Data from Panmure Liberum shows that UK companies are failing to keep up with international peers on sustained growth. The report shows that the US outperforms the UK and EU, with 137 (9.1%) of its stocks growing more than 10% for 10 consecutive years. This compares to just 4% of European and British stocks. Britain’s best performing firm is AIM-listed fintech Alpha Group, which has grown revenue by more than 10% every year for the last nine years. Second place in the UK goes to AJ Bell and JTC, with eight years of consecutive growth. The best American performer, Lululemon, has had 19 years of strong consecutive growth, while Europe’s Fortnox has seen 16 years of growth. The longest recorded streak of 10% revenue growth was Amazon, which managed 24 years before it fell short in 2022.

Over half of SME owners believe festive celebrations are vital for boosting team morale, yet many are being forced to reduce their Christmas parties this year due to financial pressures. A recent study for business account company ANNA revealed that SMEs plan to cut festive activities by 10%, with the average budget set at £1,353, or £108 per employee. Factors contributing to this cutback include increased supplier costs (41%), lower demand for services (36%), and high taxes (33%). However, 53% of SMEs are unaware that they can claim back £150 per head in tax for their festivities. A spokesperson for ANNA said: “It’s claimable at the end of your company’s financial year,” emphasising the importance of keeping receipts and tracking expenses.

UK car production fell sharply in October as exports declined due to weak demand, with Society of Motor Manufacturers and Traders data showing that output fell by 15.3% year-on-year. Production of electric and hybrid vehicles declined by a third compared with October 2023. The report also shows that 670,346 units were manufactured in the UK from January to October, marking a 10.8% decrease from the same period in 2023. While the number of cars produced for domestic use increased by 5.3% in the period, exports fell by 14.8%.

Analysis from Bloomberg Economics suggests that up to 130,000 jobs could be lost if firms reduce employment in the wake of the increase in employers’ National Insurance. This, the analysis notes, would amount to a 0.4 percentage point increase in unemployment. The analysts said that reduced employment is not the most likely outcome, saying the cost of higher taxes is likely to be distributed more evenly across wages, margins and prices. Recent research from Deutsche Bank suggested that around 100,000 jobs could be lost due to the tax changes.

Analysis by the Recruitment and Employment Confederation (REC) shows that employers’ confidence in the economy rebounded in 2024. While a poll of more than 500 employers shows that optimism over investment and hiring decisions has increased, the REC is concerned that this may be dampened by tax changes announced in the Budget. REC chief executive Neil Carberry said the “scale of the changes to employers National Insurance – in particular, the decision to increase the tax far more for lower earners – will be a headwind for hiring confidence from here on in.”

The Financial Conduct Authority (FCA) has softened its ‘name and shame’ plans after a backlash from the City, saying it will set out plans for “further engagement” after its initial plans triggered “significant concerns.” Under new proposals, companies will be given a ten-day notice period that they are facing investigation, rather than the one day previously proposed. They will also be given an extra 48 hours’ notice should the FCA decide to announce an investigation. The FCA also said that should its plans come into effect, they would only lead to public announcements “in a very small number of cases.” Therese Chambers, the FCA’s joint executive director of enforcement and market oversight, said: “We have heard the strength of feedback to our original proposals, and we are making changes as a result.” UK Finance chief executive David Postings said he welcomed the new proposals after “constructive engagement” with the FCA, noting that the City watchdog has “made a number of significant changes, including the increased notice period and the more rigorous approach to assessing the potential impact of an announcement within their public interest test.”

The UK arm of US co-working start-up WeWork lost almost £150m in the year before its New York-based parent company filed for bankruptcy. The UK division saw a pre-tax loss of £147.9m in 2023, having logged a pre-tax loss of £122.6m in 2022. The UK business also lost £142.7m in 2021, £246.7m in 2020 and £233.7m in 2019. WeWork’s parent company filed for bankruptcy in late 2023, having seen a drop in demand for office space in the wake of the pandemic, and emerged from the process in June.

Aviva is actively engaging with Direct Line’s shareholders to garner support for a takeover bid after its initial £3.3bn offer was rejected by the board. Adam Winslow, Direct Line’s chief executive, is expected to defend the company’s independence, having previously rebuffed an offer from Ageas. Aviva has until December 25 to submit a firm proposal.