Oil and gas firm plans to cut 250 jobs in Aberdeen

BBC Business • May 07, 2025 • Business

Harbour Energy, the largest oil and gas producer in the UK, plans to cut 250 jobs in Aberdeen. This decision is attributed to government regulations and high taxes, which the company says have affected its profits. These job cuts follow a previous announcement of 350 job losses earlier this year.

Key Facts:

• Harbour Energy is cutting 250 jobs in Aberdeen.
• The company cites government regulations and high taxes as reasons for the cuts.
• The UK government introduced an Energy Profits Levy, a type of tax, which Harbour Energy criticizes.
• The company previously announced 350 job cuts in its UK operations this year.
• Approximately one-quarter of Harbour Energy's Aberdeen workforce will be affected.
• The UK government plans to support affected workers and is reviewing the windfall tax.
• A reduction in the oil price and increased costs are additional challenges facing the industry.
• Political leaders have debated the impact and reasons behind these job losses.

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BBC Business

When will interest rates go down again?

BBC Business • May 07, 2025 • Business

The Bank of England might lower interest rates soon, with further reductions expected over the year. Interest rates impact costs for mortgages, credit cards, and savings. The decision depends on inflation and economic performance both in the UK and globally.

Key Facts:

• The Bank of England's current interest rate is 4.5%, set in February.
• Interest rates influence how much it costs to borrow money and how much can be earned on savings.
• The Bank adjusts rates to manage inflation, aiming for a 2% target.
• Inflation was at 2.6% in March 2025, slightly under previous levels but above the 2% target.
• Changes in interest rates immediately affect about 600,000 homeowners with mortgages linked to the Bank's rate.
• Most mortgages have fixed rates, with changes impacting new deal costs rather than immediate monthly payments.
• Current average mortgage rates are higher compared to much of the last decade.
• Global economic issues, like US tariffs, also inform interest rate decisions.

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BBC Business

Minimum age to be a train driver lowered to 18

BBC Business • May 07, 2025 • Business

In the UK, the minimum age to become a train driver has been lowered from 20 to 18 to address a shortage of drivers. This change aims to fill positions as many drivers approach retirement, offering young people more job opportunities.

Key Facts:

• The UK lowered the minimum age for train drivers from 20 to 18.
• This change aims to address driver shortages affecting train services.
• The average age of UK train drivers is 48, with 30% expected to retire by 2029.
• Training to become a train driver takes one to two years.
• The Department for Transport reported that driver shortages caused 87% of short-notice train cancellations.
• Fewer than 9% of train drivers are female, and under 12% are from an ethnic minority.
• The new age policy had strong support from the transport industry.
• Apprenticeships for 18-year-olds could start as soon as December.

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BBC Business

Government defends NI exemption in UK-India trade deal

BBC Business • May 07, 2025 • Business

The UK and India have agreed on a trade deal that extends the time Indian workers can avoid paying UK national insurance from one to three years, meaning they pay social security in their home country instead. The UK government says this will not harm British workers, but some opposition politicians worry it might.

Key Facts:

• The UK and India agreed to extend a social security exemption for Indian workers from one year to three years.
• The exemption means Indian workers on short-term visas will pay social security in India, not the UK.
• Business Secretary Jonathan Reynolds said the trade deal will not hurt British workers because of existing agreements preventing double taxation.
• Opposition leaders argue that the exemption could make it cheaper to employ Indian workers over British ones.
• Kemi Badenoch expressed concerns about the exemption when she was business secretary.
• Jonathan Reynolds emphasized that the deal will spur economic benefits for the UK, like faster growth and higher wages.
• Indian workers will still need to pay the NHS immigration surcharge and won't get benefits from the UK National Insurance system.

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BBC Business

Family 'heartbroken' as pottery firm struggles

BBC Business • May 06, 2025 • Business

Dunoon Mugs, a pottery company in Staffordshire, is facing financial difficulties with high energy bills and reduced workforce hours. The pottery industry in Stoke-on-Trent is under pressure, and local leaders are urging the government for support to prevent further closures.

Key Facts:

• Dunoon Mugs is a pottery company established 50 years ago in Staffordshire.
• The company has seen its energy bills increase sixfold over the past three years.
• 20% of Dunoon Mugs' employees were laid off, and the remaining staff are working shorter hours.
• Sharon Yates and four generations of her family have worked at Dunoon Mugs.
• Three pottery firms in Staffordshire have closed this year, including Moorcroft Pottery.
• Pottery leaders and local officials are asking the government for energy bill subsidies and temporary exemptions from carbon fees.
• Ceramics is one of the most energy-intensive industries in the UK.

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Business Daily

BBC Business • May 06, 2025 • Business

Chinese companies are getting ready to deal with new tariffs from the United States, introduced by President Donald Trump. These tariffs could affect trade between the two countries.

Key Facts:

• Chinese exporters are preparing for new tariffs from the U.S.
• The tariffs were introduced by U.S. President Donald Trump.
• Tariffs are taxes on imported goods, making them more expensive.
• The tariffs could impact trade between China and the U.S.
• Companies in China might face challenges selling their products in the U.S. market.

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BBC Business

Faisal Islam: Trump tariffs may have helped drive UK-India trade deal

BBC Business • May 06, 2025 • Business

The UK and India have agreed on a significant free trade deal, said to be beneficial for both countries. The agreement will reduce tariffs or taxes on imports, particularly benefitting UK exports like whisky and cars, and is expected to be of considerable worth for both nations' exports by 2040.

Key Facts:

• The UK and India have entered into a major free trade agreement.
• The deal will reduce import taxes, especially benefiting UK exports like whisky and cars.
• The agreement is the UK's largest post-Brexit trade deal.
• Projections show the deal could be worth an extra £15 billion for UK exports and £10 billion for India by 2040.
• A high value of UK exports might mean more benefits for them despite not all tariffs being removed.
• This agreement is seen as a win for both nations, potentially creating jobs and lowering prices for consumers.
• Part of the agreement includes the import of 88,000 cheaper Indian cars tariff-free.
• The deal is viewed as a key move in a broader global context, particularly as the two largest economies, the US and China, engage in a trade war.

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BBC Business

Four things you need to know about UK-India trade deal

BBC Business • May 06, 2025 • Business

The UK and India have signed a trade deal to make buying and selling goods and services to each other easier and less expensive. The deal, which both countries hope will boost their economies, is marked as the UK's most significant trade agreement since parting ways with the European Union in 2020. The deal will not take effect immediately – it may be up to a year before changes are noticeable.

Key Facts:

• The UK and India have agreed on a trade deal which lowers taxes on goods imported from each other.
• The deal is seen as the UK's biggest trade agreement since it left the European Union in 2020.
• Goods covered in the deal range from clothing, food items, jewellery, medical devices, aerospace, and electrical machinery.
• British companies will be able to compete for more services contracts in India thanks to this deal.
• It may take up to a year for this deal to become active.
• Over time, the deal could result in more product choices and possibly lower prices.
• The deal could benefit businesses that manufacture goods like car makers and whisky distillers.
• Trade between the UK and India in 2020 was valued at £42 billion. This deal is expected to add an extra £25.5 billion a year by 2040.
• While this deal is significant, an agreement between India and the EU, which are the biggest trading partners for both the UK and India, would be more impactful.

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BBC Business

Deliveroo deal shows UK still can't hang on to big firms

BBC Business • May 06, 2025 • Business

The U.S. food delivery service DoorDash is purchasing UK-based Deliveroo, reflecting a growing trend of UK companies being bought by U.S. counterparts. The value of the two companies has varied greatly over the past few years, with DoorDash outperforming Deliveroo, ultimately enabling DoorDash to make the purchase.

Key Facts:

• U.S. based food delivery company, DoorDash, is buying UK-based Deliveroo.
• DoorDash values Deliveroo at £2.9bn (about $3.8bn).
• DoorDash is currently worth 35 times more than Deliveroo.
• Four years ago, DoorDash was only worth five times more than Deliveroo.
• An investor who bought a share of DoorDash has seen its value increase by 84%.
• An investor who bought a share of Deliveroo has seen its value decrease by 56%.
• Deliveroo is being acquired by DoorDash as it has become profitable.
• UK companies are increasingly choosing U.S. listings over London's stock market because of higher valuation in the U.S.
• The 500 largest publicly traded U.S. companies are worth, on average, 28 times their annual profit, while the 100 largest UK companies only sell for 12 times their yearly profit.

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BBC Business

UK's Deliveroo to be bought by US firm DoorDash in £2.9bn deal

BBC Business • May 06, 2025 • Business

The US company DoorDash is buying the UK's Deliveroo, a food delivery app, for £2.9 billion. The combined company will serve around 50 million customers per month in over 40 different countries.

Key Facts:

• DoorDash, a US-based firm, is buying Deliveroo, a UK-food delivery app, for £2.9 billion.
• The deal values each Deliveroo share at 180p, a 44% increase from the price before the takeover was announced.
• However, this price is lower than the initial share price of 390p when Deliveroo first went public on the London Stock Exchange in April 2021.
• The combined company will operate in over 40 countries and serve approximately 50 million customers each month.
• For the takeover to proceed, Deliveroo's shareholders must give their approval.
• Will Shu, Deliveroo's CEO and co-founder, is expected to receive around £172.4 million for his 6.4% stake in the company.
• Deliveroo was founded in 2013 and currently has over 130,000 delivery riders in nine countries.
• The proposed takeover has raised issues about the attractiveness of the UK for investment, as several UK-listed firms have left the London Stock Exchange for the US in recent years.

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BBC Business

Home heating oil and fuel prices drop to 2021 levels

BBC Business • May 05, 2025 • Business

The cost of home heating oil and fuel in Northern Ireland has fallen to its lowest level since 2021. Many households are being advised to purchase now as markets can change.

Key Facts:

• The price of home heating oil and fuel in Northern Ireland is at its lowest point since 2021.
• The average price for 500 liters of home heating oil is approximately £258.78.
• The cost at the moment for a liter of petrol is 128.7p, and diesel is 133.4p per liter, as per data from the Consumer Council NI's (CCNI) weekly price checker.
• In March 2022, the cost of 500 liters of home heating oil rose significantly to £662.86.
• Over half of homes in Northern Ireland, roughly 62.5%, use oil for heating, and this is the highest ratio among UK regions.
• Experts are suggesting that now is a good time to buy oil due to the potential volatility of the market.
• Owing to trade tariffs implemented by former US President Donald Trump and increased production by crude oil producers, the price for fuel and home heating oil has dropped.
• The Organisation of the Petroleum Exporting Countries (OPEC) plans to increase oil production by 400,000 barrels per day.

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BBC Business

Trump film tariffs to be part of UK-US trade talks

BBC Business • May 05, 2025 • Business

Donald Trump has threatened to impose a 100% tariff on foreign-made films as part of US-UK trade negotiations, stating he wants to support the American cinema industry. This potential move could impact the UK film sector, leading to potential job losses in the industry.

Key Facts:

• US President Donald Trump is considering a 100% tariff on movies made in foreign countries, particularly the UK.
• This tariff is part of the trade negotiations between the US and the UK.
• The UK film sector contributes £1.36 billion to the economy and employs over 195,000 people, according to data from October.
• There are concerns that this tariff could lead to job losses in the UK film industry, especially among freelancers.
• If US films don't get produced or partly produced in the UK, freelancers might lose jobs, warns Kirsty Bell, CEO of UK production company Goldfinch.
• This tariff could potentially harm UK film companies that frequently work with US firms.
• A parliamentary committee report noted that the UK's film and television industry considerably benefit from US studios' inward investments.
• There is still uncertainty about whether the proposed tariffs will affect only films exported from the UK to the US, or if they will also impact co-productions, causing concern in the industry.
• The final details of this potential new tariff are yet to be confirmed by the White House.

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BBC Business

Food pantry finds strong community response

BBC Business • May 05, 2025 • Business

A new community pantry, providing low-cost everyday items to those in need, opened in Bloxwich, West Midlands in January, and has received a strong response. The pantry, located in the Stan Ball Centre, is open one day a week and invites people— especially older and vulnerable adults— to join with a membership fee of £2 a year.

Key Facts:

• The community pantry is located inside the Stan Ball Centre in Bloxwich, West Midlands.
• The pantry opened in January.
• It provides everyday essentials at reduced prices to aid those struggling to afford them.
• The pantry is available one day a week to the public.
• A membership costs £2 per year.
• Washing capsules are reportedly the most popular item from the pantry.
• The pantry has 178 members currently.
• Walsall Council has put £200,000 towards supporting these community pantry initiatives.
• More pantry stores are expected to open in the future.

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BBC Business

Bank of mum and dad 'helps half of first-time buyers'

BBC Business • May 04, 2025 • Business

More than half of the people who bought their first house last year got financial help from their family, according to real estate company Savills. Their support averaged £55,572 per buyer.

Key Facts:

• Over 50% of first-time home buyers received financial help from their family last year.
• This financial support came in forms like loans and gifts.
• The average amount of aid given by families to first-time home buyers was £55,572.
• Last year, mortgage rates were high, causing young buyers to also face rising rent costs.
• Major changes in the stamp duty system caused a rush of new buyers before end of March.
• A Savills report states that around 173,500 first-time buyers received help in 2020, amounting to £9.6bn.
• The average mortgage rate for new two to five-year fixed mortgages in 2020 was between 5% and 6%.
• The increase in rent paid to private landlords was over 9% last year, forcing many to stay with parents.
• First-time house buyers now have to pay a stamp duty if the home they're buying costs more than £300,000.

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BBC Business

Digital powerhouse Uber now accepts cash for fares

BBC Business • May 03, 2025 • Business

Uber, the global ride-hailing company, now allows customers across the UK, except in London, to pay in cash. This comes after successful trials in Birmingham, Stoke, Nottingham, and Leicester, allowing the choice for those who prefer cash or don't have a bank card.

Key Facts:

• Uber is a large company that operates globally, notably in the ride-hailing market.
• It used to only accept cashless payments.
• After trials in certain UK cities, Uber now accepts cash payments in most of the UK. The only exception is London, where cash payments are still under review.
• Customers can choose a cash payment option on the app.
• Drivers have the choice to opt out of accepting cash.
• When drivers don't have enough change, Uber gives credit to the passenger.
• Authorities in London are still reviewing the cash payment option.
• Uber's food delivery service, Uber Eats, and other transport bookings via Uber still don't accept cash.
• Those who rely on cash include people with learning disabilities and those who use cash to manage their budget, according to a report by the Treasury Committee.
• The option to use cash can also provide anonymity for individuals at risk, such as victims of domestic and economic abuse.

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BBC Business

Profile

BBC Business • May 03, 2025 • Business

Peter Navarro is an economist and a key advisor in the White House who played a significant role in President Trump's decision to impose global tariffs. The program that profiles his work and influence was released on May 3, 2025, and is available for over a year on BBC Sounds.

Key Facts:

• Peter Navarro is an economist and key advisor in the White House.
• He was influential in President Trump's decision to implement global tariffs.
• A profile program about him was released on May 3, 2025.
• The program is available for over a year on BBC Sounds.
• "Global tariffs" refer to taxes on goods coming into the country from abroad, affecting international trade.

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BBC Business

Tariffs on car parts entering the US come into force

BBC Business • May 03, 2025 • Business

The US has imposed a 25% import tax on key car parts and whole cars. Although this tax is intended to encourage more manufacturing within the US itself, companies warn it might lead to higher costs and prices for customers.

Key Facts:

• The US has enforced a 25% import tax on key car parts and whole cars.
• This tax was introduced to persuade companies to manufacture more products in the US.
• The tax changes have troubled the car industry, with concerns over increased prices and the impact on production and sales.
• General Motors predicted they might face up to $5 billion of new costs this year due to the tariffs.
• Companies are considering measures to avoid these new costs, such as increasing production in the US.
• The US administration might provide some exceptions to this tax for Canada and Mexico.
• The government is also working on trade deals with other significant countries in the car industry, like South Korea and Japan.
• There has been some indication that these new measures, despite their impact, may catalyze a surge in sales and production expansion.

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BBC Business

M&S supplier resorts to pen and paper after cyber attack

BBC Business • May 02, 2025 • Business

Marks & Spencer's supplier, Greencore, is currently using pen and paper for orders due to disruption from a cyber attack on the retailer. As a result of the attack, M&S has experienced disruption in online orders and in-store supplies, with Greencore trying to maintain adequate supplies by increasing deliveries.

Key Facts:

• One of M&S's main suppliers, Greencore, is managing orders using pen and paper due to a cyber attack on M&S.
• The cyber attack has disrupted M&S's ability to offer online orders and supply to physical stores.
• To keep up with food supplies for M&S, Greencore has increased their deliveries by 20%.
• M&S employees expressed concerns about their pay due to difficulties in recording work hours resulting from the cyber attack.
• Disruptions from the cyber attack have even led to empty shelves in some M&S stores.
• Greencore is going above and beyond to ensure continuous food supply to M&S, by running additional shifts and sending more food to stores.
• Despite the cyber attack, M&S has reassured their staff that they will be paid as usual.
• M&S is yet to fully disclose how its systems have been affected by the attack.

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BBC Business

US jobs grow by more than expected despite tariff turmoil

BBC Business • May 02, 2025 • Business

The US added 177,000 jobs in April 2021, more than what analysts had predicted. Despite changes in trade policy, the unemployment rate remained stable at 4.2%.

Key Facts:

• The US added 177,000 jobs in April 2021.
• The unemployment rate in the US stayed at 4.2% in April.
• The creation of jobs is more than what was expected by experts.
• Trade policy changes didn't affect the stability of the job market.
• The jobs market in the US has shown a surprising resiliency over the last few years.
• Employment declined in the federal government but was balanced by local government hiring.
• The sectors that saw the most job growth were healthcare, warehousing, and transportation.
• The average hourly pay in the US increased by 3.8% over the last year.

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BBC Business

M&S working 'day and night' over cyber attack

BBC Business • May 02, 2025 • Business

Marks & Spencer, a large retail company, has had to stop online orders after a cyber attack affected their operations. It's not clear when normal business will start again because the company is still trying to fix the issues caused by the attack.

Key Facts:

• Marks & Spencer, or M&S, is dealing with a cyber attack.
• Due to this attack, they have stopped online orders on their website and apps.
• The cyber attack started causing problems over Easter weekend.
• The attack has significantly affected M&S because it relies a lot on online sales, especially for clothing and home items.
• Daily spending averages at £3.8m on clothes and home goods on M&S's website and apps.
• Food supplies in some M&S stores are also affected because some systems were turned off to deal with the attack.
• The company's loyalty program and gift card payments are also disrupted.
• Other retailers, including the Co-op and Harrods, have also experienced cyber attacks recently.

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BBC Business