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Britain is “at the edge of a crisis” and Labour must “change tack” to revive the faltering economy, according to one of the country’s most respected business leaders.
Lord Stuart Rose, the former boss of Marks & Spencer and Asda, said “we should all be worried about the state of Britain” and called for “radical action” to restart growth and create jobs.
His stark warning came just a day after Sir Jim Ratcliffe’s Ineos revealed it had stopped investing in Britain altogether in protest at Labour’s tax hikes, diverting billions of pounds of capital to the US instead.
The criticism from two heavyweight figures piles pressure on Chancellor Rachel Reeves, who is already facing accusations that her £40bn programme of tax rises has derailed the economy.
Speaking on Times Radio, Lord Rose declared: “I believe we’re genuinely at the edge of a crisis. If we don’t take some radical action and take notice of what’s going on, we’re going to find ourselves in a very difficult spot.”
Rose said Labour had failed to deliver on its promise of making growth the government’s number one mission. “There isn’t a direction of travel,” he argued. “There is no travel. We’re actually standing still in a lay-by while we decide what to do.”
With the next Budget not due until 26 November, he warned Britain was “stuck for three months waiting with real anxiety” over what level of new taxes Reeves might impose.
Turning to Labour’s flagship Employment Rights Bill, Rose suggested the timing was wrong, saying the legislation would make it harder for firms to hire. “We’ve had a very flexible labour force. Why make it harder now?” he asked.
He also took aim at what he called a “sick note culture” after figures from the Chartered Institute of Personnel and Development showed UK staff are now taking almost two weeks off ill each year — the highest in 15 years. “We need a little bit of grit around the place,” Rose said. “This nation needs everybody to lean in.”
The intervention echoes growing unease in the business community. Ineos Energy boss Brian Gilvary told The Telegraph this week: “We have stopped investing in Britain. Our future investment will not be in the UK.”
Ineos has already closed its century-old Grangemouth oil refinery in Scotland, cutting more than 400 jobs, and warned its petrochemicals plant there is also at risk. The company operates key North Sea assets, including the Forties Pipeline System which carries 30 per cent of the UK’s oil to shore.
Gilvary cited Labour’s extension of the windfall tax on oil and gas profits, which raised the effective rate on producers to 78 per cent, as proof that Britain has become “one of the most unstable fiscal regimes in the world”. He contrasted that with the United States, where Ineos has ploughed £2.2bn into new projects and where, he said, policy stability underpins energy security.
Sir Jim, whose wealth is estimated at £17bn and who recently became a co-owner of Manchester United, warned earlier this year that Labour was “squeezing the life out of our abundant energy reserves in the North Sea” and that Britain risked increasingly frequent blackouts.
The backdrop has fuelled speculation that Reeves may need to raise another £20bn–£30bn in the autumn to meet her fiscal rules. Economists have even floated comparisons with the Labour government of 1976, when Britain was forced into a bailout by the International Monetary Fund.
The Chancellor has pledged not to raise income tax, VAT or employee national insurance, leaving business levies as her main lever. But business groups, from the British Retail Consortium to the CBI, have warned that piling costs onto employers risks choking off growth just as the economy flatlines.
Conservative critics seized on Rose’s intervention. Claire Coutinho, the shadow energy secretary, said: “Sir Jim Ratcliffe is right — sky-high energy prices and crippling carbon taxes are causing the death of British industry. Labour must put growth and jobs ahead of its obsession with Net Zero.”
With the autumn Budget looming, Labour faces a delicate balancing act: keeping markets calm, meeting its fiscal rules, and responding to mounting anger from both employers and voters who feel squeezed.
As Lord Rose put it bluntly: “If you have no growth, you can’t create wealth. If you can’t create wealth, you can’t provide the services people want. That’s the real problem.”
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Starmer and Reeves have taken Britain to ‘the edge of a crisis’, warns ex-M&S boss Stuart Rose

As many as four million phone calls to HMRC go unanswered every year, leaving taxpayers and businesses “in the dark” as they attempt to navigate the UK’s increasingly complex tax system.
The figure emerged during a hearing of the Commons Business Committee last week, where MPs questioned officials about the tax authority’s ability to collect the £46.8 billion in tax owed but not yet recovered.
Labour MP Liam Byrne pressed HMRC executives on customer service levels, asking how many calls from the public were going unanswered. In response, Jonathan Athow, HMRC’s Director General of Customer Strategy and Tax Design, admitted that with the department funded to respond to only 85 per cent of calls, the number left unanswered could reach “three, maybe three or four million calls potentially.”
The revelation has prompted sharp criticism from the tax industry, which warns that inadequate support risks undermining compliance and the government’s own revenue targets.
Seb Maley, CEO of tax insurance provider Qdos, said the situation was leaving millions of people struggling to get clarity on their obligations.
“Millions of taxpayers and businesses are being left in the dark by HMRC, which is shooting itself in the foot by failing to answer between three and four million phone calls every year,” Maley said.
“Behind each missed call is a person trying to do the right thing – whether it’s paying tax or seeking guidance to ensure compliance. The complexity of the UK’s tax system makes clear, reliable advice indispensable. Without effective communication channels, many taxpayers are left to navigate unclear rules on their own. This can easily lead to mistakes and ultimately, non-compliance.”
While HMRC has pledged to improve service levels in the wake of mounting criticism, industry figures stress that progress must be rapid if the government is to stand any chance of closing the tax gap.
“Every unanswered call is a missed opportunity to help people meet their tax obligations fairly and efficiently,” Maley added.
The warning follows a difficult period for HMRC, which has faced growing pressure over long delays, reduced staffing levels, and failed attempts to push taxpayers toward digital-only services. MPs and professional bodies have repeatedly called for urgent action to restore confidence in its frontline support.
With billions at stake, experts argue that improving taxpayer engagement is no longer just a customer service issue — it is a matter of fiscal necessity.
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HMRC leaves up to 4m taxpayer calls unanswered each year, MPs told

Scottish MarTech company Hyble has secured $2 million (£1.5m) in venture debt financing from Virgin Money, funding that will accelerate the rollout of its new AI-powered platform and support expansion in the U.S. and European beverage markets.
The Edinburgh and Glasgow-based business, which specialises in helping drinks brands and distributors manage point-of-sale (POS) execution for the on-trade, said the investment would underpin the launch of Hyble 2.0, its next-generation platform designed to bring AI automation, speed and measurable ROI to beverage marketing.
The raise follows a period of rapid momentum for Hyble, with revenues up 93 per cent year-to-date compared with the same period last year. Growth has been driven by strong enterprise demand in North America and increased adoption across both alcoholic and soft drinks sectors in the U.S. and Europe.
One of Hyble’s biggest breakthroughs came through its work with Southern Glazer’s Wine & Spirits (SGWS), the largest beverage distributor in the U.S. The partnership demonstrated the platform’s ability to reduce print turnaround times by more than 60 per cent, cut operational costs, and improve field sales execution.
“Hyble 2.0 will harness AI to transform how menus and POS are created, deployed, and optimised — giving sales teams smarter tools, faster execution, and measurable ROI,” said Craig Letton, CEO and co-founder of Hyble. “This funding allows us to double down on innovation, expand our U.S. presence, and continue delivering for the world’s biggest beverage brands and distributors.”
As part of its next phase of growth, Hyble is hiring six new AI engineers across its Scottish offices, focusing on further enhancing automation and usability of the platform. In the U.S., the company has promoted Katie Hoare to General Manager and is expanding its sales team to capture rising demand.
Catriona Penny, Senior Director of Venture Debt at Virgin Money, said: “Hyble is a great example of the kind of high-growth, technology-led business we’re proud to support. Their focus on solving real-world execution challenges for global beverage companies with AI, data and operational speed is exactly the kind of innovation that will define the next generation of market leaders.”
With fresh capital secured and an AI upgrade imminent, Hyble is positioning itself to strengthen its foothold in the U.S. while cementing its reputation as a disruptive player in global beverage marketing technology.
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Hyble secures $2m Virgin Money funding to drive AI-powered platform and U.S. growth

Tottenham Hotspur have moved to quash speculation over a potential sale, confirming they have rejected two preliminary takeover approaches — one from Amanda Staveley’s PCP International Finance and the other from a Chinese consortium.
The north London club issued a statement late on Sunday night after a weekend of mounting rumours following the shock departure of long-serving executive chairman Daniel Levy. Spurs said they had been forced to clarify the situation under UK takeover rules, stressing that majority owner Enic Sports & Developments Holdings Ltd has “no intention” of entertaining offers.
“The Board of Tottenham Hotspur Limited is aware of recent media speculation and confirms that its majority shareholder, Enic Sports & Developments Holdings Ltd, has received, and unequivocally rejected, separate preliminary expressions of interest,” the statement read.
The bids were said to have come from Staveley’s company and from a consortium led by Dr Roger Kennedy and Wing-Fai Ng through Firehawk Holdings Limited. Under takeover rules, both PCP and the Chinese consortium must now announce by 5 October whether they intend to make a formal offer. If they do not, they will be barred from returning with a bid for a set period unless circumstances change.
Tottenham underlined that the clarification should end speculation over a possible change in ownership. “The Board of the Club and Enic confirm that Tottenham Hotspur is not for sale and Enic has no intention to accept any such offer,” the statement added.
Sources close to the Lewis family trust, which controls Enic’s 87 per cent stake in Spurs, have also insisted the club is not on the market.
The announcement comes amid significant upheaval at the Premier League side, with Levy stepping down last week after almost a quarter of a century in charge. Peter Charrington, who joined as a non-executive director earlier this year, has been installed as non-executive chairman and was named in the official statement as the person responsible for arranging its release.
While Spurs have recently been linked with takeover interest from several quarters, the club’s owners remain determined to retain control, pointing to the ongoing investment in infrastructure and commercial growth. Tottenham, valued at close to £3 billion, opened their 63,000-seat stadium in 2019 and reported annual revenues of more than €615 million in Deloitte’s Football Money League earlier this year.
For now, despite the speculation stirred by Levy’s exit, Tottenham’s board is emphatic: Spurs are not for sale.
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Tottenham Hotspur reject takeover approaches from Amanda Staveley and Chinese consortium

Spending short periods of time shopping or browsing online during work hours is not a sackable offence, a UK judge has ruled in a case that awarded an employee more than £14,000 in compensation.
The ruling followed the dismissal of Ms A Lanuszka, an accountancy administrator, who was fired in July 2023 after her employer secretly installed spyware on her computer and recorded her visiting websites such as Rightmove and Amazon.
The tribunal heard she spent around one hour and 24 minutes over two days on personal browsing. But Employment Judge Michael Magee, sitting in Bury St Edmunds, concluded the activity was not “excessive” and did not justify dismissal.
Judge Magee noted that Lanuszka’s boss, Ms Krauze, also used her work computer for personal purposes and had provided no clear policy banning such use. “She was free to use the computer personally when work commitments permitted and during breaks,” the judge said.
A large proportion of the recorded time was spent on professional development, including Excel training. Lanuszka had no prior disciplinary issues and had received no warnings.
The judge also criticised diary entries presented by Krauze to suggest long-standing performance issues, pointing out they were written in 2024, after the dismissal, and backdated to 2022 and 2023.
The tribunal concluded that Lanuszka’s dismissal coincided with the permanent move to the UK of Krauze’s sister and was designed to remove her from the company before she accrued two years’ service — the threshold at which workers gain full protection under unfair dismissal law.
Lanuszka had originally joined Accountancy MK in 2017 but signed a new contract in 2021 when Krauze rebranded the business.
The tribunal’s decision highlights the importance for employers of having clear IT and personal-use policies — and of applying them consistently.
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Online shopping at work not a sackable offence, tribunal rules

Barclays Bank has been hit with a formal complaint alleging anti-Semitism after a customer claimed staff at its Leicester business team unfairly froze his account because of his Israeli residency.
In a letter addressed directly to group chief executive CS Venkatakrishnan, journalist Martin Blackham accused the bank of discriminating against him on the basis of his nationality and location.
Blackham, who said he is a member of His Majesty’s press corps currently covering the war in Israel, claimed that his Barclays account had been blocked from normal use after the system flagged a request for further details which he was unable to update online.
“As the account details show that I am based in Israel this is clearly a case of anti-Semitism by the Barclays Business Team management in Leicester,” Blackham wrote in his complaint.
He alleged that despite raising the issue with Barclays three months earlier, on 8 June, the bank had failed to respond to his repeated correspondence. He described the situation as “disgraceful” and urged Venkatakrishnan to order a “thorough investigation” into the conduct of Leicester-based staff.
The letter further stated: “Anti-Semitism has no place in the Barclays Leicester workplace, and I expect not only a thorough investigation into this matter [but also] assurance that the matter has been resolved.”
The account freeze, Blackham argued, had restricted his access to funds while reporting from Israel, an operational difficulty he described as both unprofessional and discriminatory. He also claimed this was not the first time he had experienced similar issues with Barclays.
Barclays, which employs more than 80,000 people worldwide, has faced heightened scrutiny in recent years over its compliance processes in high-risk jurisdictions. While the bank has not yet commented on Blackham’s specific claims, it has previously stated a “zero tolerance” policy towards discrimination of any form.
Anti-Semitism complaints within UK financial services remain relatively rare, but banks have been criticised in the past for opaque decisions to close or restrict accounts linked to certain nationalities, residency statuses or politically exposed clients. In July 2023, NatWest was forced to apologise after the closure of Nigel Farage’s Coutts account sparked a political and regulatory storm over “debanking.”
Blackham’s complaint adds a fresh dimension to that debate, raising questions about whether compliance flags risk straying into unlawful discrimination.
A spokesperson for the Board of Deputies of British Jews, when contacted by Business Matters, said: “We are extremely concerned to hear allegations of anti-Semitism in the banking sector. All financial institutions must ensure that their compliance procedures are robust, transparent, and free from discriminatory practices.”
Barclays is expected to come under pressure to respond swiftly. The letter, dated Sunday 7 September, was copied to Business Matters after months of silence from the bank, according to Blackham.
The Financial Conduct Authority (FCA) declined to comment on individual cases but pointed to its rules requiring firms to treat customers fairly and to act without discrimination.
With anti-Semitism levels in the UK at their highest recorded since 1984, according to the Community Security Trust, the complaint is likely to draw broader scrutiny of how banks balance compliance with equality obligations.
Whether Barclays views the freeze as a procedural error, a compliance measure or a more serious internal failing may determine the reputational fallout. For now, Blackham says he awaits a reply “by return.”
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Barclays faces complaint over alleged anti-Semitism at Leicester branch

Labour ministers are weighing reforms to the European Convention on Human Rights (ECHR) as part of a rightward shift on migration aimed at halting Reform UK’s advance, with polls showing Nigel Farage’s party opening up a double-digit lead.
According to The Sunday Times, new home secretary Shabana Mahmood is exploring options that could include changes to Britain’s relationship with the ECHR, with one source saying she would “start with the unthinkable and work backwards.” The ECHR underpins the Good Friday Agreement, but Farage has pledged to withdraw from the treaty and replace it with a British Bill of Rights that applies only to citizens and those with legal residence.
Kemi Badenoch, the Conservative leader, has also said she would examine the case for leaving the convention.
Mahmood, a former justice secretary, is under pressure to speed up asylum processing and reduce the reliance on hotels to house migrants. She is expected to announce that asylum seekers will be moved into barracks on former military bases, according to the Telegraph.
The government is also close to striking a new “one in, one out” returns deal with Germany, building on an agreement reached with France over the summer. Under the French deal, the UK can return one irregular migrant in exchange for accepting one claimant from France judged to have a higher chance of success.
Ministers have hailed the French deal as “game-changing”, though it will initially apply to only a small number of asylum seekers. A similar arrangement with Friedrich Merz’s German government would likely focus on migrants who transit through Germany en route to France before attempting to cross the Channel.
Farage has pledged to fight the next general election, expected in 2027, on a promise to “stop the boats” within two weeks of taking office. His party’s surge in the polls has been attributed to the vacuum left by government during the summer recess, with Reform capitalising on voter frustrations over asylum and migration policy.
Defence secretary insiders said Sir Keir Starmer was “going up a gear” as Labour seeks to reassert control of the migration debate and shore up its electoral position against Reform.
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Labour weighs human rights reform as Mahmood shifts right on migration to counter Reform UK

Newly appointed business and trade secretary Peter Kyle has pledged to pursue an “ambitious” growth agenda, telling senior executives that the government should play an active role in creating the UK’s first trillion-dollar company.
Business Matters understands Kyle held a hastily arranged call with corporate leaders on Saturday afternoon after succeeding Jonathan Reynolds in the role. Attendees included executives from BAE Systems, Heathrow Airport, Microsoft UK, NatWest Group and Octopus Energy, alongside representatives from the CBI, FSB and Make UK.
Kyle told bosses that his experience at the Department for Science, Innovation and Technology (DSIT) would be an asset in his new position, with plans to deploy the resources of the British Business Bank to drive growth. He said his goal was to make Britain the best place in the world for start-ups and scale-ups, and stressed the importance of long-term stability to boost business confidence.
Among his ambitions, he said, was for the UK to nurture its first $1trn company — a milestone achieved only by a handful of US tech giants such as Amazon, Apple and Nvidia.
Kyle also confirmed he would travel to Washington on Sunday to help prepare for President Donald Trump’s forthcoming state visit, before heading to China for talks with officials. He said Prime Minister Sir Keir Starmer had given him licence to pursue growth opportunities in partnership with DSIT, the Treasury and the Department for Work and Pensions.
Echoing the Chancellor’s recent rhetoric, Kyle said he wanted government policy to encourage greater risk-taking in business.
In a statement issued through the government, he said: “I want government to be seen as an active partner that delivers success, supports new business and backs wealth creation. This government’s number one mission is economic growth. We need to crack on and do it. We must double down, while being creative and unrelenting in pursuit of our goal. I want this to be the greatest place to start a business or scale up. We haven’t maximised the potential in this country, and I’m ambitious in wanting to see the first trillion-dollar company emerge from the UK.”
Kyle’s remarks set the tone for what is expected to be a more interventionist business department, seeking to blend innovation policy with industrial strategy in the pursuit of growth.
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Peter Kyle sets sights on UK’s first $1trn company in ‘ambitious’ growth pledge as he replaces Jonathan Reynolds as business minister

Coventry-based Maeving, the British electric motorbike manufacturer, has raised £8 million in new funding to expand production, accelerate overseas sales and develop new models aimed at commuters and women riders.
The company, founded in 2018 by university friends Seb Inglis-Jones and Will Stirrup, attracted backing from venture capital firms including Venrex, Future Planet Capital and Elbow Beach Capital, alongside angel investors such as John Ayton, co-founder of Links of London, and Simon Hill-Norton, founder of Sweaty Betty. It has also secured a £3 million working capital facility from HSBC UK.
Maeving exports around half of its bikes to markets such as France and Germany, with the US now its largest international market outside the UK. Sales to America have risen fivefold so far this year compared with 2024, despite disruption from President Donald Trump’s tariff-driven trade war.
“The biggest challenge for all manufacturers exporting to the US has been the uncertainty for consumers,” said Inglis-Jones. “If people are uncertain about their finances, they’re less likely to spend money on a discretionary product.”
Inspired by the popularity of simple e-bikes in China with removable batteries, the Maeving founders set out to combine practicality with British engineering and design at a higher-end price point. While Chinese models can cost just a few hundred pounds, Maeving bikes start at £4,995.
The company’s RM1 and RM1S models can travel up to 80 miles on a full charge, with batteries that recharge in under four hours for about 73p. Maeving estimates that powering an average UK commute of 11.4 miles a day costs just £4.20 a month in electricity.
Rather than chasing traditional motorbike enthusiasts, the brand is targeting new riders, particularly commuters and city dwellers seeking an alternative to congested public transport. At 140kg, Maeving bikes are lighter than most motorcycles, making them more accessible — particularly to women.
“Our customers are often people who’ve not ridden loads of bikes before and have no affiliation with petrol engines,” said Inglis-Jones. “They’re not expecting vibration or noise. They want something clean, simple and easy to use.”
Maeving employs 67 staff, including 50 in production at its Coventry site, which has the capacity to produce up to 11,000 bikes annually. The UK is no longer known for large-scale hardware manufacturing, Inglis-Jones said, “but motorcycle design is one of the things we are still revered for worldwide.”
The company’s head of product, Graeme Gilbert, previously worked on new product design at Triumph, another British motorcycle brand.
With its new funding, Maeving plans to double down on R&D, ramp up marketing spend — particularly in overseas markets — and cement its position as a new force in the electric mobility sector.
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UK e-motorbike maker Maeving secures £8m to fuel growth and overseas expansion