Chancellor Rachel Reeves has been warned that tax increases in the upcoming Budget could hurt businesses and drive some companies toward collapse. Shevaun Haviland, director general of the British Chambers of Commerce (BCC), cautioned that £30bn in tax rises could jeopardise jobs, investment, and growth, warning: “More taxes would risk sinking businesses that are struggling to survive.” Ms Haviland added: “With investment low and recruitment challenging, the message is clear: no further tax rises on business.” A BCC survey shows that 25% of companies have reduced investment plans since a National Insurance hike for employers came into force in April, while a third have made, or are considering, redundancies. As well as calling for a commitment to avoid further increases taxes on businesses, the BCC has called for reform of business rates. A Treasury spokesperson said: “The Chancellor has been clear that at Budget she will strike the right balance between making sure that we have enough money to fund our public services, whilst also ensuring that we can bring growth and investment to businesses.”

David Solomon, the chief executive of Goldman Sachs, recently met with Rachel Reeves to discuss potential tax increases in the upcoming Budget, warning the Chancellor that higher taxes on banks could harm the UK’s economic growth.

Small family businesses in the UK are optimistic about growth, with 79% expecting expansion in the next two years, according to research from PwC. This figure surpasses the global average of 73%. PwC also found that 68% of UK family businesses expanded last year, compared to just 9% globally. Alan Gasser, head of private business at PwC UK, said: “Privately owned businesses contribute around half of UK economic output, so their stability is vital to the resilience of the wider UK economy, anchoring it in periods of market volatility.” The study also shows that more than one in six family businesses intend to use AI tools to accelerate their companies’ growth. The research saw 1,325 family businesses across 62 countries polled.

Andrew Bailey, governor of the Bank of England, has warned that spiralling debt levels could trigger a “disorderly adjustment” across stock markets. Mr Bailey, who chairs the Financial Stability Board, has urged G20 nations to work together to ensure financial systems remained stable, saying the need for global standards and co-operation “remains abundantly clear.” He went on to warn that sovereign debt levels “have continued to increase and are forecast to rise further,” adding that “vulnerabilities in the financial system remain high.” Mr Bailey also told regulators and central banks that officials “cannot lose sight of emerging risks.”

Julian Morse, chief executive of investment bank Cavendish, has warned that Chancellor Rachel Reeves must be “careful” that policies set out in the upcoming Budget do not derail a revival in the IPO market. Suggesting that the economy is the “main driver” of the IPO market, he warned that “if the Government brings in policies which harm the economy, that is going to harm the IPO market.” Mr Morse also urged the Government to be “business friendly” in regard to any changes to tax, adding that scrapping stamp duty on trading shares of newly-listed companies would be “good for liquidity and ultimately good for valuations.”

Charles Hall, head of research at Peel Hunt, says recent regulatory changes mean London’s IPO prospects are now on a “level playing field” with other major venues. However, he warned that “we are world experts at exporting our capital – it is a fundamental flaw in the British system.” Mr Hall noted that while there are “a lot of companies that do want to IPO … the challenge for us is keeping them in the UK.”

Retail sales grew by 2.3% year-on-year in September, with this slightly up from the 2% recorded a year earlier, according to the British Retail Consortium and KPMG. September’s reading came in just above the 12-month average of 2.1%. Food sales increased by 4.3% due to inflation, while non-food items rose by 0.7%. Online non-food sales saw a modest 1% increase, down from 3.4% a year ago.

Amid a surge in cyber-attacks targeting major businesses, consultancy firms are expect to see a significant increase in demand for cybersecurity services. According to Source Global Research, the cybersecurity consulting services market will see growth hit 9% in 2025, compared to 4.7% in 2024. The report estimates that the global cybersecurity market will grow by over $2bn in 2025, as revenues rise from $27.9bn in 2024 to $30.2bn in 2025. Catherine Anderson, director at Source Global Research, said: “This significant rise in demand reflects the challenging business environment faced by companies of all stripes.”

Imperial College London has proposed a new 12-storey academic building in west London, focusing on artificial intelligence (AI). The facility will feature research and laboratory spaces, along with public amenities like cafés and exhibition areas. This initiative is part of Imperial’s broader masterplan for its White City campus. The college aims to unite computer scientists, mathematicians, and business experts to enhance data science and machine learning. Public consultation runs until 26 October, with a planning application expected later this year. If approved, construction could start in mid-2026 and finish by 2029.