Jasper Jolly

Accell Group, the Netherlands-based owner of Raleigh, has entered insolvency proceedings after failing to secure a buyer or a viable plan to continue operating in its current form. Raleigh, founded in Nottingham in 1887 and once the world’s largest bicycle manufacturer, stopped producing bikes in England in 2002 and is now under administrators’ control. Accell was acquired by KKR in a €1.4bn buyout in 2022, but pandemic-era overproduction, unsold inventory, Chinese competition and high costs left the business under severe pressure. After being handed to creditors in February, attempted takeover talks with Dutech Holdings and Tri Star Group failed. Administrators will determine the future of Raleigh and seek to preserve viable operations and employment where possible.

The Guardian’s UK politics live blog reports that Jewish representative groups declined to meet former neo-Nazi Joshua Bonehill-Paine but agreed to meet the Conservative Party to challenge his selection as a Somerset council candidate. Kemi Badenoch defended the decision, while critics including Luciana Berger and the Liberal Democrats called for his deselection. Ministers defended the early release of PC Andrew Harper’s killers despite a possible Police Federation legal challenge. The government said it was not actively considering a public inquiry into Jeffrey Epstein’s UK activities, while a Charity Commission investigation began into UK charities’ donations to illegal Israeli settlements. Other developments included proposed maternity-care reforms from Yvette Cooper, changes to government procurement rules, debates over Labour members’ policy priorities, criticism of the government’s climate response, plans for self-driving taxi trials in London, and proposals for a new European confederation linking the UK, Ukraine and other European states.

Uber and Wayve have received the first Transport for London private-hire licences for autonomous taxi vehicles, allowing paid rides to begin in London later in summer 2026 with a human safety driver present. Fifteen Ford Mustang Mach-E vehicles will use Wayve’s AI, cameras and radar, while fully driverless operation will require a further government permit. More than 100,000 Londoners are reportedly waiting to try the service. TfL says it will monitor safety, but the GMB union warns that autonomous taxis could threaten minicab jobs and create unresolved liability issues. Uber is also planning to spend more than $10bn on autonomous vehicles despite forecasting weaker-than-expected next-quarter earnings.

Leasing of secondhand electric vehicles in the UK has surged as the supply of used EVs expands and petrol prices rise. British Vehicle Rental and Leasing Association members reported 170% annual growth in used EV leasing, with salary-sacrifice leasing up fivefold and personal contract hire nearly sixfold. The Electric Car Scheme and Octopus Electric Vehicles also reported rapid growth, helped by lower monthly costs than new EV leasing. Industry figures say affordability and increasing used-car supply could bring electric driving to more households, although benefit-in-kind tax rules based on a vehicle’s original value remain a barrier.

The FTSE 100 reached a record high and was on course to gain roughly 3.5% to 4% in July, recovering from the sharp fall triggered by US-Israeli attacks on Iran in March. The conflict continued to affect the economy through higher fuel prices, with petrol reaching about 160p per litre and diesel at 179p, while eurozone inflation edged up to 2.9%. Morrisons reported a £926m loss and nearly 5,000 job cuts, Sainsbury’s agreed to sell Argos for £120m, and BP put its North Sea operations up for sale. IAG profits fell as fuel costs increased, while ExxonMobil benefited from stronger oil-market conditions. HS2 renegotiated major contracts in an effort to control costs after substantial overruns, and central banks in the UK and Japan maintained rates while signaling that future policy could tighten if inflation persists.

Rolls-Royce raised its underlying operating-profit forecast to £4.7bn–£4.9bn and its free-cash-flow forecast to £3.8bn–£4bn, sending its shares up 5%. BAE Systems also upgraded its expected earnings growth to 10%–12% as governments increase defence budgets. Both firms are benefiting from post-2022 military spending, strong US and export demand, and new programmes involving fighter jets, autonomous drones, missile systems and nuclear submarines. Rolls-Royce is also seeing growing demand for aircraft engines and power-generation equipment for AI datacentres, while BAE cited major contracts with Turkey, the US and the UK.

The Bank of England held its bank rate at 3.75%, although Catherine Mann, Huw Pill and Megan Greene voted for an increase because the Iran war and the closure of the Strait of Hormuz were expected to push up oil prices and inflation. Governor Andrew Bailey said there was little evidence of broader second-round price pressures and rejected the idea that the Bank was preparing markets for a September hike, causing the implied probability of no change then to rise to 73%. The live coverage also reported slower-than-expected US GDP growth, stronger-than-expected eurozone growth, a record FTSE 100, higher profits or forecasts at Shell, BAE Systems and Rolls-Royce, cost reductions planned by Lloyds, and a £6.4m fine for Airbus.

Carmakers are reportedly postponing decisions on new UK factory models while awaiting possible relaxation of the zero-emission vehicle mandate, which requires manufacturers to increase electric-car sales through 2030. Society of Motor Manufacturers and Traders chief executive Mike Hawes says manufacturers with UK operations need clarity before committing to investment. Business secretary Jonathan Reynolds has indicated that the rules may be diluted amid falling UK production, Chinese competition, US tariffs and the high cost of electric-vehicle investment. Charging-sector representatives and environmental campaigners oppose weakening the mandate, warning it could increase carbon emissions. Investment decisions are also linked to the UK’s future trading relationship with the EU and battery-sourcing rules that could expose British exports to tariffs.

Oil prices rose about 6% after Donald Trump threatened Iran following what he described as a surprise attack, adding geopolitical pressure to already volatile markets. Asian semiconductor stocks suffered another steep decline after disappointing results from SK Hynix, intensifying concerns about high AI valuations, Chinese competition and heavy sector spending. The FTSE 100 proved relatively resilient because of its limited technology exposure and strong corporate returns, with Standard Chartered announcing a $1bn buyback and reporting better-than-expected profits. Other developments included Grant Thornton’s proposed $5bn acquisition of CBIZ, planned BMW job cuts in Germany, stronger sales at Chapel Down, and Ofgem proposals requiring data-centre projects to provide upfront financial security for grid connections. Investors were also awaiting the Federal Reserve’s interest-rate decision amid rising energy-price risks.

BMW plans to cut as many as 8,000 jobs in Germany through a voluntary redundancy programme focused on administration and development, while leaving production operations unaffected. The reductions reflect intense competition from Chinese electric-vehicle manufacturers, falling demand in China, the costly shift to electric vehicles and US tariffs. The move follows broader restructuring across Germany’s auto industry: Volkswagen plans up to 100,000 job cuts and factory closures, Porsche is targeting 9,000 redundancies by 2035, and Aston Martin continues to report heavy losses despite improved revenue and sales.

Management & Training Corporation UK’s revenue fell from £28.4m to £17.6m in 2025 after its security and care contract at the heavily criticised Manston asylum centre ended, pushing the subsidiary to a £1.6m loss. However, an MTC-majority-owned joint venture won a new six-year contract, extendable to 10 years, to process small-boat arrivals at Manston and Dover’s Western Jet Foil, worth £462m initially and up to £539m. The award is being challenged by Mitie over alleged conflicts of interest involving MTC executive Dave Butler, allegations the Home Office rejects. The article also highlights criticism of MTC-run detention facilities, executive pay and the company’s links to US immigration detention and ICE under Donald Trump.

Brent crude prices fell about 9% to below $88 a barrel after the US paused bombing around the Strait of Hormuz and Iran halted retaliatory attacks, raising hopes that diplomacy could prevent further disruption to oil and gas supplies. The decline reversed much of the previous week’s rise above $100 and also pushed UK government bond yields lower as fears of an energy-driven inflation shock eased. Analysts remained skeptical that the pause represented a durable ceasefire, warning that oil prices would not fall substantially without a lasting improvement in regional security or weaker demand. Higher energy costs could force central banks, including the Federal Reserve, to keep interest rates higher and could create political problems for Donald Trump and Republicans ahead of US midterm elections.

Oil prices fell about 6% to below $91 a barrel as the US and Iran paused hostilities, easing fears of further disruption to supplies and shipping through the Strait of Hormuz, although Red Sea attacks and low European gas inventories continued to pose risks for winter prices. Global equities rallied, while bond yields declined. AstraZeneca reported an 18% rise in quarterly earnings, driven by cancer-treatment sales, prompting chief executive Pascal Soriot to urge Western drugmakers to innovate at “Chinese speed.” DCC Energy agreed to a £5.75bn takeover by KKR and Energy Capital Partners, adding to the number of companies leaving London’s stock market. Other developments included Vodafone’s stronger-than-expected revenue, Shein’s $99m quarterly loss ahead of a planned Hong Kong listing, China’s opposition to new US tariffs, and the FCA’s campaign encouraging car-finance compensation claims without intermediaries.

AstraZeneca chief executive Pascal Soriot says western pharmaceutical companies must innovate and operate faster to avoid being overtaken by China, drawing a parallel with the automotive industry’s loss of ground in electric vehicles. AstraZeneca expects annual sales to reach $80bn by 2030 and reported first-half 2026 revenue of £30.7bn, despite the clinical-trial failure of its Wainua drug prospect. Soriot also said AI could accelerate drug development rather than eliminate jobs. The company will seek clarity from the UK government over a UK-US medicines deal that could increase NHS costs and, according to analysis, contribute to excess deaths in England.

Reported pay for chief executives and chief financial officers at major water companies serving England and Wales rose 1.5% to £25.3m despite a government ban on bonuses for firms linked to serious pollution or financial failures. Anglian Water chief executive Mark Thurston received £1.9m, including a £500,000 retention payment, while United Utilities chief executive Louise Beardmore received £2.5m. Companies including Anglian, Yorkshire, Wessex, Dŵr Cymru Welsh Water and Thames are expected to be covered by the ban, but several used retention payments, allowances or salary increases that they argue fall outside the rules. Critics including the Green Party, GMB and High Pay Centre said the arrangements undermine the ban and demonstrate the need for stronger public control and broader executive-pay reforms. The government said attempts to circumvent the rules were unacceptable, while Ofwat is expected to confirm coverage and review the requirements later in the year.

Unite leader Sharon Graham has urged Andy Burnham and the UK government to award the £2.4bn Skynet 6 wideband satellite contract to Airbus rather than Lockheed Martin. Supporters of Airbus say the company’s existing facilities in Stevenage and Portsmouth and their supply chains protect hundreds or thousands of skilled jobs and preserve sovereign British satellite expertise. Lockheed Martin has offered about 500 direct jobs in north-east England, 1,500 additional supply-chain jobs and potential export opportunities, but critics fear reliance on US intellectual property could weaken the UK’s domestic technology base. The Ministry of Defence was reportedly seeking a decision by 1 August, making the procurement an early test of the government’s commitment to backing British industry.

The United States carried out a 13th consecutive night of strikes on Iran, targeting military command centers, drone facilities, communications networks, coastal surveillance sites and maritime capabilities. UN secretary general António Guterres warned that the Middle East was approaching “the edge of the unimaginable” as the conflict widened, while Donald Trump said he was considering a much larger attack and threatened Iran over Houthi assaults on Saudi oil tankers. The attacks have increased risks around the Red Sea and Strait of Hormuz, pushing Brent crude above $100 a barrel and weighing on Asian markets. Washington also tied a proposed civilian nuclear agreement with Saudi Arabia to the kingdom joining the Abraham Accords and normalizing relations with Israel. Iran reportedly rejected a US ceasefire proposal, while the UK said it remained prepared to defend itself after threats from the Islamic Revolutionary Guard Corps. Rights groups warned that Iran could intensify executions of political prisoners amid the renewed war and collapsed ceasefire.

Oil prices rose close to $100 a barrel after renewed US strikes on Iran and Houthi attacks on Saudi-linked tankers in the Red Sea created simultaneous risks around the Bab el-Mandeb and Strait of Hormuz chokepoints. UK petrol and diesel prices increased sharply, while analysts warned that sustained energy inflation could prompt higher interest rates. The live coverage also reported an €890m EU fine against Google, a Ford-Geely manufacturing partnership in Spain, a 70% fall in easyJet profits, planned cuts to 1,300 Centrica jobs, and a possible £14bn Prologis takeover of Segro. In the UK, Prime Minister Andy Burnham announced a 20% business-rates reduction for pubs, clubs and live-music venues, though hospitality groups said restaurants, cafés and hotels also needed support.

BMW, Ford, Nissan, Toyota and Bosch privately urged UK ministers to permit efficient petrol and diesel engines, hybrids, plug-in hybrids, range extenders and combustion engines using sustainable fuels after 2035. The joint letter, obtained through a freedom of information request, called for an open technology approach and broader flexibility in zero-emission vehicle rules. The UK government said the 2035 phaseout of new non-zero-emission cars remains unchanged, although it is reviewing interim ZEV mandate rules amid industry lobbying. Campaigners, Polestar and climate experts warned that delaying electrification would undermine emissions goals, waste investment and expose UK factories and jobs to stronger competition from Chinese electric-car manufacturers. Carmakers said their proposals would support decarbonisation and reflect weak consumer demand for battery EVs, while experts questioned the scalability of e-fuels and argued that electrification offers the strongest emissions and cost benefits.

Airbus plans to test four- to five-metre wing extensions on an A321neo from the second half of next year, exploring how longer, thinner and more efficient wings could be used without exceeding airport size limits. Initial testing will assess structural bolts before folding hinges are added. Airbus and Boeing are developing next-generation single-aisle aircraft with improved wings, engines and hybrid-electric systems, while Airbus expects to finalize its new aircraft design by 2030. Rolls-Royce is urging the UK government to support its UltraFan engine programme as it competes for future narrowbody-engine contracts, though the request must be weighed against other public spending priorities.

Rolls‑Royce has resolved durability issues in its Trent engines through redesigned turbine blades and expanded maintenance capacity, restoring financial performance and customer confidence. With profitability rebounding, the company is now seeking UK government backing to re‑enter the narrowbody jet engine market as it advances development of its next‑generation UltraFan engines. Progress on both widebody and narrowbody UltraFan variants continues while the firm looks to share investment risks through partnerships, anticipating future aircraft platforms that will require new propulsion technology.

Uncertainty surrounds Shabana Mahmood’s emergence as frontrunner for chancellor, with business leaders and Labour insiders divided over her lack of economic experience and alignment with Andy Burnham’s policy priorities. Many in industry prefer her over Ed Miliband, whose strong support for net zero targets has caused concern, while others view Mahmood as an unknown quantity with minimal economic background. Political figures and advisers express doubts about her suitability, raising fears of weak market credibility or ideological misalignment. Markets reacted positively to reports she was likely to be chosen, reflecting expectations of less radical fiscal policy as Burnham finalizes his senior team.

Uber will acquire Delivery Hero for $14.8bn, merging Uber Eats with multiple global delivery brands across 99 countries and expanding Uber’s combined taxi and delivery footprint from 34 to 58 markets. To avoid competition concerns, SSW Partners will purchase Delivery Hero operations in 14 markets where Uber already has a strong presence. Delivery Hero’s leadership supports the deal, with Prosus agreeing to sell its 17% stake. Uber will maintain Delivery Hero’s Berlin headquarters, keep staffing unchanged until at least 2029, and invest €2bn in Germany. The deal is expected to close in late 2027, significantly strengthening Uber’s position in the global food delivery and mobility markets.

Andy Burnham’s expected shift toward greater public control of water and energy raises hopes among campaigners and concerns among utilities, with advisers suggesting a potential 10‑year programme to bring essential services under state oversight. Arguments for nationalisation centre on high private financing costs and deteriorating infrastructure, while legal and financial barriers—including compensation, investor reaction and potential lawsuits—complicate any move. Thames Water’s precarious financial position presents an urgent test, as special administration could impose losses on creditors and open the door to public ownership. For energy, industry leaders warn against treating all utilities alike, arguing that private investment remains essential to meeting climate and infrastructure goals even as state-backed GB Energy may expand its role. Significant investment will be required regardless of ownership structure, challenging Burnham’s pledge to reduce household bills.

The pace of installing public electric vehicle chargers in the UK has slowed sharply due to rising costs and uncertainty over government targets, with growth falling well below previous years despite a surge in ultra‑rapid chargers. Industry groups warn that debates over the zero emission vehicle mandate are deterring investment, while data from Zapmap shows firms shifting focus toward more profitable high‑speed charging sites. Councils have begun deploying infrastructure funded through the government’s Levi scheme, though competitive pressures and financial strain are expected to drive consolidation in the charging sector, highlighted by InstaVolt’s recent acquisition of GeniePoint.

EasyJet accepted a £5bn takeover agreement in principle from US investment firm Castlelake after previously rejecting lower offers, with the accepted price set at £6.90 per share. Both parties requested more time to finalise the deal, which would see the airline taken private, and Castlelake expressed support for EasyJet’s fleet modernisation plans. The firm has until 3 August to submit a formal offer or withdraw.

Evri has filed a £1.2m defamation claim against the BBC, alleging a Panorama documentary falsely implied the company exploited couriers and misled parliament about pay practices, resulting in lost contracts. The firm is seeking damages and an injunction preventing repetition of the claims, while the programme remains on iPlayer with a legal notice. The BBC declined to comment, and Evri confirmed the ongoing proceedings.

Severn Trent has doubled the long‑term incentive plan for its new chief executive, James Jesic, raising his potential annual remuneration to £4.8m despite strong public anger over water‑sector executive pay amid widespread sewage pollution. The increase, from 200% to 400% of salary, contrasts with predecessor Liv Garfield’s bonus restrictions following environmental failures. The company removed an environmental performance measure from bonus criteria, arguing it was influenced by factors beyond management control, and replaced it with customer service metrics. Campaigners criticised the multimillion‑pound package given the company’s pollution record. Severn Trent said its remuneration policy complies with Ofwat rules and supports long‑term performance. Other water companies, including United Utilities, faced similar scrutiny for compensation practices.

Car club availability in London has collapsed by 89% since Zipcar’s withdrawal in late 2025, leaving only 330 vehicles compared with 2,800 previously. Data from CoMoUK shows that former users are increasingly considering private car ownership, with some already making purchases or leases. Other operators, including Free2move, Enterprise Car Club, Co Wheels, Hiyacar and Turo, have not scaled up enough to fill the gap. Despite London’s strong potential for car sharing, inconsistent borough-level rules and fees have slowed growth. Avis Budget’s decision to end Zipcar’s UK operations left the market severely diminished, far from Transport for London’s earlier goal of reaching 1 million car club users by 2025.

EU automotive leaders are urging the European Commission to grant the UK, Turkey and Morocco exemptions from new “made in Europe” rules under the Industrial Accelerator Act, warning that the measures could severely damage the deeply integrated UK‑EU car industry. UK officials and EU commissioners are discussing the issue as manufacturers argue that excluding UK‑assembled vehicles would harm European‑owned plants and jeopardize competitiveness amid rising pressure from Chinese imports. German and French political dynamics shape the debate, while Europe grapples with a growing trade deficit with China and concerns over industrial sovereignty.