Month: January 2026

Up to 3,000 skilled manufacturing jobs could be at risk unless the Ministry of Defence moves quickly to place a long-delayed helicopter order, according to industry sources close to the programme.
Workers at Leonardo Helicopters’s Yeovil site in Somerset, the UK’s last remaining military helicopter factory, fear the company could close the facility as early as the end of March if the government fails to commit to a new contract within weeks.
Leonardo, the Italian-owned defence group that acquired the former Westland Helicopters business, is the sole bidder for the £1bn “new medium helicopter” programme, which was launched by the Ministry of Defence in February 2024. However, prolonged delays in awarding the contract have cast doubt over the future of the site.
Industry insiders say the bid’s “best and final offer” expires in March, with pricing dependent on complex global supply-chain commitments. One source said Leonardo would have needed confirmation by January to meet production and delivery timelines. Any delay beyond March risks forcing the entire procurement process to restart.
“It’s critical at the moment,” the source said. “If this slips past March, the price and the bid itself may no longer be valid.”
The issue has escalated in recent months. In November, Leonardo’s chief executive, Roberto Cingolani, told investors that talks were under way with the UK government to strengthen collaboration. In December, he wrote directly to Defence Secretary John Healey, warning that delays could lead Leonardo to scrap future investment in the UK – including in its electronics and cyber security operations.
Cingolani described the medium helicopter contract as a “cornerstone” of Leonardo’s UK strategy, adding that any cancellation or further delay would trigger a “reevaluation” of the company’s presence in Britain.
The standoff comes despite repeated ministerial commitments to increase defence spending in response to heightened geopolitical risks, particularly Russia’s aggression in Ukraine. Defence suppliers have grown increasingly frustrated by the absence of a long-promised defence investment plan, which had been expected before Christmas.
Unite has warned that uncertainty is eroding confidence among the workforce. Sharon Graham, the union’s general secretary, said employees in Yeovil were being left in limbo while the government delayed decisions.
“Leonardo workers are looking over their shoulders wondering where the next order will come from,” she said. “This uncertainty must end, and the government should confirm the medium-lift helicopter order now.”
The Ministry of Defence said it was working on a new defence investment plan and highlighted record levels of planned spending. A spokesperson said the government would commit £270bn to defence over the course of the current parliament, describing the inherited defence programme as “overcommitted and underfunded”.
For Yeovil, however, the timeline is far shorter. Without swift action, industry figures warn that Britain risks losing not just thousands of skilled jobs, but its last domestic capability to build military helicopters – a blow that would be difficult, if not impossible, to reverse.
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3,000 jobs at risk unless MoD confirms helicopter order, industry warns

Meta has appointed former Trump administration adviser Dina Powell McCormick to a newly created senior leadership role, underlining the tech giant’s determination to accelerate its push into artificial intelligence infrastructure.
The owner of Facebook, Instagram and WhatsApp said Powell McCormick will join the company as president and vice chairman, with a remit spanning global strategy, government engagement and capital partnerships, with a particular focus on funding and scaling Meta’s vast AI ambitions.
The appointment comes just weeks after Powell McCormick stepped down from Meta’s board, a move that initially surprised investors given she had joined less than a year earlier. She will now report directly to Meta founder and chief executive Mark Zuckerberg, the company confirmed.
In a statement, Zuckerberg said Powell McCormick’s background made her uniquely suited to the role. “Dina’s experience at the highest levels of global finance, combined with her deep relationships around the world, makes her exceptionally well placed to help Meta navigate this next phase of growth,” he said.
Meta has emerged as one of the most aggressive investors in AI infrastructure as it races rivals such as OpenAI, Microsoft and Oracle to develop increasingly powerful systems. The company is building multiple gigawatt-scale data centres across the United States, including a flagship site in Louisiana that was highlighted by former US president Donald Trump and is expected to cost as much as $50bn.
Zuckerberg has pledged to spend up to $600bn on infrastructure over the coming years and has already begun raising tens of billions of dollars in external financing to support the programme. Meta has also struck long-term energy partnerships, positioning itself as one of the world’s largest corporate buyers of nuclear power to meet the vast electricity demands of AI.
Powell McCormick will play a central role in securing and managing those capital relationships. She brings more than three decades of experience in global finance, including 16 years at Goldman Sachs, where she led the firm’s global sovereign investment banking business. Most recently, she served as president and head of global client services at investment firm BDT & MSD Partners.
She is expected to remain on BDT & MSD’s advisory board following her move to Meta.
Her appointment also reflects Meta’s growing engagement with governments as scrutiny of AI, data centres and energy use intensifies. Powell McCormick previously served as deputy national security adviser during Trump’s first term and held senior roles in the George W. Bush administration. Her husband, Dave McCormick, is currently a Republican senator for Pennsylvania.
Meta’s move comes amid intensifying competition in AI infrastructure, with rivals including Elon Musk’s xAI, which recently announced a $20bn expansion of data centre capacity near Memphis, and OpenAI-backed projects seeking to reshape global computing power.
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Former Trump adviser Dina Powell McCormick joins Meta in senior AI strategy role

Rising costs are pushing UK manufacturers dangerously close to an investment tipping point, with businesses warning that planned spending could be cancelled or moved overseas unless pressures ease.
A new survey by Make UK, the manufacturing trade body, found that almost nine in ten industry leaders expect employment costs to rise this year, while two thirds anticipate higher energy bills. The findings underline mounting concern that the cost base for British manufacturing is becoming unsustainable.
The survey of 174 senior manufacturing executives revealed that 65 per cent see rising business costs as one of the biggest risks facing the sector in 2026. Make UK warned these pressures are now “threatening to reach a tipping point”, beyond which firms may be forced to scale back investment or relocate activity abroad.
Confidence in the UK as a place to invest remains fragile. Just over four in ten manufacturers believe Britain is an attractive destination for investment, a view shared by a similar proportion of overseas-owned firms operating in the UK. Against this backdrop, Make UK forecasts the manufacturing sector will shrink by 0.5 per cent this year.
Despite these concerns, the survey also revealed pockets of cautious optimism. Nearly two thirds of respondents said they believe opportunities will outweigh risks over the year ahead, while 57 per cent still regard the UK as a competitive place to manufacture.
Business leaders pointed to the government’s industrial strategy as a positive influence, with 63 per cent saying it had improved confidence about future investment prospects. However, enthusiasm is being tempered by fiscal uncertainty.
The most recent autumn budget drew particular criticism, with more than half of manufacturers saying they would have reduced planned investment had additional business tax rises been announced. Executives warned that further increases in taxation or employment costs could quickly undermine confidence.
Stephen Phipson, chief executive of Make UK, said the sector was sending a clear warning to government.
“Despite the commitment to an industrial strategy, growth remains anaemic and the warning lights are now flashing red on the UK as a competitive place to manufacture and invest,” he said. “The government promised significant change – now is the time to deliver it.”
The concerns come as broader business sentiment across the UK economy weakens. A separate survey from accountancy firm BDO found that overall optimism among businesses fell to its lowest level in almost five years at the end of 2025.
BDO’s sentiment index dropped from 93.45 to 90.01 in December, the weakest reading since January 2021, reflecting fears of a slowing jobs market, weak demand and persistent cost pressures. Confidence declined across both manufacturing and services firms.
“Business costs are rising and turnover expectations are falling,” said Scott Knight, head of growth at BDO. “Decisive action, such as further interest rate cuts and a clear roadmap of what lies ahead, is critical if firms are to grow and invest.”
While BDO’s output index edged higher, indicating modest growth, this was driven entirely by the services sector. Manufacturing activity continued to lag, with employment prospects also softening slightly.
Together, the surveys paint a picture of an industry under strain: hopeful that policy direction is improving, but increasingly concerned that rising costs and uncertainty could choke off investment just as manufacturers are being asked to drive economic growth.
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Business costs near tipping point as manufacturers warn investment is at risk

Gold and silver prices have surged to fresh all-time highs, prompting experts to urge ordinary Britons to take a closer look at what they already own, including forgotten jewellery tucked away in drawers and boxes at home.
Gold climbed to $4,603.87 while silver reached $84.69, as investors piled into traditional safe-haven assets amid rising geopolitical tension involving Iran, fears of potential US military action, and fresh instability in Washington following the launch of a criminal probe into US Federal Reserve chair Jerome Powell.
While the rally has captured the attention of global markets, industry specialists say the price spike is creating tangible opportunities for everyday individuals, not just professional investors.
Jim Tannahill, managing director of London-based jewellers Suttons and Robertsons, said the current market presents genuine options for people who already hold gold or silver, whether knowingly or not.
“These all-time highs are creating real opportunities for everyday people,” he said. “If you already own gold or silver, whether physical or digital, these levels give you choices. You can sell and lock in a profit, or even use what you own as security for a short-term loan without having to part with it permanently.
“It’s also well worth checking drawers and jewellery boxes. Old, broken or unwanted jewellery can be worth far more than people expect at today’s prices. And if you’re unsure whether something is real gold, it can usually be tested and valued by carat at no cost.”
Tannahill added that exposure to precious metals does not have to mean buying bullion or financial instruments. Well-bought second-hand gold or platinum jewellery, he said, is often overlooked but can combine enjoyment with long-term value. In the UK, many jewellery items sold for under £6,000 are free from capital gains tax, while UK legal-tender gold coins such as Sovereigns are exempt altogether.
However, financial advisers have urged caution for those tempted to chase the rally by investing directly in metals at record prices.
Samuel Mather-Holgate, managing director at Swindon-based Mather and Murray Financial, warned that gold and silver do not generate income in the way traditional investments do.
“With precious metal prices at all-time highs it’s tempting to jump straight in,” he said. “But unlike shares or bonds, these assets don’t compound or generate returns beyond capital growth. The risk is buying at the top.”
Instead, he suggested that investors consider funds or companies operating within the sector. “Gold and silver miners, for example, can offer exposure while still benefiting from business fundamentals. In an increasingly dangerous world, precious metals remain a useful hedge – but how you access them matters.”
David Belle, founder and trader at Fink Money, echoed that view, saying he prefers to invest in companies rather than commodities themselves.
“When you buy a commodity, you’re entirely at the mercy of macro forces,” he said. “With a company, you have management, cash flow and balance sheets working to create value. That provides a more structured way to express a view on the market.”
Others cautioned that strong momentum can reverse quickly. Anita Wright, a chartered financial planner at Ribble Wealth Management, said record highs often encourage emotional decisions.
“Gold and silver making new highs is exciting, but this is exactly when people need to keep their heads,” she said. “Prices can overshoot and then snap back sharply on profit-taking.
“Checking jewellery boxes can be worthwhile, but do it carefully. Separate items by hallmark, weigh them, and get more than one quote from reputable buyers. Be clear whether you’re selling for scrap value or as a collectable, and remember that sentimental value can’t be recovered once an item is gone.”
Rob Mansfield, an independent financial adviser at Rootes Wealth Management, added that chasing recent gains is rarely a sound long-term strategy.
“Before buying something that has already risen sharply, people should think carefully about their objectives and what they can afford to lose,” he said. “There’s no guarantee today’s rally continues. If you do want exposure, funds or ETFs linked to miners or metals may offer a more balanced route.”
As global uncertainty continues to drive demand for safe havens, the gold and silver rally shows little sign of fading. But experts agree that while opportunity exists, discipline and perspective remain essential.
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Gold and silver hit record highs as experts urge Britons to check drawers and jewellery boxes

The government has issued a stark warning to Elon Musk’s artificial intelligence company xAI, signalling it is prepared to block access to its Grok chatbot in the UK if it fails to comply with British law on online safety.
Technology Secretary Liz Kendall said on Friday that ministers are moving swiftly to criminalise the creation of intimate images without consent, as concerns mount over the misuse of AI tools to generate sexualised images of women and children.
Her comments follow reports that Grok, xAI’s chatbot integrated into the social media platform X, has continued to allow users to generate sexually manipulated images if they are willing to pay for premium access, despite public assurances that safeguards had been tightened.
Kendall described the practice as “despicable and abhorrent”, adding that it was “totally unacceptable” for any platform to profit from such content.
She said the government expects the media regulator Ofcom to act decisively and without delay. “I, and more importantly the public, would expect to see Ofcom update on next steps in days, not weeks,” she said, urging the regulator to use the full range of powers granted by Parliament under the Online Safety Act.
The Technology Secretary explicitly reminded xAI that UK law allows regulators to block services from being accessed domestically if they refuse to comply. She said that any decision by Ofcom to use those powers would have the government’s “full support”.
Kendall confirmed that ministers are also legislating to ban so-called “nudification” apps, which use AI to digitally undress individuals without consent. The measure is included in the Crime and Policing Bill currently before Parliament.
In addition, she said new legal powers will come into force within weeks to make the creation of non-consensual intimate images a criminal offence, closing a loophole that has allowed AI-generated abuse to spread faster than enforcement mechanisms.
She also warned that platforms are expected to comply fully with Ofcom’s new guidance on violence against women and girls (VAWG). “If they do not,” she said, “I am prepared to go further.”
The intervention marks one of the strongest signals yet that the government is willing to escalate its response to AI-driven abuse, particularly where children and women are targeted.
“We are as determined to ensure women and girls are safe online as we are to ensure they are safe in the real world,” Kendall said. “No excuses.”
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Liz Kendall warns xAI over Grok images as UK moves to criminalise non-consensual AI deepfakes

A high-profile £14 million divorce dispute involving the former manager of Australian rock band INXS has shone a spotlight on the growing complexity of modern family law cases, particularly where generational wealth, gifts and opaque asset structures are involved.
Maria Christina Copinger-Symes, who previously managed the band during its global success, is now locked in a legal battle with her former husband, James Copinger-Symes, a former SAS major, after a financial settlement agreed following their separation in 2022 was challenged over alleged “material non-disclosure”.
Under the original financial remedy order, Ms Copinger-Symes agreed to pay her ex-husband a lump sum of £1.2 million, leaving her with approximately £5 million from the couple’s joint marital assets. However, the settlement has since unravelled after it emerged that Mr Copinger-Symes received a £27.6 million gift from Ms Copinger-Symes’ parents after the couple separated.
Ms Copinger-Symes argues that the gift was not disclosed during the original proceedings and that, had it been known, it would have fundamentally altered the outcome of the settlement. She is now seeking a £14 million share of the sum, claiming it constitutes material non-disclosure sufficient to overturn the original order.
Her former husband disputes this, arguing that the gift was neither secret nor matrimonial in nature and should therefore be excluded from any financial remedy. He maintains that the funds were gifted to him on the clear understanding that Ms Copinger-Symes would have no entitlement to them.
The case also highlights how financial disputes in divorce can become deeply entangled with wider family relationships. Reports suggest the dispute has intensified existing tensions within Ms Copinger-Symes’ family, allegedly stemming from disagreements over property and inheritance, underscoring the emotional and relational damage that can arise when wealth, divorce and family dynamics collide.
At its core, the case raises two long-standing and highly contentious issues in family law: the obligation of full and frank financial disclosure, and the boundary between matrimonial and non-matrimonial assets, particularly where significant gifts are made after separation but before final settlement.
The Court of Appeal heard the case over two days, with judgment now reserved. The panel, comprising Lord Justice Moylan, Lady Justice Andrews and Lord Justice Nugee, is expected to deliver a ruling at a later date.
Family law practitioners will be watching the outcome closely. A decision in favour of reopening the settlement could have wide-ranging implications for how post-separation gifts are treated and reinforce the risks of incomplete disclosure in cases involving complex family wealth structures.
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£14m divorce battle exposes the risks of non-disclosure in complex family wealth cases

Aer Lingus is moving closer to closing its Manchester Airport base, putting around 200 jobs at risk, after concluding that efforts to improve margins at the operation are no longer viable.
The Irish flag carrier has told staff it will begin formal consultations in the coming days on “mitigating job losses which would occur in the event of a base closure”, while simultaneously confirming it will stop selling tickets for its long-haul routes from Manchester after 31 March.
Flights from Manchester Airport to New York JFK, Orlando and Barbados will no longer be available to book beyond that date, a move that industry sources say strongly points towards the base being wound down.
Although Aer Lingus has stopped short of formally confirming closure, internal communications seen by staff underline the airline’s position. While the Manchester operation is profitable, Aer Lingus said its margins are “far below” those achieved elsewhere in the business.
“The airline has explored various options for increasing the margin at the Manchester base, but unfortunately to date these options do not appear to be viable,” the airline told employees in a memo.
Services between Ireland and Manchester, operated by Aer Lingus and Aer Lingus Regional, will not be affected.
The Manchester base, run by Aer Lingus’s UK subsidiary, employs around 200 people, including nearly 130 cabin crew, and operates transatlantic services using two aircraft. Staff have been told they may be offered redeployment opportunities elsewhere within Aer Lingus or its parent group IAG, which also owns British Airways and Iberia, or the option of redundancy.
The potential closure follows months of industrial tension at the base. Cabin crew, represented by Unite, staged strike action in October and November in a dispute over pay, while Aer Lingus has also clashed with the Irish Airline Pilots’ Association over employment issues affecting Manchester-based pilots.
Unite has reacted angrily to the latest developments, accusing the airline of “economic vandalism” and warning of further disruption if the proposals proceed.
Aer Lingus reported an operating profit of €135 million for the three months to June 2025, nearly 50 per cent higher year-on-year, and Unite claims the Manchester routes were forecast to generate around £35 million in profit. The airline has acknowledged the base is profitable, but argues it underperforms relative to its Irish long-haul network.
Unite general secretary Sharon Graham said: “This is a profitable base and Aer Lingus’ plans to close it show a complete disregard for its loyal workforce.”
The union says it has repeatedly requested Manchester-specific financial data to justify the proposed closure, which it claims the airline has not yet provided. Unite is now balloting members on industrial action, with the vote closing on 26 January and potential strikes from late February.
John O’Neill, Unite’s regional officer, said: “No stone must be left unturned in pursuing all options to keep the base operational and preserve jobs. Unite will not back down without a fight.”
For Aer Lingus, the situation highlights the growing pressure airlines face as labour disputes, operational costs and margin expectations collide. For Manchester Airport and the region’s aviation workforce, the coming weeks are likely to prove decisive.
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Aer Lingus moves closer to closing Manchester base as margins fail to stack up

More than 5,500 small business owners from across the UK have written to the chancellor demanding an urgent review of the forthcoming business rates revaluation, warning that it risks forcing thousands of viable firms to close permanently.
The open letter, coordinated by MP Rupert Lowe, has been signed by pub landlords, café owners, shopkeepers and local employers who say they are already operating at breaking point after a decade of relentless cost pressures.
Addressed directly to Rachel Reeves, the letter calls on the Treasury to urgently reassess the impact of the revaluation on small businesses and introduce meaningful mitigation measures to prevent widespread closures on high streets and in town centres.
Business owners describe having endured years of rising rents, soaring energy bills, higher insurance premiums, inflation, staffing pressures, Covid-era debt and successive tax increases. Many say they have adapted where possible, borrowed to stay afloat, cut their own wages and worked longer hours simply to survive.
They now warn that the upcoming revaluation could be “the final straw”.
Unlike online competitors, signatories argue, bricks-and-mortar businesses cannot avoid business rates or relocate to cheaper premises. They trade from physical locations, serve local communities and employ local people — yet feel they are being penalised for doing so.
In the letter, owners warn that even modest increases in rates could trigger job losses, reduced opening hours, higher prices for customers or outright closure. Many stress that once lost, these businesses will not return.
Commenting on the scale of the response, Lowe said the number of signatories continues to grow and reflects deep-rooted fear across the small business community.
“The scale of the response speaks for itself,” he said. “These are viable, hard-working firms that have been ground down year after year and are now being pushed too far. Business rates punish physical presence. They punish community businesses.
“Unless the chancellor acts quickly, we will see permanent closures on high streets across the country. It will be apocalyptic.”
The intervention adds to mounting pressure on the government over business rates reform, particularly from hospitality and retail sectors already warning that rising fixed costs are undermining investment, employment and local economic resilience.
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5,500 small firms urge Reeves to halt ‘apocalyptic’ business rates shock

Senior figures from across the UK’s night-time economy have hit back at suggestions that forthcoming business rates relief will apply only to pubs, warning that such a narrow approach risks devastating the wider nightlife and cultural sector.
Industry leaders say recent briefings implying pubs could be singled out for protection ignore the interconnected ecosystem that underpins Britain’s evening economy, including nightclubs, bars, casinos, theatres, live music venues and late-night cultural spaces,  all of which are facing steep cost increases from April 2026.
According to sector estimates, business rates across the night-time economy are set to rise by an average of 76%, with half of venues facing increases of 50% or more. Some operators are bracing for hikes of between 100% and 200%, a level many say is simply unmanageable, particularly for independent businesses operating on tight margins.
Michael Kill, chief executive of the Night Time Industries Association, said framing the issue as a pubs-only problem was both misleading and damaging.
“The suggestion that this is ‘just pubs’ is deeply frustrating,” he said. “Pubs matter, but they are only one part of the nightlife ecosystem. Casinos, clubs, theatres, bars and live music venues all rely on each other to thrive. If one part collapses, the damage spreads quickly.”
Kill warned that rate increases of this scale threaten jobs, cultural output and the infrastructure that underpins the UK’s global reputation for nightlife and entertainment. “If these venues fail, we lose far more than buildings, we lose livelihoods, culture and the social fabric of our towns and cities,” he added.
Sacha Lord, chair of the Night Time Industries Association, said while reports of relief for pubs were welcome, they fell far short of what the sector needs.
“This is a step in the right direction, but it doesn’t go far enough,” Lord said. “Helping one part of hospitality while leaving the rest exposed would be totally unfair. Independent restaurants, clubs and venues are already closing in droves. The chancellor needs to act for the whole sector.”
Operators point to mounting evidence of the strain facing non-pub venues. A city-centre nightclub facing a 120% increase in its rates bill has warned its closure would hit surrounding bars, restaurants and suppliers that depend on its footfall. An independent theatre has seen its rates more than double, putting performances and creative jobs at risk, while a regional casino expects a 100% increase that could undermine long-term employment.
Across the country, independent bars, music venues and late-night operators report increases of up to 200%, raising fears that many will not survive beyond next spring without intervention.
Industry leaders are now calling for urgent government action to extend business rates relief across the entire night-time economy. Without it, they warn of widespread job losses, particularly among young people,  the collapse of independent cultural venues, and lasting damage to Britain’s creative and hospitality industries.
“The idea that this is just about pubs is dangerously simplistic,” Kill said. “Independent venues are most at risk, and April 2026 is a tipping point. Without decisive action, the UK’s social, cultural and economic heartbeat is in real danger.”
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Nightlife leaders warn business rates relief must go beyond pubs