Human Times

UK Edition

28th October 2026

THE HOT STORY

Key scheme for jobless falls well short of target

The government's Connect to Work scheme has significantly underperformed, failing to recruit its target of 30,000 long-term unemployed individuals. In its first year, only 13,900 participants joined, less than half the stated goal. The Department for Work and Pensions (DWP) revised its forecast of participants to 17,954 but missed that target as well. Ameer Kotecha, chief executive of the Centre for Government Reform, questioned the scheme's effectiveness, saying: "Connect to Work is the government's flagship answer to Britain's economic inactivity crisis, and it is falling well short of target . . . When it became clear the first-year target wouldn't be met, in classic Whitehall fashion DWP moved the goalposts. Ironically, even the new lower target was missed." The DWP said it expects participant numbers to increase in the coming years.

The Times

CORPORATE

Poundland directors resign amid insolvency fears

Three independent Poundland directors have resigned in protest over owner Gordon Brothers' handling of the retailer's emergency sale, which has raised fears of insolvency and thousands of job losses. Andrew Kirkpatrick, Stephen Welch and Dominic Young opposed the rejection of a proposed solvent takeover by Ireland's Martin Property Group, which management supported. Gordon Brothers reportedly questioned the bid's funding arrangements and deferred payments on a £30m shareholder loan. Rival retailers including Poundstretcher owner Fortress, The Range, Lidl and Aldi have expressed interest in parts of Poundland's estate. A break-up could threaten its 600 UK stores and 12,000 employees, although funding has been released to meet payroll. CEO Barry Williams criticised the rejected offer as a missed opportunity to preserve the business.

Record number of firms face financial distress

Analysis by Begbies Traynor Group reveals that 738,144 UK businesses faced significant financial distress between July and September, marking the highest level since 2004. This figure rose from 726,594 during the same period last year. Key sectors affected include construction, real estate, and consumer-facing industries like bars and restaurants. Companies owed £27.3bn in VAT, corporation tax and employment tax arrears at the end of August. While this was below the pandemic peak of £51.3bn, it exceeds the pre-pandemic level of £11.4bn. Mark Fry, chief executive of Begbies Traynor, said businesses are "battling a combination of rising employment costs, inflationary pressures, higher energy prices and elevated borrowing costs."

The Times

LEGAL

Employers face scrutiny over Sabbath work

Employers could face discrimination claims if they deny Jewish employees the option to work from home on the Sabbath, according to a new code of practice for businesses which advises how they should accommodate Jewish workers. Mark Lafferty, an associate solicitor at DPH Legal, warned that refusal to accommodate such requests could lead to indirect discrimination under the Equality Act 2010. The Board of Deputies of British Jews launched the guide to promote flexible working arrangements and allow observant Jews to prepare for the Sabbath.

The Daily Telegraph

REMUNERATION

EY partner pay reaches record £870,000

EY partners will receive a record average profit share of £870,000 this year, up £83,000, or around 10%, after the firm reduced its partnership by about 30 dismissals and transfers into non-profit-sharing salaried roles. Fee income rose 2% to £3.86bn, while average employee pay increased 5.2%. Consulting sales declined, but tax and audit growth supported revenue.

Financial Times

The Daily Telegraph

ECONOMY

UK shop price inflation hits two-and-a-half-year high

UK shop price inflation has reached its highest level in two and a half years, rising to 2.1% in October from 1.4% in September, according to the British Retail Consortium (BRC). Food inflation increased to 2.9% from 2.5%, while non-food inflation more than doubled to 1.7%, as retailers increasingly passed on higher energy and raw material costs linked to the Middle East conflict. BRC chief executive Helen Dickinson warned that retailers could no longer absorb the mounting cost pressures, despite continued discounting to attract cash-strapped consumers. The figures add to concerns over the cost of living ahead of Chancellor John Healey’s first Budget on Wednesday, with UK consumer price inflation already at 3.5%. The Bank of England is expected to raise interest rates from 3.75% to 4% next week, with further increases possible if inflationary pressures persist.

Reuters

BBC News

The Guardian

TAX

Mileage rate boost for drivers

The government has announced that the tax-free allowance for drivers who use their personal vehicles for work will remain at 55p per mile for the first 10,000 miles, while the rate for miles beyond that will increase from 25p to 35p. Emma Rawson from the Association of Taxation Technicians welcomed the change but suggested a single rate of 60p per mile would be fairer.

Daily Express

INTERNATIONAL

Lawmakers challenge plan for 'AI agents' to run companies

James Comer (R-Ky.), chair of the House Oversight and Government Reform Committee, has announced an investigation into a proposal by Delaware to create a new type of autonomous business entity that would be run by an AI agent and enjoy legal personhood like a corporation. Comer wrote in a letter to Gov. Matt Meyer (D): “We are concerned that Delaware’s [Artificial Intelligence Company] proposal could be used to protect powerful AI companies and their investors from responsibility for reckless harmful actions.” The committee is seeking documents from Meyer’s office by Nov. 9, including risk assessments, outside consulting agreements, draft bills and communications on the project. The state’s proposal would create a regulatory “sandbox” to test the structure, including liability limits for parent companies and investors.

Bloomberg Law

Financial Times

Insurance Business

Major Swiss job losses forecast if UBS relocates

The Swiss ‌Bank Employees Association (SBPV) has warned that as many as 12,000 jobs at UBS in Switzerland could be at risk if tougher capital rules prompt the lender to relocate. In a letter to lawmakers, the association said that a relocation, sale or merger of the bank could result in the loss of 10,000 to 12,000 of UBS's roughly 34,000 jobs in Switzerland. The projected losses - described in the letter as a "worst case" ⁠scenario - come on top of cuts already made at UBS as it completes it integration of rival Credit Suisse.

Reuters

Saudi Arabia’s non-oil sector roiled by deadly attacks

Bloomberg reports on the impact of the deadly attacks by Iran-backed Yemeni militants and the broader regional war on Saudi Arabia's non-oil sector, observing that the disruption has “effectively shut [Riyadh's] financial district.” Tim Callen, a former International Monetary Fund mission chief for Saudi Arabia, said: “The attacks on Saudi take away one of the investment attractions of the past, namely stability in an unstable region . . . With the risk of escalation in the U.S.-Israel attacks on Iran, things don’t look likely to get better in the short-term.”

Bloomberg

OTHER

McDonald’s ends 32-year FIFA World Cup sponsorship

McDonald’s has announced it will end its 32-year sponsorship of the FIFA World Cup when its current agreement expires at the end of 2026, following a global marketing campaign that failed to meet the company’s expectations. Despite generating additional business and strong internal engagement, the campaign, which spanned more than 110 countries and featured limited-edition meals, collectible merchandise, and high-profile soccer stars, underperformed relative to its significant investment. Chief financial officer Ian Borden emphasised the need to prioritise sustainable, long-term growth over promotional partnerships, as McDonald’s reassesses its approach to major sports and entertainment sponsorships. The company plans to shift greater investment toward its own brand assets, intellectual property, and creator collaborations to strengthen customer engagement, while maintaining a presence in sports marketing through other partnerships.

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