Category: Uncategorized

Barclays has been accused of closing the bank account of a tech entrepreneur because she earns part of her income through the adult content platform OnlyFans.
Madelaine Thomas, who runs a start-up called Image Angel while also generating income through adult content platforms, said the bank refused to open a business account for her company and had shut down an account linked to her work on OnlyFans and similar websites.
Thomas applied for a business account with Barclays for Image Angel, a company she founded after private images of her were shared without her consent. The company’s technology applies digital watermarks to online images, allowing creators to track how their content is distributed and identify when it is shared without permission.
She said she initially received a positive response from the bank when submitting her application, but this was followed by a string of questions about a separate account that received income from her adult content work. She also said Barclays asked about a joint account she holds with her husband, which she uses to pay nursery fees.
“It’s crazy that I’m trying to get a business bank account for technology that is going to change the landscape in terms of violence against women and girls, and yet I’m now being investigated for…I don’t even know what,” she said. “The technology I’m creating is just protecting people. It’s a benefit to society.”
Writing on LinkedIn, she claimed: “Barclays don’t like that I earn via platforms like OnlyFans.”
OnlyFans, which has nearly five million creators and more than 350 million users, has faced similar complaints before. In 2021, the model Jessica Alves said Barclays deleted her account, citing concerns about transactions linked to adult content.
Last year, the Financial Conduct Authority warned banks not to block or shut down the accounts of adult workers without valid reason, saying such actions could cause “significant harm” to the individuals affected.
A Barclays spokesperson said the bank has a responsibility to understand the source of funds associated with any business account.
“Where it is not possible to do so, we will examine each business on a case-by-case basis and only close a customer’s account after careful thought,” the spokesperson said. “We do not take this decision lightly and understand the difficulties this can cause.”
Thomas said she has since opened a business account with another bank.
Read more:
Barclays accused of shutting entrepreneur’s bank account over her OnlyFans work

The Conservatives have accused Chancellor Rachel Reeves of undermining the Budget process and dragging the Office for Budget Responsibility (OBR) into political controversy after Labour briefed that improved economic forecasts prompted her to abandon plans for an income tax rise.
Shadow chancellor Sir Mel Stride has written to Richard Hughes, chairman of the OBR, demanding clarity on when the Chancellor received the watchdog’s forecasts and whether they played any role in last week’s surprise U-turn. Reeves had been expected to announce a 2p rise in the basic rate of income tax but reversed course amid intense speculation over Sir Keir Starmer’s leadership difficulties.
Reeves dropped the plans two weeks after the OBR handed over its final pre-Budget forecast on 31 October. The timing has fuelled suspicions among Conservatives that the Chancellor’s decision was politically driven rather than dictated by the numbers. In his letter, Stride said the government’s explanations “simply don’t stack up,” adding that the Chancellor had “sullied the Budget process” by briefing details to the press and “drawing the independent OBR into the crossfire.”
Government sources claimed that Reeves acted on updated Treasury analysis of the OBR’s long-term growth projections received on 10 November, which reportedly showed a £10 billion improvement in the public finances. However, the OBR’s own published timetable says its final economic forecast—produced before any policy decisions—was delivered on 31 October and should provide the “stable base” for the Chancellor’s choices.
Stride has asked Hughes to confirm whether the Chancellor received the forecasts on that date, and whether any changes have been made to the projections since then other than those arising from measures submitted by the Treasury for scoring. He also questioned whether Reeves had breached confidentiality by confirming publicly that the OBR had downgraded the UK’s long-term productivity outlook.
Former Treasury permanent secretary Lord Burns said it was a “huge mistake” for the Chancellor to trail an income tax rise and then abandon it, particularly given the reaction in financial markets. UK gilt yields spiked after reports of the reversal, forcing ministers to reassure investors that the decision was based on the OBR’s forecasts rather than political turmoil.
The Chancellor’s retreat from increasing income tax now leaves her needing to raise as much as £25 billion through a patchwork of smaller levies to meet her fiscal rules. Freezing income tax thresholds and higher duties on property, banks, gambling companies and electric vehicles are expected to form part of next week’s Budget.
Treasury insiders said the late-stage change of course has left officials scrambling to finalise the numbers, with several measures still undecided. One source suggested Reeves had previously ruled out higher taxes on banks “when the sun was shining,” but now faced pressure from Labour backbenchers to revisit bank profits.
The political turmoil comes as new data from the British Retail Consortium pointed to a sharp fall in consumer confidence heading into the crucial pre-Christmas season, following what it described as a “tumultuous” month of Budget speculation.
The Treasury said Reeves would set out full details in the Budget. The OBR declined to comment.
Read more:
Tories demand answers from OBR over Reeves’s income tax backtrack

Nearly two-thirds of fast-growth business founders believe the Labour government is “anti-business”, according to a new survey from Helm, one of the UK’s largest networks of scale-up entrepreneurs.
In a poll of 400 Helm members, 63% said the government is anti-business, compared with just 23% who disagreed. A further 14% said they were unsure.
Even more striking was the response to whether the government “rewards people for working hard”: 95% said it does not.
The findings highlight growing unease among high-growth founders ahead of the Autumn Budget, amid ongoing concerns about tax rises and the direction of the government’s economic strategy.
Founders feeling “betrayed and ignored”
Helm members — whose companies generate an average £21 million in annual revenue and collectively produce more than £8 billion — expressed deep frustration with the government’s approach to business and growth.
Helm CEO Andreas Adamides said members felt “betrayed, ignored and genuinely let down”.
“These aren’t faceless corporates — they’re founders who’ve risked everything to build businesses, create jobs and drive the economy forward,” he said. “They wanted to believe Labour understood them. Instead, they’ve read endless speculation about punishing tax rises and listened to ministerial rhetoric that dismisses their concerns. The sense of betrayal is palpable.”
Adamides said Chancellor Rachel Reeves “still has a chance to turn this around”, urging her to deliver “a Budget that backs growth, not one that punishes success.”
Investment and hiring frozen until after the Budget
A previous Helm survey in October found that three-quarters of members had frozen investment and hiring plans until after the Budget due to uncertainty over potential tax measures and the broader economic climate.
Labour support collapses among founders
The poll underscores a dramatic shift in political sentiment across the scale-up community:
• 20% of respondents voted Labour at the last election
• 0% now plan to vote Labour
• Only 6% plan to vote Conservative
• 15% plan to vote Reform
• A striking 58% remain undecided
Helm members also showed scepticism about political pledges more broadly: 70% said it is acceptable for a government to break a manifesto promise.
Helm’s membership base contributes more than £1 billion in annual taxes through corporation tax, employer National Insurance and other business levies — meaning the founders’ views provide a significant barometer of sentiment among the UK’s high-growth businesses.
Read more:
Six in ten founders say Labour is ‘anti-business’, new survey finds

Bond markets may force Rachel Reeves to deliver a second budget if investors react negatively to next week’s fiscal plans, a senior City investor has warned, underscoring the fragile backdrop the chancellor faces ahead of 26 November.
David Zahn, head of European fixed income at the $1.69 trillion asset manager Franklin Templeton, said the biggest risk to Reeves was that markets “disappoint” rather than celebrate the Budget — a scenario that could push up gilt yields sharply.
“If the bond market reacts very badly, the government will have to react if bond yields start to go up too much,” Zahn said. “It could force her hand to do a secondary budget.” He added that yields on 10-year or 30-year UK government bonds reaching 6% would be “unsustainable”, warning of a potential “death spiral” if borrowing costs rose too far.
UK 30-year gilt yields currently stand at 5.35%, down from a 27-year high of almost 5.75% in early September. Ten-year yields are trading at 4.53%.
Zahn said bond investors are unlikely to welcome the Budget because the Labour government appears unable or unwilling to push through spending cuts. That reduces the scope to bring borrowing down and limits the chance that gilt yields will fall.
“If she’s not going to tackle any of the big taxes, I don’t see what she can do that the market will go ‘fantastic, you fixed it’,” he said. “She’s not doing any spending cuts.”
The warning follows reports that Reeves has abandoned a plan to raise income tax — a move Zahn argued “markets would have taken very well” as a sign of serious fiscal tightening. Instead, Reeves is expected to freeze tax thresholds, which ING estimates will raise £10 billion a year as more workers are pulled into higher tax bands through fiscal drag.
The chancellor may also raise a range of smaller taxes to generate extra revenue.
Markets will be watching closely to see whether Reeves creates enough fiscal space to meet Labour’s rule of having debt falling in five years. She had previously left herself only £10 billion of headroom — a buffer now thought to have been eroded by a downgrade in the UK’s long-term productivity outlook.
Zahn suggested the markets would prefer to see at least £20 billion of headroom in the Budget. He also predicted further tax rises were likely next year: “I don’t think this is a one-off. She probably won’t be back next year, but somebody will be.”
Analysts at ING warned that any spike in borrowing costs after the Budget could be driven by politics, not economics.
James Smith, ING’s developed markets economist, said falling Labour poll ratings and pressure on Keir Starmer could fuel market speculation about leadership instability: “If a challenge looked imminent, markets might assume a new PM would appoint a new, potentially more left-leaning chancellor — one more likely to change fiscal rules and increase borrowing.”
Michael Browne, global investment strategist at the Franklin Templeton Institute, said the shock of the 2022 Liz Truss mini-budget crisis is still shaping investor behaviour.
“The markets aren’t forgetting that either,” he said. “Get it right, and the UK is exciting from a bond and equity point of view. But at this point, what’s the evidence we’ll do anything other than muddle through? And muddling through comes with risks.”
Read more:
Bond markets could force Rachel Reeves into a ‘secondary budget’, warns leading City investor

Chancellor Rachel Reeves should use the Autumn Budget to spell out how the government plans to deploy the £2 billion earmarked for the UK’s AI Opportunities Action Plan, according to leading audit, tax and advisory firm Blick Rothenberg.
Evelina Panchal, a director at the firm, said businesses urgently needed clarity on how the funding would be allocated, arguing that proper investment planning could unlock transformative gains for the economy.
“Research from Microsoft suggests AI represents a £550 billion opportunity for the UK over the next decade,” she said. “To support the tech sector, Rachel Reeves should confirm how the £2bn commitment will be used.”
The AI Opportunities Action Plan, announced in the 2025 Spending Review, aims to strengthen the UK’s national AI infrastructure and includes proposals for AI Growth Zones, where planning rules would be relaxed to speed up the development of data centres and compute facilities. Panchal said tech firms needed specifics around timelines, locations and access if they were to benefit from the programme.
The tech sector contributed £71bn to the UK economy in 2023 and employed 1.77 million people in 2024. Panchal said the potential impact of the £2bn investment depended heavily on how fast the money was released and whether the government delivered a detailed roadmap.
“Infrastructure gaps, skills shortages and slow business adoption remain the biggest challenges,” she warned. “Reeves must set clear timelines and implementation plans.”
Panchal also urged the Chancellor not to introduce changes in the Budget that could undermine the UK’s attractiveness as a hub for digital entrepreneurship.
She said share-based incentive schemes such as Enterprise Management Incentives (EMIs) — widely used in the tech and AI sectors — must not be restricted, as they are critical to attracting specialist talent in a competitive global market.
“Rachel Reeves should not introduce any further changes to Capital Gains Tax, exit taxes or wealth taxes,” she added. “If she does, it risks killing off the remaining entrepreneurial spirit in the tech sector, with negative consequences for innovation and economic growth.”
She said the UK needed to remain “a supportive and fair environment for tech companies and their founders” to ensure they continue to operate in Britain, bringing essential investment, jobs and revenue.
Read more:
Reeves urged to set out how £2bn AI investment will be spent in Autumn Budget

UK inflation has eased to 3.6% in the year to October — its lowest level in four months — helped by slower increases in household energy costs and falling hotel prices.
However, food inflation picked up again after a brief dip, underlining the ongoing pressure on household finances just a week before the government delivers its highly anticipated Budget.
The latest figures from the Office for National Statistics (ONS) show inflation slipping from 3.8% in September, though the fall was not as sharp as economists had forecast. The reduction strengthens hopes that price pressures have peaked and could pave the way for future interest rate cuts, even as inflation remains above the Bank of England’s 2% target.
Chancellor Rachel Reeves said she remained “determined to do more to bring prices down”, acknowledging that the cost of living “is still a big burden on families across the country”. Reeves is expected to make easing cost pressures a central theme of the Budget, which is likely to include a mix of tax rises and spending cuts to stabilise the public finances.
The biggest upward pressure in October came from food and non-alcoholic drinks, with food inflation rising to 4.9%, up from 4.5% the previous month. Prices for bread, meat, fish, vegetables, chocolate and confectionery all increased, though fruit became slightly cheaper.
The Food and Drink Federation said rising costs for ingredients, energy and “regulatory burdens” — including packaging levies and higher National Insurance — continued to push up prices across the sector.
ONS chief economist Grant Fitzner said the main factor driving down the headline rate was a much smaller rise in household energy bills compared with last year. The Ofgem price cap increased by just 2% in October, compared with a 9.6% spike in 2023.
Hotel prices also fell between the summer and winter period — a typical seasonal trend — but dipped more sharply this year, pulling inflation lower. Fuel prices, however, rose again, increasing transport and delivery costs.
Inflation within the supply chain remained elevated, with raw material costs and factory gate prices still rising.
The Bank of England held interest rates at 4% earlier this month after inflation remained stubbornly high through the summer. But analysts now believe easing price pressures could prompt the Bank to cut rates at its 18 December meeting.
Rob Wood, chief UK economist at Pantheon Macroeconomics, said a December cut was now “nailed-on”, though he expects a long gap before the next reduction.
Underlying inflation also improved: both core inflation (which excludes food and energy) and services inflation fell in October — signs the Bank of England will view positively as it assesses the pace of future price rises.
The inflation figures have sharpened the political debate as the government prepares its first Budget. Reeves is reportedly considering measures such as cutting taxes on energy bills or introducing deflationary spending adjustments to support the wider fight against inflation.
Shadow chancellor Sir Mel Stride said inflation “has been above target every single month since Labour’s last Budget”, leaving families “worse off”.
Liberal Democrat deputy leader Daisy Cooper urged the Chancellor to “look this small gift horse in the mouth” and introduce emergency support, including a VAT cut for the hospitality sector and immediate reductions in energy bills.
Lower inflation, if sustained, will reduce pressure on mortgage holders and borrowers more broadly.
Sarah Coles, head of personal finance at Hargreaves Lansdown, said the country was “heaving a sigh of relief”, but warned that households were “far from out of the woods”.
Read more:
UK inflation falls to 3.6%, lowest level in four months, as Budget looms

Customers of UK banks and building societies will soon benefit from a major increase to the amount of money protected if their bank fails, after regulators confirmed that the Financial Services Compensation Scheme (FSCS) deposit limit will rise from £85,000 to £120,000.
The change, announced by the Prudential Regulation Authority (PRA), marks the largest uplift since 2017 and reflects updated inflation data and industry feedback. It will take effect in December, with customers automatically covered — no action is required from account holders.
Martyn Beauchamp, chief executive of the FSCS, said the increase will give consumers stronger reassurance at a time of economic uncertainty.
“This rise ensures that consumers can feel confident their money is safe, from the very first penny up to £120,000,” he said.
The FSCS protects deposits per person, per authorised firm, meaning multiple accounts held under the same banking licence share the £120,000 limit. Several major banks operate multiple brands under a single licence — a detail the PRA encourages consumers to check.
Sam Woods, deputy governor for prudential regulation at the Bank of England and CEO of the PRA, said the reform strengthens financial stability and public confidence.
“This change will help maintain the public’s confidence in the safety of their money,” he said. “Depositors will be protected up to £120,000 should their bank, building society or credit union fail.”
Consumer groups welcomed the move. Which? described it as a “sensible decision” that reinforces trust in the financial services sector without restricting economic growth. Rocio Concha, the group’s director of policy and advocacy, said the increase was “a timely reminder that strong consumer protections need not hamper those aims.”
Industry representatives also backed the decision. Eric Leenders, managing director of personal finance at UK Finance, said adjusting the limit for inflation was “right” and that the sector would work with regulators to ensure smooth implementation.
As part of the same update, the PRA confirmed a rise in the temporary high balance cap — which protects large sums resulting from major life events such as house sales, inheritances or insurance payouts. That limit will increase from £1 million to £1.4 million, and will apply for six months from the point the balance enters the account.
The FSCS is funded through a levy on PRA- and FCA-regulated firms, rather than taxpayers.
Read more:
UK bank deposit protection to rise to £120,000 from December

Eight companies are under formal investigation by the UK’s Competition and Markets Authority (CMA) over concerns about online pricing tactics, marking the regulator’s first major enforcement action under its strengthened consumer protection powers.
The firms — StubHub, Viagogo, AA Driving School, BSM Driving School, Gold’s Gym, Wayfair, Appliances Direct and Marks Electrical — are being examined as part of a wide-ranging review into how businesses display and structure online prices. The CMA is also writing to a further 100 companies to warn them about potential breaches relating to additional fees, pressure selling and misleading sales tactics.
CMA chief executive Sarah Cardell said consumers should be able to trust that the prices they see online are genuine and complete.
“At a time when household budgets are under constant pressure and we’re all hunting for the best deal possible, it’s crucial that people can shop online with confidence, knowing that the price they see is the price they’ll pay,” she said. “Any sales must be genuine.”
The investigations follow a major review launched in April in which the CMA assessed price transparency practices at more than 400 businesses across the economy. Regulators are particularly concerned about “drip pricing”, where customers are shown a low initial price but encounter additional fees only during checkout, and about the use of countdown clocks and other pressure-based selling tactics.
The cases are the first to be opened under the Digital Markets, Competition and Consumers Act, introduced last year, which gives the CMA unprecedented enforcement powers. The watchdog can now determine for itself whether consumer law has been broken — without taking cases to court — and can order firms to pay compensation or impose fines of up to 10% of global turnover.
The CMA has yet to confirm a timeline for the investigations but said further enforcement action is likely as the regulator continues its sector-wide review. The businesses named have the right to respond, and the CMA has not yet concluded whether any breaches have occurred.
Read more:
Eight firms investigated over online pricing as CMA exercises new powers

Carbon3.ai, the UK’s leading sovereign AI infrastructure company, has announced a £1 billion investment to build the country’s first nationwide network of fully sovereign, sustainable AI-ready data centres — a move expected to reshape the UK’s digital resilience, national security and long-term competitiveness in artificial intelligence.
The ambitious programme will convert legacy industrial and energy sites into a network of high-performance, low-carbon compute hubs, all designed, owned and operated exclusively within the UK. This ensures that every component — from physical locations to data processing — remains under full UK jurisdiction and regulatory oversight. Carbon3.ai has already completed a successful proof of concept and is preparing for full-scale deployment, with its first 5MW site in the East Midlands opening in March 2026. Planning approval has also been submitted for a second facility in Derbyshire.
To support the next phase of its growth, Carbon3.ai has strengthened its leadership with appointments spanning government, finance and national security. Sana Khareghani, former Head of the UK Government Office for Artificial Intelligence, joins as Chief Strategy Officer, where she will spearhead the development of the national AI infrastructure strategy and ensure the company’s network underpins the UK’s digital, industrial and energy transition.
Khareghani will be supported by Richard Collier-Keywood, the former Vice Chair of PwC’s Global Board, who will advise on financial strategy and governance, and Admiral Sir George Zambellas, former First Sea Lord, whose experience in national resilience and major-scale technology operations will guide Carbon3.ai’s approach to infrastructure security.
Together, the new leadership team brings what Carbon3.ai describes as a “rare combination” of strategic, operational and national service expertise — positioning the company at the centre of the UK’s race to secure sovereign compute capacity.
“If the UK is to lead in AI, we must first secure the foundations: compute, power and data,” said Khareghani. “Carbon3 is building those foundations here at home, transforming legacy energy sites into a sovereign, renewable, AI-ready infrastructure network. This isn’t theory — it’s happening now on the ground. By putting critical infrastructure back under UK control, we are creating the sustainable capacity that will power innovation for decades.”
Carbon3.ai chief executive Tom Humphreys said the investment reflects the UK’s urgent need for sovereign AI infrastructure: “It’s not enough to invest in data centres — we need a national backbone for AI that’s owned, powered and secured right here at home,” he said. “Our goal is to ensure British enterprise, researchers and public institutions have access to world-class compute without relying on foreign-controlled infrastructure.”
Humphreys added that the company is building from “real assets, land, power and live deployments”, and noted that government acknowledges the scale of the challenge. “They’ve been clear that we need 6GW of sovereign AI capacity by 2030. We believe this network will be pivotal in securing that national advantage.”
The investment aligns closely with the UK Government’s AI and digital infrastructure agenda, supporting national resilience, regional regeneration and the conversion of brownfield and legacy energy sites into clean, renewable-powered compute hubs. Carbon3.ai’s expansion also dovetails with plans for AI Growth Zones and the classification of new data centre capacity as critical national infrastructure.
Carbon3.ai’s announcement represents one of the most substantial private-sector commitments yet to accelerating the UK’s sovereign AI capabilities — and signals the rapid emergence of a new strategic industry for Britain’s economic future.
Read more:
Carbon3.ai to invest £1bn in UK’s first fully sovereign AI infrastructure network