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New research has revealed the significant financial burden faced by UK working parents during the summer holidays, with childcare costs soaring by an average of £1,683 per month.
This increase in expenses is forcing many parents to reconsider their work options, with some unable to stay in employment due to the lack of flexible working arrangements.
The survey by the Phoenix Group highlighted that over two-fifths (41%) of working parents experience a steep rise in childcare costs during the school holidays. Younger parents, aged 18-34, are particularly hard hit, facing an average increase of £2,218 per month, which represents a substantial 67% of their average monthly household income. With the average monthly household income in the UK standing at £3,277, the financial impact is profound, covering over half (51%) of the average household’s monthly income.
The research also underscored the challenges posed by the lack of flexible working arrangements. Many parents struggle to balance work and childcare, with 64% expressing a desire for more flexible work options during the school holidays. Despite this, nearly two-fifths (38%) of working parents have been denied the ability to work flexibly during these periods, and 39% feel they cannot work because they are unable to find a job that accommodates their childcare needs.
Catherine Sermon, Head of Public Engagement and Campaigns at Phoenix Insights, emphasised the importance of flexible working in enabling parents to manage childcare effectively: “Flexible working arrangements can be powerful in enabling working parents to effectively manage their childcare responsibilities during the summer. However, as childcare costs rise sharply during the summer holidays, parents face financial pressures that may push them to choose between working or caring for their children.”
Sermon further noted that the ability to work flexibly is crucial in addressing the under-saving crisis in the UK, particularly for women who are more likely to leave the workforce due to caring commitments. This extended time out of the workforce can exacerbate pension shortfalls, leaving millions vulnerable to financial hardship later in life.
The value of flexible working is further highlighted by the fact that 41% of those who currently have this option would consider quitting if it were no longer available. Additionally, over half (55%) of parents indicated they would benefit from the ability to work remotely during school holidays, yet many are not afforded this option.
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Working parents face additional £1,683 monthly childcare costs during summer holidays

The adoption of electric vehicles (EVs) continues to face a significant barrier: the time-consuming and often damaging process of battery charging. However, Gaussion, a spinout from University College London (UCL), has developed a groundbreaking solution that could transform the industry.
By applying an external magnetic field during the charging and discharging cycles, Gaussion’s technology enables faster charging while reducing cell degradation, thereby extending battery life.
Gaussion’s innovative approach has attracted £9.5 million in a Series A funding round led by Autotech Ventures, with participation from existing investors BGF and UCL Technology Fund, managed by AlbionVC in partnership with UCL Business. This fresh injection of capital will propel Gaussion towards market entry, supporting the production and sale of its pioneering products, as well as potential licensing opportunities for wider applications.
“Gaussion’s technology introduces a new variable that enhances existing battery systems, rather than replacing them,” said Alexei Andreev, co-founder and managing director of Autotech Ventures. “By applying a magnetic field to current battery designs, Gaussion significantly boosts their performance without altering their fundamental structure. This holds vast potential across multiple markets.
With a robust portfolio of patents, Gaussion is well-positioned to disrupt the battery industry, offering scalable solutions to meet the rising demand for more efficient energy storage. Their technology has wide-reaching implications, including applications in transportation electrification, construction, mining, residential energy storage, and utility-scale energy management.
Tom Heenan, CEO and co-founder of Gaussion, noted, “The drive to rapidly electrify various sectors is often hindered by the high cost of enhancing battery performance. Our magnetic enhancement technology offers a cost-effective breakthrough across all battery chemistries and applications, unlocking the potential for widespread electrification without compromising on affordability or efficiency.”
Dennis Atkinson of BGF added, “Gaussion represents a truly innovative approach to one of the most critical challenges in the EV space. The company’s remarkable progress, driven by an outstanding team, underscores the immense potential of their technology, and we are thrilled to welcome Autotech on board.”
David Grimm, Partner at UCL Technology Fund, commented, “The slow charging speeds and battery degradation that currently impede the mass adoption of electric vehicles are being addressed head-on by Gaussion’s innovative technology. The company’s journey from university research to commercialisation is a testament to their groundbreaking work, and we look forward to supporting them as they scale.”
This latest round of funding comes at a pivotal moment for the EV market, as consumer expectations for charging convenience continue to rise. With this financial backing, Gaussion is set to make a significant impact on the future of electric vehicle charging. The recent raise builds on the company’s previous £2.85 million seed funding, led by BGF and UCL Technology Fund in 2022.
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Gaussion secures £9.5 million to revolutionise electric vehicle battery charging

Ed Johnson is the CEO and Co-Founder of PushFar, the world’s leading mentoring platform.
Since its founding in 2018, PushFar has rapidly grown into a widely used tech startup, providing mentoring technology to hundreds of clients and tens of thousands of individuals in over 100 countries.
The platform allows mentors and mentees to find, form, and manage effective mentoring relationships globally.
As an open mentoring platform, anyone can sign up for free to find a mentor, volunteer to mentor others, network, connect, and develop their career using a host of career progression tools and techniques.
Additionally, organisations can launch, run, and scale mentoring programs for their employees and networks.
What is the main problem you solve for your customers?
The main objective is to make mentoring more accessible, effective and impactful for all, so they can each reap the multitude of benefits that mentoring has to offer. We help individuals to find and form mentorships, whether they want to provide the mentoring or be mentored. We also help organisations to run mentoring programmes in an easy and effective way.
What made you start your business – did you want to rock the status quo, or was it a gap in the marketplace that you could fill?
I was originally looking for a mentor for myself and struggled to find one and I soon realised that a lot of people were in the same position as me. Organisations were also struggling to launch impactful mentoring programmes, with a lot of manual processes involved, which were time consuming and not wholly effective. It was clear that mentoring wasn’t easily accessible to either individuals or organisations and I wanted to change that.
What are your brand values?
Our brand values are what form the foundations of PushFar: Authentic, Accessible, Supportive and Innovative
Do your values define your decision-making process?
Yes – always. Our values are the fundamental principles by which PushFar is led, and they all play in to one another. We must remain innovative, constantly adapting the services we offer to ensure we are offering our customers the best support on the market whilst remaining accessible to all. Working by these values ensures that we remain authentic to PushFar’s founding mission of providing effective mentoring to all.
Is team culture integral to your business?
Team culture is absolutely integral to us. Working closely with clients who are mainly in the HR and learning fields, we know firsthand, the value of a powerful and supportive culture.
What do you do to go the extra mile to show your team you appreciate them?
Our appreciation to our team is shown via trust and empowerment across the board. We provide flexible hours and fully remote working, as well as flexible holidays. This allows our team to feel respected in the same we appreciate and acknowledge the value they bring to PushFar.
In terms of your messaging do you think you talk directly to your consumers in a clear fashion?
Yes! We ensure that our messaging is concise and understandable for all. We are here to help both individuals and organisations and we like to make the process as easy as possible from the start.
What’s your take on inflation and interest rates – are you going to pass that on to your customers or let your margins take a hit and reward customer loyalty in these tougher times?
We’ve not increased pricing in the last 6-years. We are focused on delivering a great service that helps our business grow whilst continuing to add value.
How often do you assess the data you pull in and address your KPIs and why?
We are constantly assessing the data that we pull in, in real time. As a tech company this is critical for both us, and for our clients. In an ever-evolving industry, the data we are continuously assessing ensures we remain the leading mentoring platform and that our customers receive the most up to date and highest quality service.
Is tech playing a much larger part in your day-to-day running of your company?
Yes! As a tech company,  it is at the heart of everything that we do; From our service offering to clients, through to our remote working approach with colleagues and employees. Tech plays a major role in our growth, both in terms of our reach and the services we provide. The use of advancing technology helps us streamline processes without diminishing quality, guaranteeing the service that customers receive is as efficient as possible.
What is your attitude to your competitors?
We have a very healthy attitude towards our competitors. It discourages complacency when we all play fairly. Competition is important to ensure that the market keeps evolving and that the services on offer have no option but to be innovative. Innovation and growth are of great importance to PushFar so we don’t fear our place within the market.
Do you have any advice for anyone starting out in business?
If you are wanting to start a business, just do it. There will never be a right time, it’s all about the mindset that you apply. Focus, dedication and hard work are what you need to abide by. There’s no shortcut for any of it.
It can be a lonely and pressured place to be as the lead decision maker of the business. What do you do to relax, recharge and hone your focus?
I switch off, partaking in a digital detox and immersing myself in books and the outdoors through the likes of running.
Do you believe in the 12-week work method, or do you make much longer planning strategies?
I personally believe longer-term strategies are key. They’re less restrictive and allow for a greater sense of direction and a view of the bigger picture and long-term goals.
What is your company’s eco strategy?
As a tech company, we try to do everything we can to reduce impact on the planet. We actively encourage remote working and regularly host video calls where possible to reduce commutes. We’re also entirely paperless and will continue to make strives to ensure we are considering eco-impacts.
What three things do you hope to have in place within the next 12 months?
Over the next 12 months our focus is on growth; a larger team, a greater client base and more awesome features on offer.
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Secrets of Success: Ed Johnson, CEO and Co-Founder of PushFar

HS2 has revealed a final IR35 liability of £6.2 million in its 2023/24 accounts, following a compliance review by HMRC. This payment concludes the tax obligations under the Off-Payroll Working Legislation introduced in 2017.
The review found that only 5% of HS2’s contractors were classified as outside IR35, raising concerns about the legislation’s impact on public projects. Industry experts argue the policy is causing financial inefficiencies and may deter top talent from participating in government projects.
Commenting, on the news, Dave Chaplin, CEO of IR35 compliance firm IR35 Shield said: “HS2’s latest annual accounts have revealed a final IR35 bill of £6.2m, highlighting the circular and counterproductive nature of Off-payroll legislation in the public sector.

“Firstly, we’re witnessing a bizarre money-go-round. HS2, funded by the government, pays £6.2m to HMRC, which goes to the Treasury, only for the Treasury to then fund HS2 with monies including this £6.2m. It’s a bureaucratic circus that serves no real purpose.

“The compliance efforts themselves are a net loss for the Treasury. HMRC caseworkers’ salaries result in only about a third returning as tax revenue. Add to this the increased costs from pushing contractors onto payroll and the use of consultancies, and we’re looking at a significant net loss for the public purse.

“The human cost is equally concerning. With only 5% of contractors deemed outside IR35, we’re likely to see top talent blackball the HS2 project, leading to higher cost alternatives.

“Perhaps most alarming is HS2’s reliance on HMRC’s CEST tool, which has clearly failed them. Many private sector firms abandoned CEST long ago due to its well-documented shortcomings.

“Off-payroll in the public sector is, in essence, a loss-making exercise for the Treasury.  The HS2 accounts prove it, as did the Home Office accounts published earlier in the month.

“The private sector is equally struggling. Rachel Reeves is seeking to plug a £22bn gap in the public purse.  She could start by looking at the IR35 Reforms, which are a textbook example of misguided policy implementation worthy of a tax policy Darwin award.”

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HS2 hit with final £6.2 million IR35 bill as IR35 reforms continue to draw criticism

In a significant policy shift, the UK government has cancelled £1.3 billion in funding earmarked for artificial intelligence (AI) and technology research and development, as part of broader efforts to stabilise the economy.
The funding, initially promised by the previous Conservative government, was intended to bolster the UK’s position as a global tech leader but has been axed by the Labour administration.
The Department for Science, Innovation and Technology (DSIT) confirmed the cuts, stating that the funds had never been allocated in the budget despite being announced within the last 12 months. The withdrawn support included £800 million for an exascale supercomputer at Edinburgh University, poised to be the most powerful in the UK, and £500 million for the AI Research Resource aimed at enhancing computing capabilities for AI projects.
A DSIT spokesperson explained the decision: “The government is taking difficult and necessary spending decisions across all departments in the face of billions of pounds of underfunded commitments. This is essential to restore economic stability and deliver our national mission for growth.”
Industry experts have expressed concern that these cuts could hinder the UK’s technological progress at a critical time. Scott Lewis, Senior Vice President at Ataccama, highlighted the importance of AI investment: “Boosting AI investment should be a top priority for government. Technology advancement is fuelling data creation in all areas of everyday life, in business and academia, and that data can provide valuable insights to help solve challenges and drive innovation.”
The cancellation has been particularly impactful for Edinburgh University, which had already invested £31 million to prepare for the supercomputer project. The planned exascale supercomputer was expected to be 50 times faster than any current computing system in the UK, representing a significant leap forward in the nation’s computational capabilities.
Fraser Stewart, Chief Commercial Officer for Lyfeguard, voiced his concerns: “The decision to cancel funding for key tech and AI projects is a setback for the UK’s global technology superpower ambitions, stifling the next innovations that could have been key to business and economic growth. Restricting investment may limit the benefits to people and businesses moving forward, so hopefully, this is not the start of a trend of tech funding cuts.”
Others in the industry echoed these sentiments. Libero Raspa, Director of adesso UK, noted the potential long-term consequences: “The cancellation of funding for key tech and AI projects is a significant setback for the industry. The rapid rise of AI adoption requires substantial investment and without this, companies may struggle to innovate and fall behind international counterparts. Technology, particularly AI, should be central to enhancing efficiency, and investment is crucial for successful tech projects that boost productivity and growth nationwide.”
As the UK navigates these economic challenges, the decision to cut funding for such high-profile tech projects raises questions about the country’s future as a global leader in AI and technology. Industry leaders are urging the government to reconsider and to collaborate more closely with academia and industry to ensure the UK remains competitive in the rapidly evolving tech landscape.
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UK Government cancels £1.3 billion AI and tech funding amid economic tightening

The UK government is on the verge of agreeing to a £600 million bailout for British Steel, with the funds set to secure the future of the company’s Scunthorpe plant.
This move comes as Labour signals a fresh determination to resolve long-standing issues with British Steel’s Chinese owner, Jingye, which have left the plant’s future uncertain for over four years.
British Steel, one of only two UK manufacturers of strategically important “virgin steel,” alongside Tata Steel at Port Talbot in Wales, has been grappling with significant financial challenges. Jingye, which acquired British Steel in March 2020 after its collapse into bankruptcy, operates two blast furnaces at the Lincolnshire site, employing around 4,000 workers.
The proposed bailout is part of a broader strategy to transition British Steel’s operations from traditional blast furnaces to cleaner electric arc furnace (EAF) technology. This shift, estimated to cost £1.25 billion, would reduce carbon emissions by 75%. However, Jingye has made it clear that it requires substantial public funding to make the switch, with £600 million of taxpayer aid now under negotiation.
Despite the potential benefits, unions have raised concerns about the impact on jobs, warning that up to 2,000 positions could be lost due to the lower labour demands of EAF production. Additionally, some of Scunthorpe’s production could be relocated to British Steel’s Teesside plant, where a new EAF facility is planned.
The bailout discussions have been prolonged, partly due to concerns over Jingye’s commitment and financial stability, as highlighted by red flags from the company’s auditors. However, with Labour now in government, there is renewed momentum in the talks. Options being considered include continued operation of the blast furnaces until the new EAFs are operational and potential investments in carbon capture and storage.
A government spokesperson emphasised the importance of a “green steel transition” that protects jobs and secures the future of the British steel industry. Recently filed accounts show that Jingye injected £100 million into British Steel last October, providing some reassurance to the government about the company’s financial backing.
This potential rescue deal for British Steel is likely to follow a similar bailout for Tata Steel, which has also been negotiating with the government. Tata’s proposed transition to EAF technology at its Port Talbot site in Wales had reached an agreement with the previous Conservative government, but the deal was left unsigned before the recent general election.
Labour’s business secretary, Jonathan Reynolds, has already made moves to avoid industrial action at Port Talbot, but the party may face further union pushback as it navigates its steel sector strategy. Unions are adamant that taxpayer support should be contingent on maintaining blast furnace production, which both British Steel and Tata argue is no longer economically viable.
As Labour aims to balance its green pledges with the economic realities of the steel industry, the outcome of these negotiations will be critical in shaping the future of British steel production.
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British Steel nears £600m Government bailout as Labour signals intent to break deadlock

PHINXT Robotics, an AI-driven robotics software company, has secured £2 million in an oversubscribed funding round to advance its innovative edge AI platform that simplifies and scales robotics automation in warehouses.
The round was led by Sure Valley Ventures with participation from Ada Ventures, Heartfelt and Atlas Ventures.
Founded in 2022, PHINXT Robotics is transforming the landscape of warehouse automation with a cloud-based platform that drastically reduces the cost and complexity of robotic deployments. Traditionally, high setup costs—often exceeding £500,000—have been a barrier to automation, leaving over 90% of warehouses fully manual. PHINXT addresses this with its decentralised edge AI technology, which simplifies the coordination of robots at the edge, making automation accessible to more businesses.
The platform is robot-agnostic, allowing businesses to select and deploy the specific types of robots they need, leading to remarkable operational improvements. Companies using PHINXT’s technology have reported doubled profit margins and productivity increases of up to 400%.
PHINXT has already gained significant traction in the market, securing contracts following a successful pilot with a major UK grocery retailer. The new funds will be used to expand the company’s engineering and sales teams and support its expansion into mainland Europe, where it sees substantial growth opportunities. The global mobile robot market is projected to reach $16 billion by 2027, with an estimated 2.4 million mobile robots in operation.
Looking to the future, PHINXT aims to extend its technology beyond warehouse automation to include delivery drones and autonomous vehicles. The company’s core decentralised edge computing technology, which enables machines to coordinate within a distributed network, positions it to innovate in these frontier technologies.
PHINXT’s CEO and Co-Founder, Yanwen Chen, is an expert in robotics with two PhDs in computer science and synchronisation communications. Her pioneering algorithm enables robots to self-orchestrate even when disconnected from central networks, ensuring safety and efficiency in autonomous operations. Chen co-founded the company with Quirino Zagarese, PhD, an expert in distributed systems, to build a scalable architecture and product.
Yanwen Chen commented on the funding round: “At PHINXT, our mission is to revolutionise the logistics industry with our cloud-based platform that seamlessly integrates any type of robot, enabling them to collaborate and coordinate in a shared space without the need for a centralised server. This investment will empower us to expand our team and enter new markets, driving further growth and innovation.”
Brian Kinane, Founding Partner at Sure Valley Ventures, praised PHINXT’s approach, stating: “PHINXT’s unique edge computing technology helps warehouses drastically increase performance and profitability, providing a highly flexible and cost-effective robotics solution that will enable far greater adoption. With their cutting-edge proprietary technology, PHINXT is extremely well-positioned to disrupt this market globally.”
Check Warner, Partner at Ada Ventures and Co-founder of Diversity VC, highlighted the strength of PHINXT’s leadership: “Yanwen Chen is without doubt one of the strongest technical founders we’ve met. We are delighted to be investing in such a visionary founder who is shaping the future of edge computing, robotics, and autonomous systems.”
This £2 million round follows a previous £600k raise from investors including Fuel Ventures, Amar Shah, and Atlas Ventures, marking another milestone in PHINXT’s journey to redefine robotics automation on a global scale.
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Phinxt Robotics secures £2M funding to scale robotics automation with innovative edge AI platform

Lord Rose, Chairman of Asda, has voiced his embarrassment over the supermarket’s recent decline, particularly under the stewardship of the Issa brothers.
In a candid interview with The Telegraph, Rose acknowledged the challenges Asda faces, revealing his concerns over the company’s dwindling performance and market share.
Following a 2.1% decrease in like-for-like sales in the first half of the year, Rose offered a forthright critique of the supermarket’s trajectory. “To be perfectly honest, I’ve been in this industry for a long time, and I am slightly embarrassed. I won’t deny that,” Rose remarked. “I don’t like being second, third, or fourth. If you look at the comparative numbers from Kantar or other indexes, we are not performing as well as we should be. And I don’t like that.”
Since the Issa brothers acquired Asda in 2021, the supermarket’s market share has fallen from 14.8% to 12.7% as of July. In contrast, competitors such as Aldi, Lidl, and Tesco have made significant gains.
Rose, the former CEO of Marks & Spencer, suggested that co-owner Mohsin Issa should step back from the day-to-day operations of Asda. “I wouldn’t encourage him to intervene in operations, and I am the chairman,” he stated, implying a need for more experienced retail leadership as Asda grapples with its challenges.
Having served as Asda’s chairman since shortly after the £6.8 billion takeover, Rose plans to take a more active role in the supermarket’s recovery while it searches for a full-time chief executive to assume leadership in the new year. Meanwhile, Asda has announced plans to invest tens of millions in additional checkout staff, acknowledging that the push towards self-checkout has gone too far.
Mohsin Issa, who retains a 22.5% stake in Asda alongside private equity firm TDR Capital, is expected to shift his focus towards EG Group, the petrol forecourt business where he initially found success. Rose noted that Asda now requires a different type of leader, saying, “We always said Mohsin was a particular horse for a particular course. He is a disrupter, an entrepreneur, an agitator. We’ve added a significant number of stores and made many changes, but now it needs a different animal. In the nicest possible way, Mohsin’s work is largely complete.”
Zuber Issa, Mohsin’s brother, sold his stake in Asda earlier this year as part of a broader separation of the Issas’ business interests, following internal family disputes.
Rose also pointed out that under Mohsin’s management, Asda had lost focus on its customers, becoming overly absorbed in an £800 million IT overhaul dubbed Project Future. This project aims to disentangle Asda’s systems from those of its former owner, Walmart, a process that has proven complex and time-consuming.
Reflecting on the transition, Rose, who visits Asda’s Leeds headquarters weekly, said: “Walmart owned Asda for 20 years and ran it as a business that was not a core part of its global operations. While we have focused intensely on certain aspects, we may have taken our eye off the ball in others. I still see myself as a shopkeeper, and when I walk into a shop, I try to view it through the customers’ eyes.”
The IT project is slated for completion by the end of the year, with significant financial penalties looming if delayed. However, Rose emphasized the importance of a smooth transition, even if it incurs additional costs. “There is an incentive to finish on time, but if it means paying a bit more to ensure the safety of the transition, then I’d pay a little bit more,” he concluded.
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Asda’s struggle under Issa brothers draws criticism from Chairman Lord Rose

Chinese fast fashion behemoth Shein is gearing up to establish its first British warehouse as part of its preparations for a monumental £50bn listing on the London Stock Exchange.
The company, which is now headquartered in Singapore, is focusing its search on the Midlands’ “golden logistics triangle,” a prime area renowned for its logistical advantages.
Shein is reportedly seeking a large site, with requirements ranging from 300,000 to 400,000 square feet, though it is open to considering options as expansive as 600,000 square feet. Over the past few months, a team from Shein has toured approximately 10 potential sites, including locations in Derby, Daventry, Coventry, and Castle Donington. The company is said to prefer a site that is already equipped for e-commerce operations, rather than developing a new facility from scratch.
The decision to open a UK warehouse is closely tied to Shein’s anticipated debut on the London stock market, which, if successful, would be the largest float in the city for a decade. The move is also contingent on ongoing negotiations with its current third-party logistics provider, Super Smart Service, which currently manages the brand’s UK orders from a warehouse in Cannock.
Shein’s potential listing has already attracted attention at the highest levels, with the company reportedly holding discussions with senior British politicians. A successful float could significantly boost London’s flagging stock market, providing a much-needed injection of confidence.
In June, Shein is believed to have confidentially filed initial paperwork with the Financial Conduct Authority, signalling its serious intent to list in London. However, the company is facing scrutiny from some rival retailers who argue that Shein’s use of a legal tax loophole for overseas shipments has provided it with an unfair competitive advantage.
The “golden logistics triangle” in the Midlands is a key target for Shein due to its strategic location, within a four-hour drive of 90% of the British population. The 289-square-mile area is a hub for logistics and warehousing, making it an ideal base for Shein’s UK distribution operations.
Shein has engaged property agents JLL and Savills to assist in its search, with plans to finalise a location by the end of the year. The company aims to have the warehouse fully operational by the third quarter of next year, coinciding with its potential stock market debut.
Originally founded in Nanjing, Shein relocated its headquarters to Singapore in 2021, though its supply chains remain predominantly based in China. While Shein had previously considered listing in New York, tensions between Beijing and Washington have prompted the company to pivot towards London.
Shein’s rapid global expansion continues unabated. Last year, it opened a manufacturing hub in Brazil to serve South American markets and established its European, Middle Eastern, and African headquarters in Dublin. Most recently, Shein expanded its marketplace business to Spanish vendors and launched a pop-up store in South Africa.
A spokesperson for Shein commented: “To support the growth of the business, Shein is actively exploring warehousing locations worldwide. However, Shein has no immediate plans to acquire warehouse space in the UK.”
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Shein eyes UK warehouse as it prepares for £50bn London stock market debut