Business Secretary Jonathan Reynolds has emphasized that food and agriculture will not be up for negotiation in any trade talks with the US, in an effort to alleviate concerns raised by businesses in the wake of the Budget’s tax increases and fears of a tariff dispute with America. He acknowledged that business confidence has taken a hit and assured that the UK is committed to being an attractive economy, despite lower growth projections. Reynolds aims to focus on trade opportunities related to services and technology with the US, rather than risking further irritations with farmers by pursuing food-related trade deals.
The UK’s economic figures show a decline in manufacturing output, with factory bosses revising their budgets amidst increasing labor costs and global tensions. While Reynolds intends to engage in trade talks centered on services and technology with the US, he emphasized the importance of safeguarding the UK’s national interests and maintaining the country’s trading relationships, particularly with the EU. The government has launched initiatives like the Fair Payment Code to support employers and empower local councils to revitalize high street businesses. Additionally, the UK is attracting investment through funds like Revenge Capital, which aims to uplift female and minority entrepreneurs who are underserved in the venture capital space.
Entertainment spending saw a boost in the UK last month, driven by the success of cinema blockbusters like Paddington in Peru and Gladiator 2. This trend, along with a rise in airline trip spending due to the colder weather, contributed to a 10.8% increase in leisure spending. However, overall card spending experienced a slight decline, with essential goods purchases decreasing as consumers prepared for the upcoming holiday season. In other news, disposable vape maker Supreme has rescued Typhoo Tea, a well-known British brand, following its administration. The acquisition includes stock and debts amounting to £10.2 million, with Typhoo’s historical significance highlighted through its partnerships with the Ministry of Defence and the NHS.
Topps Tiles, a London-listed flooring firm, defended itself against criticism from its largest shareholder, MS Galleon, who accused management of making costly errors. Despite the shareholder’s criticisms, Topps Tiles maintained that it has outperformed the wider market and remained steadfast in its operations. Defense giant BAE Systems announced plans to recruit over 2,400 new apprentices and undergraduate roles in the coming year, marking a significant investment in training to further develop its workforce. Meanwhile, the abrupt departure of Carlos Tavares from Vauxhall following the closure of the Luton factory highlighted tensions within the company’s leadership amidst pressure to comply with electric car mandates.
