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Canada is actively reshaping its global trade and investment strategy in response to continued US trade tariffs, with investors and policymakers increasingly turning their attention towards Europe and China rather than waiting for a reversal in Washington.
According to leading audit, tax and business advisory firm Blick Rothenberg, uncertainty created by US trade policy is accelerating a strategic shift in Canadian capital flows and diplomatic priorities.
Melissa Thomas, a director at the firm, said Canadian leaders and investors are no longer prepared to sit tight in the hope of a US policy U-turn.
“Canada isn’t waiting around for the US to reverse its tariffs,” she said. “The Canadian prime minister, Mark Carney, and Canadian investors are clearly looking elsewhere for the country’s economic future — particularly towards Europe and China.”
Official data shows that Canadian investors acquired $15.2bn in foreign equity securities in November, with the bulk of that capital directed outside the US. Of that total, more than $8.9bn flowed into European equities, marking the highest monthly investment in non-US shares since April 2022.
Thomas said the figures highlight a deliberate rebalancing away from the US market.
“This isn’t just a portfolio adjustment — it reflects a broader reassessment of risk,” she explained. “Ongoing tariff uncertainty has made US exposure less predictable, while Europe is being seen as a more stable destination for long-term capital.”
The Canadian government is also moving in parallel. Thomas pointed to recent diplomatic engagement between Prime Minister Mark Carney and Chinese president Xi Jinping, which resulted in agreements to lower levies on selected goods.
One of the most significant changes involves electric vehicles. Tariffs on Chinese EVs entering Canada are set to fall dramatically, shifting to a “most favoured nation” (MFN) rate — the standard tariff applied between World Trade Organisation members. Under the revised arrangement, Chinese EVs will face a 6.1% tariff, subject to a quota of 49,000 vehicles, compared with the current tariff rate of 100%.
“That is a substantial reduction,” Thomas said. “It signals a pragmatic approach from Canada — prioritising supply, affordability and trade diversification over alignment with US protectionist policy.”
She added that policymakers in the UK are likely to be watching developments closely, although Britain’s long-standing relationship with the US limits how far it can follow Canada’s lead.
“The UK government will be observing this with interest, but maintaining the so-called ‘special relationship’ with the US means it is unlikely Britain would pursue MFN-style arrangements with Canada that go beyond those already in place with Washington,” Thomas said.
The growing presence of Chinese electric vehicles in Western markets is already a contentious issue in Europe and the UK, where manufacturers have warned of undercutting by low-cost imports. Some industry figures have called for minimum pricing mechanisms to protect domestic producers.
“Only time will tell whether Mark Carney faces similar political and industrial pressure in Canada,” Thomas said. “But what’s clear is that US tariffs are accelerating a global realignment — and Canada is moving decisively to avoid being caught in the middle.”
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US tariffs push Canada towards Europe and China as investors look beyond Washington

Elon Musk’s satellite internet provider Starlink has begun undercutting traditional broadband providers in the UK after rolling out aggressive price cuts, intensifying competition in Britain’s fixed-line market.
Starlink is now offering high-speed broadband for as little as £35 a month in selected parts of the UK, down from a previous entry-level price of £55. The move places the satellite service below comparable packages from BT, which charges around £40 a month, and Virgin Media O2, whose equivalent service is priced at £36.
Even when Starlink’s £94 installation fee is factored in, analysts note that the service remains cheaper than BT over a typical 24-month contract. The package offers download speeds of around 100Mbps, placing it firmly in the “ultrafast” category suitable for streaming, gaming and video calls across multiple devices.
The price cuts mark a significant escalation in Starlink’s push into the UK broadband market and are expected to accelerate customer churn away from established providers.
James Ratzer, an analyst at New Street Research, said the move was a clear warning shot for the sector. “Starlink is becoming an incremental player in the UK broadband market, and this will put further pressure on BT through Openreach line losses, and to a lesser extent on Virgin Media O2,” he said.
Openreach, which is wholly owned by BT, maintains the physical broadband network used by most UK internet service providers. Any sustained loss of customers to satellite or wireless alternatives could weaken its long-term economics.
The timing of Starlink’s price cuts is awkward for BT, which is already facing scrutiny over its digital landline switchover after reports that some elderly and vulnerable customers were left without connectivity over the Christmas period. If such problems are found to be widespread, the company could face regulatory attention from Ofcom.
Starlink, part of SpaceX, operates a constellation of roughly 9,500 low-earth orbit satellites, enabling it to deliver broadband to remote and rural areas that are poorly served by fixed-line networks. The service is also being explored as a solution for patchy connectivity on railways and other transport routes.
As of mid-2025, Starlink had around 110,000 UK customers. Analysts believe that figure could rise to as many as 350,000 in the coming years, more than 1 per cent of the total broadband market, as prices fall and coverage expands.
Until recently, Starlink’s premium pricing limited its appeal to rural households and niche users. The new £35 tariff, introduced just two months after the company cut its standard monthly price from £75 to £55, suggests a deliberate shift towards mass-market competition.
The competitive pressure is also being fuelled by the expected arrival of a rival satellite service from Jeff Bezos, with Amazon preparing to launch its Project Kuiper (sometimes dubbed Amazon Leo) later this year.
Satellite broadband and fixed wireless access are increasingly being seen as viable alternatives to traditional fibre and copper networks. New Street Research has previously estimated that subscriptions to conventional broadband services could fall by 250,000 in a single year, the first decline on record.
In response, established telecoms groups are hedging their bets. BT has partnered with Starlink to serve remote rural areas, while O2 has struck a broader deal with Musk’s company that includes plans for a direct-to-mobile satellite service. Vodafone, meanwhile, has teamed up with AST SpaceMobile and recently received regulatory approval to begin testing satellite-based mobile connectivity in the UK.
As price competition intensifies, Starlink’s latest move signals that Britain’s broadband market is entering a new phase, one in which space-based networks are no longer a niche solution, but a direct challenger to the country’s flagship telecoms brands.
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Musk’s Starlink undercuts BT with UK broadband price cuts

Octopus Energy has been named Britain’s Most Admired Company 2025, becoming the youngest business ever to win the prestigious accolade.
The UK’s largest energy supplier took the top prize at a ceremony held at the London Stock Exchange, beating long-established corporate heavyweights that in some cases have been operating for more than a century.
In addition to the overall title, Octopus collected six gold sector awards and two silver sector awards, underlining the scale of its reputation across British business.
Founder and chief executive Greg Jackson said the recognition carried particular weight because it was awarded by peers and competitors across the business community.
“Business leaders use the word ‘humbled’ all the time, but this really is the case today,” Jackson said.
“To be Britain’s Most Admired Company, voted for by other businesses including our competitors, feels like a real achievement.
“It’s the result of incredible focus and dedication from 12,000 people working together, outstanding long-term investors, and the British public not just demanding something better — but choosing it.”
Britain’s Most Admired Companies is now in its 35th year, making it the UK’s longest-running annual survey of corporate reputation. The rankings are run by Echo Research in partnership with the London Stock Exchange and assess more than 250 of Britain’s largest companies across 28 industry sectors.
Companies are judged against 13 reputational criteria, with more than 350 interviews conducted with board-level executives, analysts and City commentators between July and October 2025, meaning rival businesses have a direct say in the results.
Octopus Energy was the only private company to feature in the top ten overall rankings. It secured the top spot ahead of Airbus in second place, Marks & Spencer in third, and Rolls-Royce in fourth. Rolls-Royce chief executive Tufan Erginbilgiç was named Britain’s Most Admired Leader.
Octopus won the gold sector award for Energy Distribution and Supply for the third consecutive year. It also claimed gold awards for Clarity in Strategy, Effective Use of Corporate Assets, Positive Contribution to Society and Reducing Environmental Impact. The company shared gold in Quality of Management and picked up silver awards for Ability to Attract, Develop and Retain Talent and Capacity to Innovate.
Dame Julia Hoggett, chief executive of the London Stock Exchange, said Octopus’s success reflected more than just strong financial performance.
“Octopus Energy is recognised not only for strategic clarity and operational excellence, but for visible leadership in the energy transition, where national resilience, affordability and ambition converge,” she said. “It is a powerful illustration of purpose translated into performance, and performance into trust.”
Sandra Macleod, group chief executive of Echo Research, added: “Octopus Energy’s recognition reflects a blend of strategic clarity, decisive leadership and visible societal and environmental contribution. They are being rated not only as the most admired company in their sector, but as the most admired in Britain, a rare signal of trust from peers, analysts and City commentators.”
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Octopus Energy crowned Britain’s Most Admired Company

Rachel Reeves’s carefully constructed £22 billion fiscal buffer could be eroded by as much as £14 billion as a result of policy U-turns and a sharper-than-expected fall in net migration, raising fresh questions about the durability of the chancellor’s budget strategy.
Markets initially welcomed Reeves’s November budget, which more than doubled the government’s fiscal headroom and was seen as a signal of discipline after months of concern over the public finances. However, less than two months later, analysts warn that the margin for error is already narrowing.
According to calculations by Bloomberg, a combination of softened tax measures and weaker migration-driven revenues could reduce the buffer to as little as £8 billion by the end of the forecast period.
Fiscal headroom refers to the surplus between government revenues and spending in the target year, in this case 2029–30, which Reeves must preserve under her fiscal rules. In November, the chancellor raised taxes by £26 billion, including an £8 billion multi-year extension of the freeze on income tax thresholds, lifting headroom from £9.9 billion to £22 billion.
Since then, a series of reversals has begun to chip away at that margin. Following mounting pressure from the hospitality sector — including more than 1,000 pubs symbolically banning Labour MPs, the government moved to soften planned increases in business rates for pubs, a decision expected to cost around £300 million.
Ministers have also eased proposed changes to inheritance tax on farmland, increasing the threshold at which agricultural assets are caught by the levy. That concession is estimated to cost the Treasury a further £130 million.
The largest risk to the public finances, however, comes from migration. Revised projections suggest net migration could undershoot forecasts published by the Office for Budget Responsibility by as much as 100,000 people a year. Bloomberg estimates this would reduce tax receipts by around £9 billion in 2029–30 alone, reflecting the fact that economically active migrants tend to contribute more in taxes than they consume in public services.
Additional pressure may come from defence spending. Prime Minister Keir Starmer has pledged to increase military expenditure to 2.5 per cent of GDP by 2027 and to 3 per cent in the next parliament. However, analysis reported by The Times suggests there is a £28 billion funding gap over the next four years to meet that commitment, equivalent to roughly £7 billion a year.
Despite these challenges, financial markets have so far remained relatively calm. UK government bond yields have fallen faster than those of comparable economies in recent months, reflecting investor confidence in the chancellor’s initial fiscal stance.
The question now is whether that confidence will hold if further concessions are made, or if weaker migration and higher spending commitments continue to erode the headroom that Reeves worked hard to rebuild.
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Rachel Reeves’s £22bn fiscal buffer under threat from U-turns and lower migration

Doubts have emerged over whether the government’s flagship 2030 clean power target can be met on time, after the UK boss of RWE admitted that several newly awarded offshore wind projects are unlikely to be operational by the end of the decade.
The German energy group was the biggest winner in the government’s latest offshore wind subsidy auction, securing five of the six contracts awarded. Ministers hailed the outcome as a major step towards delivering Ed Miliband’s ambition of a near-fully decarbonised power system by 2030.
However, speaking after the auction, Tom Glover, RWE’s UK chief executive, said it was unrealistic to expect all five projects, with a combined capacity of 6.9 gigawatts, to be generating power by that deadline.
Asked directly whether the projects would be online by 2030, Glover said: “Probably not.”
Three of the five RWE projects are contracted to begin operations in the 2030–31 financial year, making delivery before the end of 2030 “difficult”, he said. Two of the largest schemes, located at Dogger Bank off the east coast of England, are still awaiting planning consent, with a decision recently delayed until the end of April.
Grid access is another constraint. The Dogger Bank projects are not currently scheduled to receive grid connections until October 2030, after which further commissioning time would be required before electricity could flow into the system.
Glover stressed that the precise timing should not overshadow the scale of the investment involved. “This is more than £20 billion of investment in UK infrastructure,” he said. “We shouldn’t be overly negative about whether delivery is a couple of months late.”
His comments contrast with the government’s more confident assessment. Chris Stark, head of mission control for the clean power programme, said the auction had secured almost 8.5 gigawatts of offshore wind capacity expected to be operating by 2030, describing it as “critical” to meeting the target.
The government aims for at least 95 per cent of electricity generation to come from clean sources by 2030, up from around 74 per cent in 2024. Offshore wind is central to that plan, with a target of at least 43 gigawatts of installed capacity by the end of the decade. Officials believe the latest auction would lift operational capacity to around 36 gigawatts by 2030, with further rounds still to come.
Yet the auction’s results have also highlighted broader structural challenges facing the sector, including planning delays, grid connection bottlenecks and the long lead times required for major offshore developments.
The only non-RWE project awarded a contract was the first phase of SSE’s Berwick Bank wind farm in the outer Firth of Forth, which is also not scheduled to begin generation until 2030–31, adding to concerns about delivery timelines.
RWE, already one of the UK’s largest power generators, expects total capital expenditure on its five projects to exceed £20 billion, shared with partners including KKR, which is taking a 50 per cent stake in the Norfolk projects, and Masdar, which owns 49 per cent of the Dogger Bank schemes. Other partners include Stadtwerke München and Siemens.
Glover said RWE was targeting around 50 per cent UK content across the lifetime of the projects, underlining their significance not just for decarbonisation but also for industrial investment and supply chains.
While ministers remain upbeat, the comments from RWE underline a growing tension between political targets and the practical realities of delivering complex energy infrastructure at pace.
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Offshore wind delays raise questions over Labour’s 2030 clean power target

A new per-mile tax on electric vehicles could deter nearly half of prospective buyers from switching to an EV, according to new research from AutoTrader, raising concerns that government policy on electric car adoption is becoming increasingly contradictory.
From 2028, drivers of electric vehicles will face a new charge of 3p per mile travelled, a move announced by Chancellor Rachel Reeves. AutoTrader’s chief executive, Nathan Coe, said the decision risked undermining years of efforts to encourage drivers to move away from petrol and diesel.
Coe described the policy as “incoherent and inconsistent” with the government’s stated ambition to accelerate the transition to electric vehicles, warning that it could slow momentum at a critical stage.
AutoTrader’s latest report, No Driver Left Behind, found that while 62 per cent of motorists are currently considering an electric car as their next vehicle, that figure falls sharply once cost and income are taken into account. Among households earning less than £40,000 a year, just 48 per cent are considering an EV, compared with 73 per cent of those with higher incomes.
Electric vehicles remain, on average, around 17 per cent more expensive than their petrol equivalents, despite falling battery costs. The research shows that purchase price, rather than charging access alone, remains the biggest barrier to adoption.
Age and location also play a significant role. While 72 per cent of drivers aged 17 to 34 say they are open to going electric, only 35 per cent of over-55s feel the same. City dwellers appear more receptive than those in rural areas, with 72 per cent of urban drivers considering an EV compared with much lower levels in more remote locations.
That finding challenges the assumption that off-street parking — more common in rural areas — automatically makes the switch easier. AutoTrader said concerns about range, charging reliability and running costs continue to influence decisions regardless of home-charging access.
Gender differences were also evident, with women around ten percentage points less likely than men to consider an EV. Concerns over charging availability and battery range, particularly for family use, were cited as key factors.
The report also found that ethnic minority motorists are more likely to consider electric vehicles, although AutoTrader noted this may partly reflect the higher proportion of these drivers living in cities, where charging infrastructure is more developed.
Ian Plummer, AutoTrader’s chief customer officer, said cost remained the defining issue. “We’re at a pivotal moment for the UK’s electric vehicle transition, but there is still a lingering wealth divide,” he said. “If lower-income households can’t access affordable electric cars, we risk creating a two-tier system where cleaner, cheaper motoring is only for those who can already afford it.”
Plummer added that the solution lies in expanding the supply of lower-priced electric models, improving transparency around battery health and addressing charging challenges for drivers without driveways.
The findings come despite strong headline growth in EV sales. According to Society of Motor Manufacturers and Traders, nearly one in three new cars sold in Britain last month was fully electric. However, 2025 was the first year in which overall EV sales failed to consistently meet the government’s annual targets, with all-electric vehicles accounting for 23.4 per cent of new registrations.
Manufacturers that fall short of mandated EV sales thresholds face financial penalties or must purchase credits from rivals that exceed them, adding further pressure to a market already grappling with policy uncertainty.
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New EV tax risks derailing electric car take-up, AutoTrader warns

Artificial intelligence is set to play a central role in transforming Britain’s road and rail network, with continued government investment in digital technology expected to improve reliability, reduce delays and support economic growth.
Speaking at the Transport AI Summit in Parliament on Tuesday, Ruth Cadbury MP, chair of the Transport Select Committee, said AI and data-led technologies would be critical to tackling long-standing issues such as potholes, congestion and train delays. The event, organised by Chamber UK, brought together MPs, transport operators and technology firms to discuss how automation and analytics could modernise national infrastructure.
Cadbury praised the government’s commitment to working with specialist technology providers to improve road maintenance and rail performance, arguing that faster and more reliable connectivity is essential for job creation and regional growth.
“Britain’s transport network underpins economic activity across the country,” she told delegates. “Using AI and digital tools more effectively can help us maintain roads better, run trains more reliably and ensure the network supports growth in the years ahead.”
Attendees were given a live demonstration of Robotiz3d, an autonomous system designed to detect, prevent and repair potholes using AI-powered scanning and robotics. Supporters say such technologies could significantly reduce the cost and disruption associated with reactive road repairs.
However, speakers also warned that increased reliance on AI must be matched with stronger cyber security protections.
Graeme Stewart, head of public sector at Check Point Software, said transport systems would become increasingly attractive targets for cybercriminals as they become more connected and data-driven.
“With AI set to play a major role in the future of the UK’s transport infrastructure, it’s vital that the right security safeguards are built in from the outset,” he said. “Hackers have already shown that no sector is off limits. Roads and railways are critical national infrastructure, and policymakers must ensure resilience is treated as a priority.”
Rail technology specialists also highlighted the economic benefits of a smarter transport system.
Daren Wood, chief technology officer at Resonate Group, said modernising transport through AI and real-time data would help unlock productivity gains across the economy.
“A fully optimised transport network supported by the latest digital capabilities is essential for future growth,” he said. “Roads and rail routes connect businesses, people and opportunities. Harnessing AI to improve journeys and reliability is the right direction of travel for the UK.”
The summit underscored growing cross-party and industry consensus that AI will play a defining role in the next phase of transport investment — provided it is deployed securely, strategically and at scale.
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AI set to ‘turbocharge’ Britain’s road and rail network, says Transport Select Committee chair

The High Court has ruled that claims of forced labour, modern slavery and exploitation brought against Dyson will proceed to a full trial in April 2027.
In a judgment handed down today, following a case management conference in December 2025, the court confirmed that allegations brought by 24 former migrant workers will be tested through the cases of six lead claimants. The trial will focus on working and living conditions at Malaysian factories within Dyson’s electronics supply chain and will determine whether Dyson companies are legally liable for the alleged abuses.
Any compensation and the claims of the remaining workers will be dealt with in a separate, follow-up hearing if liability is established.
The claimants, represented by law firm Leigh Day, allege that while employed by Malaysian suppliers ATA Industrial (M) Sdn Bhd and Jabco Filter System Sdn Bhd, they were subjected to forced labour practices and false imprisonment while producing components for Dyson’s supply chain.
As part of the ruling, the High Court ordered Dyson to disclose a series of documents previously referenced in now-discontinued defamation proceedings brought by Dyson against Channel 4 News and ITN over reporting on alleged labour abuses. The documents to be disclosed include internal meeting minutes between Dyson and ATA in 2021, audit reports carried out between 2019 and 2021, correspondence from Dyson’s chief legal officer, and records relating to requests for workers to work on rest days to increase production volumes.
Mr Justice Pepperall emphasised the importance of ensuring that the claimants, described as impoverished and vulnerable migrant workers, are able to participate on an equal footing with Dyson, a well-resourced multinational group. He highlighted the seriousness of the alleged human rights violations and urged both sides to progress the case with cooperation and realism.
The judge also noted the delay caused by Dyson’s unsuccessful attempt to have the case heard in Malaysia rather than England and stressed the need for the litigation to move forward without further disruption.
During the hearing, the court was told that Leigh Day has been contacted by hundreds of other migrant workers with potentially similar claims against Dyson. Up to 100 additional cases could be ready to file this year, although the judge said any further claims should not interfere with the timetable for the existing trial.
Over the coming months, expert and factual evidence will be gathered and further disclosure will take place, including internal Dyson documents relating to its knowledge of labour conditions within its supply chain.
Oliver Holland, international partner at Leigh Day and lead lawyer for the claimants, said the ruling significantly strengthened his clients’ position and reinforced access to justice in England and Wales.
“The High Court has recognised the need for equality of arms in a case of this nature,” he said. “This judgment helps ensure our clients, who are among the world’s poorest workers, can participate fairly in proceedings against a global corporation. We are committed to progressing the case efficiently and achieving justice as swiftly as possible.”
The case will be closely watched by businesses, legal practitioners and ESG specialists as scrutiny of supply chain practices and corporate accountability continues to intensify.
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High Court rules forced labour claims against Dyson will go to trial in 2027

The government has unveiled a long-awaited blueprint to revive Northern Powerhouse Rail (NPR), setting out a phased programme of rail investment it claims will transform connectivity across the north of England and unlock billions in economic growth.
The multibillion-pound scheme, first proposed more than a decade ago, is intended to deliver faster journeys, more frequent services and improved capacity between the North’s major cities through a mix of new rail lines, upgraded routes and modernised stations. Ministers say the project could add up to £40bn to the UK economy over time by improving labour mobility and stimulating private investment.
An initial £1.1bn has been allocated for design and preparation work, with construction expected to begin after 2030. The programme will be delivered in stages, with early upgrades focused on routes linking Leeds, York, Bradford and Sheffield, before progressing to a new Liverpool–Manchester line and longer-term improvements connecting Manchester with cities across Yorkshire.
Prime Minister Keir Starmer said the plans marked a break with years of unfulfilled promises. “The cycle of paying lip service to the potential of the North has to end,” he said. “This government is rolling up its sleeves to deliver real, lasting change.”
NPR will sit at the heart of a wider Northern Growth Strategy, due to be published in the spring, which aims to link transport investment with housing, skills and regional development. Ministers believe improved rail connectivity is critical to creating a single, more dynamic labour market across the North, closer in scale and opportunity to London and the South East.
Transport Secretary Heidi Alexander said the programme was designed to address decades of underinvestment. “This new era of investment will not just speed up journeys, it will mean new jobs and homes for people, making a real difference to millions of lives,” she said.
Early priorities include upgrades to key stations in Leeds, Sheffield and York, alongside renewed momentum behind a long-mooted new station in Bradford, which local leaders argue could dramatically widen access to jobs and training for younger workers. A new station at Rotherham Gateway is also planned, while the government confirmed it would pursue the business case for reopening the Leamside line in the North East.
However, while ministers have set a £45bn cap on central government funding, they have not committed to spending beyond 2029, leaving future phases dependent on detailed planning, public finances and potential contributions from local authorities. The Department for Transport said this cautious approach reflected lessons learned from the troubled HS2 programme, which has been plagued by delays, cost overruns and a significantly reduced scope.
Industry figures have broadly welcomed the renewed focus on the North, but warned that credibility will depend on delivery. Rob Morris, joint chief executive of Siemens Mobility UK & Ireland, said the plans “look very real” and could unlock productivity gains, but cautioned against a repeat of “stop-start” funding cycles seen under previous governments.
Business groups also stressed the importance of certainty. Henri Murison, chief executive of the Northern Powerhouse Partnership, said the proposals offered “a clear route to higher productivity growth”, adding that improved rail links would allow talent and businesses to operate across the region in ways that are currently impossible.
Opposition figures, however, accused ministers of kicking delivery into the long grass. The Conservatives said the lack of firm timelines and long-term funding risked turning NPR into another reworked promise rather than a transformative project.
For northern cities and investors alike, the next test will be whether the government can move from vision to execution — and finally deliver the rail connectivity that has been promised since the Northern Powerhouse was first conceived.
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Government revives Northern Powerhouse Rail with phased £45bn vision for the North