The departure of ultra-wealthy individuals from Britain in the past two years represents an estimated $160bn in wealth, Bloomberg data suggests. Those weakening or ending UK ties represented more combined wealth than the UK-based billionaires remaining on the index. John Caudwell, the billionaire founder of Phones 4u, told Bloomberg: “What’s happening at the moment is disastrous. Instead of being on a virtuous circle where we’re attracting millionaires, billionaires and inward investment – we are doing the reverse.” Elsewhere, Jack Hollyman, managing director at Alvarez & Marsal, said: “Tax rises don’t happen in a vacuum. Investors and entrepreneurs can change when they realise gains, where they put their money and, ultimately, where they live. We saw that in 2024 and 2025, when non-doms left the UK amid concerns about overseas businesses being brought within the scope of UK inheritance tax.”

Nearly 80% of SMEs face pressure to raise prices due to increasing labour and raw material costs, according to a survey by the skills charity Enginuity. For the first time, almost 75% plan to pass these costs onto customers while two-thirds are not operating at full capacity for the second year running. Ann Watson MBE, CEO of Enginuity, said: “SMEs are telling us that they are at their limit and cannot hold back prices any longer.”

The UK’s services sector has experienced two consecutive years of job losses, according to new data from S&P Global. Higher payroll costs and the use of AI have led employers to avoid replacing voluntary leavers. The PMI reading dropped to 52.1 in September, down from 52.5 in the month before. This comes after the unemployment rate rose from 4.2% to 4.9% over the past two years. Martin Beck, chief economist at WPI Strategy, noted that inflation risks are increasing, with input-cost inflation reaching a three-month high.

Foreign tax authorities made 1,772 requests to HMRC for information on wealthy UK taxpayers in 2025, a seven-year high, up from 1,693 in 2024 and 1,393 in 2020. Andrew Park of Price Bailey attributes the increase to tougher offshore enforcement and expanded data sharing. Requests increasingly cover historic overseas property transactions, crypto trading through international exchanges and income earned via digital platforms, reflecting greater cross-border scrutiny of individuals with overseas assets and investments. John Hood of Moore Kingston Smith noted that HMRC has “enhanced its powers to access information in the UK to assist foreign tax authorities.”

Major music venues, including Wembley Arena and the O2, have urged Andy Burnham to extend business rate relief to them, similar to smaller venues. They propose a 20% reduction in rates for all live music venues next year. Jon Collins, chief executive of LIVE, said this would boost local economies, pointing out that 10,000 concert visitors spend at least £1m locally. The live music industry also seeks a review of how rateable values are calculated, arguing that current methods do not reflect their operational realities.

Kemi Badenoch, the Tory leader, is expected to announce plans to reform inheritance tax during her speech at the party conference. Her focus will be on supporting middle-class strivers and slashing the welfare bill to fund the cuts. The Institute for Fiscal Studies has said that cutting the 40% rate to 35% would cost £2bn a year, while increasing the allowance each individual can claim from £500,000 to £625,000 would cost around £3.5bn.

Volex has reported significant revenue growth, reaching £1.1bn in the last financial year. The company operates in five divisions, with industrial cables generating the highest revenue at $382.9m. Chief Executive Nat Rothschild noted a 28% year-on-year organic revenue growth in the first four months of the new financial year. Analysts expect Volex’s underlying operating profit to exceed market expectations, driven by demand in data centres and electric vehicles.

Developers in London have welcomed the Mayor’s proposal to reduce bike rack requirements for new offices. The London Property Alliance (LPA) argues that the shift towards e-bikes has rendered current requirements excessive. Research shows that 76% of bike parking spaces in 21 buildings were unused during peak times. The LPA suggests offices should provide one bike space for every 433 sqm instead of the current requirement of one for every 75 sqm.