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Keir Starmer is set to appoint Richard Walker, the executive chair of Iceland Foods and a former Conservative donor, to the House of Lords — marking one of the most striking political shifts in recent years for a senior UK business figure.
The Guardian understands that Walker will join a cohort of around 25 new Labour peers expected to be announced later this month, giving the supermarket executive a direct platform in parliament to champion policies that have become central to his public campaigning, including closer ties with the EU and a more optimistic economic narrative.
Walker’s elevation to the Lords completes a rapid political realignment. A little over three years ago, he was being lined up as a potential Conservative MP candidate and had donated nearly £10,000 to the party in the summer of 2020, during Boris Johnson’s premiership. He was added to the approved Conservative candidates’ list in 2022.
But by 2023, Walker publicly severed ties with the party, accusing the Conservatives of having “drifted badly out of touch with business and the economy, and with the everyday needs of the British people”. He criticised the government’s management of key issues such as retail crime, inflation and the post-Brexit trading environment.
In early 2024, he endorsed Starmer after what he described as “a lot of soul-searching”, arguing that the Labour leader “has exactly what it takes to be a great leader”. Even then, he stopped short of framing himself as a future Labour politician. Yet his peerage will now make him one of the most prominent pro-Labour voices within British business.
Walker took over as executive chair of the frozen-food retailer in 2023, succeeding his father Malcolm, who founded Iceland in 1973. Both father and son have previously supported the Conservative Party and been regarded as part of the party’s natural business constituency.
His appointment to the Lords also comes at a politically sensitive moment for Starmer’s government. While several large retailers privately welcomed the fact that business rates reforms at the autumn budget were less punitive than expected, other business groups remain irritated by broader tax rises — including Labour’s decision to increase national insurance contributions.
The move also gives Labour a counterweight to the Conservatives’ established roster of retail peers, including Simon Wolfson, the chief executive of Next.
Labour declined to comment on the appointment. Walker has also been approached for comment.
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Keir Starmer to make Iceland boss Richard Walker a Labour peer

Airbus is set to secure the long-term future of almost 3,000 UK aerospace jobs after striking a long-awaited carve-out deal from Boeing’s takeover of Spirit AeroSystems, a move that ends months of uncertainty for workers in Belfast and Prestwick.
Sources say the world’s largest aircraft manufacturer will announce as early as Monday that it is taking on 1,550 staff at Spirit’s Belfast operations and a further 1,200 at the company’s plant in Prestwick, Scotland. It marks a major breakthrough in negotiations that have rumbled on since Boeing agreed a $4.7bn acquisition of Spirit last year.
The UK facilities — which produce wings, fuselage sections and critical aerostructure components for both Airbus and Boeing, have been operating under short-term agreements while the companies worked to untangle a deal that preserved the cross-supplier production lines.
For months, the fate of thousands of workers had appeared to hinge on whether Airbus and Boeing could agree terms. The Belfast site, formerly Short Brothers — and one of the crown jewels of the UK’s aerospace heritage, recorded a $670m loss in 2024, prompting concern for its future viability.
Under the emerging agreement, Boeing will pay Airbus a substantial dowry, expected to be in the hundreds of millions, to offset ongoing losses at the Belfast operation. Boeing is also expected to retain about 2,000 Spirit staff not transferring to Airbus.
Airbus plans to take full ownership of the Belfast wing facility, while co-locating with Boeing in another building producing A220 fuselages. Planning activity is already under way for what insiders expect will be an expansion of the wing plant, reinforcing the UK’s global reputation as a centre of excellence for wing design and manufacturing.
Prestwick will also shift under Airbus control, continuing production of leading and trailing wing edges for the A320 and A350 programmes.
Boeing moved to re-acquire Spirit after a series of high-profile safety failures, including the January 2024 mid-air blowout of a door plug on an Alaska Airlines 737 Max and the earlier fatal crashes of the Max programme in 2018 and 2019. Spirit, once part of Boeing before being spun out in 2005, has been embroiled in the fallout from the supply-chain and quality issues affecting the Max line.
Airbus, meanwhile, has capitalised on Boeing’s troubles to reclaim its crown as the world’s largest commercial aircraft manufacturer, though it, too, has faced pressures, including a software glitch last month that forced urgent updates across airline fleets.
Once the Spirit workforce transfers, Airbus’s total UK headcount, across civil aerospace and defence, will rise to about 14,000. The UK remains integral to Airbus’s global manufacturing footprint, with major wing programmes centred in north Wales and advanced design teams in Bristol.
The announcement also represents a rare win for the UK industrial base at a time when manufacturers are battling higher energy costs, rising payroll taxes and global competition for investment.
Boeing confirmed this week that it expects to complete its Spirit acquisition by year-end, after receiving approval from the US Federal Trade Commission. Airbus described the FTC ruling as “a significant milestone” towards securing Spirit’s capabilities “essential to our commercial aircraft programmes”.
A formal announcement from Airbus is expected early next week.
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Airbus steps in to rescue 3,000 UK jobs as Boeing strikes deal on Spirit AeroSystems carve-out

Lando Norris has become Britain’s newest Formula One world champion after holding his nerve through a tense title decider in Abu Dhabi, securing his first championship and ending the country’s five-year wait for another motorsport hero.
The 26-year-old McLaren driver, who grew up in Bristol and has long spoken of idolising Lewis Hamilton, finished third in the season finale, enough to clinch the title by just two points after a fiercely fought contest with Max Verstappen and team-mate Oscar Piastri. He becomes the 11th British world champion, and the first since Hamilton sealed his seventh crown in 2020.
Norris cut an emotional figure as he crossed the line, breaking down on the team radio before being congratulated by McLaren CEO Zak Brown.
“Thank you guys. You made a kid’s dream true,” he told the team through tears. “I love you mum, I love you dad. Thanks for everything.”
Norris entered the final race with his title hopes shaken after he and Piastri were disqualified from the previous grand prix for a technical infringement, an episode that dramatically reopened the championship battle and ignited questions about whether he could hold his nerve.
Starting second behind Verstappen, Norris was passed by Piastri on the opening lap, briefly putting his title hopes under strain. But the McLaren driver steadied himself, managed his pace and executed a calculated, mistake-free drive to bank the points he needed.
Verstappen, seeking a fifth consecutive title, and Piastri, chasing his maiden crown, pushed relentlessly across 90 minutes of strategic tension — but neither could overhaul the Briton’s points advantage.
As soon as Norris stepped out of the Papaya-orange McLaren, helmet off and eyes red, cheers erupted around Yas Marina. His mother, Cisca Norris, was the first to embrace him, followed by Piastri and senior team members.
“I haven’t cried in a while,” Norris admitted in parc fermé. “I didn’t think I would cry, but I did. It’s been such a long journey. Not many people get to experience this in Formula One. I’m very proud of myself , but I’m even more proud of everyone in the team.”
Norris’s path to the summit has been shaped by years of graft, global travel and family support. The son of business founder Adam Norris, who built e-mobility company Pure, Lando started karting at six, left school early to pursue motorsport full-time, and quickly rose through Europe’s junior categories before joining McLaren’s F1 programme.
His father, speaking moments after the chequered flag, said: “It’s been a really long, hard journey. Longer than you’d think. There’s been a lot of travelling to weird and wonderful places. He has always been fast and loved it more than everyone else.”
Celebrities including Emily Ratajkowski, Gordon Ramsay and Thierry Henry watched the drama unfold from the Abu Dhabi paddock.
Norris’s partner, model and actress Magui Corceiro, was in the McLaren garage throughout, and was visibly emotional as he became world champion. The couple, who have been together on and off for two years, embraced trackside as the celebrations began.
The championship marks a watershed moment for McLaren, who only a few seasons ago were battling near the back of the grid. Under Zak Brown and team principal Andrea Stella, the team has undergone a sweeping transformation, culminating in one of the most impressive competitive resurgences in recent F1 history.
Norris, who has spent his entire Formula One career at McLaren, paid tribute to the team’s revival.
“We’ve been through very difficult times and some great times. This year, we fought to the very last laps,” he said. “Max and Oscar didn’t make it easy, but that’s what makes this feel so special.”
Norris now joins a lineage that includes Sir Jackie Stewart, James Hunt, Damon Hill, Jenson Button and Hamilton, but his arrival as champion feels distinctly modern. A driver shaped by both digital-era fandom and classic racing discipline, he has become one of Formula One’s most popular figures far beyond the British Isles.
And now, officially, a world champion.
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Lando Norris crowned Formula One world champion after nail-biting Abu Dhabi finale

Some of the UK’s most prominent live-entertainment venues, including The O2, Co-op Live, Manchester Arena, the First Direct Arena in Leeds and Wembley’s SSE Arena, are bracing for some of the sharpest business-rate rises in the country after dramatic increases in their rateable values (RVs) were revealed for 2026.
New analysis from global tax firm Ryan shows that almost all major arenas have seen valuations surge, in several cases more than doubling, with Wembley Arena’s assessment rocketing by 300%. The spike reflects a return to packed schedules and booming post-pandemic demand for live music and events.
Alex Probyn, Practice Leader for Europe & Asia-Pacific Property Tax at Ryan, said the scale of the rises is the direct result of how arenas are valued.
“Arenas are assessed under the Receipts and Expenditure method, meaning business rates are driven by income and operating performance rather than rental evidence,” he explained.
“The 2023 rating list reflected conditions in April 2021, when most venues were shut or heavily restricted. The 2026 list reflects April 2024 — a period of full reopening. That dramatic shift in trading conditions is why many arenas are seeing such significant increases.”
Transitional relief in England will cap increases for large properties at 30% in 2026/27, then 25% plus inflation in the following two years. But because the caps compound annually, total liabilities over the whole three-year cycle can be far higher, even if the initial rise looks controlled on paper.
Ryan’s modelling shows that next year alone, even with the 30% cap, some arenas will face major cash increases:
• The O2 Arena, London: +£1.85m
• M&S Bank Arena Liverpool: +£507,825
• Co-op Live, Manchester: +£432,900
• Manchester Arena: +£386,280
• First Direct Arena, Leeds: +£199,800
• Utilita Arena Birmingham: +£166,500
Probyn warned that operators must not be lulled into a false sense of security by the transitional caps.
“Transitional relief will soften the first-year impact, but bills can still more than double over the full cycle,” he said. “With valuations of this magnitude, operators should be scrutinising the VOA’s assumptions very closely.”
With venues already under pressure from rising costs, tight margins and economic uncertainty affecting consumer spending, the latest rating list is set to put further financial strain on an industry still rebuilding after Covid-19.
Operators now face the prospect of significantly higher tax bills just as investment in new tours, productions and venue upgrades picks up pace.
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UK’s biggest arenas hit by huge business rates surge as valuations soar up to 300%

Ocado has claimed a rare financial win after US grocery giant Kroger agreed to pay the British retail-tech group $350 million (£276m) in compensation, even as it scrapped another of the automated warehouses built around Ocado’s much-touted robotic fulfilment technology.
Shares in the FTSE 250 company jumped as much as 16% in early trading on Friday before settling nearly 7% higher, offering brief respite for a business that has seen its market valuation collapse from £22 billion during the pandemic boom to barely £1.6 billion today.
The payout follows Kroger’s decision to cancel the opening of a fourth Ocado-powered customer fulfilment centre in Charlotte, North Carolina, one of two facilities previously scheduled for 2026. It comes only weeks after Kroger said it would shut three other automated warehouses because they had “not met financial expectations”.
Kroger will proceed with five remaining sites, plus a sixth still due to open in Phoenix next year, but the retrenchment has deepened concerns about Ocado’s ability to scale its technology in the world’s largest grocery market.
What began in 2018 as a 20-warehouse vision to transform US grocery logistics has so far delivered just eight, and even those have struggled to overcome the formidable economics of long-distance food delivery across vast American territories.
Despite the mounting doubts, chief executive Tim Steiner maintained a bullish tone, saying Ocado remained “excited about the opportunity” in the US and was “investing significant resources” into supporting Kroger’s logistics operations.
Ocado said both companies remain committed partners and would focus on driving profitable volume through the remaining fulfilment centres.
‘If you were a future partner, you’d rethink’
John Hudson of Premier Miton Investors,  a firm with a short position in Ocado,  was blunt. “It doesn’t look great that Ocado’s biggest partner has started closing warehouses. If you were a potential partner going forward, you might rethink.”
Clive Black of Shore Capital went further, warning that Ocado’s credibility in securing future licensing deals had been “absolutely blitzed”.
“Any retailer looking at Ocado’s proposition is going to read the Kroger report, which basically said the partnership was economically unviable,” he said. “You’d need a pretty strange form of due diligence to ignore that and not call Kroger, or Waitrose, Morrisons or Sobeys, and ask why they pulled back.”
Each of those retailers has scaled back or restructured ties with Ocado in recent years.
The company, long derided as a “jam tomorrow” stock,  has produced a full-year pre-tax profit only once in its 25-year history. It is also facing a significant refinancing deadline in 2027, with £350 million of convertible bonds and a £300 million revolving credit facility both falling due.
Its joint venture with Marks & Spencer, launched in 2020 after Ocado ditched Waitrose, has also been strained amid missed performance targets and a dispute over “true-up” payments.
Still, Steiner urged investors to take a long-term view: “Shareholders should only have invested if they believe that in the long term we’re going to be a profitable business,” he said.
For now, the business has secured a much-needed cash injection — but with Kroger trimming its commitment and other global partners cooling on Ocado’s model, the question remains: where does future growth come from?
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Ocado secures $350m Kroger payout as another US robo-warehouse is scrapped

The UK’s electric vehicle market hit the brakes in November, delivering its weakest growth in almost two years as the Chancellor’s looming pay-per-mile tax sowed uncertainty among buyers, and left Tesla nursing the sharpest fall in registrations.
New figures from the Society of Motor Manufacturers and Traders (SMMT) show that just under 40,000 battery-electric vehicles (BEVs) were registered last month — only a 3.6% rise on November 2024, and a dramatic slowdown for a sector expected to accelerate rapidly towards the government’s net-zero goals.
It marks the softest year-on-year expansion since late 2023, when global supply chains were still snarled, and leaves BEVs on a 26.4% market share, short of the government’s 28% target for this stage in the transition.
The slowdown comes after weeks of pre-Budget speculation in which Treasury sources aired, and then confirmed, plans for a new EV excise duty (eVED). From April 2028, BEV drivers will pay 3p per mile and plug-in hybrid drivers 1.5p per mile, replacing the fuel duty revenue lost as motorists ditch petrol and diesel.
For a typical BEV driver covering 8,500 miles a year, the charge equates to £255 in road tax, a significant shift from the current near-zero cost regime.
The SMMT warned the move risks “endangering the UK’s net-zero transition”, adding that demand could collapse at the very moment it needs to surge. The Office for Budget Responsibility estimates the change could mean 440,000 fewer EV sales over the next five years.
Mike Hawes, chief executive of the SMMT, said the warning lights were flashing: “This should be a wake-up call. We cannot take sustained EV growth for granted. We should be encouraging drivers to switch, not punishing them for doing so.”
Fresh data from New AutoMotive suggests Tesla was the sector’s biggest casualty, with UK registrations down almost 20% month-on-month to 3,800 vehicles,  slipping to just 2.5% market share.
Chinese rival BYD, which has leaned heavily into hybrids and plug-in hybrids, more than tripled its UK registrations over the same period.
The divergence reflects a broader shift in buyer sentiment: plug-in hybrids were the fastest-growing powertrain in November, up 14.8%, while petrol and diesel continued their structural decline.
Alongside the new EV mileage tax, Rachel Reeves extended grants for new EV purchases until 2030, with some new Renault and Mini models now qualifying for the maximum £3,750 discount.
But with cost perceptions still the biggest barrier to uptake, analysts warn the government has work to do.
Jamie Hamilton, automotive partner at Deloitte, said: “The new mileage charge will increase the running costs of EVs and may slow uptake. The industry must now redouble efforts to communicate the long-term value and investment behind the transition.”
With global carmakers betting billions on electrification and the UK’s own ZEV mandate gathering force, ministers will be hoping November’s slowdown is a blip — not the beginning of a much steeper decline.
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Tesla takes the biggest hit as UK EV growth stalls amid new road-tax fears

One of Britain’s biggest DIY investment platforms has warned that prolonged budget speculation inflicted real financial damage, after savers rushed to drain about £600 million from their pensions amid fears Rachel Reeves would slash tax-free lump sum rules.
Michael Summersgill, chief executive of AJ Bell, said months of rolling briefings and hints of a tax raid had prompted thousands of customers to make precautionary withdrawals in September and October, convinced the Treasury was preparing to cap the 25% tax-free pension commencement lump sum.
Under current rules, savers aged 55 and over can withdraw up to £268,275 tax-free. Reeves ultimately chose not to touch the allowance, but Summersgill said the period of uncertainty had again shaken confidence.
“We saw the same pattern last year when similar fears led to £300 million of early withdrawals,” he said. “Speculation alone can be damaging, and this year has been no exception.”
While the Treasury backed away from altering pension lump sum rules, it did press ahead with controversial changes to the Isa system, and Summersgill did not mince his words.
From April 2027, savers under 65 will only be allowed to put £12,000 per year into cash Isas, even though the overall £20,000 annual allowance remains unchanged. The government intends the remaining £8,000 to flow into stocks and shares Isas to boost investment in UK markets.
But in a move that shocked many in the industry, HMRC will also impose a new tax charge on interest earned on uninvested cash held within stocks and shares Isas by under-65s. Transfers from stocks and shares Isas into cash Isas will be banned to prevent workarounds.
Summersgill called the changes “the polar opposite of simplification” and said the interest charge was “just crazy, so unhelpful”.
“How the government has got this lost along the way, I do not know,” he added. “There is nothing positive about the interventions being proposed.”
AJ Bell reported a 22% rise in pre-tax profits to £137.8 million for the year to 30 September, with revenues up 18% to £317.8 million. Platform assets hit a record £103.3 billion, helped by £7.5 billion of net inflows and £9.3 billion of market gains.
But shares fell 7.6% after the firm said it would step up spending by more than £15 million in the coming year to accelerate growth, funding new technology, marketing and additional engineering hires.
Summersgill said the increased investment was vital: “There’s a huge growth opportunity. I’m not doing my job if we don’t invest aggressively to capture it.”
The company expects pre-tax margins to ease to around 39–40% in 2026, down from 43.4% this year, reflecting the ramp-up in spending.
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AJ Bell hits out at ‘crazy’ Isa overhaul as tax fears trigger £600m pension exodus

Two of London’s oldest and most storied food markets, Smithfield and Billingsgate, are set to begin a new chapter in the Docklands after the City of London Corporation confirmed Albert Island as their future home.
The decision marks a dramatic turnaround after both markets appeared destined for closure last year when rising costs forced the Corporation to abandon a £740 million relocation plan to Dagenham. At the time, traders feared the historic meat and fish hubs, which have supplied London for more than eight centuries, would be lost entirely.
Instead, the Corporation has now earmarked a 10-hectare brownfield site at Royal Docks, next to London City Airport, offering a lifeline to traders and preserving a piece of the capital’s commercial heritage. The move is subject to planning approval from Newham Council and the passage of a private bill through Parliament to repeal the Acts that legally tie both markets to their current sites.
The Corporation estimates the project will generate £750 million in local economic activity and support around 2,200 jobs in one of London’s most deprived boroughs. Plans for Albert Island also include a new shipyard for Thames vessels, a marina and further regeneration initiatives.
Greg Lawrence, chair of Smithfield Market Traders’ Association, welcomed the news, calling it a “significant step forward” for the industry.
“This location offers traders the space and opportunity to grow our businesses while continuing to serve customers across London and the south-east.”
For traders who have worked the markets for generations, the announcement ends months of anxiety and uncertainty. Many had feared that permanent closure would wipe out long-standing supply chains and devastate independent fishmongers and butchers across the capital.
The Corporation faced fierce criticism earlier this year from traders and hospitality businesses who warned that closing the markets without a replacement would cause irreversible damage. Fishmongers from Hackney’s Ridley Road Market, many of whom shop daily at Billingsgate, publicly warned that losing the wholesale site would put them out of business.
Alicia Weston, founder of food poverty charity Bags of Taste and spokesperson for the fishmongers, said the new location was “the best we could have hoped for”.
“What was absolutely key for the fishmongers was that there should be a replacement market. Albert Island isn’t too far from the current site and gives traders a fighting chance.”
Smithfield has operated near Farringdon for over 800 years, becoming one of the world’s oldest continuously functioning markets. Two of its buildings are being transformed into the new London Museum, set to open in 2026.
Billingsgate moved to its current site beside Canary Wharf in 1982 and has long been slated for redevelopment into housing as part of wider regeneration.
Despite diminished volumes compared with their pre-supermarket heyday, an independent report found the two markets still supply roughly 10% of all meat and fish consumed in London and the south-east, underlining their continued importance to the region’s food economy.
The Corporation said traders can remain in their current locations until at least 2028, giving time for construction at Albert Island and for agreements with developers to be finalised. The new “New Smithfield” and “New Billingsgate” complexes will also include a food school and continue apprenticeship programmes to support future generations of traders.
Chris Hayward, policy chair at the City of London Corporation, called the move “undeniable progress”, although he acknowledged the project remains at an early stage.
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Centuries-old Smithfield and Billingsgate markets secure new Docklands home on Albert Island

Britain is on the cusp of an entrepreneurship surge that could reshape the workforce and inject billions into the economy, according to new research revealing that one in ten adults plans to start a business within the next year, the equivalent of more than 5 million people.
The findings, published in the Entrepreneurship Revolution report from Block and Public First, paint a picture of a UK increasingly powered by independent enterprise, side-hustles and digital-first microbusinesses. The report warns, however, that outdated financial systems and a lack of modern tools risk throttling the country’s entrepreneurial potential.
The report suggests the country’s startup culture is being fuelled overwhelmingly by younger adults. Two-thirds (67%) of 18–34-year-olds say they are considering, or actively interested in, starting a business, compared with the national average of 40%. Nearly two in five (38%) young adults have already launched a small business or side-hustle.
Side-hustles are fast becoming a pillar of the UK economy with 15% of Brits already running one and 13% doing additional work, such as tutoring or childcare, to supplement their income.
Ethnic minorities are playing an outsized role in the shift, with 25% currently running a side-hustle and 23% planning to start a business within 12 months.
But a gender divide remains. While nearly a third of young women (29%) have already started a business or side-hustle, this rises to 42% among young men.
Only one in five side-hustlers say they have no interest in turning their idea into a full-time job – a signal that a new generation of job-creating startups could be waiting in the wings.
But access to funding remains the biggest barrier with 37% say better access to finance would help them grow, followed by improved tools and technology (30%) and support with marketing (30%).
The report also highlights a £4bn economic failure in the lending market: more than 50,000 viable SMEs are rejected for loans every year, despite low default rates. Meeting this demand, the report argues, could unlock £7.4bn in additional economic output.
John O’Beirne, CEO of Squareup International, said the findings expose a system still biased in favour of large incumbents: “The ambition to start and grow businesses is there, but many entrepreneurs still find the financial system stacked against them. Fairer, more flexible funding frees founders to scale, manage cash flow and invest in growth.”
The research shows early success for non-traditional finance models such as sales-linked funding. More than half of Square sellers surveyed said accessing finance through Square was easier than with banks.
Meanwhile, modern payment solutions are proving transformative.
Buy Now, Pay Later tools helped generate £6.6bn in additional sales in 2024, according to the report.
Rich Bayer, CEO at Clearpay, says even a marginal uplift in productivity could make a seismic difference: “If just 1% more SMEs grew revenue faster than headcount, it would add £24.6bn to the UK economy each year. That is a huge untapped opportunity.”
‘I started as a hobby baker — now it’s my full-time business’
Among those powering the boom is founder Gaya Vara of Gaya Bakery, who turned a lockdown passion into a thriving boutique patisserie.
“Baking began as a creative outlet while I worked in finance — but demand grew quickly,” she said.
“Our online store has been instrumental in that growth. But running a shop has its own magic. Customers walking in, smelling freshly baked pastries — that human connection can’t be replicated online.”
As the appetite for entrepreneurship strengthens, the research makes one thing clear: the UK stands at a crossroads. Get finance and digital tools right, and Britain could unleash a new era of growth powered by small, creative, resilient businesses. Get it wrong, and a generation of talent risks slipping through the cracks.
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Young Brits drive UK’s entrepreneurship boom as two-thirds plan to work for themselves