Merck has cancelled plans for a £1bn life sciences research facility in the UK, citing a lack of competitiveness and recent disputes over drug pricing, resulting in 125 job losses and criticism of government policy.
The PM is increasing oversight of economic policy in an effort to reassure and maintain support from business leaders, with talk of potential tax rises and closer links between the Treasury and a proposed ‘Budget board’.
The UK government has warned that countries refusing to accept the return of their nationals who have arrived illegally could face visa restrictions, as the Home Secretary outlined potential measures to enforce cooperation and focus on controlling the border.
Major Russian energy companies are increasingly turning to China for financial support as economic ties between the two nations deepen, with Chinese banks showing greater confidence in managing transactions amid ongoing Western sanctions.
Sir Keir Starmer, the PM, has reshuffled his cabinet after Angela Rayner’s resignation in a tax row, elevating David Lammy to deputy PM, appointing Yvette Cooper as foreign secretary and retaining Rachel Reeves as chancellor.
Lloyds Banking Group is preparing to overhaul its workforce by warning its lowest-rated staff to improve their performance or risk losing their jobs, as part of a strategy to boost efficiency and address concerns about a drop in turnover.
Angela Rayner has admitted underpaying stamp duty on her property purchase, prompting an ethics investigation and raising questions about her political future despite the PM’s public support.
With the pound falling and government borrowing costs reaching a 27-year high, the Chancellor faces mounting pressure as the cost of servicing UK debt rises and investor confidence weakens.
Sir Keir Starmer has moved Treasury minister Darren Jones into Number 10 and reshuffled his economic team to bolster Labour’s policy pitch, seeking to arrest the party’s slide in the polls.
European leaders are collaborating to establish detailed plans for the potential deployment of troops, with security and coordination among allies central to preparations as discussions continue at a summit in Paris this week.