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Inheritance tax (IHT) receipts have hit a record high of £8.2 billion in the 2024-25 tax year, as rising asset values and long-frozen thresholds continue to draw more families into the tax net—even before major upcoming changes that will extend liability to pensions and farmland.
New figures from HM Revenue & Customs show a significant increase from £7.5 billion the previous year and more than double the £3.8 billion collected a decade ago. Financial advisers say the surge reflects a growing number of estates becoming liable for IHT due to soaring property prices and stagnant tax-free allowances.
The current £325,000 nil-rate band—above which estates are taxed at 40 per cent—has remained unchanged since 2009, while the additional £175,000 residence nil-rate band, introduced in 2017 for those passing on the family home to children or grandchildren, has also been frozen. These allowances will remain fixed until at least 2030 under current government plans.
With house prices, stock portfolios and savings rising over the years, many estates that would once have fallen below the threshold are now exposed. According to Savills, property now makes up 38 per cent of the average taxpaying estate, with stocks and shares accounting for 29 per cent and cash around 18 per cent.
Although only around 4 per cent of UK deaths currently result in an IHT bill, the tax is expected to become an increasingly significant revenue source. The Office for Budget Responsibility forecasts that receipts could reach £13.9 billion a year by the end of the decade.
Jonathan Halberda, a financial adviser at Wesleyan Financial Services, said the trend is no surprise. “With an increasing number of families being pulled into the scope of inheritance tax, the latest rise in receipts comes as little surprise. Each month we’re seeing the impact of frozen thresholds that no longer reflect current asset values, alongside an increasingly complex system,” he said.
“Many who wouldn’t have faced a tax bill just a few years ago are now being caught out, while others don’t realise their estate is at risk until it’s too late.”
The tax take is expected to rise further following policy reforms announced by the Treasury. From April 2026, relief on agricultural and business property will be capped at £1 million, with assets above this threshold subject to a 20 per cent tax. The move, intended to close perceived loopholes and prevent wealthier individuals from buying farmland to sidestep tax, is expected to raise an additional £520 million annually by 2029-30.
From 2027, pension pots will also fall within the scope of IHT—ending their current exemption. According to Treasury projections, this change could generate £1.46 billion annually, while consultancy Lane Clark and Peacock estimate that over the next two decades it could bring in up to £65.4 billion. By 2047, receipts from IHT on inherited pensions alone could rise to £6.2 billion per year.
The changes have sparked concern across the financial sector and among farming communities. While the government argues the reforms will make the system fairer and help fund public services, farmers have warned the cap on farmland relief may force the sale of family businesses to cover tax bills.
Halberda said including pensions in taxable estates would only add further complexity. “Instead of simplifying the process, bringing pensions under the IHT umbrella in 2027 adds further complexity. It’s a major change that we’re still waiting for more detail on. People need clarity, but in the absence of clear direction many are unsure where to turn.”
With the tax set to impact a growing number of middle-income households, calls are mounting for the government to review IHT policy in light of changing asset values and the increasingly blurred line between ordinary estates and so-called wealth.
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Inheritance tax hits record £8.2bn as frozen thresholds drag more families into net

Bank of England governor Andrew Bailey has acknowledged that the United States “has a point” in criticising global trade imbalances, lending support to concerns raised by the Trump administration as the UK grapples with the economic fallout of rising tariffs and geopolitical uncertainty.
Speaking at an event hosted by the Institute of International Finance in Washington, Bailey said the central bank was “working through” the potential economic implications of President Trump’s sweeping tariff measures ahead of the Bank’s next interest rate decision in May.
The governor’s comments came during a week of high-stakes meetings hosted by the International Monetary Fund (IMF), and marked his most conciliatory tone yet towards Trump-era grievances about global trade. Bailey said long-standing surpluses among major manufacturing exporters — particularly China — pose structural risks to the global economy.
“Scott Bessent [the US Treasury secretary] has a point,” Bailey said. “There are issues with the way the system is working which pose harder questions about how the system operates.”
He criticised China’s reliance on weak domestic demand and export-led manufacturing, arguing the model was “not sustainable forever”. Bailey, an economic historian by background, said that today’s global imbalances mirror the very problems the Bretton Woods institutions were designed to address in the aftermath of the Second World War.
“The original Bretton Woods design put the emphasis on adjustment on deficit countries,” he explained. “The US was at that point the world’s surplus country and now that has turned around. We have to get back to the point of symmetrical adjustment and responsibilities.”
His remarks follow an intervention by US Treasury Secretary Scott Bessent, who called on the IMF and World Bank to abandon their focus on climate change and diversity and return to “core macroeconomic work”. In a sharp critique, Bessent accused the IMF of being “Polyanna-ish” in its latest external sector report and said the institution was failing to confront China’s “globally distortive policies”.
While Bailey defended the multilateral system as essential to global stability, he agreed the IMF should focus on its primary mission. “It is important that there is a commitment to the multilateral institutions,” he said, adding, however, that “it is not the job of the IMF to police trade imbalances”.
The UK government has also signalled alignment with Washington on some trade issues. Chancellor Rachel Reeves, who is also in Washington for the IMF and World Bank spring meetings, said global imbalances “should be reduced” and expressed support for removing both tariff and non-tariff barriers in order to boost trade with the US.
“The world has changed, and we are in a new era of global trade,” Reeves said, adding that the UK will not lower domestic standards on food or vehicles in response to American demands, but remains open to broader cooperation on economic and security partnerships.
IMF managing director Kristalina Georgieva has attempted to strike a conciliatory tone in the face of mounting US pressure, urging surplus economies to adjust their policies and pledging to sharpen the IMF’s focus on addressing global economic imbalances.
However, fears remain that the Trump administration’s renewed scrutiny of multilateral institutions could lead to staff cuts or a downgrading of programmes focused on net-zero goals and gender equity—areas now in the White House’s firing line.
While Bailey welcomed the US’s continued membership in the IMF and World Bank, he said the current moment required serious reflection on how international financial institutions are structured and the role they play in preventing economic divergence. “Eighty years on from Bretton Woods, the system still works,” he said. “But there are challenges that need addressing to ensure it remains fit for purpose.”
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Bank of England’s Andrew Bailey backs need for global trade reform amid Trump tariff threats

US Treasury Secretary Scott Bessent has launched a scathing attack on the International Monetary Fund (IMF), accusing the institution of turning a blind eye to China’s export-led economic dominance and neglecting its core responsibilities in favour of climate and social policy work.
In a high-profile speech at the Institute of International Finance in Washington, Bessent criticised the IMF’s latest External Sector Report, which claimed that global imbalances were easing. Describing the report as “Polyanna-ish”, he warned that the IMF had become more concerned with “buzzword-centric marketing” than addressing structural economic threats.
“This outlook is symptomatic of an institution more dedicated to preserving the status quo than answering the hard questions,” Bessent said. “The IMF must be a brutal truthteller and not just to some members.”
The comments mark the Trump administration’s first formal intervention in how it intends to reshape the IMF and World Bank. The White House, Bessent said, would not seek to withdraw from either institution—despite calls from some allies to do so—but instead push for sweeping reforms to refocus the IMF on its original macroeconomic mission.
The Treasury Secretary argued that the fund’s increasing emphasis on climate change, gender equality and social issues is “crowding out” work on financial stability and trade surveillance. “These are not the IMF’s mission,” he declared.
Bessent’s remarks follow weeks of rising tensions between the White House and multilateral institutions, and come amid fears among IMF and World Bank staff of potential cuts to funding, employee benefits, and key programmes—particularly those supporting environmental and diversity goals in developing nations.
The sharpest criticism was reserved for the IMF’s treatment of China. Bessent called it “absurd” that China continues to be classified as a developing economy eligible for aid, despite posting record trade surpluses and pursuing aggressive export-driven growth. “We will not abide the IMF failing to critique the countries that most need it—principally, surplus countries,” he said. “The IMF needs to call out countries like China that have pursued globally distortive policies and opaque currency practices for many decades.”
The Trump administration has accused China of distorting global markets through suppressed domestic demand, overcapacity in manufacturing, and artificial currency management—accusations that have driven recent moves to impose 145 per cent tariffs on Chinese goods in the US.
Bessent’s speech coincided with a wider debate at this week’s IMF and World Bank spring meetings about the future of global trade, and whether the post-war economic order built around multilateralism can still serve modern needs. IMF Managing Director Kristalina Georgieva has attempted to bridge the gap, calling for surplus economies to adjust and urging greater trade cooperation.
Bank of England governor Andrew Bailey, also speaking in Washington this week, appeared to endorse parts of the US analysis, saying China’s export-reliant economic model was “not sustainable forever” and calling for more balanced adjustment in the global economy.
While Bessent affirmed the US would remain within the Bretton Woods institutions, he made clear that Washington expects major changes—and intends to install its own candidates into senior leadership roles to ensure reform takes root. The administration is reportedly preparing nominations for key positions, including that of deputy managing director at the IMF.
The criticism from Bessent reflects broader White House concerns that global economic governance is drifting away from its founding principles, and reinforces Trump’s broader push to reassert American priorities on the world stage.
As the largest single shareholder in the IMF and World Bank, the US holds significant influence over their strategic direction—leverage the Trump administration now appears ready to use.
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Scott Bessent attacks ‘Polyanna-ish’ IMF and demands clampdown on China’s export dominance

Made Smarter, the Government-backed programme helping manufacturers embrace digital technologies, has launched a new £1 million funding round aimed at accelerating digital transformation across the North West’s manufacturing sector.
The initiative, now in its seventh year, is offering match-funded grants of up to £20,000 to help small and medium-sized manufacturers adopt cutting-edge technologies such as robotics, automation, artificial intelligence (AI), the Internet of Things (IoT), and additive manufacturing.
Alongside the financial support, eligible businesses gain access to fully funded technology consultancy, strategic digital roadmapping, leadership and skills training, and student placement opportunities—tools designed to help companies boost productivity, resilience, growth and sustainability.
One business already reaping the benefits is Ashton-under-Lyne-based Foams 4 Sports, a manufacturer of safety equipment for clients including the NHS, schools, and martial arts clubs. With support from Made Smarter, the firm invested in a digital CNC machine to automate its manual cutting process—doubling productivity, cutting waste, and equipping its workforce with new skills.
“Digital transformation is vital for the next stage of our business growth,” said Ben Michael, General Manager at Foams 4 Sports. “We need to look to technology as a solution to our challenges. This is a massive leap forward. Made Smarter has been incredible—helping us build a clear roadmap, evaluate technology options, and prepare our team for change. The future is exciting for Foams 4 Sports.”
Since its inception in 2018, Made Smarter has supported 334 technology projects across the region. These investments are forecast to boost the North West’s gross value added (GVA) by £242 million, create 1,300 new jobs, and upskill 2,500 existing roles.
Alain Dilworth, Programme Manager (pictured), said: “I am delighted that DBT have allocated a further £230k of in-year funding to Made Smarter Adoption North West. The majority will go towards supporting our strong pipeline of companies to adopt new digital tools to accelerate their digital transformation.
“The opportunity to be able to support more manufacturing and engineering SMEs is something we relish, and we urge those companies who have yet to make contact with us to do so.”
“We are now entering our seventh year of equipping North West manufacturers with the know-how and confidence to embrace the next industrial revolution,” she said. “Through expert support and funding, we’re enabling businesses to unlock productivity, accelerate growth, decarbonise operations, and create high-value, future-ready jobs.
“The industrial landscape is evolving rapidly, and digital transformation is no longer optional. We encourage any manufacturer that hasn’t yet started their journey to take the first step.”
Applications for the new funding round are now open to eligible SME manufacturers in the North West.
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Made Smarter launches £1M fund to drive digital adoption in North West manufacturing

The Confederation of British Industry (CBI) has launched a new Defence & Economic Growth Taskforce aimed at unlocking the potential of the UK’s defence sector to drive long-term national growth, innovation, and economic resilience.
Backed by Chancellor Rachel Reeves and Defence Secretary John Healey, the taskforce brings together top-level figures from across the defence, financial, and investment sectors. It will work at pace to deliver actionable recommendations to the government within 12 weeks, setting out how the UK’s planned increase in defence spending—rising to 2.5% of GDP by 2027—can be translated into wider economic benefits.
The taskforce will be led by CBI chief executive Rain Newton-Smith and jointly chaired by the Chancellor and Defence Secretary. It will be supported by strategic partners including management consultancy Oliver Wyman, PA Consulting, ADS Group—the trade body for aerospace, defence, and security—and several of the UK’s leading financial institutions.
“In these turbulent times, the government is right to position the defence sector as a key engine of growth pivotal to ensuring our national and economic resilience,” said Newton-Smith. “This taskforce is about turning that vision into a blueprint for action—supporting British innovation, supply chains, and communities through strategic investment in defence.”
The new initiative is focused on how defence can play a broader economic role—encouraging innovation, accelerating investment and strengthening domestic supply chains. It will explore how institutional, private and public capital can work together more effectively, including through close alignment with bodies such as the Advanced Research and Invention Agency (ARIA), the National Wealth Fund, the British Business Bank, and DIANA (the NATO Defence Innovation Accelerator).
Taskforce members will also examine how government procurement processes and innovation policy can be adapted to reduce time-to-market for new technologies and ensure the financial sector can mobilise capital at scale to support defence-linked growth. The initiative will work in tandem with existing structures such as the Defence Industrial Joint Council to ensure a joined-up approach.
Lisa Quest, Managing Partner for the UK and Ireland at Oliver Wyman, described the initiative as crucial to national progress. “Creating the conditions for accelerated capital flows to defence and dual-use technologies will drive growth across national supply chains and foster innovation across the economy,” she said.
Kata Escott, UK Managing Director of Airbus Defence and Space, added: “A robust defence industrial base is fundamental to our national security and long-term prosperity. This initiative marks a critical step towards deeper collaboration between government, industry, and investors.”
Among those confirmed to join the taskforce are senior leaders from major defence firms including BAE Systems, Babcock International, and ARX Robotics, as well as banking and investment executives from NatWest Group, Phoenix Group, M&G plc, and venture capital firms such as IQ Capital and Ten Eleven.
With the UK facing a rapidly shifting geopolitical landscape, the government has increasingly positioned defence investment not only as a safeguard of national security but as a key driver of innovation and economic growth. Through this taskforce, the CBI and its partners hope to ensure that increased defence spending delivers benefits well beyond the battlefield—stimulating productivity, creating high-value jobs, and securing the UK’s industrial future.
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CBI launches Defence & Economic Growth Taskforce to align investment with national prosperity

The UK’s office market may have reached a turning point, with vacancy rates falling for the first time since the start of the pandemic. New data reveals a modest but symbolically significant drop in the amount of empty office space, suggesting that businesses are beginning to reclaim the desks they once deserted.
According to commercial property data provider CoStar, the national office vacancy rate edged down to 8.6 per cent at the end of March, from 8.7 per cent at the start of the year. Though the decline is small, it marks the first fall in availability since 2020, when the UK entered its first Covid lockdown and vacancy stood at just 4.6 per cent.
By the end of 2024, vacancy had nearly doubled to 9 per cent, with firms slashing their total office footprint by a staggering 41 million sq ft—the equivalent of 82 fully-let Gherkin buildings. The recent reversal suggests that trend may be slowing or even beginning to reverse.
The first quarter of 2025 saw companies move into one million sq ft more office space than they exited. Half of the UK’s largest towns and cities registered falling vacancy rates, including London, Manchester, Sheffield and Cambridge.
Mark Stansfield, senior director of UK analytics at CoStar, said the data implies that most companies have now completed the “rightsizing” of their office estates. “There was a clear pattern during the early pandemic years of businesses reducing their space. But we’re now seeing some of those same companies take more space again.”
In London, HSBC is reportedly seeking overflow office space near its new HQ by St Paul’s Cathedral, concerned that it may have trimmed back too far. Magic Circle law firm Linklaters, which had planned to occupy 14 floors in its new headquarters, has now taken all 17. BP and Virgin Media have also expanded into additional space in their buildings.
But the shift is not confined to the capital. In Manchester, Auto Trader signed the largest office lease outside London this year, taking 137,000 sq ft at 3 Circle Square—double the size of its previous premises.
Several major employers, including Amazon, Boots, Dell and many American banks, have mandated five-day office returns for staff. Data from Remit Consulting shows UK offices are now busier than at any point since the first lockdown, with average occupancy climbing to 38 per cent, still below the pre-pandemic average of 60 per cent.
A “flight to quality” continues to dominate the market, with companies prioritising modern, energy-efficient buildings. Between 2020 and 2024, tenants vacated a net 57 million sq ft of older “secondary” office space, while net demand for top-tier “prime” buildings rose by 16 million sq ft.
The fall in vacancy is not solely the result of returning demand. A number of dated office blocks have been repurposed into residential or student housing, further tightening supply. At the same time, few new office developments have reached completion in recent years.
That could change in the coming months, with several large schemes set to complete in 2025. These new builds may temporarily push vacancy rates higher, but for now, the UK office market appears to have found its floor after four years of contraction.
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UK office vacancy rate falls for first time since 2020 as firms rethink remote working

It started, as all great things do these days, with a streaming binge. Somewhere between insomnia, jet lag, nostalgia, and a desperate need for a bit of idealism in a very unideal world, I found myself rewatching The West Wing, and then The Newsroom. And then bits of A Few Good Men, The Social Network, even that short-lived, overambitious love letter to television, Studio 60, having watch a taping of The Late Show with Stephen Colbert in New York. 
Before I knew it, I was deep in the Sorkinverse — half-preaching the Bartlet doctrine to Bruno the Spaniel,  and half-wondering why no one in real life ever has an epiphany at 90 miles an hour over a White House staircase.
And it hit me — the reason these monologues still rattle in my skull, the reason I rewind them like old C90’s, is the same reason I return, time and time again, to Shakespeare.
Because in their own utterly different, perfectly precise ways, both Aaron Sorkin and William Shakespeare do the same thing: they put the human soul on a stage, hand it a mic, and let it speak until the walls shake.
That’s why I’m writing this. Not as a TV critic or a frustrated playwright, but as someone who genuinely believes Sorkin is the Bard of our times — swapping swords for subpoenas, and soliloquies for Senate smacks.
Now, I can already hear the English professors howling into their quills. “Sorkin? That caffeinated chatterbox with a West Wing fetish?” Yes. Him. The king of walk-and-talk. The maestro of monologue. The man who gave us Jack Nicholson’s “You can’t handle the truth!” and Jeff Daniels’ brutal verbal exorcism of American exceptionalism in The Newsroom. Say what you like, but the man writes.
And crucially, like Shakespeare, Sorkin has given us characters that don’t just talk — they testify.
Shakespeare had Hamlet’s “To be or not to be,” Macbeth’s “Is this a dagger?” and Lear’s primal wails on the heath. Sorkin has Colonel Jessup, finger jabbing at the bench, roaring, “You want me on that wall!” He has President Bartlet standing alone in the National Cathedral, soaked to the skin, screaming in Latin at God. He has Zuckerberg, stone-faced across a conference table, delivering one of the iciest put-downs in legal history: “If you guys were the inventors of Facebook, you’d have invented Facebook.”
I mean, come on.
If Shakespeare was the master of poetic introspection, Sorkin is the laureate of caffeinated conviction. His soliloquies aren’t whispered into the void. They’re blasted across courtrooms, newsrooms, and corridors of power. They don’t just ponder mortality or fate — they punch bureaucracy in the face, then drop the mic and stride off with perfect posture and a billowing trench coat.
Take The Newsroom. The pilot opens with what can only be described as an intellectual ambush. Jeff Daniels, wearing the haggard face of a man who’s read too many poll results and seen too many idiots on Twitter, lets rip with a monologue so sharp it practically perforates the American flag.
“We stood up for what was right… we reached for the stars… we aspired to intelligence…”
It’s Shakespeare’s Julius Caesar crossed with The Economist. And it’s bloody brilliant.
Then there’s President Bartlet in The West Wing, grieving the death of his secretary Mrs Landingham — a woman who had, let’s be honest, more moral compass than half his Cabinet — and taking on God Himself in a deserted cathedral. The lighting is gothic, the rain torrential, and the president is pissed.
“You’re a son of a bitch, you know that?”
You don’t get that in Love’s Labour’s Lost.
And that’s the thing. Sorkin, like Shakespeare, understands that the most important theatre isn’t always in palaces or parliaments — it’s in the hearts of flawed, furious people trying to do the right thing while the world insists otherwise.
He gives us characters who burn with purpose. Sam Seaborn, the quixotic speechwriter, practically combusts with idealism every time he opens his mouth. In one episode, he blurts out:
“Education is the silver bullet. We don’t need little changes, we need monumental ones.”
He’s like Henry V, if Henry had access to a Princeton debate team and a MacBook Pro.
Of course, Shakespeare had his flaws. Longwindedness, for one. (Seriously, Bill, just get to the stabbing.) And Sorkin? Well, he has his. The verbal pyrotechnics can occasionally tip into theatrical gymnastics. The characters all sound a bit… Sorkiny. Like they’ve all gone to the same Ivy League dinner party and decided never to leave.
But even that sameness has its purpose. Sorkin doesn’t write people so much as he writes ideas wrapped in hair and tailored suits. And just like the Bard, he’s unashamedly didactic. He’s not here to reflect life as it is. He’s here to pitch life as it should be — rational, decent, and marginally better educated.
And yes, there’s ego. Mountains of it. But find me a playwright who doesn’t believe they’ve got something important to say, and I’ll show you someone who ends up writing for Emmerdale or Corrie… 
Sorkin is at his best when he’s angry — but it’s a hopeful anger. A righteous indignation that still clings to the belief that a well-constructed argument, delivered at 90 miles an hour, might actually change something. And in this glacial, bureaucratic circus we call modern democracy, that’s no small miracle.
So yes, Sorkin is our Shakespeare. Not because he writes in iambic pentameter, but because he gives language weight. Because he understands that sometimes, one man talking into the abyss can still shift the ground beneath your feet.
And look, I get it. Sorkin’s not perfect. He’s not subtle. He’s not modern in the minimalist sense. But he is — indisputably — ours. Our generation’s bard. Less codpiece, more cable news. Less Tempest, more West Wing. But every bit as necessary.
And if you still don’t believe me, just watch the final scene in A Few Good Men again.
“You can’t handle the truth!”
It’s not just a line. It’s a challenge. A gauntlet. A tragedy in twelve syllables.
And like all great writers, Sorkin dares you to handle it — with both hands, and maybe a side of fries.
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Sorkin is the new Shakespeare — only with better suits and fewer dead kings

Chancellor Rachel Reeves will travel to Washington this week to make the case for global free trade at the International Monetary Fund’s spring meetings, as Britain faces mounting pressure from punitive tariffs imposed by US President Donald Trump.
Reeves will use the high-profile forum — attended by global finance ministers and central bankers — to stress the importance of open trade for economic resilience and growth, both in the UK and worldwide. According to a senior government official, the UK’s heavy dependence on trade, with exports accounting for around 60 per cent of GDP, makes free trade not just a global concern but a national priority.
During the visit, Reeves is expected to meet US Treasury Secretary Scott Bessent — regarded as one of the more moderate voices within the Trump administration — to press for the removal of US tariffs on British car and steel exports. Allies say she will also push to accelerate talks on a potential UK-US trade deal, although she will make clear that any agreement must align with Britain’s national interest.
“Any deal that is able to be secured will always have front and centre British national interest,” Reeves said ahead of her departure.
The chancellor’s visit comes against a fraught economic backdrop, with the IMF expected to lower its global growth forecasts this week and issue fresh warnings over financial instability. Trump’s aggressive tariff regime has already caused significant strain on the world’s largest economies — including the EU, China and the US itself — and market turmoil is showing no signs of easing.
On Monday, while UK markets were closed for the bank holiday, US Treasury bonds and the dollar came under pressure from a sharp sell-off on Wall Street. The unrest was partly triggered by Trump’s renewed attacks on Federal Reserve chair Jerome Powell, who he accused of failing to cut interest rates. White House adviser Kevin Hassett has suggested Trump may be exploring ways to remove Powell from office — a move that would mark a major break with central bank independence.
While British officials are realistic about their slim chances of securing a full exemption from Trump’s 10 per cent global tariff, they are hoping to negotiate reductions on the more severe 25 per cent duties placed on specific UK goods. In an effort to find common ground, ministers have already offered several concessions to Washington, including targeted tax relief for US tech companies.
Reeves is expected to raise these points during bilateral talks in Washington, though expectations of an immediate breakthrough are low. “The timing is down to one man, so there is a degree of uncertainty there,” one UK government source said.
Trump and his advisers have made encouraging statements in recent days about the possibility of striking a trade deal with the UK. However, with the president’s policy unpredictability and his administration’s escalating pressure on trading partners, British officials remain cautious.
Ministers have prioritised a US-UK trade agreement as a cornerstone of the country’s international economic strategy, particularly as global protectionism rises. The Office for Budget Responsibility has warned that a full-scale trade war could shrink UK GDP by as much as 1 per cent by 2026-27.
In a bid to shield key industries, the government recently announced more flexible timelines for car manufacturers working towards the 2030 ban on new petrol and diesel vehicles. Other components of the UK’s industrial strategy — including support for the life sciences sector — are expected to be rolled out ahead of schedule as the government looks to boost growth and attract investment during a volatile economic period.
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Reeves heads to Washington to champion free trade amid Trump tariff tensions

Conversational AI platform Manychat has raised $140 million in growth capital to accelerate its global expansion and enhance its AI-driven solutions for customer engagement.
The round was led by growth equity firm Summit Partners and brings the company’s total funding to $163.3 million since its founding in 2015.
Manychat helps more than one million businesses across over 170 countries automate and personalise conversations with customers on major social and messaging platforms including Instagram, TikTok, WhatsApp, and Facebook Messenger. The company powers billions of messages annually and is increasingly positioning itself at the heart of the booming social commerce market, which is projected to surpass $100 billion in the US alone by 2026.
“Manychat was founded with a mission to help businesses grow by building meaningful customer relationships,” said Mike Yan, co-founder and CEO. “With this funding and the strategic support from Summit Partners, we’re doubling down on AI and intelligent automation to deliver even more value to businesses and creators globally.”
The latest round will support Manychat’s continued investment in research and development, global go-to-market expansion, enhanced customer support, and further development of its new agentic AI features. Earlier this year, the company launched Manychat AI — a tool already being used by tens of thousands of businesses to scale customer conversations and boost conversion through intelligent automation.
Despite its rapid growth, Manychat remains profitable — a rarity among fast-scaling tech platforms. The company’s strength lies in its ability to simplify and operationalise foundational technologies like generative AI, enabling brands to better engage their audiences and maximise monetisation opportunities.
Summit Partners’ Sophia Popova, who joins Manychat’s board as part of the investment, said: “Manychat’s platform is redefining how businesses and creators communicate with their audiences in the age of social commerce. The rise of messaging and social platforms as primary consumer touchpoints means that tools like Manychat are no longer optional — they’re essential. We’re thrilled to support their next chapter of global growth.”
As digital commerce continues to shift toward more conversational, platform-native experiences, Manychat’s new funding positions it to lead a new era of intelligent, scalable customer engagement.
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Manychat secures $140m to scale AI-powered customer engagement across social platforms