KFC to create 7,000 jobs to fend off rivals Wingstop and Popeyes

BBC Business • May 27, 2025 • Business

KFC plans to create 7,000 new jobs in the UK and Ireland as part of a £1.5 billion investment over five years. This investment will include opening new restaurants and updating existing ones, as well as strengthening relationships with suppliers. The fast-food chain aims to expand in response to growing competition from other chicken chains.

Key Facts:

• KFC plans to create 7,000 new jobs in the UK and Ireland.
• The company will invest nearly £1.5 billion over five years.
• Part of the investment includes opening 500 new sites and upgrading current ones.
• KFC currently has more than 1,000 restaurants in the UK and Ireland.
• A portion of new jobs will include roles for servers, kitchen staff, and managers.
• KFC will strengthen its supply chain, working with existing partners like Pilgrim's Europe and McCormick.
• Competitors like Wingstop and Popeyes are expanding in the UK and Ireland.
• Fast food chicken purchases in the UK reached £2.8 billion within a year ending 20 April.

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IMF raises UK growth forecast as it warns on tax and spending

BBC Business • May 27, 2025 • Business

The International Monetary Fund (IMF) has increased its forecast for the UK's economic growth, predicting a 1.2% growth for 2025 and 1.4% in 2026. The IMF also highlighted challenges, including the need for the UK Chancellor to carefully balance tax and spending amid global trade tensions and inflation concerns.

Key Facts:

• The IMF predicts the UK economy will grow by 1.2% in 2025 and 1.4% in 2026.
• Economic growth earlier this year was boosted by consumer spending and business investment.
• The UK Chancellor needs to manage tax and spending effectively to maintain growth.
• The IMF praised the UK government's planning reforms and infrastructure plans for potential growth benefits.
• Global trade tensions and US tariffs could reduce growth by 0.3% by 2026.
• The IMF suggests reducing the frequency of UK financial assessments by the Office for Budget Responsibility.
• Rising inflation is a concern, with it unexpectedly reaching 3.5% in April.
• The IMF expects UK inflation to fall to 2.2% by 2026.

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BBC Business

Older Londoners 'losing sleep over money worries'

BBC Business • May 27, 2025 • Business

Older people in London face financial difficulties, leading to anxiety and sleep loss. A report by Age UK London highlights their struggles with rising living costs and digital exclusion.

Key Facts:

• Age UK London found many older Londoners anxious about money, affecting their sleep and sense of isolation.
• One-third (38%) are worried about energy debt due to unpaid bills.
• The government's change to Winter Fuel Payments eligibility has impacted older people without enough benefits.
• Some older Londoners sold personal items like jewelry to cover expenses.
• Many struggle to afford home repairs and maintenance, delaying necessary work.
• Digital exclusion means some can't easily find better prices or deals online.
• The study shows financial worries stop many older people from engaging in social and leisure activities.
• Some older Londoners are working past retirement age to manage financial pressures.

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BBC Business

Chinese-owned Volvo Cars to cut 3,000 jobs

BBC Business • May 27, 2025 • Business

Volvo Cars, owned by China's Geely Holding, plans to cut about 3,000 jobs, mainly in Sweden, as part of cost-saving efforts. This decision is linked to challenges like increased tariffs on imported cars, higher material costs, and a drop in European sales.

Key Facts:

• Volvo Cars will cut around 3,000 jobs to reduce costs.
• The job cuts represent about 15% of Volvo's office-based workforce in Sweden.
• Volvo is owned by the Chinese company Geely Holding.
• The automotive industry faces challenges like tariffs, higher costs, and slow sales, influencing the layoffs.
• Volvo's April global sales fell by 11% compared to last year.
• The company aims to become fully electric by 2030 but has adjusted its plans due to market uncertainties and tariffs.
• Chinese electric vehicle maker BYD is reducing car prices, intensifying competition in the electric vehicle market.

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BBC Business

Apprenticeship shake-up to shift focus to under-21s

BBC Business • May 26, 2025 • Business

The UK government plans to shift funding away from postgraduate apprenticeships for people over 21 and focus on creating more training opportunities for those under 21. They aim to generate 120,000 additional training opportunities, partially funded by increasing employer charges for recruiting workers from outside the UK. This change means employers will have to entirely fund many higher level apprenticeships.

Key Facts:

• The UK government will stop funding postgraduate apprenticeships (level 7) for people over 21.
• Level 7 apprenticeships are like having a master's degree and are used in various professional roles.
• Employers will need to fully pay for many higher apprenticeships with these changes.
• A total of 120,000 additional training opportunities will be created, focusing on young adults.
• Funding for these opportunities partly comes from increased charges on employers hiring from outside the UK.
• Seven new foundation-level apprenticeships, equivalent to GCSEs, will be introduced in fields like health and engineering.
• The goal is to redirect government apprenticeship funds to under-21s to boost early career skills.

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BBC Business

Thousands to get universal school uniform grant

BBC Business • May 26, 2025 • Business

Around 7,000 families in east London will get help from a grant that provides £150 for school uniforms. This grant supports children starting primary or secondary school whose families earn less than £50,350 a year. The idea is to make school uniform costs less of a burden for these families.

Key Facts:

• About 7,000 families in east London will benefit from a school uniform grant.
• The grant gives £150 for children starting primary or secondary school.
• Families with a household income of £50,350 or less can receive this grant.
• The grant aims to ease the cost of school uniforms for families.
• The government's Children's Wellbeing and Schools Bill will limit the number of branded uniform items required by schools.
• Tower Hamlets Council announced this grant to support children entering school.
• The City of London and Westminster City Council also offer financial help to low-income families.
• The government proposes capping branded uniform items to three for primary and four for secondary schools.

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BBC Business

Octopus sorry for chasing man over £6k wrong bill

BBC Business • May 26, 2025 • Business

A man named Peter Holden was pursued by the energy company Octopus for nearly four years over a gas bill mistakenly issued to him that belonged to someone else. Despite admitting the mistake, Octopus continued to send bills and involve debt collectors. After the issue was highlighted by a news outlet, the company's representative apologized and promised staff training to prevent future errors.

Key Facts:

• Peter Holden received gas bills for over £6,000, which were not his, from Octopus Energy for almost four years.
• The mistake occurred because of a confusion with meter numbers in industry data.
• Holden was sent bills and contacted by debt collectors multiple times since August 2021.
• Octopus Energy acknowledged the error but continued to send bills and involve debt collectors.
• Octopus Energy's commercial director apologized to Holden after the issue gained media attention.
• Holden's credit score was not affected, and his personal details were not shared, according to the company.
• Despite assurance that he was not liable, bills continued to be sent to Holden's address.

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BBC Business

HS2 investigating two firms supplying construction staff

BBC Business • May 26, 2025 • Business

The company managing the HS2 high-speed rail project between London and Birmingham is investigating two firms that supply construction workers. They are checking claims related to how the staff is classified and whether billing rates were increased by these firms. The investigation has been ongoing, and one of the firms is currently stopped from getting new contracts.

Key Facts:

• HS2 Ltd is investigating two construction staff suppliers for the project.
• The investigation focuses on possible misclassification of workers and raised billing rates.
• Allegations first came to light in an i newspaper report.
• Balfour Beatty Vinci, an HS2 contractor, is connected to the firms being investigated.
• One of the firms is not getting new contracts while the investigation continues.
• HS2 treats all whistleblower claims seriously and has added extra monitoring.
• The government and HS2 are committed to addressing any claims of fraud or corruption.
• The HS2 rail line aims to connect London and Birmingham, as part of a bigger project, which has seen increased costs and project adjustments over the years.

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BBC Business

Rate 'rigging' traders say they were scapegoated - now the Supreme Court will decide

BBC Business • May 25, 2025 • Business

Two former traders, Tom Hayes and Carlo Palombo, previously convicted for manipulating interest rate benchmarks Libor and Euribor, are contesting their convictions in the UK Supreme Court. Their case, challenged by the Serious Fraud Office, could potentially reverse all remaining convictions related to this issue if successful. The case has drawn attention due to similar alleged activities by central banks and government officials worldwide that were not prosecuted.

Key Facts:

• Tom Hayes and Carlo Palombo are former traders who were jailed for manipulating Libor and Euribor rates.
• The Supreme Court in the UK is reviewing their convictions, which were originally secured by the Serious Fraud Office.
• Hayes was sentenced to 14 years in jail in 2015 for his role in the alleged rate-rigging scheme.
• Libor and Euribor are benchmarks that help set interest rates on loans and mortgages globally.
• Evidence suggested that central banks and government officials engaged in similar conduct without facing charges.
• US courts have overturned similar convictions, but in the UK, the convictions still stand.
• The Supreme Court's decision could lead to overturning all related convictions.
• Senior politicians have expressed concerns that the traders were used as scapegoats and are calling for a public inquiry into larger-scale interest rate manipulation.

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BBC Business

France impounds UK vessel accused of illegal fishing

BBC Business • May 25, 2025 • Business

A British fishing boat has been seized by the French authorities in the English Channel, accused of fishing without a license in French waters. The vessel is being held at the port of Boulogne as French officials consider legal action. The incident follows a UK-EU agreement that allows EU boats to fish in UK waters for 12 more years.

Key Facts:

• French authorities seized a British fishing vessel for allegedly fishing in their waters without a license.
• The seizure happened in the English Channel, and the vessel is currently at the port of Boulogne.
• The French coast guard inspected the vessel using the navy patrol boat Pluvier.
• The incident occurred amid controversy over a UK-EU agreement on fishing rights.
• The UK-EU deal allows European boats to fish in UK waters for another 12 years.
• The UK Foreign Office is assisting a British national in France and is communicating with local officials.
• Critics in the UK have mixed reactions to the new UK-EU agreement on fishing rights.

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BBC Business

South Western first rail firm renationalised by Labour

BBC Business • May 25, 2025 • Business

South Western Railway has been taken over by the government, making it the first train company under the Labour party to be renationalized. The government plans to reinvest any savings into improving train services rather than lowering ticket prices. Several more train companies are planned to be taken back into government control in the coming years.

Key Facts:

• South Western Railway is now operated by the Department for Transport after being renationalized.
• The first train under public ownership runs from Woking to Surbiton, partly using a bus service.
• Great British Railways, a new organization to manage rail infrastructure, is planned but not yet officially established.
• Heidi Alexander, the Transport Secretary, said she could not promise lower fares, but services will aim to offer good value.
• C2C and Greater Anglia are the next rail companies to return to public ownership within the year.
• Four other major train companies have already been nationalized by previous Conservative governments.
• The government plans to nationalize nearly all passenger rail services in the UK by 2030.
• The RMT union supports the move but is concerned about continued outsourcing to private companies.

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BBC Business

Driving instructors say rising prices are fair - but learners can't keep up

BBC Business • May 24, 2025 • Business

Many learners in the UK are struggling to afford driving lessons as prices rise and the cost of living remains high. A survey shows that lesson prices have increased significantly, causing many to limit their lessons or wait longer to take their driving test.

Key Facts:

• Paige Williams, a single mother, spends £35 per driving lesson, cutting back on essentials to afford one lesson a week.
• A DVSA survey found the most common driving lesson price is £36 to £40 per hour.
• 31.5% of instructors charge £35 or less, a decrease from previous figures.
• Instructors justify price increases, while learners feel frustrated with costs.
• Transport Department data shows driving is essential for many UK commuters and families.
• Faustina Kamara can only afford lessons once every two weeks due to high costs.
• Sandra Onuora stretched her budget and took fewer lessons, prolonging her test preparation.
• A backlog in driving tests means learners must keep taking lessons to maintain their skills.

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BBC Business

Food banks 'were a lifeline for me'

BBC Business • May 24, 2025 • Business

A mother from west Belfast, Deirdre, relies on food banks to feed her children as food bank use in Northern Ireland rises significantly. The Trussell Trust reports that the number of emergency food parcels distributed in Northern Ireland has increased by 71% over the past five years, highlighting the ongoing need for such support.

Key Facts:

• Deirdre, a single mother from west Belfast, depends on food banks to feed her family.
• The Trussell Trust reports a 71% increase in emergency food parcels distributed in Northern Ireland over five years.
• More than 77,000 food parcels were given out in Northern Ireland last year.
• This is equivalent to providing one food parcel every seven minutes.
• The number of families with children needing food support has increased by 68% since 2019/20.
• Food banks report severe hardship, with some parents rationing their food to feed children.
• The Trussell Trust calls on governments to address high levels of food bank need.
• Deirdre, once a donor, now relies on food banks due to job loss and feels embarrassed by her situation.

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BBC Business

Faisal Islam: Trump's tariff plans could spark global economic shock

BBC Business • May 23, 2025 • Business

Donald Trump plans to impose a 50% tariff on all goods from the European Union, resuming a global trade conflict. This move comes after a pause in trade disputes and may cause market uncertainty as a significant meeting of world leaders, the G7 summit, approaches.

Key Facts:

• Donald Trump announced a 50% tariff on all goods from the European Union.
• This announcement resumes a global trade conflict after a recent calm period.
• The tariff may lead to market uncertainty and has raised concerns among other countries.
• The G7 summit, a meeting of world leaders, is scheduled for next month in Canada.
• The US had previously paused its trade conflict with China, influencing other countries' trade talks.
• Trump's Treasury Secretary, Scott Bessent, stated the tariff threats aim to push stalled negotiations forward.
• Some countries, like Japan and those in the EU, believe the US may not follow through on these threats.
• The UK has trade deals with both the EU and the US, providing some protection from these tariffs.

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BBC Business

Fuel bank chief's caution over energy price fall

BBC Business • May 23, 2025 • Business

A charity leader welcomed the upcoming drop in energy bills but noted that prices remain high. Although bills will fall 7% from July, people still pay significantly more than before the recent cost of living crisis.

Key Facts:

• The energy price cap is a limit on what suppliers can charge for energy.
• From July, a typical gas and electricity bill will decrease by 7%.
• Despite the drop, people still pay about £500 more per year compared to before the cost of living crisis.
• The UK has some of the highest energy prices in Europe.
• Energy prices may rise again in winter due to increased demand.
• Ofgem is the regulator that announced the decrease and links it to lower wholesale gas prices.
• The charity leader suggests reviewing the energy price cap every six months instead of every three months to help consumers plan better.
• The Fuel Bank Foundation helps people struggling with energy costs.

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BBC Business

'I've applied for hundreds of jobs': One in eight youths not in work or education

BBC Business • May 23, 2025 • Business

The article discusses the challenges faced by young people in the UK who are not in education, employment, or training, known as Neets. About one in eight young people aged 16 to 24 fall into this category. Several factors, including economic inactivity and mental health issues, contribute to their situation.

Key Facts:

• Libby, a 20-year-old mother, has applied for many jobs but has not found work.
• Approximately 923,000 young people aged 16-24 are Neet in the UK, according to the Office for National Statistics.
• This number equals about one in eight in this age group.
• Though there's a slight decrease from last year, many young people remain without work or education.
• Grimsby, where Libby lives, has lower employment rates than the national average.
• The number of young people actively looking for work has increased by 21,000 compared to last year.
• Reasons for economic inactivity include a rise in long-term sickness and mental health conditions.
• Tegan, from Cornwall, has faced barriers like failing her exams and mental health challenges, impacting her ability to work or study.

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BBC Business

Young people driven away by high prices - study

BBC Business • May 23, 2025 • Business

A new report by the Guernsey Community Foundation shows that young people in Guernsey are considering leaving the island due to high living costs. The study also found that many residents face poverty, with some lacking basic necessities like food and heating.

Key Facts:

• The report is called the Quality of Life Report 2025.
• It was compiled by the Guernsey Community Foundation.
• 22% of pensioners, 19% of children, and 17% of working-age adults live in relative poverty in Guernsey.
• About 5% of islanders, or approximately 3,200 people, often lack essentials like food and heating.
• 51% of the poorest households do not have carpets or floor coverings in every room.
• More than a third (38%) of these households do not have a bed for each person, resulting in people sharing beds.
• Young people in Guernsey are experiencing more bullying and lower self-esteem, with rates of high self-esteem among school pupils dropping by 22% from 2016 to 2022.
• The findings aim to prompt discussions about social issues before the next general election in June 2025.

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BBC Business

Daily Telegraph to be sold to US firm RedBird

BBC Business • May 23, 2025 • Business

RedBird, an American investment firm, plans to buy the Daily and Sunday Telegraph newspapers. This deal will involve buying the share owned by Sheikh Mansour, but it still requires approval from regulators. The papers were previously put up for sale after being taken over by Lloyds Bank when their former owners, the Barclay family, couldn't pay their debts.

Key Facts:

• RedBird Capital, a US investment company, agreed to buy the Daily and Sunday Telegraph.
• This deal follows a two-year period where ownership of the papers was uncertain.
• The newspapers were seized by Lloyds Bank from the Barclay family due to unpaid debts.
• RedBird's deal needs approval from regulatory authorities.
• Sheikh Mansour's group, IMI, paid the Barclay family's debts but was barred from majority ownership due to funding concerns.
• IMI is expected to keep a minor stake, less than 15%, in the newspapers.
• The Spectator, a magazine once linked with the Telegraph, was sold to Sir Paul Marshall for £100 million last year.
• RedBird aims to grow the Telegraph's audience in the United States.

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BBC Business

Food bank turning people away due to funding gap

BBC Business • May 23, 2025 • Business

A community food bank in Norwich, Norfolk, called the Silver Road Community Centre, is turning people away due to high demand and a lack of funding. The food bank, which began in 2020 and is run by volunteers, relies on grants and donations, but recent cuts in funding have made it difficult to meet the needs of the community.

Key Facts:

• The Silver Road Community Centre in Norwich operates a food bank and community fridge that started in 2020.
• It is run by volunteers and depends on grants and donations to keep going.
• The food bank has seen a rise in demand over the last five years.
• The Trussell Trust, a charity, reported a 51% increase in emergency food parcels distributed in the UK in the same period.
• In the East of England, 332,540 emergency food parcels were given out last year, compared to 190,144 in 2019.
• The food bank helps around 100 people every week.
• Funding cuts have led to the group turning away some people who need food assistance.
• Julie Brociek-Coulton, a volunteer manager, said not receiving a needed grant means they will help 50 fewer people monthly.

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BBC Business

Labubu fan fury after dolls pulled from stores

BBC Business • May 22, 2025 • Business

Fans of Labubu dolls in the UK are upset after Pop Mart stopped selling the toys due to safety concerns related to customer fights. The dolls became popular after celebrities used them, leading to high demand and instances of chaos in stores. Pop Mart plans to create a fairer system for selling the toys when they return to stores.

Key Facts:

• Pop Mart stopped selling Labubu dolls in all UK stores to prevent safety issues.
• The decision came after reports of fights among customers trying to buy the dolls.
• Labubu dolls gained popularity as trendy accessories, especially on TikTok.
• Some store visitors reported seeing large crowds and even fights over the toys.
• The dolls can cost between £13.50 and £50, with rare ones selling for much more online.
• Resellers are buying the dolls and selling them at high prices, upsetting many fans.
• Pop Mart intends to develop a fairer sales system when the toys are back in stock.
• Retail experts warn that stopping sales might increase demand and escalate resale activities.

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BBC Business