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Volkswagen Group's chief executive Oliver Blume has announced plans to cut a further 50,000 positions worldwide. This comes after the company laid out plans to cut 50,000 jobs by 2030, bringing the total to 100,000 and making it one of the largest job-cutting programmes in corporate history. The company faces rising costs, which are 20% higher than competitors, and declining profits due to falling sales in key markets, particularly China. The group has struggled with profitability, reporting an operating profit drop from €22.6bn in 2023 to €8.9bn last year. Protests have erupted at Volkswagen sites as the company assesses necessary adjustments across its brands and regions.

 

Financial Times

BBC News

The Times

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Business groups have urged Andy Burnham to make reducing energy costs a “day-one priority”, warning that high prices are suppressing investment, productivity and industrial growth. A CBI and Energy UK report estimates that removing green levies from business bills could cut energy costs by 20% and boost the economy by £130bn by 2050. UK electricity prices are reportedly 45% above the G7 average, with retailers, hospitality companies and food and drink businesses among those likely to benefit most. Energy UK chief executive Dhara Vyas said years of policymaking had left Britain with “some of the highest industrial energy costs in the developed world”. The proposals could create political tension if Ed Miliband becomes chancellor, given his strong support for rapid decarbonisation.

 

The Times

Poorly managed disciplinary investigations are causing widespread burnout, sickness absence and staff departures, costing the UK economy an estimated £28.5bn annually. The Faculty of Public Health says formal proceedings are often prioritised over employee wellbeing, creating harm for accused workers, colleagues, managers and organisations. President Prof Tracy Daszkiewicz warned that the effects include “damage to individual wellbeing, loss of trust in systems, avoidable sickness absence and the undermining of staff morale and retention”. The faculty recommends treating investigations as a last resort and resolving concerns informally where possible. An approach used by Aneurin Bevan University Health Board reduced investigations by 71%, prevented more than 3,000 sick days and saved at least £700,000 each year. Acas and the TUC also support earlier, less adversarial intervention and stronger union involvement.

 

The Guardian

The UK could generate a £33bn increase in economic output and an extra £14bn in taxes by digitising its financial markets, according to a study led by Chris Woolard, the Treasury's wholesale digital markets champion. A paper backed by 54 financial institutions, including Barclays, JP Morgan and Lloyds Banking Group, set out a 12-month plan covering nine key areas to harness the technology. Miles Celic, chief executive of TheCityUK, urged the UK to act fast as global competition was "fierce and intensifying" while Chris Hayward, policy chairman of the City of London Corporation, said the UK could lead a "digital big bang in financial services" if it accelerates the "adoption of tokenisation”.

 

Financial Times

City AM

Valarian, a British start-up co-founded by former Palantir executive Max Buchan, has raised $50m (£37m) to reduce the UK's reliance on US technology. The funding aims to meet the rising demand for "sovereign" technology, allowing companies and governments to manage their data securely. Concerns over dependence on US firms like Palantir have prompted calls for greater control over technology. Buchan urged the government to support British companies to foster a stronger tech industry, stating: "If ministers want stronger growth, they should back more British companies building the technologies our country needs."

 

The Daily Telegraph

The UK's visa system poses significant challenges for tech companies seeking to hire overseas talent. HR directors express frustration over the lack of transparency and lengthy application processes. The Royal Society reports that visa costs for skilled workers are ten times the global average, deterring potential candidates. Recent policy changes have led to a 39% drop in skilled worker visa applications, impacting start-ups and scale-ups the hardest. Alex Kendall, founder of Wayve, and other immigrant entrepreneurs highlight the unwelcoming atmosphere created by these barriers. The government aims to invest £5bn in research talent but faces criticism over the effectiveness of its immigration policies.

 

The Times

Page Group has reported a 5.3% drop in UK gross profit for the second quarter, an improvement from the previous quarter's 11.4% decline. The firm noted a tough but stable jobs market, with "pockets of optimism" emerging. Chief executive Nicholas Kirk said: "Whilst we have seen improvement... there remains a high degree of uncertainty in the outlook for the rest of the year." Despite challenges, Page Group anticipates annual earnings of around £28m, up from £20.9m in 2025, while net debt stands at approximately £7m.

 

Daily Mail

Hannah Spencer, a Green MP, is introducing a bill to establish maximum workplace temperatures in the UK amid rising heatwaves. The proposed legislation aims to create an independent body to recommend safe temperature limits. Unions, including Unison and the Trade Union Congress, advocate for a maximum of 30°C, or 27°C for strenuous work. Spencer highlighted the "unfair" conditions faced by workers, stating: "The unsafe temperatures we're seeing now should be a huge wake-up call." The bill is expected to gain cross-party support, following a recommendation from the Climate Change Committee for temperature regulations.

 

The Guardian

The UK and Switzerland have announced a trade deal allowing visa-free work for professionals for 90 days per year. The agreement also enables British travellers to use automated passport gates and avoid roaming charges in Switzerland. Business and Trade Secretary Peter Kyle described it as "the most significant services trade deal the UK has ever negotiated" adding that it could unlock an additional £5.2bn a year in additional UK services exports to Switzerland. Allie Renison from SEC Newgate noted the deal's unprecedented liberalisation in professional services and intellectual property protection.

 

Financial Times

GOV.UK

The Guardian

Great Britain's National Energy System Operator (Neso) is under investigation following whistleblower allegations of a cover-up regarding blackout risks during the June heatwave. Conservative shadow minister Claire Coutinho raised concerns in parliament, stating that staff were warned against documenting decisions to protect Neso's reputation. Industry data indicated that power grid frequency fell below operational limits during this period.

 

The Guardian

City investors have initiated High Court claims against British American Tobacco (BAT) for allegedly failing to disclose its operations in North Korea. Fox Williams, representing nearly 130 investors, said: "The claim alleges that BAT failed to properly publish information to the stock market about its business operations in North Korea since 2007 to 2023."

 

The Times

Deutsche Bank and UniCredit are suing Linde in a Frankfurt court over €260m in losses linked to sanctions against Russia. The case will determine if banks that issued guarantees are liable for losses due to sanctions or if companies like Linde should bear the costs.

 

Financial Times

Lawyer Monthly

The London Stock Exchange (LSE) faces backlash over proposed changes to governance standards for AIM-listed firms. A letter from the Quoted Companies Alliance (QCA) and six fund managers warned that relaxing these standards could erode investor trust and deter institutional investment. They stated: "If the changes proceed as currently set out, they will materially reduce investor engagement with AIM companies." The LSE aims to simplify regulations amid declining listings, but critics argue that weakening governance expectations could worsen the already challenging market conditions.

 

City A.M.

Hogan Lovells aims to capture a larger share of the private capital market following its merger with Cadwalader, Wickersham & Taft, which completed on 1 July. The merger, the largest transatlantic law firm merger in history, creates a firm with $3.6bn in revenue and over 3,200 lawyers. UK managing partner Penny Angell said the UK is an attractive investment opportunity for US firms, noting recent high-profile takeovers. She went on to cite the importance of strengthening the New York-London corridor for financial institutions and private capital opportunities.

 

City AM

Aviva has raised concerns about a mini-tender offer from US investment firm Litani, targeting its 100,000 retail investors. Litani proposes to buy shares at £5.30, significantly below Aviva's closing price of £6.55. This offer, described as a "worrying development", does not require approval from the Financial Conduct Authority (FCA). Aviva, led by Amanda Blanc, warned shareholders against accepting the offer, saying: "This offer is not in your best interests."

 

Daily Mail

The European Commission plans to propose a "social media start date for minors" to address safety concerns. President Ursula von der Leyen announced that a phased access model for different age groups will be introduced after summer. Von der Leyen said: "This is not about whether children can access social media; it is about whether and when social media can access our children." The Commission is also developing an app for age verification without personal data disclosure.

 

Financial Times

The Globe and Mail

The Legal Services Board (LSB) has been criticised for inadequate oversight of legal watchdogs, according to an independent review. The report, commissioned by the Ministry of Justice and lead by independent reviewer Richard Lloyd, highlights failures following several law firm collapses that resulted in the loss of £100m in client funds. The report recommends a shift in strategy towards consumer protection and a government review of legal services regulation by 2029. Monisha Shah, LSB chair, acknowledged the need for a reset in their approach.

 

Solicitor News

Financial Times

The Law Society Gazette