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Britain has taken the global food crown in Deliveroo’s much-anticipated 2025 “Deliveroo 100 Report”, which charts the most popular and fastest-rising delivery trends across nine countries.
London’s Papo’s Bagels topped the global list with its “Classic” smoked salmon and cream cheese bagel — the world’s number one order on Deliveroo this year — leading a record 16 UK dishes that made the global rankings.
Deliveroo’s global top ten was dominated by comforting, portable classics — bagels, burgers and sandwiches. The UK was one of just three countries to land two dishes in the top ten, with Papo’s Bagels’ “The Classic” at number one and 7Bone’s “Dirty Meal Deal” from Reading at number eight.
The rest of the top ten spanned continents, with Italy’s La Piadineria in Bologna taking second place, Dubai’s Rascals Deli in third, and Paris’s Pierre Sang claiming fourth with its Korean-inspired Bibimbap Boeuf Bulgogi.
Deliveroo said the global trends pointed to “culinary exploration without borders”, with traditional formats reinvented through innovation — from smashburgers to fusion flatbreads.
“Marking our ninth year, the Deliveroo 100 is more than a list — it’s a snapshot of global cravings and consumer habits,” said Jeff Wemyss, Deliveroo’s Vice President of Regional Growth. “This year’s list shows how communities connect through food, and how independents continue to shine alongside household names.”
The bagel has officially been crowned Britain’s comfort food of the year, with Deliveroo highlighting a “nationwide obsession” that has seen bagel shops and pop-ups thrive across the UK. Papo’s Bagels — an independent, family-run business born in lockdown — beat global restaurant giants to the top spot.
Its success, Deliveroo noted, “proves that local independents can capture the nation’s appetite and turn a humble classic into a cultural phenomenon.”
Deliveroo’s UK list reflects a nation of adventurous yet comfort-seeking diners. Alongside Papo’s bagel and 7Bone’s burger, the top orders included Crunch’s Ultimate Combo (London), Jason’s Sourdough Bread from Morrisons in Manchester, and Wingstop’s Garlic Parmesan Tenders in Birmingham. Health-focused and viral favourites also made the list, such as JENKI’s Matcha Iced Latte and Planet Organic’s Seamoss Gel.
Matcha mania continued to dominate 2025, fuelled by TikTok trends. JENKI’s Matcha Iced Latte reached number seven on the UK list, while Sticks N Sushi’s Matcha Chocolate Cake in Cambridge made number 29.
Sourdough also proved its staying power, with Manchester crowned the UK’s “sourdough capital” thanks to Jason’s loaves. Meanwhile, the rise of wellness products saw Planet Organic’s Myla’s Moss Seamoss Gel Gold break into the top 30 — a nod to consumers’ growing appetite for health-conscious choices.
At the other end of the spectrum, Deliveroo’s data revealed a surge in non-food items, including Wilko fans, Ann Summers’ Power Bullet Set, and skincare essentials like face masks — a reflection of how the app is becoming a one-stop shop for everyday needs.
Deliveroo also unveiled its “Biggest Climbers” of 2025, highlighting how customers are increasingly turning to the platform for lifestyle and retail purchases. Fans, jewellery, candles, cat litter, perfume and paint rollers were among the fastest-growing categories, driven by heatwaves, holidays and home improvement trends.
“We’re seeing an evolution in the way people shop,” said Wemyss. “Non-food orders are growing rapidly across the UK. Whether it’s a hearty smash burger or a perfectly ripe punnet of blueberries, Deliveroo is there for every need.”
This year’s Deliveroo 100 celebrates how technology, social media and local creativity are blending to reshape global tastes. As Papo’s Bagels and other independents rise to global fame, the message is clear: the UK’s appetite for flavour, fun and innovation shows no signs of slowing down.
From sourdough to seamoss, the nation’s taste buds are living their best delivery life.
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Bagels, burgers and seamoss top Deliveroo’s 2025 cravings list

The head of British luxury brand Mulberry has called on the government to reinstate VAT-free shopping for international tourists, warning that the “unfair” tax burden is stifling investment and driving wealthy shoppers away from the UK.
Chief executive Andrea Baldo said the move would help revitalise Britain’s luxury and retail sectors — which have been hit hard by declining visitor spending since the 2021 abolition of the VAT rebate for overseas visitors — while boosting UK manufacturing and tourism revenues.
“Bringing back VAT-free shopping for tourists would be beneficial for the economy,” Baldo said. “You are competing with Paris and Rome — giving them an unfair advantage doesn’t make sense.”
According to data from Global Blue, spending by non-EU visitors in the UK remains at just 75% of pre-pandemic levels, compared with increases of 166% in Spain and 159% in France.
Mulberry estimates it has lost nearly £10 million in UK sales since the VAT-free shopping scheme was scrapped. Baldo said the loss of international footfall had been particularly visible in London:
“We’ve probably lost around a fifth of the traffic from international visitors. Our stores in Dublin and Amsterdam have almost doubled their business from travellers.”
Baldo said reinstating the VAT rebate would directly support UK manufacturing, with Mulberry’s Somerset production sites set to benefit from higher output if the policy were reversed.
The comments come as Chancellor Rachel Reeves faces growing pressure to stimulate growth after the Office for Budget Responsibility warned that weak productivity would cut Britain’s long-term economic potential, creating a £27 billion shortfall in fiscal forecasts.
Baldo acknowledged that reintroducing VAT-free shopping could prove politically contentious but argued that it was a matter of international competition, not privilege: “It’s not about giving tax relief to tourists — it’s about levelling the playing field. Our competitors in Europe already offer it.”
He added that removing the tax could provide an immediate boost to retail, hospitality and tourism — sectors critical to the UK’s economic recovery.
“Our business would invest more in UK production, and hotels, restaurants, and high street stores would benefit from the influx of international shoppers.”
Since joining Mulberry a year ago from Danish brand Ganni, Baldo has sought to stabilise the company following years of turbulence, including shareholder tensions between majority owner Ong Beng Seng’s Challice group and Mike Ashley’s Frasers Group, which holds a 37% stake.
Relations have since improved, with Frasers now backing Mulberry’s strategy and stocking its products in 15 Flannels stores, as well as Selfridges and John Lewis.
Mulberry, which raised £20 million in new funding this year, plans to open up to five new standalone stores across major UK cities including Birmingham and Liverpool, as it focuses on reconnecting with British consumers.
Baldo said the company was rebuilding its reputation as an accessible luxury brand while keeping its British heritage central. Sales at its Regent Street store are up 16% year-to-date, and the relaunch of the iconic Roxanne bag has drawn renewed interest from younger shoppers.
“We’ve got good momentum, although returning to profitability will take a minute,” Baldo said. “If we can leverage the love for the brand, we can grow the business.”
Baldo said Mulberry’s turnaround will succeed regardless of the government’s next fiscal steps, but warned that further tax increases could damage fragile consumer confidence.
He described the return of VAT-free shopping as “the gift under the Christmas tree” that Britain’s luxury, retail and hospitality sectors urgently need.
“We’re not asking for special treatment,” he added. “We’re asking for fairness — and the chance to compete on equal terms with the rest of Europe.”
Read more:
Mulberry chief urges Labour to scrap ‘unfair’ tourist tax as luxury sector reels from spending slump

Asda has sold Leon back to its co-founder John Vincent, ending four turbulent years of ownership under the Issa brothers that saw the once health-focused fast-food chain accused of losing its identity.
The deal, which includes 46 company-owned restaurants and 25 franchise sites, comes amid growing criticism that Leon had drifted away from its founding principles of “natural fast food” in favour of higher-calorie, processed items.
Vincent, who launched the chain in 2004 with food campaigner Henry Dimbleby, said he plans to take “a good look under the bonnet” before making major decisions about the company’s direction.
“If you are a Leon guest, I want you to know we are on the case,” Vincent said. “We will now get on with dedicating ourselves to your enjoyment and to your health.”
While financial terms were not disclosed, industry sources suggested Vincent bought the business at a steep discount to the £100 million it fetched when the Issa brothers’ EG Group acquired it in 2021.
The sale completes a full circle for Leon, which the Issas first purchased via EG Group, their petrol forecourt empire, before transferring it to Asda in 2023 to help reduce EG’s multibillion-pound debt load.
The brothers’ control of Leon — and its subsequent integration into Asda’s operations — drew mounting criticism from health campaigners and industry insiders, who said the brand had abandoned its “naturally fast food” ethos.
In early October, co-founder Henry Dimbleby accused Asda of “destroying” the brand, pointing to menu changes such as burgers, nuggets, fries, cookies and cakes that replaced Leon’s former focus on nutritious options.
“I know how easy it is to be sucked down into going for what’s tasty — the sugar, the salt, the cheap,” Dimbleby told The Telegraph. “But in the long term, that’s going to destroy the brand.”
Under Asda, Leon also expanded into supermarket retail with frozen and microwaveable meals, and rolled out hundreds of branded coffee stations across the UK — a strategy designed to scale revenues but one that critics said diluted its premium, health-first image.
Leon’s most recent accounts show revenues fell from £64.9 million in 2023 to £62.5 million in 2024, reflecting weak consumer confidence and a loss of brand loyalty among its core customers.
The slowdown, combined with reputational strain, prompted speculation that Asda was preparing to divest the business. For Vincent, the buyback offers a chance to reclaim Leon’s original purpose — “food that tastes good and does you good.”
“We will take our time, listen to our guests and our teams, and make decisions that stay true to Leon’s mission,” Vincent said after the deal.
An Asda spokesperson thanked Leon employees for their “contribution and hard work” over the past two years, saying: “We wish them all the best as they move forward under new ownership.”
For Asda, the sale simplifies its portfolio as it focuses on debt reduction and supermarket integration following the Issa brothers’ leveraged takeover.
For Leon, it represents a second chance. Once hailed as Britain’s answer to healthy fast food, the brand now faces the challenge of rebuilding consumer trust and reaffirming its place on the high street.
With Vincent back at the helm, industry observers say Leon’s comeback story may depend on whether it can balance its original healthy ethos with commercial reality — and prove that fast food can still be good food.
Read more:
Asda sells Leon back to founder after ‘junk food’ backlash

The Society of Pension Professionals (SPP) has joined forces with Stonewall to publish a new paper calling for stronger inclusion of LGBTQ+ individuals across the UK’s financial and business sectors.
The collaboration, part of SPP’s Inclusive Futures series, highlights the persistent inequalities that continue to affect LGBTQ+ people despite decades of social and legal progress.
The report, featuring insights from Simon Blake (pictured), Chief Executive of Stonewall, and Savannah Adeniyan, Solicitor at Travers Smith LLP and SPP member, shines a light on the inequalities that still shape financial security, workplace culture and representation in senior leadership. It calls on pension providers, employers and policymakers to translate diversity pledges into measurable action.
Blake warns that while the UK has made significant strides since the late 20th century, “a clear picture of inequality remains which flows through to financial inequality and a LGBTQ+ pensions gap.” He points to data from ILGA Europe showing that Britain has slipped from first to 22nd place in European equality rankings over the past decade, reflecting a wider pattern of stagnation and regression.
The figures are stark: two-thirds of LGBTQ+ young people have faced discrimination based on their sexuality or gender identity, while hate crime reports have climbed to nearly 28,000 incidents a year. In the workplace, more than half of LGBTQ+ employees report experiencing harassment or bullying, and almost a third say they do not feel able to be open about their identity at work.
Blake argues that the pensions and financial services sectors have a crucial role to play in addressing these systemic gaps. He urges employers to learn from LGBTQ+ history and lived experience, to ensure scheme information and communications reflect diverse family structures, and to make paperwork and policies genuinely inclusive. “This isn’t just about representation,” he writes. “It’s about dignity, fairness and ensuring our futures are built on equal foundations.”
Adeniyan’s contribution, titled Visible, Open, Engaging, offers a personal reflection on her experience as a queer Black woman in the legal industry. While she celebrates the progress that has made workplaces more inclusive, she acknowledges that barriers remain. “My queer identity has been welcomed throughout my career in a way that I know many LGBT+ professionals did not experience at the start of theirs,” she writes, recalling how early in her career she was advised to “go back into the closet” to get a foothold in law.
Although such attitudes are fading, Adeniyan says too many professionals still encounter “glass ceilings” or feel unable to be open about their identity for fear of harming their careers. Yet she remains optimistic, pointing to genuine strides being made across the legal and pensions industries. “The proper measure of diversity and inclusion is in actions, not words,” she concludes.
The paper makes a broader economic and moral case for inclusion, arguing that equality is not just a social goal but a strategic imperative for sustainable business. It calls for greater accountability in how organisations measure progress and challenges leaders to see inclusion as part of good governance and risk management.
Together, Stonewall and the SPP are urging financial and professional services to move beyond statements of intent and make inclusion a lived reality — one where every individual can plan, work and retire with security and pride.
Read more:
Stonewall and SPP unite to tackle LGBTQ+ inclusion gaps in business and pensions

In today’s hyper-competitive marketplace, businesses are no longer judged solely by the quality of their products or services. Instead, they’re evaluated on how they make people feel.
This emotional connection — built through clear, consistent, and compelling branding — can mean the difference between fleeting visibility and lasting impact.
The Shift from Product to Purpose
Modern consumers want more than transactions; they seek meaningful experiences. They’re increasingly drawn to brands that align with their values and offer authenticity over perfection. Whether it’s a local café promoting sustainability or a tech startup championing inclusivity, a clear brand purpose helps businesses build trust and differentiate themselves in crowded markets.
That’s why strategic branding has evolved from being a “nice-to-have” to a business necessity. A strong brand not only communicates what you do but also why you do it — and that’s what resonates with audiences on an emotional level.
Beyond Logos and Taglines: The Essence of Modern Branding
Branding today goes far beyond visual aesthetics. It’s about shaping perception through storytelling, design, and user experience. Every touchpoint — from a website homepage to a social media caption — should reflect your brand’s voice, mission, and values.
This is where expert guidance becomes invaluable. Collaborating with a branding agency London can help translate your business goals into a cohesive brand strategy. These agencies combine market research, creative direction, and digital insight to craft brand identities that not only look good but perform well across platforms.
Such strategic alignment ensures your brand stands out while maintaining a strong emotional appeal — an essential balance for long-term success.
The Power of Content in Brand Storytelling
Your content is your brand’s voice in action. It’s how you educate, engage, and inspire your audience. From blog posts and newsletters to social media campaigns and video storytelling — every piece of content contributes to the overall brand narrative.
However, not all content connects equally. Businesses often face the challenge of creating material that not only informs but also converts. That’s where a content design agency plays a crucial role. By combining creative storytelling with user-centered design, these agencies craft content experiences that are visually appealing, strategically structured, and aligned with your business goals.
This approach turns ordinary information into meaningful engagement — helping brands communicate their message clearly and compellingly.
Brand Consistency: The Secret Ingredient to Recognition
Think about the world’s most recognizable brands — Apple, Nike, or Coca-Cola. What do they all share? Consistency. Every interaction, product, or piece of content aligns with their core identity.
Consistency builds familiarity, and familiarity breeds trust. When your visual and verbal identity is unified across platforms, customers instantly recognize your brand — even without seeing the logo.
For smaller businesses, maintaining this consistency can be challenging, especially as they grow or expand into new markets. That’s where investing in professional brand guidelines, tone-of-voice documents, and a clearly defined design system can make a significant difference.
Adapting Your Brand to a Digital-First World
The digital landscape is constantly evolving, with new platforms, formats, and trends emerging every day. To stay relevant, brands must remain agile — adapting their messaging and visuals without losing their essence.
For instance, short-form videos might dominate one year, while interactive web experiences take the lead the next. The key is not to chase every trend but to adapt them in ways that enhance your brand story.
Collaborating with creative specialists — such as a branding agency London — ensures that your digital presence evolves strategically rather than reactively. These agencies understand how to position your brand effectively in both traditional and digital spaces while maintaining consistency and impact.
Measuring the ROI of Branding
While branding is often seen as a creative pursuit, it’s also a strategic investment. Strong branding directly influences customer loyalty, pricing power, and long-term growth. Businesses with a distinct identity enjoy higher customer retention and more organic referrals — two key drivers of profitability.
Tracking metrics like brand awareness, engagement rates, and conversion ratios can help you measure the tangible outcomes of your branding efforts. Over time, these indicators reveal how well your brand resonates with your audience and where adjustments might be needed.
Final Thoughts
In an age where consumers are overwhelmed by choices, a clear and consistent brand identity is your most valuable competitive advantage. It helps you connect authentically, build loyalty, and stand out in a saturated market.
Because in the end, great branding isn’t just about being seen — it’s about being remembered.
Read more:
Building a Strong Business Identity: Why Strategic Branding Matters More Than Ever

It’s a curious thing, this sense of waiting for a Budget. For most, it’s an exercise in mild anxiety – a check to see whether wine duty is up again or whether you can still afford to fill the tank. But for business owners in London right now, the wait for Rachel Reeves’ first full Budget on 26 November feels less like a nervous twitch and more like a death row countdown.
Charlie Gilkes, who co-founded Inception Group and runs some of London’s most imaginative bars – Mr Fogg’s, Bunga Bunga, the kind of places where post-pandemic optimism briefly came alive again – summed it up with alarming accuracy: “It feels like waiting on death row, waiting until the very last moment to let us know whether she will grant a stay of execution.”
And you can see his point. Reeves’ Budget, which has been rescheduled, delayed, and wrapped in more mystery than a Bond villain’s plot, is arriving under the kind of cloud that usually means someone’s about to pay – and it’ll probably be London.
For weeks now, the rumours have been circulating through Westminster corridors like wasps around a picnic: a wealth tax here, a mansion tax there, a shake-up of partnerships, a business rates “super multiplier”. Each idea lands like another nail being gently tapped into the coffin of the capital’s competitiveness.
The problem is not that the government wants to raise money – everyone knows the country’s finances look like a student overdraft in week one of term. The problem is who they’re going to shake down to do it. Because when politicians say “we all need to contribute,” what they often mean is “London can pay.”
Let’s put this in perspective. London generates £618 billion a year in GDP – roughly 22 per cent of the UK total. Add the South East, and you’re close to half. The capital and its surrounds contribute nearly 30 per cent of all income tax and more than 30 per cent of business rates. It’s the engine room of the UK economy, the bit that keeps the lights on while politicians from every party take turns kicking it in the shins.
And yet, Reeves’ team seem ready to push through reforms that will disproportionately batter the capital’s businesses. The “super multiplier” for properties with rateable values over £500,000 – a neat way of saying “we’ll tax your London office more because it looks expensive” – could mean rates as high as 58p in the pound.
To call that punitive would be an understatement. It’s an electric shock to every business with a W1 postcode. It doesn’t matter that these companies are already shelling out eye-watering sums for rent, staffing and utilities – the Treasury still wants its slice, preferably before the till opens.
David Jones of Avison Young pointed out the obvious but crucial truth: business rates are a direct overhead. They don’t come out of profit; they come out of existence. You pay them whether you’re making money or not. It’s the fiscal equivalent of being asked to chip in for your own executioner’s new axe.
And then there’s the wealth tax carousel. Reeves’ team is said to be looking at removing the capital gains exemption on homes worth more than £1.5 million. That might sound like it targets the super-rich, but in London that’s not a mansion – it’s a family home with a kitchen extension and a decent postcode. Roughly 11 per cent of London properties sit above that threshold, compared to 2 per cent elsewhere.
James Evans of Douglas & Gordon hit the nail on the head: “In many neighbourhoods, £1.5 million is far from a mansion.” Quite. It’s a three-bed terrace in Clapham with peeling paintwork and a leaking skylight. If that’s “wealth,” then Britain’s definition of luxury needs a serious reality check.
Add to that the possible 1 per cent annual levy on homes over £2 million, and you’ve got a policy cocktail that would make even Mr Fogg wince. These aren’t just taxes; they’re deterrents – neon signs flashing “London: Closed for Business” to anyone thinking of investing, relocating, or even staying put.
And let’s not forget the white-collar crowd. Reeves is reportedly eyeing changes to how partnership income is taxed, which could hit the capital’s law firms and consultancies squarely in the solar plexus. Partners who earn seven figures might not be your first sympathy vote, but when they leave – and they will leave, because Dubai, New York and Singapore all smile more kindly on their tax codes – the ripple effect will hit everything from sandwich shops to spin studios.
Charlie Gilkes isn’t just speaking for himself. He’s speaking for a city that’s been through hell these past few years – from lockdowns that gutted hospitality to staffing crises, inflation, rent hikes and endless policy tinkering. What London needs is stability, predictability, a sense that the rules won’t be rewritten every six months. What it’s getting instead is a Treasury that seems to view its success as a problem to be solved.
It’s a funny kind of masochism that defines our politics: punish the productive, milk the metropolitan, and then act surprised when the rest of the country runs dry.
London doesn’t want special treatment. It just wants recognition that when you squeeze the capital, the whole of Britain feels the pressure. The trains built in Derby, the fabrics woven in Huddersfield, the wine poured in Soho – they’re all part of the same chain. Cut off the top, and the bottom collapses.
So yes, as Reeves sharpens her red pen and business owners sit counting the days until the 26th, it does feel like waiting on death row. But perhaps, just perhaps, the Chancellor will look up at the gallows, take a deep breath, and decide that execution isn’t quite the growth strategy Britain needs right now.
Until then, we wait – strapped in, chin up, praying for a last-minute reprieve.
Read more:
Waiting on Reeves: London entrepreneurs face the gallows

The Labour government has unveiled a record £55 billion investment in research and development (R&D), marking the largest long-term commitment to science and innovation in British history.
The announcement underscores Prime Minister Keir Starmer’s pledge to transform the UK into a “science and technology superpower” by the end of the decade.
The plan, confirmed by the Department of Science, Innovation and Technology (DSIT), will channel billions into Britain’s leading research agencies and innovation bodies through to 2030. It forms a central pillar of the government’s Modern Industrial Strategy, which aims to drive productivity, boost high-value jobs, and strengthen public-private partnerships in emerging technologies.
Announcing the package at IBM’s London headquarters, Science and Technology Secretary Liz Kendall said the funding was “absolutely critical to growing the economy and creating more good jobs”.
“Every pound of public investment in R&D generates twice as much from the private sector,” Kendall said. “This £55 billion commitment will fuel innovation in AI, clean energy and advanced manufacturing — and help solve some of the biggest challenges we face.”
The investment includes:
• £38 billion for UK Research and Innovation (UKRI), the national funding agency for science.
• £1.4 billion for the Met Office, supporting climate and meteorological research.
• £900 million for the UK’s national academies, including the Royal Society and Royal Academy of Engineering.
• A near-doubling of the Advanced Research and Invention Agency’s (ARIA) annual budget — from £220 million to £400 million by 2030 — to fund breakthrough technologies with commercial potential.
The initiative highlights the government’s focus on aligning public funding with private-sector innovation. Kendall’s visit to IBM emphasised collaboration between tech giants and British research institutions, including UKRI’s £210 million Hartree Centre, which partners with IBM on artificial intelligence and supercomputing projects in medicine and clean energy.
Recent DSIT research found that every £1 of public R&D spending generates £8 in wider economic benefits, from productivity gains to increased private investment.
“This is about good jobs, innovation, and better value for taxpayers,” Kendall told Business Matters. “There’s no route to above-average growth without putting tech and innovation first.”
The government said total R&D spending from DSIT will reach £58.5 billion by 2030, a cornerstone of Labour’s industrial and growth strategy. The announcement follows months of lobbying from business groups such as the Confederation of British Industry (CBI), which has urged ministers to set long-term R&D targets and lift national investment to 3.4 per cent of GDP by the end of the decade.
Louise Hellem, the CBI’s chief economist, called the new R&D package “a vital step towards crowding in private capital and ensuring Britain remains competitive in the global innovation race”.
As the government seeks to balance fiscal discipline with its ambition to boost growth, the record investment signals a decisive shift towards science-led economic renewal — one that positions research, technology, and innovation at the heart of the UK’s industrial future.
Read more:
Liz Kendall unveils record £55bn R&D investment to make Britain a science superpower

The Bank of England is preparing for a finely poised vote on interest rates next Thursday, as policymakers weigh the benefits of lower inflation against the threat of weaker economic growth following upcoming tax rises.
Markets, which only weeks ago expected no change in rates until mid-2025, have now sharply shifted expectations. Investors are betting that the Monetary Policy Committee (MPC) — the Bank’s nine-member rate-setting panel — could vote narrowly in favour of a 0.25 percentage point cut, reducing the base rate to 3.75 per cent, the lowest level in nearly three years.
If approved, it would mark the Bank’s sixth cut since August 2024 and would mirror the US Federal Reserve’s recent decision to ease policy for the second consecutive meeting.
The possibility of an imminent rate reduction follows a run of softer economic data. Inflation, while still above target at 3.8 per cent, has remained below the Bank’s forecasts for three consecutive months. Services inflation — a key indicator of domestic pricing pressures — eased to 4.7 per cent in September, under the MPC’s 5 per cent forecast.
Food price growth has slowed to 4.5 per cent, while private sector wage growth has moderated to 4.4 per cent. Unemployment, meanwhile, has risen to a four-year high of 4.8 per cent, signalling slack in the labour market.
Yields on UK government bonds have fallen to their lowest levels this year as traders increasingly anticipate a rate cut before year-end. “Fears of entrenched inflationary pressures have given way to concerns about faster labour market cooling and overly restrictive monetary policy,” analysts at BNP Paribas noted.
Investment banks are split over whether the MPC will act this month or wait for clearer fiscal signals. Goldman Sachs and Nomura forecast a narrow vote in favour of a cut next Thursday, while Deutsche Bank believes the committee will err on the side of caution and hold rates steady.
Sanjay Raja, Deutsche Bank’s chief UK economist, said the MPC is “finely balanced” but may decide to delay action until after the chancellor’s budget. Rachel Reeves is expected to announce tax increases of up to £40 billion, a move analysts warn could dampen economic growth and strengthen the case for monetary easing later in the year.
Investec’s economists urged restraint, suggesting the MPC should “wait for another batch of inflation data” before acting. However, Goldman Sachs argued the Bank should move pre-emptively to offset the “contractionary impulse” expected from the forthcoming fiscal tightening.
Alongside next week’s rate decision, the Bank will release updated forecasts for growth, inflation, unemployment and productivity. These will be closely watched amid reports that the Office for Budget Responsibility plans to downgrade its own productivity outlook, potentially leaving a £20 billion hole in the chancellor’s fiscal plans.
Analysts at Pantheon Macroeconomics said that a significant income tax rise could “tip the [Bank] towards cutting in December and again in the spring” as the dual effects of higher taxes and slowing inflation take hold.
The finely balanced decision places the UK at a crossroads: whether to move in step with the US Federal Reserve’s easing cycle or to pause until the full impact of the budget becomes clear. Either way, next week’s vote will be one of the most closely watched in years — setting the tone for monetary policy well into 2025.
Read more:
Bank of England faces knife-edge decision on rate cut as inflation eases but growth risks mount

Britain’s factories are set to benefit from hundreds of millions of pounds in savings after the government announced sweeping cuts to industrial energy costs in a bid to stem a wave of closures across the manufacturing sector.
Peter Kyle, the Business Secretary, confirmed that from next year energy-intensive industries such as steel, glass and ceramics will receive a 90 per cent discount on electricity network charges — up from the current 60 per cent. The move is expected to save around 500 firms as much as £420 million a year.
The announcement follows mounting pressure on ministers to tackle Britain’s sky-high industrial electricity prices, which remain among the highest in the developed world and have been blamed for a series of recent factory shutdowns.
Despite the scale of the relief, business groups voiced frustration that the measures will not be applied retrospectively to April 2024. It is understood that Mr Kyle had pushed for the scheme to be backdated but was overruled by energy secretary Ed Miliband after weeks of internal wrangling.
The Department for Business and Trade (DBT) has also faced criticism for delays to the British Industrial Competitiveness Scheme (BICS) — a long-awaited programme designed to cut energy costs by up to a quarter for more than 7,000 firms from 2027 by removing certain net zero levies from bills. A consultation on the plan has yet to begin, leaving manufacturers uncertain about the timeline for further relief.
Mr Kyle said the new discounts would be funded through departmental efficiency savings rather than additional customer charges or new industry levies. He described the reforms as a vital step towards levelling the playing field for British exporters competing with European rivals.
“These measures will help businesses grow and invest with confidence,” he said, promising additional support for energy users “in the not too distant future”. He declined to confirm whether further help will be included in Chancellor Rachel Reeves’s Budget on 26 November, but signalled that the government’s pro-growth agenda would include more energy and regulatory reforms.
The Business Secretary also pledged to “get the balance right” in the forthcoming employment rights bill after the House of Lords approved amendments expanding union powers and introducing “day one” workplace rights.
Kyle said his department would launch 27 new consultations, stressing that “consultation means I will listen. It means I will act — in a way that is pro-growth and fit for the modern age we live in.”
He hinted at a broader deregulation and planning reform push, saying: “We’re going to carry on with the same kind of zeal and urgency into the future.”
Louise Hellem, lead economist at the Confederation of British Industry (CBI), welcomed the announcement, describing it as “an important step in bringing UK industrial energy costs closer in line with European competitors”.
However, she warned that more needs to be done to reduce energy cost pressures across the wider economy. “As firms urgently await the BICS consultation, the upcoming autumn Budget presents a vital opportunity to introduce targeted measures that help more businesses cut energy use and electrify their processes,” she said.
The reforms mark a key test for Labour’s industrial strategy as it seeks to balance fiscal discipline, competitiveness and green transition goals — all while reviving confidence in Britain’s manufacturing heartlands.
Read more:
Labour to slash electricity charges for UK factories amid industrial shutdown fears