New research from the London Chamber of Commerce reveals that around 60% of businesses in London anticipate a worsening economy over the next year. The survey, which included 500 companies, also indicated that hiring intentions are low, with only 7% planning to expand their workforce in the next three months. Elsewhere, around 63% of people in the UK plan to take a holiday this summer, according to KPMG UK’s Consumer Pulse survey, significantly boosting the retail economy. Finally, BDO’s latest high street sales tracker reveals that the World Cup has boosted the hospitality sector but negatively impacted discretionary retail sales. Like-for-like sales in discretionary categories rose by only 0.6% year-on-year. Online sales increased by 6.9%, while in-store sales saw a modest growth of 1.4%.

Entrepreneurs and investors are accelerating business sales and realising gains due to concerns over potential capital gains tax increases under Andy Burnham. Anthony Whatling, managing director at Alvarez & Marsal Tax, noted a rise in inquiries from founders worried about the implications of the proposed changes, which could align capital gains tax with income tax at 45%, making it the highest in developed economies. Proponents claim the change could generate an additional £14bn for the Exchequer.

City bosses and trade unions are in a war of words over the prospect of a windfall tax on banks. Paul Nowak, the leader of the Trades Union Congress (TUC), said Andy Burnham should ignore Square Mile lobbyists and raid banks to help pay for cost of living support. But one senior banker told the Guardian the move would be “economic suicide” adding: “Financial services is one of the only parts of the economy that is growing – The TUC needs to grow up.” The TUC argues that restoring the corporation tax surcharge on banking profits to its former level of 8% could raise £8bn, raising it to 16% would bring in £20bn while hiking it to 35% would raise an extra £50bn over four years. Jeremy Warner in the Telegraph says UK banks are already among the most heavily taxed in Europe, with regulation an additional burden. The TUC’s plans “would very likely kill whatever remains of UK competitiveness in banking stone dead,” he concludes.

Andy Burnham has indicated that Labour’s manifesto provides room for manoeuvre on taxes, although he would stick to its central pledge not to increase the main rates of income tax, VAT or national insurance. Speaking to LBC, Burnham suggested warehouses could be hit with higher business rates to pay for a 20% rate cuts for pubs and take some high street businesses out of the rate system altogether.

Alex Baldock, the CEO of Currys, has urged Andy Burnham to reduce rising employment costs, stating that the recent Budget by Chancellor Rachel Reeves added £32m in costs for Currys, with part-time employment costs increasing by 13%. He also called for reform of commercial property taxes affecting brick-and-mortar retailers.

Barclays, HSBC, Lloyds, and NatWest have gone live with a new cross-border remittance service from Swift, improving international money transfers. The initiative ensures that the full amount sent arrives without deductions, often within minutes. Customers can track their transfers and see fees upfront. The initiative aims to enhance transparency and efficiency in cross-border payments, benefiting customers sending and receiving money from countries like Australia, China, India, and Turkey.

A study by the Enterprise Research Centre reveals the new Commercial Payments Bill introduces the strictest late payment laws in any major economy. Small businesses in the UK will benefit from a 60-day payment cap, mandatory interest on overdue invoices, and enhanced powers for the Small Business Commissioner. The reforms aim to address the £26bn in overdue invoices affecting small businesses.

The Financial Conduct Authority (FCA) has urged pension firms to improve value for customers with older pensions. Its review of unit-linked non-workplace pensions revealed that while many products offer fair value, legacy products often fall short due to outdated designs and excessive charges. The FCA encourages firms to adopt good practices, such as capping charges and comparing outcomes, to ensure compliance with the Consumer Duty and enhance customer outcomes.

Oil prices have fallen below $72 a barrel, reaching pre-war levels, as the US and Iran near a ceasefire agreement. Brent crude dropped 1.1% to $71.80, marking a nearly 40% decline since April’s peak of $126. Traders are optimistic about increased oil supply, with flows in the Gulf at 80% of pre-war levels. Mohit Kumar, an economist at Jefferies, said lower prices may reduce the need for central banks to raise interest rates. For the UK, the fall in the price of oil will leave the Chancellor’s £23.6bn of fiscal headroom largely intact, giving Andy Burnham an early boost when he takes office.

PwC has announced its decision to establish a new UK headquarters at 33 Canada Square in Canary Wharf, occupying 350,000 sq ft. The firm currently occupies 300,000 sq ft at Embankment Place, which is due to be renovated when its lease expires in 2030. The company’s new office building will undergo a major renovation before PwC moves in and the building will be renamed One Eden.

Millions of taxpayers are choosing to go digital and check their pay via the HMRC app, as HMRC reveals the service was used almost 100m times last year. Some 5.6m taxpayers checked their pay average of 18 times in the app last year. The app had 7.6m unique users and 2.8m new users in 2025 to 2026.