The chief executive of UKHospitality, Allen Simpson, has warned that Labour’s plans to end zero-hours contracts will lead to more job losses in the sector, hitting young people particularly hard. He told Times Radio that Labour policies since 2024 have meant 45% of all job losses in the economy come just within hospitality. An assessment from the Government admitted the employment reforms would cost businesses £3bn a year. Meanwhile, the Telegraph reports that analysis for Labour ministers found that workers prefer a zero-hours contract to fixed hours for the same role while a separate government survey found that 72% of workers in on a zero-hours contract said their current working arrangements were “well suited to their lifestyle”.

Ian Corfield, the CEO of Secure Trust Bank, has called for the abolition of stamp duty on shares in the upcoming Autumn Budget. He argues that the 0.5% tax hinders retail investors and liquidity in the stock market. Secure Trust, valued at £300m, reported a £31.3m profit for the first half of the year, up 9.4%. The bank’s loan book grew to £3.5bn, driven by retail and business finance demand.

The number of non-ISA savings accounts liable for tax has surged to 5.3m, a 1,047% increase since 2018, according to Yorkshire Building Society. Basic-rate taxpayers can earn up to £1,000 in interest before tax applies, but rising interest rates and frozen tax thresholds have left many exposed. Tina Hughes, Director of Savings at Yorkshire Building Society, commented: “People doing the responsible thing — saving for a home, for emergencies or for the future — are now being punished by outdated rules.” Experts call for urgent reform of the Personal Savings Allowance to protect savers.

Andy Burnham is engaging with small business owners to discuss government support for long-term economic growth. A new 20% business rates relief package aims to alleviate cost-of-living pressures for pubs, social clubs, and live music venues. But additional economic measures, including broader business rates relief and VAT cuts on electricity, are under consideration for the upcoming Budget on 28 October.

Former Bank of England deputy governor and IMF director Minouche Shafik has left her post as chief economic advisor to the UK Prime Minister after Andy Burnham declined to keep her on.

The UK economy expanded by 0.4% from April to June, according to the Office for National Statistics. This growth was bolstered by a surprising 0.3% increase in June, despite a flat manufacturing sector and a struggling construction industry. Liz McKeown, director of economic statistics at the ONS, noted: “Growth slowed in the second quarter… but remained relatively robust.” However, concerns loom over future growth, particularly if geopolitical tensions disrupt oil supplies.

Canary Wharf Group has sold 1-5 Bank Street, occupied by Société Générale and the EBRD, to affiliates of Brookfield and the Qatar Investment Authority for £625m. The group reported a £176.3m profit for the six months to the end of June, reversing the £33m loss it had suffered a year earlier.

Revolut plans to expand its physical presence in Europe by launching airport lounges, starting in Copenhagen Airport in 2027. The move follows the company’s earlier announcement of a physical store in Barcelona. Revolut aims to diversify beyond financial products, having recorded £4.2bn in revenue last year, a 46% increase. The company is also enhancing its lifestyle offerings, including mobile plans and travel services.

Gen Z is emerging as the most financially aware generation in decades, according to a recent study by Bank of America. From 2024 to 2025, the number of Gen Z consumers receiving financial assistance dropped by 35%. Despite 42% living paycheck to paycheck, 81% aim to be seen as financially responsible. Gen Z prioritises saving over spending, with many focusing on career growth to achieve long-term financial goals, such as home ownership.