Rupert Hargreaves

The FTSE 100 recovered after an early decline caused by BP and Shell as Brent crude fell more than 2% to about $86 per barrel. Mining stocks, led by Antofagasta, benefited from higher copper prices, while hopes of progress toward a US-Iran peace deal and a possible reopening of the Strait of Hormuz eased some oil-market concerns. Ofgem also raised the UK household energy price cap by 4% to an annualised £1,723, adding pressure to household finances and the government’s cost-of-living agenda. Separately, Canada announced $20 billion in retaliatory tariffs after President Donald Trump intensified trade tensions.

The Capital Access Window allows AIM-listed companies to temporarily suspend trading while arranging fundraisings, reducing share-price volatility and giving them more time to engage retail and institutional investors. Shaires Holdings was the first company to use the mechanism and reported raising $108 million this year, while Rockhopper Exploration and GEO Exploration also announced plans to use it. The reform builds on wider FCA measures and platforms such as RetailBook that have increased retail participation in UK equity raises, although its long-term effect on AIM remains to be proven.

Tourism in the Scottish Highlands grew substantially between 2012 and 2024, reaching 9.4 million visitors and £2.1 billion in spending, much of it linked to Scotch whisky. The Highland Council’s proposed £5-per-room, per-night tourist tax is criticized as an additional deterrent in a region already burdened by high accommodation costs, weak transport links, labor shortages, planning restrictions, employment taxes and alcohol duties. A comparison with Lisbon illustrates how cheaper flights, transport, accommodation and whisky experiences can make foreign travel more attractive than visiting Scotland’s distilleries. The argument is that unless policymakers address the broader cost and infrastructure problems, the tax could further undermine Highland tourism and the whisky industry.

Andy Burnham has paused plans to place Thames Water into a special administration regime because of concerns that the move could cost taxpayers billions and trigger legal challenges. Estimates range from more than £2bn to £4.1bn for an 18-month administration. The government is exploring alternative solutions, a process expected to take several months, while Thames Water faces nearly £20bn in debt and warns it could run out of cash by the end of the year. A creditor consortium including Apollo and Elliott has proposed a new board and turnaround plan, although former environment secretary Emma Reynolds has rejected it.

Andy Burnham has warned that tax rises may be necessary in the Autumn Budget, saying he will not be unrealistic about the UK’s strained public finances and that any spending measures will be fully funded. Rising borrowing costs, an energy-price shock and a surprise £1.8bn July deficit have left Chancellor John Healey with limited scope for new borrowing. Capital Economics estimates that only about £15bn of additional borrowing may be acceptable, while economist Ashley Webb forecasts a deficit above 4% of GDP for a seventh consecutive year.

With the UK government facing reduced fiscal headroom, elevated borrowing costs and substantial defence and welfare commitments, Chancellor John Healey is expected to raise taxes at the October 2026 Budget while maintaining existing fiscal rules. Potential measures include higher taxes on expensive homes through land-value taxation, aligning capital-gains rates with income tax, levies on vape shops and online retailers, higher warehouse business rates, a bank windfall tax, changes to capital-gains treatment at death, reductions to pension tax-free withdrawals, higher taxes on corporate-owned residential property, and expanded National Insurance coverage. A broad wealth tax is considered politically unlikely, while changes to green levies, sin taxes and devolved tax powers remain possible.

The FTSE 100 rallied after an initially weak session, led by Airtel Africa and InterContinental Hotels Group, while Auto Trader and Melrose Industries declined. Investors focused on US Treasury Secretary Scott Bessent’s planned bond-buyback measures and new sanctions against Iran, which he described as an “economic D-Day.” Iranian official Mohsen Rezaei warned that retaliation could disrupt oil exports through the Persian Gulf and Strait of Hormuz. Brent crude fell about 1% to just above $93 a barrel, weighing on Shell and BP. The UK government also announced a review of business-rates revaluations affecting pubs and hotels.

South Korean whisky and traditional soju are gaining international attention, boosted by the country’s broader cultural influence and the success of Ki One Unicorn. Four recommended bottles are highlighted: Ki One Tiger, Kimchansoo Gimpo, Propose Red Soju, and Jinmaek 40 Wheat Soju, with tasting notes, alcohol strengths, and prices provided.

Fielden, formerly the Oxford Artisan Distillery, is positioning its English rye whisky around British countryside, biodiversity, sustainability and social-media-friendly consumption. The brand emerged during the growth of English whisky, attracted investment from Diageo-backed Distill Ventures, and was acquired by GHF after Diageo withdrew from the venture in 2025. Fielden operates through a decentralised model involving malting in Wiltshire, distilling in Suffolk and maturation in Bedfordshire, but faces intense competition from a rapidly expanding English whisky sector and other New World producers.

UK retail investors owned only 11.6% of domestic equities at the end of 2024, down sharply from previous decades, contributing to an estimated £2 trillion withdrawal from UK-listed companies since 2000. New Public Offers and Admissions to Trading Regulations have coincided with a substantial increase in retail participation: domestic retail allocations in fundraisings rose 3.3 times year on year, and one in three UK equity raises now includes a retail tranche. Investors have participated in fundraisings by companies including Seraphim Space Investment Trust, United Utilities, Rosebank Industries and Tritax Big Box REIT, while overseas opportunities such as the SpaceX IPO have also drawn strong demand. The trend will not by itself revive UK capital markets, but it indicates that retail investors can help support listed-company growth and warrants policymakers’ attention.

National Tequila Day is celebrated with three easy cocktails: a sparkling Paloma made with reposado tequila, grapefruit soda and Cava; a blueberry Margarita using blanco tequila, lime juice and blueberry syrup; and The Albatross, an Old Fashioned-inspired drink made with El Mayor Añejo Tequila, Demerara sugar and Angostura bitters. The piece also highlights El Mayor Tequila’s Mexican heritage, estate-grown Blue Weber agave and four-generation distilling tradition.

Scotch whisky’s recent sales and profit declines do not indicate a broad collapse in alcohol consumption. Research shows households in key markets are drinking spirits more frequently, but consumers are taking fewer servings per occasion and shifting away from expensive premium bottles toward mid-priced products, smaller formats, flavoured drinks and ready-to-drink cocktails. Older and high-priced Macallan expressions have weakened while cheaper offerings, fashionable brands and selected specialist bottlings have performed better. Strong results from a luxury spirits auction also show that collectors remain willing to spend heavily. The industry is therefore undergoing de-premiumisation and changing consumer preferences, creating pressure for inflexible brands but opportunities for producers that adapt.