Author: Scott Dylan

The Bank of England’s recent move to cut interest rates is expected to result in a significant increase in UK inflation. Analysts are closely monitoring the subsequent economic data under the new Labour government.Forecasts indicate that inflation will rise to 2.3%, up from the 2% level held steady in the prior months. The upcoming figures will provide critical insights into the nation’s economic trajectory.Anticipated Rise in InflationInflation in the UK is anticipated to increase, with figures expected to show a rise to 2.3% for July. This marks an uptick from the steady 2% observed in the previous two months. The…

HM Revenue & Customs (HMRC) admits it is unlikely to recover over £19 billion in unpaid taxes, highlighting significant service failures.Total unpaid taxes have surged to £43 billion, nearly tripling since pre-pandemic levels.Proportion of unrecoverable debts has escalated to 45%, significantly affecting businesses and individuals.Customer service performance has plummeted, with unprecedented delays and frustration among taxpayers.Significant losses due to error and fraud in pandemic-related tax schemes have compounded HMRC’s challenges.According to HMRC’s latest annual report, unpaid taxes have soared to £43 billion—almost three times the amount recorded before the pandemic. Nearly 45% of these debts are now considered unlikely to…

David Brayshaw retires from Frasers Group board after almost eight years.Brayshaw joined the board as a non-executive director in December 2016.He previously served as director of debt finance at Barclays Bank.Board chair David Daly acknowledges Brayshaw’s significant contributions.The updated board now includes several key figures across leadership roles.David Brayshaw has officially retired from his role as a non-executive director at Frasers Group, a position he has held since December 2016. His departure marks the end of an era for the board, having provided nearly eight years of service.Prior to his tenure at Frasers Group, Brayshaw was the director of debt…

Manolo Blahnik experiences a 30% drop in pre-tax profits in 2023 amid luxury spending downturn.The company’s turnover decreased by 10% year-on-year to €106.5m (£91m).Strategic investments are ongoing despite challenging macro-economic conditions.Expansion plans include new stores in Asia, North America, and Europe by 2025.CEO Kristina Blahnik remains optimistic about future growth potential.In 2023, the renowned luxury footwear and accessories brand Manolo Blahnik reported a significant 30% decrease in pre-tax profits, amounting to €15.4 million (£13.1 million). This decline is largely attributed to the overall downturn in luxury spending, impacting the brand’s financial performance. Despite this setback, the company asserts that the…

Shein is contemplating its first UK-based warehouse amid its move towards a London Stock Exchange listing.Shein’s representatives have conducted multiple viewings in key Midlands locations, targeting the ‘golden logistics triangle’.The final decision on the warehouse hinges on stock market outcomes and negotiations with Super Smart Service.Shein is preparing a prospectus for a potential £50bn flotation, engaging property advisors JLL and Savills.Despite public statements, Shein appears committed to expanding its warehousing capabilities globally.Shein, the online retail behemoth, is reportedly contemplating the establishment of its inaugural UK-based warehouse as it positions itself for potential listing on the London Stock Exchange. Representatives have…

British Steel is on the brink of securing a £600 million bailout from the UK Government. Labour is striving to resolve issues with British Steel’s owner, Jingye, and address longstanding industry challenges.This initiative aims to safeguard jobs and facilitate the transition to greener technologies, amidst union concerns and financial hurdles.Labour has demonstrated a fresh determination to address the issues plaguing British Steel. The plant’s future has been uncertain for over four years due to ongoing challenges with its Chinese owner, Jingye. The company, which acquired British Steel in March 2020 after its collapse into bankruptcy, faces significant financial hurdles.Jingye has…

Asda, advocating a balanced approach to customer service, is enhancing the presence of staff at checkouts. This decision comes in response to the limitations of self-service options.Investment in more human-operated tills without increasing their number.Customer feedback highlights difficulties with self-service tills.A trend among retailers towards prioritising personal customer service.Unrelated to recent shoplifting concerns in the UK.While acknowledging the convenience self-checkouts offer to many customers, Asda is committing additional hours to manned checkouts. Asda’s chief financial officer, Michael Gleeson, articulated that the retailer has found an optimal balance between self-service and traditional checkout options. “I think we have reached a level…

Vinted has restored its previous delivery settings following significant user dissatisfaction. Below are key points summarising the events that led to this decision:Vinted had removed users’ ability to select their preferred couriers, causing widespread frustration.This change adversely impacted many users, particularly those in rural areas with limited courier access.Complaints surged on social media platforms, with users expressing their inconvenience and financial losses.In response, Vinted promptly reinstated the original courier selection options, confirming no further action is required from users.Vinted, which maintains a robust user base exceeding 16 million accounts in the United Kingdom, recently faced significant backlash over alterations to…

Michelle Mone’s business ventures have dwindled to a single company following the dissolution of two firms, as investigations into a multi-million-pound PPE fraud continue.The closures come as Mone, 53, and her husband, Doug Barrowman, 59, face ongoing investigations over an alleged multi-million-pound PPE fraud. Mone, known for her role in founding the Ultimo lingerie brand, applied to Companies House to dissolve MMI Global and Michelle Mone Interiors, both of which have links to the controversial Knox Group, a business network run by Barrowman. The UK Government agency approved the applications on July 16, officially removing the companies from the Companies…

The Prince’s Trust and Sectra have introduced a pioneering programme titled ‘Get into IT and Administration’ in Belfast, aiming to provide under-represented groups with robust pathways into the tech sector. This initiative, focused on digital and technology employability, offers participants practical support including CV writing assistance, technical training, and insights into industry opportunities. The programme has successfully supported its first intake, giving participants real-world exposure to the health tech industry. As a result, participants have gained direct career pathways, such as apprenticeships with Sectra.Yousif, one of the programme’s first participants, shared his experience: “The hands-on experience and exposure to real-world…