UK Industry Fast Facts

IBISWorld presents a collection of fast facts for the different sectors of the UK economy.

Agriculture, Forestry & Fishing

• In the Autumn Budget 2024, the government introduced a £1 million limit on the inheritance tax relief for farms from April 2026, after that there would be a 50% relief, at an effective rate of 20%. The National Farmers’ Union (NFU) of England and Wales has labelled the Budget as “a blow to British farmers and could lead to food price rises”. Farmers warn that these measures might force them to sell their farms, while there are also worries that the tax could discourage investment in green farming technology.
• The ADHB warned that from April 2026, the average farm valued at £2.2 million would face an inheritance tax of £240,000. This has sparked a wave of protests and an e-petition has been signed by over 148,000 people, which calls for the retention of current inheritance tax exemptions for working farms. Despite this opposition, the Labour government stays firm with its tax reform, asserting it’s a “fair and balanced approach which helps fix the public services we rely on”. However, farmers remain steadfast in their resistance.
• On 11 March 2025, the Department for Environment, Food and Rural Affairs (DEFRA) announced it will no longer accept applications for the Sustainable Farming Incentive, which pays farmers for using environmentally friendly farming methods. The government reported reaching 37,000 funding agreements. However, the farming sector expressed strong dissatisfaction over the lack of financial support, with National Farmers’ Union President Tom Bradshaw calling it “another shattering blow to English farms”.
• DEFRA reports that farming contributes about 12% of the UK's total greenhouse gas emissions. The NFU warns that achieving net-zero farming by 2040 is unlikely without increased investment in climate-friendly measures. The current government has kept the 2025-26 climate-friendly farming budget at £2.4 billion, unchanged from the previous level.
• In April 2025, Norfolk councillors rejected Cranswick's plans for a 'megafarm' due to climate impact concerns. The proposal included constructing 14 barns for 14,000 pigs and 20 chicken sheds for 714,000 birds. The decision cited environmental concerns and the site's proximity to protected areas. Cranswick argued that this was a setback for sustainable British meat production.
• Despite ongoing negotiations, the UK is set to face new US tariffs under President Trump. Committed to a UK-US trade deal, the UK refuses to compromise on agriculture and food standards, rejecting hormone-treated beef and chlorine-washed chicken. However, it may consider lowering tariffs on US beef, chicken,and pork, potentially affecting domestic competitiveness. On 2 April 2025, President Trump announced a 10% tariff on all imported goods, effective 5 April, which will impact UK agricultural exports and global trade flows.

Mining

• The Office for National Statistics reports that the mining and quarrying sector output declined by 3% in February 2025. This follows growth of 0.8% in January 2025 (revised up from a fall of 3.3% because of updated source data in the extraction of crude petroleum and natural gas industry). Output from the sector dipped by 0.7% in the three months to February 2025.

• World Bank Commodities Price Data released in April 2025 shows that the quarterly average prices for Brent crude oil and WTI crude oil hiked in Q1 2025 against Q4 2024. Natural gas prices also increased in the same period. Meanwhile, most metals and minerals (aluminium, copper, iron ore and tin) posted a climb, while others (lead, nickel and zinc) dropped slightly. Precious metals have continued to climb, particularly gold, amid heightened global uncertainty and US tariff concerns.

• Oil and gas body Offshore Energies UK states the UK is on track to produce only four billion of the 13 to 15 billion barrels it needs over the next 25 years. It claims the UK can meet half of its demand domestically, as the North Sea can produce an extra two to three billion barrels with incentives for companies to invest, potentially contributing an extra £150 billion to the UK economy. The body wants the windfall tax to be reduced as soon as possible to reflect lower prices, which would encourage investment in drilling operations in the North Sea, as reported by the Financial Times. A reduction in the windfall tax is also encouraged by the North Sea Transition Taskforce, backed by the British Chambers of Commerce. The oil and gas sector will return to paying only permanent taxes, currently set at roughly 40%, from 2030.

• Petroineos plans to close Scotland’s largest oil refinery at Grangemouth in April or May this year, resulting in over 400 job losses. There are plans to invest £25 million to turn the refinery into a renewable energy hub.

• The government has confirmed plans laid out in its election manifesto to halt new licenses on new oil and gas exploration; however, the consultation has also left the door open for new fields to be drilled via adjacent existing ones, a move which has been welcomed positively by the oil and gas industry.

Manufacturing

• In March 2025, the S&P Global UK manufacturing PMI sunk to a 17-month low of 44.9, down from 46.9 in February. This marked the fifth consecutive month of declining production and at the fastest pace since October 2023, mainly due to a slump in new orders. Manufacturers across all sectors faced challenges because of rising geopolitical tensions, weak investor sentiment and slowing economic activity both domestically and internationally. Concerns over upcoming hikes in the National Minimum Wage and employers’ National Insurance Contributions, along with potential US tariffs, further dampened confidence. However, input price inflation slightly eased from the 25-month high experienced in February.

• Car manufacturers must meet a government mandate requiring 28% of sales to be electric vehicles (EVs) by the end of 2025, with a £15,000 fine per non-compliant car. In March 2025, the Society of Motor Manufacturers & Traders reported a significant increase in battery electric vehicle (BEV) registrations, which surged by 43.2% compared to the previous year. Also, the total number of new car registrations rose by 12.4% in the year to March 2025.

• Keir Starmer plans to boost defence spending to 2.5% of GDP from April 2027, aiming for 3% in the next parliament. This increase is expected to drive economic growth, create jobs in the manufacturing sector and strengthen domestic supply chains in the armaments industry. The government introduced a support hub in March to help small and medium enterprises access the defence supply chain, providing new growth opportunities and SME spending targets for the Minister of Defence due by June.

• On 26 March 2025, the Chinese owner of British Steel rejected a £500 million support offer from the UK government, intended to help transition to greener steelmaking methods. This decision has heightened concerns over the future of thousands of jobs as the company considers closing its two blast furnaces in Scunthorpe by June 2025. The UK government remains committed to negotiating with British Steel, recognising the importance of steelmaking to the economy. Gareth Stace, director of UK Steel, warned that closing the furnaces would create a ‘major gap in capacity to meet the future demand of the nation and will be an irreparable break in the armour of national security’. Discussions about potentially nationalising British Steel remain on the table as a means to safeguard the industry's future. Councillors in North Lincolnshire are supporting calls for the government to intervene.

• Business Secretary Jonathan Reynolds announced the likely nationalisation of British Steel to protect 3,500 jobs across three UK sites. On 11 April 2025, the Speakers of both Houses of Parliament announced a recall on 2 April to consider legislative proposals aimed at safeguarding British Steel's blast furnaces. Meanwhile, North Lincolnshire Councillors voiced their support for nationalisation if a deal is not reached with the company's Chinese owners, Jingye. Starting 12 March 2025, President Trump imposed a 25% tariff on all aluminium and steel imports, including derivative products, to protect US industries. This decision impacts UK manufacturers, with an estimated  5% of UK steel exports and 6% of aluminium exports by volume going to the U.S. Prime Minister Keir Starmer hasn’t announced an immediate response, stating that the UK will ‘keep all options on the table’ while seeking to negotiate a free trade deal to remove these tariffs.

• On 26 March 2025, the US announced a new 25% import tax on cars and car parts, set to take effect on 2 April. UK luxury brands, including Porsche, Jaguar, Land Rover and Bentley, are particularly affected by these tariffs since they don’t have manufacturing operations in the US.

• In response to the US’s 25% import tax on cars, Sir Keir Starmer announced on 6 April 2025, a new flexibility in the EV mandate by reducing fines for missing targets by £3,000, bringing them to £12,000 for cars and £15,000 for vans. Additionally, the ban on new hybrid vehicles has been extended to 2035. The new plan aims to increase the sale of zero-emission cars in later years when demand is expected to rise. Smaller manufacturers, like McLaren, Lotus and Caterham, will be exempt from this mandate to protect the British supercar industry.

• According to the ONS, monthly production output was estimated to have picked up by 1.5% in February 2025, following a fall in January (down 0.5%) and a rise in December 2024 (up 1%). Out of 13 subsectors, 10 contributed to this expansion in output. The most significant positive impacts came from the computer, electronic and optical products, basic pharmaceutical products and transport equipment. Production output for the three months to February 2025 was estimated to have increased by 0.7% compared with the three months to November 2024. 

Utilities

• The energy price cap set by Ofgem will climb by 6.4% for the period from April to June 2025, raising the annual cost to £1,849 for a typical household. While this hike will intensify the financial strain on households, four million households have already switched to fixed tariffs, shielding them from the change in the price cap.  
• From 1 April 2025, the UK regulator Ofwat will permit a 26% increase in water and sewage bills, averaging an additional £123, in England and Wales. Utility companies assert this hike is essential for investing in and repairing ageing infrastructure, with more increases expected in the following five years.
• On 18 February 2025, the High Court approved a £3 billion emergency loan for Thames Water, described by Chief Executive Chris Weston as providing "a firmer financial footing". This loan, carrying a 9.75% interest rate, along with additional fees, will help the company manage its debt and prevent renationalisation, securing necessary funds until October 2025. However, critics caution that this ‘liquidity extension’ could hike customer bills by £250 annually. In March 2025, Thames Water announced interest from six potential investors to provide new equity. The company aims to finalise terms by June 2025 to enhance its financial standing.
• Faced with £20 billion in debt and urgent infrastructure needs, Thames Water has chosen the US investment firm KKR as its preferred bidder to take control of its operations and help avoid renationalisation. KKR is anticipated to invest £4 billion for a stake in the company by the end of June. The severity of the company's financial crisis was underscored by the sudden resignation of Finance Director Alastair Cochran, with Steve Buck stepping in as the newly appointed Chief Financial Officer.
• According to the Financial Times, cost estimates for upgrading Thames Water's flagship Oxford sewage facility have skyrocketed from £40 million to £435 million over just four years. Additionally, crucial upgrades promised in 2020 for 13 facilities are delayed, with completion for four projects pushed back to 2030. This situation underscores the urgent need for capital to enhance Thames Water's infrastructure.
• Environment Agency data indicates that water companies in England recorded 2,487 pollution incidents in 2024, more than double the target set. The companies collectively aimed for a 40% reduction in pollution incidents, but instead, there was a 30% surge in incidents, as reported by Sufferers Against Sewage.
• EDF Energy announced an extension for four ageing UK nuclear power stations to enhance energy security. Hartlepool and Heysham 1, originally set to close in March 2026, will now operate until March 2027, while Heysham 2 and Torness, planned for closure in 2028, will remain open until 2030. These extensions aim to compensate for delays in the Hinkley Point C power plant, now expected to be operational in 2029, at the earliest.
• On March 21, 2025, Great British Energy, the new state-owned company, revealed its first investment: £110 million in grants for installing solar panels and developing clean energy solutions at schools, hospitals and community projects. With no financial returns expected for the company, these grants will be matched by further UK government contributions, resulting in a total taxpayer investment of around £200 million, as reported by the Financial Times.

Construction

• The latest S&P Global release reveals that the UK Construction PMI rose to 46.4 in March 2025, up from February’s 57-month low of 44.6. Construction output continued to contract, primarily driven by a slowdown in the residential market and a significant drop in civil engineering activity due to a subdued pipeline of major infrastructure work. New order intakes across the sector have fallen as businesses face tighter budgets and increased economic pessimism linked to ongoing challenges. Inflationary pressures have intensified, with average cost burdens reaching their highest level in 26 months, fuelled by rising payroll costs due to increases in National Insurance contributions and the National Minimum Wage. Also, the sector has experienced the steepest rate of job cuts since October 2020.

• The updated National Planning Policy Framework (NPPF) sets a clear target of building 370,000 homes annually and reinstates mandatory goals for local authorities. The Green Belt has also been revised to include a ‘grey belt’, encouraging development on low-grade greenbelt land. However, BBC’s housing tracker reports a 10% decline in new homes in England during the first six months of Labour's parliament, with approximately 107,000 new homes built since July's election.

• The construction sector is grappling with a significant shortage of both bricks and labour. The Home Builders Federation estimates that 240,000 new recruits are needed to meet upcoming housing commitments, with a particularly dire need for 20,000 bricklayers. This scarcity threatens to stall housebuilding efforts in the UK. In response, major housebuilders in England are increasingly turning to timber as an alternative to bricks to address these challenges, as reported by the Financial Times.

• Keir Starmer's government faces an urgent challenge to meet its housebuilding targets, requiring a more than 50% increase in planning permissions granted annually in England. Data from Glenigan reveals that the number of homes given planning permission in 2024 hit its lowest level since 2014, underscoring the need for immediate action. In March 2025, the government introduced a new Planning and Infrastructure Bill. The proposed planning reforms in this bill aim to accelerate the process of housebuilding and the development of essential infrastructure.

• The UK government has reduced England’s Road Building and Repair budget for 2025-26, with a £4.8 billion allocation for major highways, marking a 5% decrease from the current budget. The government also announced a £1.6 billion fund for councils to fix local potholes.

• The Department for Education has introduced the Construction Framework 25 (CF25), a new initiative valued at up to £15.4 billion. This framework aims to support the construction and refurbishment of educational facilities across England. Beginning in January 2026 and lasting six years, CF25 will encompass new builds and renovation projects for schools, colleges and universities.

• As revealed by ONS data, monthly construction output is estimated to have expanded by 0.4% in volume terms in February 2025, followed by a 0.3% decrease the previous month. Construction output is estimated to have shown no growth in the three months to February, with an increase in new work (up 1.2%), offset by a fall in repair and maintenance (down 1.5%).  

• Data from the Department for Business and Trade indicates that overall construction material price inflation dipped by 0.2% in January 2025, compared to the previous month and saw an annual contraction of 0.9%. Despite this, material prices for New Housing registered a 1% increase, Repair and Maintenance edged up by 1%, while Other New Work decreased by 2.2% in the 12 months to January 2025. Other builders’ ironmongery and precast concrete, including blocks, bricks, tiles and flagstones, saw the largest annual increases at 9.5% and 6.8%, respectively. Deliveries of bricks jumped by 8.5% in the year to January 2025.

Wholesale Trade

• According to the Office for National Statistics, output in the wholesale and retail trade; repair of motor vehicles and motorcycles climbed by 1% in February 2025. Output in the wholesale and retail trade and repair of motor vehicles and motorcycles increased by 3%.
• The Federation of Wholesale Distributors (FWD) has coordinated a letter to the Prime Minister, signed by its member wholesalers. The letter highlights budget concerns about the National Living Wage increase and the rise in employer National Insurance, which together will add an additional estimated £141 million per year in costs to an already struggling sector.
• The Wholesale Group, which was launched in January 2025, is to welcome 11 new members, taking the total to 257 members. The buying group reports total turnover of £4.52 billion, representing 13.7% of the wholesale market and with 390,000 customers.
• The Co-op group is launching a wholesale arm by rebranding its Nisa operations, in a bid to “reaffirm its commitment” to the independent retail sector, as reported by The Grocer.
• Co-op Wholesale has secured a multi-year agreement with UK motorway service operator Roadchef to expand its presence in the segment. The move aligns with the wholesale operator’s strategy to expand its presence in the B2B sector.
• Welsh food wholesaler Harlech Foodservice was named as Food Wholesaler of the Year at an awards ceremony in London organised by The Caterer. The company has seen sales soar to a record £46.5 million, from £32 million and profit at £2 million amid successfully executed expansion strategy.
• According to the Fresho UK Fruit and Veg Report 2025 by the wholesale order management platform, the “UK’s fruit and veg wholesale industry has remained resilient over the past three years, despite ongoing rising business costs”. It reveals that the average number of lines per order has dropped consistently from 10.31 lines in 2021 to 9.69 lines in 2024, suggesting customers are streamlining purchases amid cost pressures. Fresho also highlighted an emerging trend of climbing orders containing prepared items (rising by 29.9% in 2024) as customers grapple with labour shortages and rising wages.

Retail Trade

• BRC-Senormatic data shows in March 2025, UK retail footfall declined by 5.4% year-on-year, influenced by Easter falling in April rather than March as in 2024. Shopping centres experienced the steepest drop at 5.8%, while retail parks were less affected, aided by their mix of leisure offerings and free parking (1.2%). Regionally, Northern Ireland saw the largest decrease (9%), with London showing greater resilience. Retailers are concerned that ongoing economic uncertainty, including global trade tensions and upcoming business rate reforms, could further dampen consumer confidence and hinder investment in the sector.

• BRC data reports in March 2025, UK retail sales rose by 1.1% year-on-year, aided by warm weather and Mother's Day purchases, particularly in gardening, DIY, food and beauty sectors. Despite this uptick, consumer confidence remains fragile amid rising living costs, employer tax hikes and U.S. trade tariffs. Retailers face mounting pressures from increased National Insurance contributions and packaging taxes, which could lead to higher prices and reduced investment in high streets. While the sales growth offers some optimism, the broader outlook for the retail sector remains cautious.

• The Payment System Regulator's (PSR) recent proposals to address card scheme and processing fees are deemed inadequate by the British Retail Consortium (BRC). While the PSR suggests increased transparency and governance measures, these steps fail to curb the substantial fee hikes imposed by dominant card schemes like Visa and Mastercard. These increases have cost UK businesses an extra £170 million annually since 2017, burdening retailers and consumers alike. The BRC urges the PSR to implement direct pricing interventions and establish a long-term price cap to foster genuine competition and alleviate the financial strain on the retail sector.

• Data from the BRC shows in March 2025, UK shop price deflation slowed to 0.4% year-on-year, up from February's 0.7% decline, with non-food prices dropping by 1.9% and food prices rising by 2.4%. Clothing and footwear experienced double-digit deflation due to weak consumer demand, while beverage prices increased following duty changes and high global sugar costs. The BRC warns that upcoming cost pressures, including National Insurance hikes and new packaging taxes, may lead to accelerated inflation in the coming months.

• Data from the BRC shows consumer confidence is stabilising as consumer expectations over the next three months of the state of the economy improved slightly to -35 in March 2025, up from -37 in February. Their personal financial situation improved slightly to -10 in March, up from -11 in February and personal spending on retail rose to 0 in March, up from -5 in February. Within retail, spending expectations for DIY and home improvements moved into positive territory for the first time thanks to warmer-than-average weather. Across all categories, Gen Z (18-27) expected to spend more than the previous three months in every category, while Gen X (44-59) planned the biggest cuts to spending for most items, excluding food.

• Retailers voiced concerns over the £7 billion new costs introduced by the Budget. Two-thirds of Chief Financial Officers (CFOs) reported they are left with little choice but to increase prices (67%) and reduce investment in jobs and shops thanks to higher employer national insurance contributions, National Living Wage and new packaging levy. Additionally, 31% of respondents from the BRC survey noted rising expenses would lead to further automation.

• A survey of CFOs at 52 retailers has revealed significant concern about trading conditions over the next 12 months, according to BRC. 70% of respondents “pessimistic” or “very pessimistic” about trading conditions over the coming 12 months, while just 13% said they were “optimistic” or very “optimistic” (17% were neither optimistic nor pessimistic). The top three concerns are falling demand for goods and services, inflation and the mounting regulatory and tax burden.

• According to new research by the Retail Technology Show, millennials now make more purchases than Gen Z across social media platforms, including TikTok, Instagram and Facebook, at 21 purchases over the past year versus 14. As shoppers’ seemingly insatiable appetite for content-led commerce continues to grow, this has given rise to a new cohort of ‘TikTok made me buy it’ consumers, an increasingly valuable shopper segment that retailers want to tap into.

Transportation & Warehousing

• Lothian Buses and Edinburgh Trams have announced a 10% fare hike effective from 6 April 2025 due to cost pressures. Adult single fares will rise from £2.00 to £2.20, while children's tickets will increase from £1.00 to £1.10.

• The Air Passenger Duty to go up in 2026-27, by £2 for short-haul economy flights and £12 for long-haul ones, while rates for private jets are set to go up by 50%.

• The Sustainable Aviation Fuel (SAF) Mandate became law in 2025, mandating that 2% of this year's aviation fuel comes from sustainable sources. Targets are set to rise to 10% by 2030 and 22% by 2040. To support this shift, the Department of Transport announced a £63 million investment for 2025-26 in the Advanced Fuels Fund, aligning aviation expansion with environmental goals.

• On 28 March 2025, Prime Minister Keir Starmer announced an additional £415 million investment to enhance rail connections between Huddersfield, Manchester, Leeds, and York. This funding is in addition to the ongoing investments for the Transpennine Route Upgrade.

• On 1 April 2025, the Aviation Minister confirmed over £20 million in funding to launch new flight technologies including drone services and flying taxis. The funding will also support the regulatory pathway that could see air taxis in use from 2028.

• The UK government ramps up road repairs with a £1.6 billion investment for 2025-26, fixing potholes and restoring roads in England — a nearly 50% funding boost from the previous year.

• The Department for Transport warns that black cabs could disappear from London within 20 years unless action is taken. With the Plug-in Taxi Grant being reduced from £6,000 to £4,000 per vehicle for 2025-26, suggested measures include boosting loans for new electric vehicles and reforming the Knowledge test to lower entry barriers.

• Heathrow Airport’s CEO, Thomas Woldbye, has announced the airport’s largest private investment programme to date, which includes the development of a third runway, with plans to be submitted to the government by Summer 2025. The investment aims to enhance existing infrastructure and support the construction of the new runway, ultimately boosting the UK economy. Airport officials are confident that by upgrading current facilities, they can accommodate up to 100 million passengers annually.

• The UK government has postponed the final approval for Gatwick Airport's second runway. Transport Secretary Heidi Alexander has indicated her willingness to approve the project if Gatwick revises its plans to include stronger targets for public transport access and accelerates the implementation of a noise mitigation scheme. Gatwick has until 24 April 2025 to meet these requirements.

• On 3 April 2025, the government approved London Luton Airport’s expansion project, despite planning inspectors recommending its rejection due to environmental concerns. This project aims to increase the airport's annual passenger capacity from 18 million to 32 million by 2043. Key developments will include the construction of a new terminal, additional taxiways and aircraft stands. The expansion is also expected to create 11,000 new jobs.

• On 25 March 2025, the Secretary of State for Transport, Heidi Alexander, approved the Development Consent Order (DCO) for the £9 billion Lower Thames Crossing, the largest road-building project in British history. This new route will connect Kent and Essex via a tunnel beneath the River Thames. The project aims to reduce traffic at the Dartford Crossing by 20% and is expected to be completed by 2032.

Accommodation & Food Services

• ONS data reports that output in accommodation and food service activities climbed by 0.04 percentage points in February 2025. Output in the food and beverage service activities expanded by 2.1% in the month.
• From 1 April 2025, the National Living Wage for those aged 21 and over has become £12.21, up from £11.44 in the prior year.
• With businesses bracing for tax hikes and higher employee costs from April 2025, vacancies in the accommodation and food service sector were down 21.2% annually in the three months to February 2025, the highest of any sector, as per ONS data.
• A survey by Bionic has found that 44% of hospitality businesses in the UK could close for good in 2025. The increase in employer NICs, minimum wage hike and end of rates relief are significant worries for businesses.
• The Heineken Cider Report 2025 reveals that the UK cider market is now worth £2 billion to the UK on-trade market, with 342 million pints and 114 million bottles of cider sold in 2024.
• Hyatt Hotels plans to focus on the UK and expand its portfolio by 30% (adding over 1,000 rooms) over the next two years as the country remains a strong growth market for the hotel chain.
• Popular UK hotel chain Travelodge plans to open 15 new hotels across the UK in 2025, up from five hotel openings in 2024.
• IHG Hotels & Resorts has debuted its midscale Garner hotel brand in the UK. Since its launch in 2023, the brand has expanded to over 117 hotels open or in the pipeline globally.
• Data from CoStar reveals that hotel occupancy rates in the UK and Ireland have recovered to pre-pandemic levels as of February 2025, with Ireland’s rate reaching 102% compared to 2019, while the UK rate was at 100%.
• Lancashire-based hotel Park Hall Resort & Spa has become the first UK hotel to adopt an AI Concierge, designed by Inntelo AI, which communicates with guests over the phone and WhatsApp, available 24/7. Working alongside the hotel staff, the use of the AI tool aims to enhance guest experiences and streamline operations.
• Budget hotel chain Travelodge has acquired 11 existing properties across the UK, boosting its market presence across key locations like Birmingham, Liverpool and Manchester. The move includes nine former Hotel Campanile sites and exchanged contracts on two other properties.
• The Non-Domestic Rating (Multipliers and Private Schools) Act received Royal Assent in April 2025, making provisions for a permanently lower business rate multiplier for hospitality businesses. The legislation will be implemented from April 2026, with UKHospitality calling for the maximum discount to be applied to hospitality sites with a rateable value of less than £500,000.
• According to Cushman & Wakefield in March 2025, the UK hotel real estate transactions value reached £732 million in Q3 2024, 93% higher than the same period in 2023. Single-asset deals in London accounted for 51% of the total, a contrast from the large-scale portfolio transactions recorded in H1 2024. Full-year volumes are expected to reach over £5 billion, with lower interest rates and a resilient hotel performance supporting transactions.
• UKinbound has criticised the government’s decision to hike visa fees in the Sprint Statement delivered in March 2025, claiming it makes the UK “even less competitive for international visitors”.
• The UK Cabinet Office has decided to cut the budget allocation for the ‘GREAT Britain and Northern Ireland’ tourism campaign by 41% to £10.57 million for 2025-26, from £18.085 million in the prior year, as reported by the Financial Times. The campaign promotes the UK as a global visitor destination, managing to generate £210 million in additional tourism expenditure from its 2023 marketing strategy. 

Information

• ONS data reports that output in the information and communication subsector climbed by 2.2% in February 2025, making it the largest positive contributor to growth in the services sector. Five of the six industries in the sector recorded growth in the month, with the largest positive contributions coming from computer programming, consultancy and related activities (up 2.0%), telecommunications (up 3.5%) and publishing activities (up 6.4%). Information and communication sector output expanded by 1.6% in the three months to February 2025.
• Ofcom reports that 5% of the UK population (2.8 million people) don’t have internet access at home, mainly elderly people aged 85 years and over. The main reasons why people don’t have home internet access include “no need/not interested” and “broadband set up costs are too high”.
• Full-fibre broadband wholesaler, G.Network, which has a network of about 416,000 homes in London, is seeking to secure a sale. The Financial Times has said this move signals consolidation activity among providers challenging giants BT and Virgin Media O2 as they seek to secure financing. Consultancy Enders states altnets’ networks cover about 40% of the UK.
• Ofcom has indicated that challengers to BT’s Openreach dominance are gaining ground, pointing toward a more competitive UK broadband market. The Financial Times reports that Ofcom could consider reducing restrictions placed on Openreach after 2031 due to the expansion of rival networks like Virgin Media O2 and CityFibre.
• Under proposals announced by Ofcom on 25 March 2025, people in the UK could soon be able to make satellite calls from their smartphones by the end of 2025. It states the UK is the first country in Europe to move ahead with such plans and could provide crucial back-up connectivity options during outages, with people and businesses in rural areas where connectivity is poor expected to benefit most. Up until now, a niche group of users, like on ships and aircraft, had access to mobile satellite services from space through expensive specialist handsets. In January 2025, Vodafone made the world’s first satellite video call using a standard mobile phone in West Wales where there was no coverage – this new innovative technology could eventually result in 100% of the UK having mobile coverage.
• UK’s cyber security watchdog, the National Cyber Security Centre, warns businesses to update and strengthen encryption methods by 2035 as they should prepare for a heightened risk of quantum computer hacking, though quantum computing is still in its very early stage.

Finance & Insurance

• The UK financial and insurance sector is facing renewed scrutiny after reports revealed a significant gender pay gap. Women in financial services earn 23% less than men, on average — nearly double the national average. The gap is even wider in senior roles, with some firms showing disparities of over 30%. This issue highlights deep-rooted inequalities in career progression, representation and pay transparency. While many organisations have made public commitments to diversity and inclusion, the figures suggest that progress is slow and inconsistent. A substantial pay gap undermines trust, affects employee morale and could lead to regulatory or reputational risks. Addressing the gap is critical for attracting talent, ensuring fairness and maintaining the sector's global competitiveness in an increasingly values-driven marketplace.

• UK financial and insurance firms are experiencing a decline in profitability confidence, dropping from 94% in Q1 to 89% in Q2 2025, according to KPMG’s latest survey. This downturn is attributed to geopolitical instability, cyber threats, and China's economic slowdown. In response, over 60% of firms are increasing their investment in risk mitigation, with average spending projected to rise from 8% of revenues in 2025 to 10% by 2030. Despite these challenges, optimism about overall business growth remains high, with 90% of leaders maintaining a positive outlook. Confidence in government initiatives to boost sector competitiveness has also grown, with 85% of executives supporting the Chancellor’s plans to "regulate for growth".

• In 2024, UK-issued debit and credit cards facilitated 31.4 billion transactions, totalling over £1 trillion, according to UK Finance. This marks a 42% increase in transaction volume since 2019, while the total value rose by 26%, indicating a trend towards more frequent, lower-value card payments. Factors contributing to this shift include a move away from cash, increased card acceptance by small businesses and the growing popularity of contactless payments. These developments highlight the need to adapt by integrating modern payment systems, enhancing convenience and streamlining administrative processes.

• In March 2025, UK mortgage approvals declined to a six-month low as homebuyers rushed to complete purchases before the April 1st stamp duty changes, data the Bank of England shows. The "nil rate" threshold for first-time buyers decreased from £425,000 to £300,000 and for other buyers from £250,000 to £125,000, increasing property transaction costs. This led to a temporary surge in housing market activity prior to the deadline, followed by a slowdown. Industry experts anticipate that the increased financial burden may deter potential buyers, potentially cooling the housing market in the short term.

• Affirm and Shopify have expanded their partnership to introduce Shop Pay Installments, powered by Affirm, to Canada and the UK. This initiative allows eligible Shopify merchants to offer customers flexible payment options, enabling purchases to be split into biweekly or monthly instalments. The expansion aims to enhance the shopping experience by providing greater payment flexibility, potentially boosting sales for merchants. Shopify's COO, Kaz Nejatian, highlighted Affirm's technology and transparency as key factors in extending this service internationally.

• Recent reports indicate that many UK consumers are opting to pay for holidays via bank transfers rather than credit cards, potentially jeopardising their financial protection, according to David Sykes, chief commercial officer at Klarna. Payments made by bank transfer lack the safeguards provided under Section 75 of the Consumer Credit Act, which covers credit card purchases between £100 and £30,000, offering recourse if a travel provider fails. Travel experts emphasise the importance of using credit cards for such transactions to ensure protection against unforeseen issues like airline or tour operator insolvencies.

• London insurance market organisations have welcomed the UK Government’s policy paper, which advocates for a regulatory approach that supports growth. They agree that the current system hampers economic expansion and discourages private sector investment. HM Treasury highlighted excessive reporting requirements and administrative burdens, like form-filling, as clear obstacles for businesses. The paper promotes key principles, including regulation that remains targeted, proportionate, transparent and predictable. It also emphasises the need for adaptability to keep pace with innovation, ensuring that regulatory frameworks don’t stifle progress but instead create an environment that fosters economic development.

• The Bank of England has held the base rate at 4.5%. Rates are kept high to reduce inflation, or price rises. Higher rates lower households' spending power and encourage saving – in turn reducing price hikes. A big majority on the Bank's rate-setting committee are concerned about inflation, which is only expected to tick further upwards in the coming months. Annual wage growth of 5.9% is also too high for the Bank's liking. The Bank Rate is expected to remain at 4.5% until May at least on the back of February's guidance on rates. The key words surrounding the prospects for rate cuts were "gradual" and "cautious".

•  Insurers paid out a record £585 million for weather-related damage to homes and possessions in Britain last year, following record-breaking rain and storms. Data from the Association of British Insurers (ABI) shows claims for damage from windstorms, flooding, and frozen pipes in 2024 exceeded the previous record set in 2022 by £77 million. The 2024 figure was also £127 million higher than weather-related payouts in 2023. The UK government has pledged £2.65 billion for flood defences over the next two years, but the ABI is calling for guaranteed long-term funding. Insurers want the government to commit at least £1 billion a year from 2026 onwards, highlighting that every £1 spent on flood defence maintenance saves £7 in capital costs.

• The Economic Crime and Corporate Transparency Act 2023, effective 1 September 2025, introduces a ‘failure to prevent fraud’ offence, creating new legal risks for firms. This strict liability offence targets 'large organisations' with at least two of these criteria: over 250 employees, more than £36 million turnover, or over £18 million in assets. Firms outside this scope should still reassess fraud prevention measures, anticipating possible regulatory expansion. The Financial Conduct Authority is expected to urge supervised firms to strengthen fraud controls in line with this legislation.

• The Prudential Regulation Authority released Policy Statement SS11/24 on solvent exit planning, requiring firms to align with its guidelines by 30 June 2026. The objective is to ensure insurance firms have clear plans for an orderly solvent exit, protecting policyholders and financial stability. Firms must establish robust exit strategies, considering capital, governance and operational risks. Compliance is required by 30 June 2026, reducing market disruption risks.

Real Estate and Rental and Leasing

• According to Nationwide, annual house price growth increased by 3.9% in March 2025 compared with March 2024. Prices remained flat month on month and the average house price stood at £271,316. London was the weakest performing region, recording a 1.9% year-on-year hike in prices. The lack of change is down to the end of the stamp duty holiday at the end of March 2025, with the housing market likely to remain subdued in the coming months as house buyers rushed to complete deals before the deadline.

• ONS data shows that average UK monthly private rent reached £1,332 in the 12 months to March 2025, a hike of 7.7%. Meanwhile, the rate in London stood at £2,243, the most expensive region in the UK.

• Data from the ONS reveals that all local authorities in London recorded a dip in first-time buyer mortgages per 1,000 dwellings between 2013 and 2023, highlighting the affordability challenges faced by individuals in the capital. Instead, first-time buyers have targeted other regions in the UK.

• A survey by the Royal Institution of Chartered Surveyors reveals buyer demand weakened in March 2025 due to consumers becoming more cautious amid heightened trade war uncertainty. The survey clocked in the weakest demand sentiment since September 2023.

• According to property portal Zoopla, homes in England and Wales are selling faster than ever, with 52% of homes selling within two months of listing, up from 49% in the prior year.

• ONS figures point towards increased housing affordability in England and Wales. Wage growth in 2024 outpaced house prices, with affordability returning to its pre-pandemic levels. The median average home in England in 2024 was 7.7 times the median average earnings of full-time employees, which was below the 7.9 reported in 2019.

• The Financial Times reports that Deutsche Bank, which has its UK HQ at Moorgate in London, “has identified a surplus of 125,000 sq ft of space above its current London office requirements”. This could result in the firm looking to reduce its office space in London.

• Norges Bank Investment Management, Norway’s oil fund, has reached a £570 million deal to acquire a 25% non-controlling stake in the £2.7 billion Covent Garden estate from landlord Shaftesbury Capital, which will continue to manage the estate.

• US asset manager State Street is becoming the latest firm moving away from Canary Wharf as it has made an agreement to buy an office block in the City of London for £333 million.

• According to the Financial Times, East Village Management Ltd, which is the Olympic Village estate management company and is responsible for fire safety, has raised its fire safety provision to £432 million amid fire safety defects at the estate.

• As reported by the Financial Times, since the introduction of the Register of Overseas Entities in January 2023, which is issued to offshore companies that have failed to adhere to transparency legislation in the property market, only 14 of the 444 fines issued to companies have been collected.

Professional, Scientific & Technical Services

• ONS data reports that output in professional, scientific and technical services fell by 0.5% in February 2025, mainly due to a 6.1% drop in the scientific research and development industry.
• The Financial Times reveals that a US-UK deal on accounting qualifications, which would allow US accountants to practise in the UK and vice versa, have stalled due to disputes over the judgement of the quality of US audit training.
• Big Four accountancy firm PwC has been handed a £2.9 million fine by the Financial Reporting Council (FRC) over audit failures of Wyelands Bank in 2019.
• EY is being investigated by the FRC over its audits of the Post Office in the period 2015 to 2018. The FRC also fined EY £4.9 million for failure to meet standards in its audit of Thomas Cook which collapsed in 2019.
• MHA has confirmed plans to list on the London Stock Exchange, with plans to raise just over £100 million through the IPO. AccountancyAge reports that the valuation stands at £269 million.
• Forvis Mazars has reported revenue growth of 8.3% in the 12 months to August 2024, reaching £362.4 million. Across service lines, audit services climbed by 15.1% while sustainability services surged by 45.4%, despite the challenging wider economic climate.
• Accounting and business advisory firm Xeinadin has continued its expansion activity by acquiring JCS Accountants and Mudd Partners LLP, boosting its regional presence in the South of England.
• As part of its technology investment strategy, EY has integrated AI into its global Assurance tech platform, with the aim to transform its audit services and enhance the audit experience worldwide.
• Research from the Management Consultancies Association predicts the consulting sector is to grow over the next two years, with significant opportunities in services related to AI, digital technology and cost reduction.
• In its 2024 UK Sustainability Report, Forvis Mazars has brought forward its net zero emissions target across its operations and value chain from 2050 to 2045, highlighting its strong commitments to ESG.
• Research by Acquire Professional Services states the private equity firms have invested £1.18 billion into UK law firms since 2019, with a record £534 million invested in 2024. Some law firms have become more open to external funding to boost growth and digital transformation efforts amid intense competition.
• A government-backed review by Jonathan Fisher KC has suggested developments in technology like AI can help cut times taken to bring cases to trial, but to achieve this, UK prosecutors require a standardised approach. The review argues that current rules have not kept pace with tech advancements.
• A Cancer Research survey has found that 32% of clinical research staff consider leaving the UK sector in are considering leaving the UK sector in five years, due to long bureaucratic process for trials and lack of opportunities.
• According to a study by the Copyright Licensing Agency of 4,000 UK professionals, 82% feed external content into generative AI. It warns that workers often don’t realise this could be considered copyright infringement. This highlights the challenges ahead as businesses and workers actively use genAI in daily operations.

Education

• UK universities, led by the Russell Group and Universities UK, have issued a joint call for urgent government action to address a growing financial crisis in higher education. They warn that the current funding model is unsustainable, putting teaching quality, research output and the UK's global academic reputation at risk. Institutions are facing large deficits, which cannot be solved through efficiency measures alone. Key concerns include a 16% real-terms drop in research funding and a tuition fee cap that hasn’t kept pace with inflation. Universities are urging the government to increase the Strategic Priorities Grant, raise tuition fee caps, boost research funding and recognise the value of international students. Without intervention, the sector could see a decline in quality, student support and research capabilities, threatening the long-term sustainability and competitiveness of UK higher education.
• UK universities are facing a financial crisis, prompting widespread redundancies and course closures. Over 10,000 staff roles are expected to be cut by the end of 2025. The University of Dundee is planning major job losses to tackle multimillion-pound deficits. Key issues include frozen tuition fees, rising operational costs and a drop in international student numbers because of visa restrictions. These pressures are forcing universities to reduce staff and axe courses — particularly in arts and humanities — limiting academic choice and damaging morale. The impact is significant - job insecurity, reduced course availability and threats to research and innovation. Prospective students may be deterred, further weakening the sector. Without urgent government action, the long-term sustainability of UK higher education is at serious risk.
• The UK government is facing legal action from private schools and parents over its plan to impose VAT on private school fees. The plaintiffs argue that this tax is discriminatory and adversely affects pupils with special educational needs and disabilities (SEND). In response, the Speaker of the House of Commons has attempted to suppress a report highlighting the government's shortcomings in supporting SEND students. This move has sparked concerns about transparency and the potential negative impact on vulnerable students. The case underscores the tension between fiscal policy and educational equity, with critics warning that the VAT could exacerbate inequalities and limit access to specialised education for those who need it most.
• The UK education sector may be facing a significant crisis because of limited access to essential study resources. An estimated 1.14 to 1.78 million children lack home access to devices like laptops or tablets and 12% of students aged 11 to 18 lack home internet access, hindering their participation in digital learning. This disparity disproportionately affects disadvantaged students, leading to widened educational inequalities. Addressing this issue requires a national strategy to provide reliable internet, affordable devices and inclusive learning materials to ensure equitable education opportunities.
• The UK education sector is grappling with a significant shortage of teachers, particularly in subjects like physics and maths. This shortfall leads to larger class sizes and increased workloads for existing staff, potentially compromising the quality of education. In response, the government has introduced financial incentives, including bursaries and scholarships, to attract candidates to these high-need areas. However, teaching unions argue that these measures are insufficient and advocate for improved pay and working conditions to retain current educators and make the profession more appealing to prospective teachers.
• The UK government has allocated over £1 billion to assist schools in managing the upcoming increase in employer National Insurance contributions, set to rise from 13.8% to 15% in April 2025. This funding includes £930 million for mainstream and high-needs settings, £25 million for schools with early years provision, and £155 million for post-16 schools and further education colleges. The grants aim to cover the increased costs for both teaching and support staff, as well as centrally-employed teachers. Notably, for the first time, mainstream schools with special units and resourced provisions will receive additional funding to address their higher staffing expenses. Despite this support, early feedback from school leaders indicates potential funding shortfalls ranging from 10% to 35%, raising concerns about the adequacy of the allocated grants to fully cover the increased National Insurance costs.
• In March 2025, the House of Lords recently voted against a government proposal to revoke charitable rate relief for private schools in England, marking a significant setback for the administration. The government's plan aimed to remove business rates relief from approximately 1,040 private schools holding charitable status, potentially affecting around 40% of independent schools. Critics, including Lord Shinkwin, argued that such measures could harm vulnerable students, particularly those with special educational needs and disabilities (SEND), many of whom are educated in the independent sector. Concerns were also raised about increased pressure on the already strained state education system if private schools were to close as a result.
• Falling international student numbers threatens universities – despite the rise in domestic fees. The Observer notes the rise in National Employers’ Contributions from April 2025 has left many institutions worse off overall. Concerns have been underlined by UCAS data showing that applications for study visas were 13% lower in the year to the end of January than they were a year earlier, driven by a clampdown on students bringing dependents.

Healthcare & Social Assistance

• In April 2025, the UK government introduced a new initiative to integrate cutting-edge technology into adult social care, aiming to enhance patient care, reduce staff workload and promote independent living. Announced by Health Secretary Wes Streeting, the plan includes training care leaders in digital tools like motion sensors, video telecare and artificial intelligence for predictive care and administrative tasks. This move is part of a broader strategy to transition from analogue to digital systems in social care, supporting the government's 10-Year Health Plan. The initiative also encompasses the creation of new career pathways and a £12 million investment in staff training to improve recruitment and retention. While the Local Government Association welcomed the focus on technology, it emphasised the need for additional funding to address immediate sector challenges.
• As of April 2025, the minimum salary threshold for skilled workers, including Health and Care Visa holders, has increased to £25,000 per annum. This change renders many entry-level Band 3 roles ineligible for international sponsorship unless future pay awards exceed this threshold. Additionally, care providers must now demonstrate efforts to recruit domestically before hiring overseas workers. The cost of Certificates of Sponsorship has risen to £525 and care workers are no longer permitted to bring dependents under new visa applications. These measures have led to a notable decline in international applicants, exacerbating existing staffing shortages in health and social care. The Cavendish Coalition warns that these policies could hinder service delivery and patient care unless addressed through comprehensive workforce planning and investment.
• UK cancer care is under severe strain, with experts warning it is “at breaking point” due to prolonged waiting times and systemic challenges. A group of leading clinicians has criticised 14 years of mismanagement, calling for the appointment of a National Cancer Director to implement data-driven reforms. In response, the Labour government is preparing a National Cancer Plan aimed at reducing delays and improving outcomes. This plan is expected to focus on early diagnosis, increased investment in diagnostic equipment, and enhanced workforce capacity. The crisis has significant implications for the NHS, as delayed treatments can lead to worsened patient prognoses and increased pressure on healthcare resources. Timely and effective implementation of the proposed reforms is crucial to restoring confidence in the UK's cancer care system.
• The 2025 UK Healthcare Sentiment Survey by CBRE, involving over 200 investors, developers, and providers, reveals a robust and growing interest in the UK's healthcare sector. A significant 93% of investors plan to increase their healthcare allocations, with specialist care homes identified as the primary focus due to government investment and rising demand. Elderly care homes also remain attractive, supported by the ageing population's needs. The North West of England is highlighted as a key area for development, attributed to high care home occupancy rates and extensive NHS waiting times.
• The UK government claims resolving resident doctor strikes prevented half a million cancellations in late 2023, easing NHS pressure. Earlier strikes had caused over 500,000 cancellations and added 140,000 to waiting lists. Since July, two million extra appointments have been delivered,  The UK government is facing legal action from private schools and parents over its plan to impose VAT on private school fees. The plaintiffs argue that this tax is discriminatory and adversely affects pupils with special educational needs and disabilities (SEND). In response, the Speaker of the House of Commons has attempted to suppress a report highlighting the government's shortcomings in supporting SEND students. This move has sparked concerns about transparency and the potential negative impact on vulnerable students. The case underscores the tension between fiscal policy and educational equity, with critics warning that the VAT could exacerbate inequalities and limit access to specialised education for those who need it most.
• The Elective Reform Plan aims to give patients more control over care and reduce delays. This development signals improved healthcare service delivery, but also highlights the impact of workforce disputes on patient access and system efficiency. Responses stress the need for ongoing investment in staff relations and reform to maintain progress.
• The UK government has announced a swift review of the NHS's drug-pricing rebate scheme, responding to pharmaceutical industry concerns over unexpectedly high rebate rates. Under the current Voluntary Scheme for Branded Medicines Pricing and Access (VPAG), companies are required to rebate 22.9% of sales exceeding an agreed cap, surpassing the initially projected 15%. This increase is partly due to higher NHS spending on advanced therapies and treatments for conditions like cancer and diabetes. Health Secretary Wes Streeting emphasised the need to view pharmaceutical spending as an investment rather than a cost and aims to conclude the review by June. Industry leaders warn that unresolved issues could deter future investment in the UK's pharmaceutical sector.
• On 19 March 2025, Members of Parliament overturned House of Lords amendments that would have exempted adult social care providers from the forthcoming increase in employer National Insurance contributions (NICs). Starting April 2025, the employer NIC rate will rise from 13.8% to 15%, and the salary threshold for contributions will decrease from £9,100 to £5,000 annually. While public sector organisations like councils will receive grants to offset these costs, independent care providers will not receive similar support. The Nuffield Trust estimates that this NIC increase will cost England's 18,000 independent adult social care providers £940 million in the 2025-26 fiscal year. Additionally, a 6.7% rise in the National Living Wage next month will further strain these providers. Collectively, these measures are projected to add £2.8 billion in costs for providers in 2025-26, with £2 billion affecting council-commissioned care. Provider leaders have criticised the decision, warning that it could lead to the closure of many care services, thereby reducing support for vulnerable populations.
• In response to Prime Minister Keir Starmer's announcement to abolish NHS England, Harry McQuillan of Numark emphasises the need to fully integrate community pharmacy into the healthcare system. He notes that, despite pharmacies' proven value, NHS England has historically underfunded and underutilised the industry. McQuillan cites the 2024-2025 flu vaccination service specification, which restricted trained pharmacy technicians from administering vaccines without a pharmacist present, as an example of missed opportunities because of bureaucratic inertia. He advocates for recognising pharmacies as essential healthcare providers, capable of reducing pressures on GPs and hospitals, and calls for proper funding and integration to enhance patient care.

Arts, Entertainment & Recreation

• A recent UKActive report indicates a record 11.5 million gym memberships in the UK, with Generation Z (ages 13-28) driving this surge. This shift reflects a preference among younger individuals to socialise through health-focused activities like group exercise and strength training, moving away from traditional venues like pubs. This trend may positively impact the UK healthcare sector by promoting healthier lifestyles and potentially reducing future healthcare demands. Experts note that gyms are becoming social hubs for Gen Z, offering in-person interactions that contribute to both physical and mental well-being.
• Gambling companies in Britain might need to revise their advertising strategies following a ruling against a betting firm for unlawfully targeting a problem gambler with over 1,300 marketing emails. The judge noted that although the man hadn't opted out of marketing, he was deeply entrenched in gambling addiction and unaware of how his data was utilised. The Gambling Commission has introduced measures to protect consumers better. However, campaigners argue the industry often fails to identify high-risk gamblers. According to the Office for Health Improvement and Disparities, around 1.6 million adults in England who gamble could benefit from treatment or support for harmful gambling.
• ONS data shows Arts activity shrinks by 15% between July and October 2024. The drop in the category – which includes the performing arts, support activities, artistic creation and arts facilities – is contributing to reduced output in the wider category of arts, entertainment and recreation. This fell by a cumulative 4.1% over the same period.
• The Department for Culture, Media and Sport is set to introduce a statutory levy on gambling companies to help fund addiction treatment. New online gambling limits to be set – £5 per spin limit will apply to all adults aged 25 and over with a £2 per spin limit for 18 to 24-year-olds.
• According to the Entertainment Retailers Association (ERA), UK music sales hit record high as Taylor Swift tops album sellers. ERA data reveals that consumption of music in the UK – based on sales and streams – grew by 9.7% in 2024 to 200.5 million album equivalents. The volume of audio streams grew by 11% to 199.6 billion.
• The BBC has commissioned new art and culture programmes as part of its commitment to Art & Culture. New Arts TV programmes unpack contemporary culture, celebrate British creativity and explore landmarks in the global story of art including Renaissance: The Blood and The Beauty, Simon Schama’s History of Us and the return of epic series Civilisations.

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