Author: Scott Dylan

Elon Musk and Prime Minister Keir Starmer have clashed over claims of an imminent ‘civil war’ in Britain, following a series of violent incidents in Southport. These events have been exacerbated by far-right activists exploiting the situation to incite further unrest.This follows the unrest triggered by the murder of three girls in Southport, which far-right activists have exploited to incite violence against immigration centres. Musk, the owner of social media platform X, responded to allegations that mass migration was causing riots by asserting that ‘civil war is inevitable.’ He amplified a post by far-right leader Tommy Robinson, who claimed that…

The HMRC has reported a significant £4.1 billion loss attributed to R&D tax fraud since 2020, triggering financial tensions between successive UK governments.Allegations have been made against certain companies exploiting tax breaks without conducting genuine R&D activities.This issue has surfaced amidst a financial dispute between the current government and its predecessor, with both parties blaming each other for fiscal mismanagement.Tax relief schemes initially created to spur innovation are now under scrutiny due to fraudulent claims aimed at offsetting corporation tax.Enhanced schemes introduced for small businesses in April 2023 have not mitigated the problem of fraudulent claims.The HMRC’s disclosure of a…

UK retail sales experienced a slight increase of 0.5% year on year in July, signalling a recovery.Summer clothing and health & beauty products saw improved sales due to late sunshine, boosting overall figures.Food purchases played a pivotal role in driving retail growth during the observed period.Spending on indoor goods dwindled as consumers prioritised holidays and outdoor activities.Retailers anticipate changes in business rates policy following political shifts, preparing for upcoming economic strategies.Retail sales in the United Kingdom saw a modest increase of 0.5% year on year in July, reflecting a tentative recovery in the market. This data, released by the British…

Ted Baker Design Group faces a potential reduction of its workforce by a third, affecting approximately 30 positions.The job cuts are expected to take place at the London headquarters on Cleveland Street.This development follows Ted Baker’s recent closure of its UK stores, concessions and website after entering administration earlier this year.The workforce reduction is attributed to a decreased demand for product design and sourcing tasks.New licensing partners for Ted Baker have been appointed recently, yet statements from PDS and Authentic Brands Group remain absent.Ted Baker Design Group is poised to make significant workforce reductions, with 30 positions anticipated to be…

Recent events have raised significant concerns across the UK retail sector.Protests sparked by misinformation led to civil unrest and disruptions.Retailers experienced decreased footfall and financial setbacks.Businesses adopted precautionary measures to ensure staff safety.British Retail Consortium is addressing the impact and proposing actions.The protests, initially ignited by misinformation regarding a tragic incident involving three young girls attending a dance workshop, swiftly escalated across various UK towns and cities. Retailers have been adversely affected, as far-right protestors targeted communities, throwing petrol bombs and looting shops, causing widespread concern and disruption.Among the impacted areas were London, Belfast, and Hull, where protestors clashed with…

Frasers Group is currently in discussions with Authentic Brands Group to potentially manage Reebok and other brands in the UK and Europe.The collaboration could place Frasers as the main operator for several of Authentic’s brands, including Ted Baker and Reebok.Negotiations are ongoing, and there is no certainty of a deal being achieved between the two parties.Authentic has been actively seeking new licensing partners globally, including recent agreements in North America for Ted Baker.The future of Ted Baker’s UK and European operations remains unclear as discussions continue without resolution.Frasers Group is reportedly exploring a strategic partnership with Authentic Brands Group, aiming…

The HMRC’s R&D tax credit scheme, launched to drive innovation, has faced significant challenges.Reports indicate over £4.1 billion lost to fraud and errors from 2020 to 2024.Claims have included dubious innovations, from window cleaning to corporate website redesigns.A House of Lords subcommittee heard agents referred to the scheme as ‘free money’.HMRC pledges increased scrutiny to recover lost funds amidst rising non-compliance.The R&D tax credits scheme, initially designed to foster world-class innovation, has been significantly undermined by fraudulent and erroneous claims. These claims encompassed a range of questionable innovations, such as a window-cleaning company’s technique to elevate a water bucket, a…

Bafta is reconsidering awards given to Huw Edwards due to serious criminal charges. Further points outline the broader fallout from these developments.Edwards, aged 62, admitted to possessing indecent images of children, leading to court action.Multiple universities are reassessing the honorary titles and degrees previously conferred upon Edwards.The BBC’s decision to retain Edwards on full pay during his suspension has sparked significant criticism.Cardiff Council has removed a commemorative plaque associated with Edwards from its castle.Bafta is currently reevaluating the seven awards presented to Huw Edwards in light of the severe nature of his crimes. Edwards, 62, disclosed in a Westminster magistrates…

Ferragamo’s financial performance has seen a marked decline in the first half of 2024.The luxury brand reported a 41% drop in operating profit year-on-year, amounting to €28m.Revenue fell by 12.8%, with declines in both wholesale and direct-to-consumer sales.The Asia Pacific region and Europe witnessed significant downturns in sales.CEO Marco Gobbetti cited a challenging consumer environment and a strategic shift in distribution.Salvatore Ferragamo has experienced a significant downturn in its financial metrics for the first half of 2024. With operating profits plummeting by 41% compared to the previous year, the company reported earnings of €28m, a substantial drop from €47m in…

Morrisons has initiated a groundbreaking trial, increasing freezer temperatures from -18°C to -15°C in ten UK stores to explore energy savings and emissions reduction.This move marks the first departure by a UK supermarket from the industry standard, which has remained unchanged for nearly a century. The Bradford-based retailer will implement this trial across a diverse geographical spread, from Scotland to the south of England, to evaluate various weather patterns and supply routes before any potential wider rollout.The initiative is supported by Birds Eye and forms part of the Move to Minus 15°C Coalition, which includes logistics firms DP World, Blue…