Goldman Sachs has committed £1.5m to the West Midlands apprenticeship fund, aimed at enhancing workforce development for small and medium-sized businesses, charities, and social enterprises. The investment comes from the bank’s apprenticeship levy and will support the West Midlands Combined Authority (WMCA) levy transfer scheme. Gurjit Jagpal, head of Goldman Sachs Birmingham, expressed pride in supporting apprenticeship expansion, stressing the importance of digital and workplace skills in the region.

The UK is facing a significant youth jobs crisis, with an estimated 987,000 individuals aged 16 to 24 classified as not in education, employment, or training (Neet) during the last quarter of 2023. This figure marks the highest level of Neets in over a decade, reflecting a rise of more than a quarter of a million since the Covid pandemic. Barry Fletcher, chief executive of the Youth Futures Foundation, said: “If we are to prevent long-term scarring effects for young people… then we need sustained focus on the issue.” Experts attribute the rise in Neets to years of underfunding in employment support and the impact of Covid lockdowns, alongside a surge in youth mental health issues.

Research from Pregnant Then Screwed, in collaboration with Women in Data, reveals that approximately 74,000 women are dismissed or made redundant annually while pregnant or on maternity leave, marking a 37% increase since 2016. The study, based on a sample of 5,870 parents, found that 12.3% of women faced job loss during pregnancy or maternity leave. Additionally, 35.9% also said they were either sidelined or demoted while pregnant, on maternity leave, or shortly after their return. A campaign launched by Pregnant Then Screwed and Women in Data aims to promote family-friendly workplace policies.

Sir Keir Starmer has refused to say whether further tax rises will be imposed in the spring statement. Speaking while on a trip to the US, the Prime Minister said the “big decisions” on tax were made in the October Budget. Sir Keir’s comments come after former Bank of England governor Lord King says income taxes must rise to plug the UK’s financial blackhole. Meanwhile, the Telegraph reports that economists have warned that the Office for Budget Responsibility (OBR) will almost certainly downgrade its forecast for 2024 and 2025 after the economy ground to a halt during Labour’s first six months in power.

Profits in Britain’s services sector have significantly declined, with the Confederation of British Industry’s quarterly survey revealing a profitability drop to -37 in the three months to February, the steepest fall since August 2020. Consumer-facing firms reported a morale level of -55, indicating a cautious spending mindset among households. CBI’s deputy chief economist, Alpesh Paleja, said: “While businesses are grappling with the rise in employment costs… it’s clear that underlying demand conditions remain weak too.” The survey also highlighted expectations for price increases among firms, raising concerns for the Bank of England as it assesses inflation pressures.

Sir Sadiq Khan has unveiled the London Growth Plan, aiming to “turbocharge” the capital’s economy and potentially add £107bn to its coffers by 2035. The plan seeks to increase Londoners’ annual income by £11,000 and generate an additional £27bn in tax revenue by restoring productivity growth to 2% per year. However, Khan said achieving these goals would require more investment and devolved powers from the central government. The plan outlines strategies to create 150,000 new jobs, enhance digital connectivity, and support small and medium enterprises.

Greg Hegarty, co-chief executive of PPHE Hotel Group, has announced a strategic shift towards Europe, citing unfavourable economic policies in the UK as a primary reason. He said: “I’m sorry to say that the UK is not the primary focus of growth for our company anymore,” stressing the need to invest in countries like Spain and Italy instead. Mr Hegarty said: “It’s not just National Insurance, it’s the thresholds of business rates, the ongoing flip flopping of policy … It just creates a total lack of consumer confidence.”

Irish-American payments and billing company Stripe has hit a near-peak valuation of $91.5bn after a surge in demand from artificial intelligence companies.

A single outdoor parking space near Hyde Park has gone on sale for £300,000, exceeding the average home cost in Britain of £248,000. The parking space, which has 79 years remaining on a 91-year lease, is located near the West Carriage Drive entrance to Hyde Park.