, which are not standard across all UK-market cars. Manufacturers have been slow to adapt British models to meet EU requirements, leaving Northern Irish dealers exposed just weeks before the rules take effect.
The changes will also affect company car drivers. Benefit-in-kind tax for vehicles registered in Northern Ireland will be calculated under EU rules, meaning plug-in hybrid company cars will attract higher tax bills than identical vehicles registered elsewhere in the UK. Industry figures say this divergence risks distorting fleet purchasing decisions and making Northern Ireland a less attractive base for employers.
The situation is further complicated by the widening gap between the UK and EU on the transition away from petrol and diesel cars. The UK plans to ban new petrol and diesel sales from 2030, while the EU’s ban was originally set for 2035. That deadline now looks likely to be pushed back to 2040, potentially creating further divergence in vehicle availability and compliance.
The Windsor Framework, agreed to avoid a hard border on the island of Ireland, keeps Northern Ireland aligned with the EU single market for goods. While this was designed to protect the Good Friday Agreement, it has had an especially sharp impact on car dealerships, which have historically sold the same British-specification vehicles available across England, Scotland and Wales.
Senior figures in the automotive industry have held multiple meetings with the Northern Ireland secretary, Hilary Benn, pressing for an indefinite delay to the implementation of EU vehicle standards and for benefit-in-kind tax to be harmonised with the rest of the UK. While ministers are said to be sympathetic, officials have indicated that any changes would need to form part of a broader reset in UK-EU economic relations.
Whitehall sources insist the government remains committed to “full and faithful implementation of the Windsor Framework”, arguing that it safeguards Northern Ireland’s unique position and ensures the smooth flow of trade.
The stakes are high. The automotive sector employs around 17,600 people in Northern Ireland and accounts for roughly 50,000 new vehicle registrations each year, about 2.5 per cent of the UK market. Dealers say sourcing vehicles from the Republic of Ireland is not a viable alternative, as prices are typically higher due to vehicle registration tax and a 23 per cent VAT rate, compared with 20 per cent in the UK.
Despite the framework’s aim of preserving the EU internal market, there is little cross-border trade in new cars. Just 134 vehicles were imported into the Republic of Ireland in the ten months to October 2025, including only six from the UK, highlighting the practical limitations of relying on Irish supply.
Dealers are already feeling the effects. Manufacturers have restricted access to unsold UK stock pipelines, and while new car sales across the UK are up five per cent so far this year, registrations in Northern Ireland are down three per cent.
A government spokesperson said ministers were working to ensure manufacturers face “no barriers to obtaining dual-vehicle approvals”, adding that the aim was to prevent drivers and dealers in Northern Ireland from seeing their choice restricted. However, with the deadline fast approaching, industry leaders warn that without swift action, shortages and higher costs are inevitable.
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Northern Ireland faces new car shortages as Brexit rules bite under Windsor framework

On the first day of Christmas, my mentor taught to me, resilience as a growth strategy…
Christmas is a time for slowing down, relaxing, and resetting for the year ahead. For the SME leaders we work with on our Help to Grow: Management Course, it provides the opportunity to reflect on the year gone by and think about the new strategies and tactics required to ensure the new year is merry and bright. But also, to reflect upon their own role in leading the business.
Here are twelve practical lessons that I’ve learnt from working with small business leaders across many different sectors and our community of expert business school members.
Resilience as a growth strategy
Imagine a business that is not only equipped to withstand economic disruption, but which can also rapidly adapt to changing market conditions and seize new opportunities. The most resilient SMEs that I have worked with do exactly that – facing down uncertainty while maintaining a competitive edge.
This includes setting a strategy for growth and innovation that embeds agility, leading with purpose and bringing the team onboard with you through changes. A key part of the Help to Grow: Management Course is understanding that new challenges are more than just obstacles to overcome, rather opportunities to learn, innovate and build momentum for long-term success.
Imposter syndrome
When clarity starts to emerge, the next big shift is confidence. You can build a brilliant plan but without self-belief, it’s unlikely you’ll move forward. Developing your knowledge and a support network will help you build your confidence as a leader and build your business.
Louise Morgan, founder and director of TMPR and Help to Grow: Management alumni, says: “For me personally, imposter syndrome is a deep-rooted feeling that my company has been built on luck rather than by design. Our growth doesn’t feel earned – it feels accidental. The key for small business leaders is to be able to identify this challenge in themselves and take advantage of support networks to overcome the threat of feeling like a fraud.”
Seek out mentors and people in your shoes
One of the biggest highlights for our alumni is the value of having a mentor and a peer group to share ideas and challenges with. Business leaders who have been there and done it, but also those at a similar stage of their leadership or business evolution. Outside perspective brings business benefits and makes the growth journey more enjoyable.
Richard Sadler, Director, CJC Aggregates and Landscaping Supplies: “My mentor on the Help to Grow: Management Course challenged me in the right ways. Rather than thinking about just drawing in customers, my mentor encouraged me to consider how we get more returning customers who want to spend more with us. During a time of real growth, he made me see we could change our existing business to be more profitable.”
Get your organisational structure right
With a community of more than 10,000 small business leaders, we’re helping SMEs from a huge variety of different sectors but organisational design and employee engagement are important for every industry. Pruden & Smith, bespoke and handmade luxury jeweller, has achieved record revenues a year after its creative director Rebecca Smith completed the 90% government-funded Help to Grow: Management Course at University of Brighton, School of Business and Law. Her main takeaway was how to face into restructuring her team.
Entrepreneur and creative director at Pruden & Smith, Rebecca Smith, said: “I think many small businesses like ours struggle because they aren’t putting the right organisational structures in place to support growth. As an entrepreneur, I’ve never worked in a large organisation so didn’t even really know the names of the roles we would require as we scaled into a bigger business.Restructuring allowed us to provide clarity around existing roles but also outline development paths so individuals could see how they would progress in the future. The process allowed me to identify which areas I should be stepping out of, but it also gave us real clarity on the roles we needed to underpin our growth. We recreated people’s jobs to fit that model.”
Productivity KPIs
A universal lesson from the course is to be crystal clear about what productivity means within the context of your business. Once a business pins down how to measure its productivity, KPIs can be set that align employees and activity around the same goal. This provides confidence that the critical KPIs, and not vanity metrics, are being tracked.
Small adjustments often make a noticeable difference – for example, simplifying systems to reduce wasted effort, or reviewing processes with the team to spot where work slows down. The aim is to use these metrics to support smarter decisions, not to add reporting for the sake of it.
You don’t need to be an accountant
But you do need a firm grip on the financials. A trait I’ve consistently observed from successful business leaders is that they properly understand the what’s what of finance and financial management, when to seek growth funding and how to prepare for key investment raising activities.
Knowing your figures helps you manage risk, pace growth, and spot where margins can be strengthened. It also gives you confidence when talking to lenders, partners, or potential investors.
Know how to use your time wisely
A mother of three young children, alumni Lauren works three days a week on her business Guthrie & Ghani – making strategic focus, prioritisation, and strong management essential for success.
Lauren Guthrie, founder of Guthrie & Ghani and former finalist on the first series of The Great British Sewing Bee, commented  “I didn’t have the right frame of mind before the course. Having gone through Help to Grow: Management, I learnt how to think about growth, what to evaluate, and how to structure the business to support it. The course helped me put the right structures in place to maintain my ethos and grow while balancing my family life. Now, I know that the limited time I have is spent on the things that really matter.”
You don’t know what you don’t know
It doesn’t matter how many years of experience we as leaders have, there is always the opportunity to learn more, and to validate or recalibrate that you are leading your organisation on the right path.
Paul Kenny, Managing Director of Yorkshire-based Aquatrust: “My journey wasn’t linear – I didn’t go to university, and my A Level results weren’t what I’d hoped for. But I found opportunities, worked hard, and kept learning. Enrolling on the Help to Grow: Management Course in 2022 was my first real experience of returning to formal education – at the age of 50/51. It came at a crucial time in my career and gave me a real plan and purpose for my business. Help to Grow: Management reignited that learning mindset and gave me the tools to lead Aquatrust into its next chapter.”
Moving from corporate career to SME leadership is a steep learning curve
Leaders making this shift often say they gain a deeper appreciation for how each part of the business contributes to performance. With that comes a greater sense of responsibility, but also the chance to understand the full extent of leading a growing business and make decisions with real pace.
Karsten Smet, CEO of ACI Group and alumni said this about his own experience of switching careers: ‘What happens when you’ve been in a C-level position at large organisations is you don’t know how SMEs work. You don’t necessarily understand how all the different components really fit together or how decisions are made. The Help to Grow: Management Course gave me this understanding and time to clarify my business’s future and make my organisation one that my employees were invested in.”
It’s never too early to look at exporting
Exploring overseas markets encourages firms to refine their offering, strengthen processes, and build resilience through diversification.
Byron Dixon MBE, chair of the Small Business Charter and founder of Micro-Fresh, says: “I can’t overestimate the degree to which exporting can transform a business’ trajectory – it certainly did for mine. It’s also so much easier than it was 20 years ago, and there is so much fantastic support on offer. Yet, too many SME leaders delay exporting much longer than necessary. They wait until they’ve exhausted domestic opportunities, or until growth plateaus. Sometimes they just never see it as an option for them at all. To those in that position, I’d say this: the question shouldn’t be “When should we export?” but rather “Why aren’t we already exporting?”
Work ON the business, not IN it
Taking time away from day-to-day pressures helps leaders think about capacity, future skills, and the investments that will shape the next phase of growth. Critically it also provides the opportunity to think about their own role and how that contributes towards growth.
Rachel Hicken, Pig & Olive co-founder and alumni: “I’m very good at service, my co-founder Simon knows his pizzas – but that’s not enough if you don’t understand the backbone of running a business. Help to Grow: Management really set off my journey of learning about business. It helped me realise I needed to stop just working IN the business and started working ON it. I learnt that growth requires leaders to step back and look at the big picture. It also gave me the confidence to look at figures properly and understand the story they tell and gave me the confidence to make strategic investments.”
Treat succession planning as a growth strategy, not just an exit strategy
In conversations we’ve had with family-owned business leaders over the last five years, we’ve seen that proactive succession planning leads to stability, builds resilience, and unlocks growth for the business. The data backs it up; according to STEP, 74% of family businesses with a succession plan agree that having a plan has made their business stronger and helped them to grow.
Having these conversations early reduces uncertainty for staff and gives future leaders the confidence to step forward. It also creates room to plan investment and allocate responsibilities more thoughtfully.
Jingle all the way into the new year
As the year draws to a close, I hope these bite-size lessons show how practical choices, steady reflection and a willingness to learn can strengthen any growing business. With renewed focus and a bit of breathing space, you as SME leaders can enter the new year with purpose and confidence.
Business leaders can find out more about the Help to Grow: Management Course and sign up for the course in their area by visiting: www.smallbusinesscharter.org/help-to-grow-management
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The Twelve Days of Business

The European Union’s planned ban on the sale of new petrol and diesel cars from 2035 is set to be watered down, according to senior figures in the European Parliament, in a move that is likely to trigger fierce opposition from environmental campaigners.
The decision, which is expected to be outlined by the European Commission this week in Strasbourg, would mark a significant retreat from one of the central planks of the EU’s Green Deal. Campaigners have warned that any dilution of the ban would amount to a “gutting” of the bloc’s climate ambitions for transport.
Under existing legislation agreed in 2022, all new cars sold in the EU from 2035 must produce zero CO₂ emissions, effectively banning petrol, diesel and hybrid vehicles. However, Manfred Weber, president of the European People’s Party group, said the outright ban on combustion engines would be softened.
“The technology ban on combustion engines is off the table,” Weber told Germany’s Bild newspaper. “All engines currently manufactured in Germany can therefore continue to be produced and sold.”
His comments come after months of lobbying from national leaders and the automotive industry. Germany’s chancellor, Friedrich Merz, said last week that he supported a rethink, arguing that combustion-engine vehicles would still dominate global roads well beyond 2035.
“The reality is that there will still be millions of combustion engine-based cars around the world in 2035, 2040 and 2050,” Merz said.
Italy’s prime minister, Giorgia Meloni, alongside several major carmakers, has also pushed for changes that would allow hybrid vehicles to remain on sale. Weber suggested that under revised rules, manufacturers would instead be required to cut average fleet emissions by 90 per cent from 2035, rather than meeting a strict zero-emissions target.
This could open the door to a new generation of plug-in hybrid vehicles with extended electric range but a combustion engine as backup for long-distance journeys.
Environmental groups have reacted angrily to reports of a climbdown. Colin Walker, head of transport at the Energy and Climate Intelligence Unit, said weakening the rules would keep European households “stuck driving dirtier and more expensive petrol cars for longer” and slow the transition to electric vehicles.
Some manufacturers, including Volvo and Polestar, have also criticised calls to soften the ban, warning that policy uncertainty could hand an advantage to Chinese electric vehicle makers that are already scaling rapidly.
A spokesperson for the European Commission said the 2035 deadline was still under discussion, adding that commission president Ursula von der Leyen had acknowledged growing calls for “more flexibility” on CO₂ targets.
Alongside any changes to the ban, the commission is expected to propose new incentives to support the production and purchase of small, affordable electric vehicles made in Europe, as part of a broader effort to counter rising imports from China.
The debate highlights deep divisions within the EU over how fast the transition away from fossil-fuelled cars should happen, balancing climate targets against industrial competitiveness, jobs and consumer demand as the bloc charts its automotive future.
Read more:
EU set to soften 2035 petrol and diesel car ban amid political pressure

Fast-food chain Leon is set to close a number of restaurants and cut jobs after entering administration, just weeks after being bought back by its co-founder John Vincent in a deal reported to be worth between £30 million and £50 million.
The business has applied for an administration order to enable the formulation of a Company Voluntary Arrangement (CVA), which it said is intended to accelerate a wider restructuring of the group. Leon’s immediate priority will be to reduce the number of loss-making sites as it attempts to stabilise the business and return it to profitability.
Vincent reacquired Leon last month from Asda, which had bought the chain in 2021 as part of the Issa brothers’ EG Group empire. That acquisition valued Leon at about £100 million, significantly higher than the price paid in the recent buyback.
In a statement, Leon said the business has been hit hard by changing work patterns since the pandemic, alongside rising taxes and cost inflation, pressures that have affected much of the hospitality sector. The company added that while Vincent believes Leon drifted from its original values under previous ownership, he recognises the challenges faced by Asda and EG as operators.
John Vincent said that Leon had no longer fitted Asda’s strategic priorities and that the problems facing the chain were shared widely across the industry. He pointed to depressed footfall, hybrid working and what he described as increasingly unsustainable tax burdens as key drivers of losses across casual dining.
Leon will now spend the coming weeks in discussions with landlords, supported by restructuring advisers Quantuma, to agree proposals for the future of the estate. The aim, the company said, is to emerge from administration as a smaller, leaner business that can more easily return to its founding principles.
All Leon restaurants will continue to trade as normal during the process and the group’s grocery arm will not be affected by the CVA. The company has not confirmed how many sites will close or how many roles will be lost.
Where closures do occur, Leon said it would first seek to redeploy staff to other restaurants. Employees who cannot be relocated within a reasonable commuting distance will receive redundancy payments. In addition, the chain has struck an agreement with Pret A Manger that will allow affected staff to apply for roles through a dedicated recruitment channel.
Vincent also used the announcement to call for a review of what he sees as an excessive tax burden on hospitality. He said that for every pound spent by customers, around 36p goes to the government, leaving businesses with little margin to absorb rising costs.
Leon currently operates 71 restaurants, including 44 owned sites and 22 franchised locations. Before its sale by Asda, the chain had already cut hundreds of jobs, reducing headcount by 17 per cent in 2024 as it sought to curb losses. Its most recent accounts showed revenues falling to £62.5 million, alongside losses of £8.4 million, an improvement on the £12.5 million loss reported the previous year.
Founded in 2004 by Vincent, Henry Dimbleby and Allegra McEvedy, Leon is now hoping that a period of restructuring will allow it to rebuild and return to growth once again.
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Leon to close sites and cut jobs as fast-food chain enters administration

Evoke, the heavily indebted gambling group that owns William Hill in the UK as well as the 888 brand, has put itself up for sale as it grapples with rising costs and regulatory pressure.
The company said it is undertaking a review of its strategic options, which includes the possibility of selling the business. Investment banks Morgan Stanley and Rothschild have been appointed as joint financial advisers to oversee the process, although Evoke cautioned that there is no certainty any transaction will result or what form a deal might take.
The move comes just weeks after Evoke warned it would close around one in ten of its betting shops next year as part of efforts to stabilise its finances. The group has struggled to reverse declining performance while carrying a significant debt burden.
Pressure on the business has intensified following changes announced in the recent Budget, which sharply increased taxes on online gambling. From April 2026, the rate of remote gaming duty will rise from 21 per cent to 40 per cent, while tax on online sports betting will increase from 15 per cent to 25 per cent.
Evoke has already withdrawn its medium-term financial targets in response, warning that the new tax regime will add between £125 million and £135 million to its annual duty bill once fully implemented. An £80 million hit is expected in the next financial year alone.
The group said the impact of the tax rises, combined with ongoing operational challenges, had prompted the board to reassess the company’s future direction.
Any sale would mark a significant moment for the UK gambling sector, with William Hill remaining one of the most recognisable names on the high street despite years of consolidation and regulatory tightening across the industry.
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William Hill owner Evoke puts itself up for sale amid mounting tax and debt pressures

A new leadership team has been appointed to the All-Party Parliamentary Group on Investment Fraud and Fairer Financial Services following its Annual General Meeting at Portcullis House, Westminster.
Members from both Houses came together on 10 December to elect officers and agree the group’s priorities for the year ahead — a year they warn will be pivotal for rebuilding trust in the UK’s financial system.
Hayes and Harlington MP John McDonnell was confirmed as the APPG’s new Chair, supported by a cross-party group of Vice Chairs: Sarah Bool MP, Lord Davies of Brixton, and Ben Lake MP. Together, they form one of Westminster’s most politically diverse leadership teams dedicated to financial reform.
Accepting the role, McDonnell said he was honoured to lead the group at a “critical juncture” for financial oversight in the UK, stressing that victims of investment fraud and regulatory failures “deserve justice, not excuses”, adding ‘We will not allow a race to the bottom in regulation’.
He argued that consumer protection must be viewed not as a brake on growth but as “the foundation of a financial system that works in the public interest”, pledging that the APPG would hold regulators and industry to account while working collaboratively with parliamentarians, civil society groups and trade bodies.
“We are keen to work with any entity that wants to help the financial sector flourish by serving society as best it can,” he said, adding that the APPG was already preparing its policy agenda for 2026.
Vice Chair Sarah Bool said that while Conservatives believe in free markets, those markets “must also be fair”, warning that widespread fraud and regulatory gaps have damaged public trust and undermined the UK’s financial reputation.
Lord Davies of Brixton highlighted the severe personal consequences of misconduct, saying financial fraud “destroys real lives, pensions stolen, homes lost, futures wiped out”. He vowed to continue challenging vested interests and advocating for ordinary families.
Ben Lake MP emphasised the devastation felt by communities across Wales and the wider UK, citing small businesses ruined by banking scandals and individuals who tragically took their own lives after losing savings to fraud. “These are not abstract policy issues, they affect people in every constituency,” he said.
The AGM reaffirmed the APPG’s central theme — that strong consumer protections and robust enforcement are not obstacles to economic success, but essential to it.
The group remains deeply concerned about what it calls the UK’s growing “Trust Deficit”, warning that weak oversight and enforcement deter public participation in financial markets, damage the City’s international standing and erode systemic stability.
Its 2025 investigative work, including two major parliamentary summits and a high-profile report scrutinising the Financial Conduct Authority, will inform its approach in 2026.
The APPG confirmed it will continue to serve as a platform for dialogue between victims, regulators, parliamentarians, financial firms and civil society. A programme of hearings, evidence-gathering, and policy engagement is already planned for the year ahead.
The group operates on a strictly non-commercial basis. Its Secretariat is run entirely pro bono through the Transparency Task Force, a certified social enterprise, ensuring that its work remains “free from undue influence and firmly rooted in the public interest”.
The group’s purpose is to advocate for victims of financial misconduct and fraud, and to drive reforms that deliver a fair and trusted financial system. It is governed by the rules of the Office of the Parliamentary Commissioner for Standards and receives no parliamentary funding.
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Cross-party MPs elect new leadership for APPG on Investment Fraud amid call for stronger consumer protection

Britain’s live events industry has issued a stark warning to the Prime Minister, urging an immediate review of the government’s new Business Rates system amid fears it will trigger widespread venue closures, job losses and higher ticket prices across the country.
In a strongly worded letter sent to No 10, senior figures from the sector said the changes unveiled at the Budget — including steep revaluations by the Valuations Office Agency (VOA) and a higher Business Rates multiplier for large event venues — would have “devastating, unintended consequences” for the cultural economy.
They warned that the combined effect of unprecedented valuation increases and higher tax charges would “undermine many of the Government’s own priorities”, despite the Budget’s transitional relief measures and lower multipliers for smaller properties.
The letter sets out a bleak picture for music and entertainment spaces at every level. Hundreds of grassroots music venues, the launchpads of artists such as Ed Sheeran — could be forced to shut as rising Business Rates make already fragile finances untenable.
“These venues are where artists like Ed Sheeran began their career,” the signatories wrote. “Their loss would deprive communities of valuable cultural spaces and limit the UK creative sector’s potential.”
The warnings extend to the UK’s major arenas, many of which are facing Business Rates hikes of more than 100%. Operators say these extra costs will almost certainly be passed on to consumers, pushing ticket prices higher at a time when the Government has vowed to tackle the cost-of-living crisis.
“Ticket prices for arena shows will increase,” the letter said. “Dramatic rises in tax costs will likely trickle through to consumers.”
Smaller arenas ‘on the brink’
Mid-sized venues — often the cultural heart of regional towns and cities — are also at risk. The sector fears that dramatic valuation jumps could push many to the edge of closure, triggering thousands of job losses and stripping local communities of vibrant cultural hubs that sustain high-street activity.
“These changes will reduce the visitor spending that supports local hotels, bars, restaurants, shops and taxis,” the letter said. “They will hollow out the cultural spaces that help places thrive.”
Sector says changes conflict with Government’s own growth plans
Industry leaders also accused the government of undermining its Industrial Strategy and Creative Sector Plan, which explicitly commit to reducing barriers to growth for live events. Instead, they argue, the new Business Rates regime risks throttling one of the UK’s most dynamic export industries.
Sector demands 40% rates relief and urgent valuation reform
The letter calls on ministers to take two immediate actions:
• Introduce a 40% Business Rates relief for all live venues.
Film studios have already been granted this level of relief until 2034, and the live events sector argues that venues — similarly classified as “critical creative infrastructure” — deserve the same protection.
• Launch a rapid inquiry into VOA valuation methods for event spaces, which operators say are “disproportionate, inappropriate and unjustified”.
Finally, the industry has requested an urgent roundtable with HM Treasury, the Department for Culture, Media and Sport, and the Department for Business and Trade to develop a plan to “save our venues” before closures begin.
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If you’d like a follow-up commentary, sector analysis, or Business Matters-style opinion column on the wider economic impact of venue closures and rising ticket prices, I can prepare that next.
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Live events sector warns PM of ‘devastating’ impact from Business Rates overhaul