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When I first started taking clients out for dinner, you could sit under the copper dome of Le Gavroche, order a bottle of claret you’d never dare drink at home, and—after a couple of courses, a soufflé, and a few discreet nods from the maître d’—leave only mildly lighter in wallet and spirit.
Today, on the same site, you can do much the same thing at Matt Abé’s new venture Bonheur. Only now, the bill for two will come in at £250 before you’ve even blinked at the digestif list.
I’m not one for false nostalgia—restaurants must evolve, chefs must be paid, and if anyone’s earned the right to resurrect a Mayfair temple of gastronomy it’s Abé. But there’s a creeping sense that fine dining has priced itself into absurdity. And for once, it’s not just about greedy restaurateurs; it’s about the country we’ve built around them.
Energy bills have soared. Not just yours or mine, but those of restaurants that rely on gas ranges, endless refrigeration, and enough light to flatter every banker’s jowls. Add to that the cost of labour in an industry already haemorrhaging staff post-Brexit, and suddenly that tasting menu looks less like an indulgence and more like a desperate act of financial survival.
The Chancellor, Rachel Reeves, would like us to believe that things are finally “stabilising”. I’ve seen more stability in a soufflé during a Tube strike. Her Treasury may be trying to keep business afloat, but when small restaurants are seeing energy costs double, the effect is akin to throwing a life jacket to a man who’s already under the water.
Fine dining, long the glitzy tip of the hospitality iceberg, is the first to feel the cracks. It was never about volume or turnover; it was about art. A kitchen like Abé’s depends on precision, patience, and prodigiously expensive ingredients that can’t be bought in bulk. When your butter alone costs more than most people’s rent, “value for money” ceases to be a meaningful phrase.
Once upon a time, £160-£180 for two was a generous way to mark a birthday or sign a contract. Now it’s merely the entry fee for breathing the same air as a Michelin inspector. And before the chorus begins: yes, I know what goes into it. I’ve sat in enough stainless-steel kitchens to appreciate the choreography of twenty cooks plating thirty dishes in silence. I know the rent in Mayfair. I know what happens to a menu when olive oil triples in price.
But—and forgive the sentimentality—I also know what a restaurant used to mean. At Le Coq d’Argent or Claridge’s or Marcus Wareing’s at the Berkeley, you could justify the expense as part theatre, part negotiation. It was business done in a place that made everyone feel like someone. You weren’t buying food; you were buying atmosphere, attention, and a tiny square of London’s self-confidence.
Today, that same dinner feels faintly transactional. The food is exquisite, the wine list terrifyingly precise, and yet something human has been lost. When you know a single starter costs as much as the average family’s weekly shop, the pleasure sours slightly. The magic evaporates with the steam from the consommé.
Reeves’ problem—indeed, the country’s problem—is that we’ve stopped treating restaurants as part of the cultural ecosystem. When energy prices bite, when VAT hovers at the same rate as fast food, and when landlords charge what they like, the effect isn’t just fewer Michelin stars; it’s fewer apprentices, fewer suppliers, fewer reasons for tourists to bother crossing the Channel for dinner.
You can’t build an “innovation economy” on empty stomachs. Yet that’s what we seem to be trying. The government talks endlessly about growth while allowing one of Britain’s finest export industries—its hospitality scene—to suffocate under the weight of its own bills. Paris subsidises its bistros. Copenhagen practically canonises its chefs. In London, we just raise the price of the tasting menu and pretend everything’s fine.
Of course, there will always be those for whom £250 is a rounding error. The same crowd who will book Bonheur weeks ahead and post filtered shots of their langoustine tartlets. They’re not the problem. The problem is the steady disappearance of the middle ground—the diners who once treated a grand restaurant as a reachable luxury. Those people are now in bistros, if they’re out at all, calculating the cost of bread service.
When I took clients to the Savoy or Claridge’s, it wasn’t just about indulgence; it was diplomacy. Deals were signed over lamb cutlets and laughter. You can’t do that if your guest is nervously Googling “how much to tip on £500”. Fine dining relied on aspiration, not intimidation.
Perhaps we should stop pretending fine dining is for everyone. Let it be what it now is: haute couture, admired from afar. But if we do, we must also accept that Britain loses something. Our restaurants have long been the quiet stages of our national life—places where ambition met artistry, where even a tax accountant could feel momentarily glamorous.
Reeves can’t control every gas bill, but she can recognise that hospitality is not a luxury to be tolerated; it’s a craft to be preserved. Energy relief for small restaurants, tax breaks for training, a re-think of VAT for the sector—none of it would cost much compared to the cultural value at stake.
Because once the £250 dinner becomes the norm, it stops being dinner. It becomes a ceremony for the few, performed behind heavy curtains while the rest of us eat at home and wonder when exactly Britain forgot how to go out.
Read more:
Fine dining’s death by a thousand cuts, and at least a £250 bill

Stepping away from a successful career in technology to pursue a long-held creative ambition is no small leap, yet that is precisely what Sarah Haran did.
Today, she heads the British luxury accessories brand that bears her name, celebrated for workmanship, colour and a modular design concept that gives customers “one bag, endless looks”.
From her studio to the atelier in Istanbul where each piece is crafted by hand from Italian leather, Haran has created a label defined not just by design but by purpose: handbags that bring joy to women’s lives, offering both style and versatility. With a loyal following across the UK and US, she has carved out a niche rooted in quality, creativity and customer connection.
What do you currently do at Sarah Haran Accessories?
As Founder and CEO, Haran occupies the unusual space where corporate discipline meets creative freedom. She continues to design every collection, guide the brand’s creative direction and oversee marketing, ensuring that each touchpoint reflects the central values of joy, versatility and craftsmanship.
“No two days are the same,” she says. “I might be reviewing new samples in the morning and hosting a live styling session in the afternoon. That blend of communication and creativity is what energises me.”
Her focus, she explains, is unwavering: to make handbags that are as functional as they are beautiful. From leather quality to colour palette to how each piece adapts to a customer’s day, Haran is closely involved in every detail. “Everything comes back to one idea — making women’s lives easier, while bringing them joy.”
What was the inspiration behind your business?
The spark came from a personal frustration: the struggle to find a handbag that was luxurious yet practical, stylish yet adaptable. “I wanted something that could evolve with my day without needing to change bags,” Haran says. This desire became the foundation of her modular handbag system, enabling women to customise their look with interchangeable accessories.
Two years of development followed, working with expert craftspeople to refine every element until function and elegance sat perfectly in balance. The result is a collection designed not only to suit any occasion but to empower its wearer.
Her purpose remains clear. “We talk about bringing women ‘bags of joy’ — and that comes from listening to our customers. Their stories, how the bags fit into their lives, inspire me constantly. It’s about much more than handbags — it’s about helping women feel confident, organised and joyful every day.”
Who do you admire?
Haran’s influences are wide-ranging, anchored in respect for women who embody resilience, ambition and kindness. “My mother showed me that drive and compassion can absolutely go hand-in-hand,” she reflects.
She cites admiration for the Queen’s quiet loyalty and sense of duty, Victoria Beckham’s reinvention and work ethic, and Katie Piper’s extraordinary courage and optimism. She also acknowledges broadcaster Anthea Turner for her generous support of the brand and her ability to remain relevant with grace.
Closer to home, Haran praises Lynne Kennedy of Business Women Scotland for her work championing female entrepreneurs. But it is her own customers who, she says, inspire her most deeply. “Some have been with us since the very beginning. Their loyalty and encouragement are a constant source of motivation.”
Looking back, is there anything you would have done differently?
“If anything, I’d have started sooner,” Haran admits. “Building a brand takes far longer than people expect — it’s years of learning, refining and staying resilient.”
Yet she is quick to acknowledge the value of her previous career. Her years in technology taught her discipline, strategic thinking and the structural foundations needed to scale a business sustainably. “So while an earlier start might have accelerated growth, I’m grateful for what those corporate years gave me.”
If she could advise her younger self, she’d keep it simple: be patient, learn constantly, and recognise that each challenge strengthens the path ahead. “Every day really is a school day — the journey is longer and harder than you imagine, but every lesson counts.”
What defines your way of doing business?
One word, Haran says, sums it up: joy. It runs through her designs, her brand communications and her approach to customer relationships. “Luxury shouldn’t feel cold or distant,” she explains. “It should feel uplifting, thoughtful and genuinely personal.”
She places strong emphasis on fairness, kindness and creativity, prioritising long-term relationships over quick wins. Whether working with her team, suppliers or customers, the goal is to build a brand that people enjoy being part of.
“The business was founded on the idea of joy, and that continues to guide every decision. When you lead with joy, it changes the way you design, work and grow.”
What advice would you give to someone starting out?
Her first piece of advice is deceptively simple: begin before you feel ready. “There’s no perfect moment,” she says. “Progress comes from taking action, not waiting.”
She recommends finding a clear sense of purpose, something steady to return to on difficult days. For Haran, that purpose is helping women feel confident through design.
She also stresses the importance of surrounding yourself with people who share your values, who challenge you in the right ways, and who believe in your vision. “Listen to advice, but trust your instincts. Stay curious. Building a business is constant learning — and you simply don’t know what you don’t know. Forgive yourself as you go.”
Read more:
Getting to know you: Sarah Haran, Founder & CEO, Sarah Haran Accessories

Pub operators and hospitality leaders have warned that Chancellor Rachel Reeves’ expected tax raid on gaming machines could inflict serious damage on an industry already battling soaring costs, staff shortages and fragile consumer confidence.
With speculation mounting that the Chancellor will sharply increase Machine Gaming Duty (MGD) in the November 26 Budget, trade bodies say the move risks pulling away one of the last remaining revenue supports for thousands of community pubs.
Fruit machines have been part of Britain’s pub culture for more than 50 years, and although their numbers have declined since their heyday, they remain an essential income stream. According to UKHospitality, almost 36,700 fruit and slot machines operate across nearly half of the UK’s pubs, generating £622 million annually. Once taxes, supplier rent and other charges are deducted, operators are left with an estimated £385 million — or roughly £8,500 per pub — at a time when margins are already “wafer thin”.
Fears have intensified following reports that Reeves is preparing significant increases in gambling taxes to help plug a £30 billion hole in the public finances. Proposals being discussed include raising sports betting duties from 15% to 30% and lifting duty on machine and online slots from 20% to 50%. For pubs, whose gaming machines are low-stakes and incidental to their core trade, industry leaders say such a jump would be devastating.
Lawson Mountstevens, managing director of Heineken-owned Star Pubs, said pubs are already under “tremendous pressure” following last year’s steep rise in Employer National Insurance and the national minimum wage. “Our low-stakes machines are an important revenue stream. Any move that erodes their value puts further strain on our ability to serve communities up and down the UK.”
That sentiment is shared across the sector. James Baer, executive chairman of Amber Taverns, said increasing MGD for machines that are “ancillary” to pubs’ main purpose would be another “unwelcome setback” after what he described as a “savage attack” on hospitality last year.
Greene King chief executive Nick Mackenzie warned that the measure may “inadvertently be the tipping point” for pubs already grappling with an “avalanche of costs”. The British Beer & Pub Association (BBPA) estimates a rise in MGD to 50% would cost pubs £187 million a year, equivalent to 16,300 jobs.
Emma McClarkin, chief executive of the BBPA, said the impact could be catastrophic. “These are low-margin businesses that create huge numbers of jobs for young people. Any increase in the cost of doing business brings them closer to closing their doors for good.”
Analysts believe listed pub companies could also face significant hits. At JD Wetherspoon — already absorbing £60 million in additional annual costs due to labour changes — Peel Hunt analyst Douglas Jack estimates a move to 50% MGD would cost the group £18 million. Founder Sir Tim Martin said gaming machines may represent a small portion of Wetherspoon’s sales, but remain “an important part of pub economics” and are “already highly taxed”. Another increase would be “another straw on the camel’s back”.
The industry fears the government’s calculations are flawed. Rather than bringing in more revenue, higher taxes could make many machines unprofitable, prompting their removal and actually reducing the total tax take. Chris Jowsey, chief executive of Admiral Taverns, warned the move would have a “devastating impact”, cutting income for pubs in areas where alternative revenue streams are limited. At Admiral Taverns’ 1,300 pubs, machines currently generate around £6,000 net revenue per year; under the proposed tax rate, this would fall to £2,625.
Alongside financial pressures, industry leaders say the timing could not be worse. New projections from the BBPA suggest 332 pubs will have closed by the time the Chancellor delivers her Budget. The concern is that an MGD rise will accelerate the decline of one of Britain’s most cherished community institutions.
Trade bodies including the BBPA and UKHospitality are now urging the government to freeze duty on Category C low-stakes fruit machines and Category D arcade-style penny fall machines — both of which are disproportionately used in pubs and leisure venues.
Kate Nicholls, chairwoman of UKHospitality, said that for many pubs, machine income has become “increasingly important” as they deal with spiralling operational costs. Raising MGD on these machines, she said, would be “detrimental” to the long-term health of the sector.
A Treasury spokesperson said tax decisions will be announced at the Budget, adding that its consultation on gambling taxation is focused on remote betting websites, which employ fewer people, have lower costs, and deliver higher profits than traditional venues.
Industry leaders remain unconvinced. “This would not deliver the intended yields,” Jowsey said. “It would accelerate pub closures, cut jobs, hollow out high streets and likely reduce the overall tax take. It would feel like the rug is being pulled out from beneath community pubs.”
Read more:
Reeves’ fruit machine tax ‘would gamble with pubs’ futures’, industry warns

Stonegate Group, owner of the Slug & Lettuce and Be At One chains, has opened preliminary talks with advisers about a disposal of part of its estate, according to industry sources.
The move comes as the company struggles with more than £3 billion of debt built up largely through its £3 billion takeover of rival Ei in 2019.
The pubs under review — 1,034 sites internally known as Stonegate’s “platinum” collection — are regarded as among the company’s strongest assets. Sources said the package could fetch up to £1 billion. Stonegate attempted to offload a similar number of pubs in 2023, but the sale did not progress.
After that failed process, Stonegate securitised the platinum estate using a £638 million loan from private equity firm Apollo, carving the pubs out into a separate entity and easing immediate pressure on the wider group.
The company’s executives are reassessing options ahead of January, when a “non-call period” on the Apollo loan — which currently prevents Stonegate from selling or refinancing the pubs — expires. One option being considered is breaking the estate into several large tranches rather than seeking a single buyer.
Stonegate, owned by private equity firm TDR Capital, has grown rapidly since its creation in 2010, when TDR bought 333 pubs from Mitchells & Butlers. Its takeover of Ei made it the country’s biggest pub landlord, overtaking Greene King, but also saddled the business with heavy borrowing shortly before the Covid pandemic forced pubs to shut for months.
The financial strain has only intensified since. High interest rates and rising operating costs have weighed heavily on the business: Stonegate’s finance costs hit £455 million in the year to 29 September 2024, while the group reported a £214 million loss for the year. The sector has also been hit by higher labour costs following increases in employers’ national insurance and the minimum wage.
In August, ratings agency Fitch downgraded Stonegate to CCC+, citing concerns about its ability to meet debt repayments. The carved-out platinum pubs were not included in the rating.
The platinum estate is understood to be generating around £90 million in annual EBITDA. All the pubs are freehold, spread across England and Wales.
Private equity bidders are expected to show strong interest given the scale and quality of the assets available.
Alongside efforts to stabilise its finances, Stonegate chief executive David McDowall — who joined from BrewDog last year — has launched a transformation plan aimed at returning the company to profitability. The strategy includes converting hundreds of managed pubs into tenanted or leased sites, reducing labour exposure and generating what the company says is an average profit uplift of £110,000 per pub.
TDR, Stonegate’s owner, is best known for its investment in Asda, which it acquired in a £6.8 billion deal alongside the Issa brothers in 2021. It took majority control of the supermarket last year after buying Zuber Issa’s stake.
Stonegate declined to comment on the potential sale.
Read more:
Britain’s largest pub operator is preparing £1 billion sell-off of more than 1,000 venues

John Chipponeri is a retired Chevron executive, coach, and endurance athlete whose career has been defined by leadership, resilience, growth and service.
Raised in Ceres, a small town in Central California, he grew up in a large Sicilian family where hard work and community values shaped his outlook. Excelling in both academics and sport, he graduated as valedictorian of his high school and earned recognition as MVP on the football field while leading his baseball team as catcher.
In 1984, Chipponeri graduated with honours from the University of California, Berkeley, with a degree in Mechanical and Petroleum Engineering. He was inducted into Tau Beta Pi, the national engineering honour society, and received the Outstanding Petroleum Engineering Student Award. He later added an MBA to his credentials, strengthening his ability to bridge technical expertise with business leadership.
His professional journey with Chevron spanned more than three decades and took him around the world. He advanced through roles including Facilities Engineer, Process Safety Engineer, Field Superintendent, Project Engineer, Business Manager, and Senior Project Manager. He oversaw projects worth up to $3 billion, managing multinational teams across the United States, Indonesia, and Australia.
After semi-retiring in 2017, Chipponeri turned his focus to personal development, coaching, and endurance sport. He has completed over a dozen half-ironman races and swam the 13-mile Rottnest Channel in Australia. Today, he works with men’s groups, recovery programmes, and athletes, blending leadership, sport, and the Enneagram to help others build resilience and authentic connection.
Q&A with John Chipponeri
Can you tell us about your early years and what influenced you most?
I grew up in Ceres, a small farming town in Central California, in a big Sicilian family. Being the youngest of four, I quickly learnt the value of hard work. My parents and community taught me that perseverance and service mattered. I poured myself into both school and sport. I graduated as valedictorian and was MVP of the football team, while also leading my baseball team. Out of my entire class, only three of us went to university, and I was proud to be one of them.
What led you to study engineering at UC Berkeley?
As a 14-year old I ran across a book that said if you are good and match and science then you should be an engineer.  At Berkeley I studied Mechanical and Petroleum Engineering, graduating with honours in 1984. I was inducted into Tau Beta Pi and even received the Outstanding Petroleum Engineering Student Award. More than the awards, though, Berkeley taught me how to ensure that I truly understood the problem at hand, this made finding the solution more straightforward.  Problems rarely have easy solutions, and I learnt how to approach them with curiosity and persistence.
How did your career at Chevron begin?
I started as a Facilities Engineer in Bakersfield, California. From there, I moved through different roles and locations—Louisiana, Michigan, Indonesia, Texas, and finally Australia. Each step added a new layer of responsibility. I became a Process Safety Engineer, then a Field Superintendent, later a Project Engineer and Business Manager. Eventually, I was a Senior Project Manager leading projects worth up to $3 billion.
What was one of the biggest lessons from leading such large projects?
Large projects are daunting on paper. The numbers are massive, the stakes are high. But when you break it down, it always comes back to people. Processes are critical, of course, but trust and leadership are what carry a project across the finish line. Building trust across teams, especially international ones, was both the challenge and the reward.
Your work took you across the world. How did that shape you?
Working in Indonesia and later Australia broadened my perspective. You see first-hand how culture and context influence decisions. Leadership in Jakarta looks different from leadership in Houston, but the values—respect, clarity, accountability—are the same. Those experiences made me a more flexible and empathetic leader.
Alongside your career, you were active as a father and coach. How did that balance play out?
I coached my sons’ sports teams from when they were five until their early teens—soccer, swimming, baseball, basketball, and flag football. It was demanding at times, but deeply rewarding. Parents would often tell me their kids wanted to play on my teams because they learned the game andit was fun. That meant a lot to me. Both of my sons are now engineers and business leaders themselves, which feels like things came full circle.
You also became involved in endurance sports. How did that come about?
In my 40s I got hooked on triathlons. I ended up completing over a dozen half-ironmans. One of the highlights of my life was swimming the 13-mile Rottnest Channel off the coast of Perth, Australia. It was a true test of body and mind. Endurance sport teaches you resilience—you learn that your mindset often matters more than your muscles.
After retiring from Chevron, what direction did you take?
I semi-retired in 2017 and shifted focus to coaching and personal growth. I studied the Enneagram in depth and I’m now completing my Narrative Enneagram Teacher Certification. Today, I work with men’s groups and recovery programmes. Men often feel they need to carry everything alone, but I’ve seen how growth happens when they have spaces to share and connect.
How do you see your role now compared to when you were managing billion-dollar projects?
The settings are different, but the goal is similar: helping people succeed. Back then it was about leading teams through complex engineering challenges. Now it’s about guiding individuals to build resilience, find balance, and connect with their authentic selves. In both, trust and integrity are the foundation.
What keeps you motivated today?
I live in San Rafael, California, and stay active with yoga, hiking, biking, and pickleball. Coaching, mentoring, and supporting recovery work keep me engaged. What motivates me is simple: helping people grow. Whether it’s a billion-dollar project or a men’s group, I try to live by the same values—hard work, integrity, and service.
Read more:
John Chipponeri: From Chevron to Coaching and Men’s Work

Former chancellor George Osborne has been shortlisted as a shock candidate to become the next chairman of HSBC Holdings, one of the most powerful and prestigious roles in global banking, according to reports.

Sky News revealed that Osborne — who served as chancellor from 2010 to 2016 — was approached over the summer as part of HSBC’s year-long search to replace outgoing chair Sir Mark Tucker. City sources say he is now among three remaining contenders being considered by the board.
The other candidates are understood to be; Naguib Kheraj, former Barclays finance director and ex-deputy chairman of Standard Chartered and Kevin Sneader, former global managing partner of McKinsey, now a senior executive at Goldman Sachs in Asia
It remains unclear whether any other names are still formally in contention or if the board views a particular candidate as the frontrunner.
Osborne’s presence on the shortlist has raised eyebrows across the Square Mile. Despite his extensive political and advisory background, he has no public company chairmanship experience, and his direct banking experience is limited compared with his rivals.
HSBC — valued at nearly £190bn and the second-largest FTSE 100 company after AstraZeneca — has faced criticism for running what observers describe as a chaotic succession process. Sir Mark stepped down at the end of September to chair insurer AIA, although he continues to advise HSBC’s board. Former KPMG vice-chair Brendan Nelson was installed as interim chair last month while the search continues.
If selected, Osborne would be a radical appointment for a post traditionally held by senior banking figures with decades of industry experience.
Since leaving Parliament, Osborne has pursued a wide-ranging career. He served as editor of the London Evening Standard, before becoming a partner at Robey Warshaw, the elite merger advisory firm recently acquired by Evercore. He also chairs the British Museum, advises cryptocurrency exchange Coinbase, and chairs Lingotto Investment Management, backed by Italy’s Agnelli family.
A move to HSBC would require him to relinquish several of these high-profile roles.
Osborne’s past dealings with China are also likely to attract scrutiny. As chancellor, he championed a “golden era” of UK-China relations and reportedly intervened on HSBC’s behalf in 2012 during its negotiations with US authorities over money-laundering charges. Today’s far cooler geopolitical climate means HSBC’s next chair will face a radically different operating environment.
Regulators are expected to scrutinise both his limited banking experience and complex professional portfolio.
HSBC shares have risen more than 50% over the past year, despite global headwinds. The bank is now undergoing a major strategic reshaping under new chief executive Georges Elhedery, who succeeded Noel Quinn in July 2024.
Elhedery has reorganised the business into eastern markets and western markets divisions, and has merged commercial and investment banking into a single unit. Analysts have given mixed reactions, but the strategy has not halted the stock’s strong performance.
During Sir Mark Tucker’s tenure, HSBC continued to streamline its operations by exiting non-core markets including Canada and France to sharpen its focus on Asia.
HSBC said the chair succession process, led by senior independent director Ann Godbehere, remains ongoing. Neither the bank nor Mr Osborne commented on the latest developments.
Read more:
George Osborne emerges as surprise contender to become HSBC chairman

Almost half of UK SMEs are optimistic about the year ahead, but cost pressures remain the biggest obstacle to growth, according to new research from Simply Asset Finance released ahead of the Autumn Budget.
The study shows SME confidence is climbing: 49% of decision makers feel positive about the next 12 months, up from 43% a year ago. Notably, 19% say they are “really excited” about their growth prospects — more than double the 8% recorded in 2024.
However, despite growing optimism, the challenges facing SMEs remain largely unchanged from last year’s Budget. Businesses continue to grapple with high energy prices, inflationary pressures and rising taxes, prompting renewed calls for government action to boost productivity.
High energy costs remain the single biggest issue for SMEs, with 40% calling on the Chancellor for targeted support — rising sharply to 54% among medium-sized firms. The UK remains one of the most expensive advanced economies for business energy costs, leaving companies warning that they are operating at a structural disadvantage.
A further 34% of SMEs want enhanced tax incentives to stimulate investment and innovation, while calls for corporation tax cuts have almost doubled year-on-year to 36%, up from 19% in 2024.
Government-backed loans also continue to feature prominently on SME wish lists, with 26% of firms looking for better access to affordable finance as they plan expansion.
Confidence that the Government will deliver a pro-business Autumn Budget remains low, sitting at 36%. Many firms say they face the same barriers that held them back last year, with 46% citing a stagnant economy, 39% pointing to persistent high inflation and 30% highlighting high interest rates.
With 68% of SMEs saying the Autumn Budget will have a “significant” or “fundamental” impact on their growth plans, pressure is building ahead of the 26 November announcement.
Mike Randall, CEO of Simply Asset Finance, said: “It’s incredibly encouraging that SMEs are showing a clear appetite to invest and grow. But there is continued frustration at the lack of support with ever-rising costs and the same barriers blocking their path forward.
“Energy costs remain the biggest drag on growth — and businesses are clear they need support to allow more room to invest. With the UK facing some of the most expensive energy costs in the world, firms are operating at a disadvantage and something needs to give.
“With the Budget weeks away, the Government has a critical window. The right decisions could unlock growth and fuel productivity across the UK; the wrong ones risk stalling momentum at a defining moment.”
Read more:
SME confidence improves, but rising energy and tax costs continue to hinder growth ahead of the Autumn Budget

Leading employment experts and major employers have said there is “nothing to fear” from the Government’s Employment Rights Bill, arguing that the reforms will support fairer workplaces, boost productivity and bring the UK closer in line with international employment standards.
The comments came during a roundtable held in Parliament on Tuesday 11 November — the same day new figures revealed unemployment had risen to 5%, the highest rate for a decade outside the pandemic period. Hosted by the Policy Liaison Group on Workplace Wellbeing and attended by Labour MP Katrina Murray, the discussion explored how the Bill could help shape a stronger and more inclusive labour market.
Participants agreed that the Bill represents a long-overdue modernisation of the UK’s fragmented employment law framework. While critics have suggested the legislation will place extra burdens on employers, attendees noted that many of the reforms — including day-one protection from unfair dismissal, enhanced sick pay and parental leave, and stronger anti-harassment measures — are already routine among responsible employers.
The real challenge, experts argued, lies not in the reforms themselves but in the practical implementation, including updating HR systems, payroll processes and internal policies. However, this is eased by a staged, sector-by-sector rollout, which businesses welcomed as a sensible and collaborative approach to major employment change.
The Bill’s proposal for a new nine-month statutory probationary period was also well received, described as striking the right balance between protecting employees and allowing employers adequate flexibility. Attendees said clearer rules and stronger protections would improve recruitment and retention while supporting wellbeing and productivity. As one contributor put it: “good work is good business”.
Gethin Nadin, Chair of the Policy Liaison Group on Workplace Wellbeing, said rising unemployment made cooperation between employers and government more important than ever: “Good employers have nothing to fear from good work. This Bill builds confidence, sets clear expectations and rewards those who lead by example.”
He encouraged employers to engage openly with the Bill to reduce unnecessary misconceptions.
Abigail Vaughan, CEO of Zellis, highlighted the need to simplify areas where multiple pieces of legislation overlap: “The key test now is implementation. Reviewing opportunities to simplify maternity and parental leave rules would help reduce honest mistakes, protect vulnerable workers and limit confusion.”
Janet Williamson, Head of Corporate Governance and Collective Bargaining, said: “The Employment Rights Bill will help the UK catch up with other leading economies. It strengthens essential protections and provides businesses with a more transparent and consistent framework.”
She added that employers would benefit from lower turnover, reduced absenteeism and stronger productivity: “When people have fair, secure and predictable work, organisations perform better.”
Read more:
Experts say there is “nothing to fear” from Employment Rights Bill as employers back fairer workplace reforms

The Government has confirmed that Police and Crime Commissioners (PCCs) will be scrapped, with ministers claiming the move will save at least £100 million that can instead be channelled into frontline policing, artificial intelligence and cybercrime capability.
The announcement forms part of a wide-reaching overhaul of policing in England and Wales aimed at raising national standards, improving performance monitoring and ending what ministers have described as a “postcode lottery” in crime outcomes.
The reforms, which will be outlined in full in the forthcoming Police Reform White Paper, include the creation of a new National Centre of Policing. The centre will consolidate critical support functions — including IT services and forensic capabilities — to improve efficiency and ensure better value for taxpayers. Ministers are also introducing a new police performance unit to drive up standards across forces.
A major pillar of the reform is a significant investment in AI-driven policing tools and enhanced cyber skills, reflecting the changing nature of crime and the rising complexity of online threats.
The government argues that abolishing PCCs will remove layers of unnecessary bureaucracy while freeing up millions for neighbourhood policing. Since their introduction in 2012, PCCs have struggled to gain public recognition; fewer than half of Britons are aware they exist, and turnout in PCC elections has consistently been low.
Graeme Stewart, head of public sector at Check Point Software, said the decision reflects a “fundamental shift” in policing: “This is a bold move by a government fully aware that the nature of policing has changed since these roles were created twelve years ago. AI, cyber attacks and online safety challenges mean accountability rarely sits with one individual. Redirecting these savings towards frontline policing and digital capability is essential for tackling tomorrow’s threats.”
Under the new model, the responsibilities of PCCs will be absorbed by regional mayors where possible, placing crime reduction and policing strategy within the wider context of public services such as education and community safety. The transition will take place at the end of the next electoral cycle in 2028.
Home Secretary Shabana Mahmood said PCCs had proved ineffective: “The introduction of police and crime commissioners was a failed experiment. I will introduce reforms to ensure police are accountable to local mayoralties or councils. The savings will fund more neighbourhood police on the beat, fighting crime and protecting our communities.”
The reforms sit alongside the Government’s Neighbourhood Policing Guarantee, which pledges named and contactable officers for every community, guaranteed police patrols in busy areas at peak times and 3,000 additional neighbourhood officers by spring next year.
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