Reform UK’s economics spokesman Robert Jenrick has announced a comprehensive package of tax and regulatory reforms aimed at small businesses, calling it the “biggest plan” in a decade. The proposed changes include scrapping GDPR in favour of a lighter regulatory framework, which the party says will stimulate innovation. Jenrick said: “Under a Reform government, the UK will be the best place in the world to start and grow a small business.” Other measures include reversing national insurance hikes and expanding the Seed Enterprise Investment Scheme.

The Confederation of British Industry (CBI) has urged Chancellor John Healey to reduce national insurance contributions (NICs) for employers to address the youth unemployment crisis. Noting that over 1m young people are classified as Neet, the CBI recommends cutting the headline NICs rate from 15% to 14% and extending exemptions for workers under 25. CBI Chief Executive Rain Newton Smith said: “Young people have a tremendous amount to offer, yet too many are locked out of the labour market.”

City businesses are moving away from non-compete agreements, seeking alternatives like deferred bonuses and share incentives to retain employees. The Department for Business and Trade (DBT) is considering restrictions on these clauses, with a consultation closed for feedback in February. David Palmer, a partner at Addleshaw Goddard, said: “We don’t quite know what they will do… it looks like there’s going to be change.”

The UK Government will invest up to £71m in the Hemerdon tungsten and tin mine in Devon to restart operations. Chancellor John Healey said the investment – made through the National Wealth Fund – will bolster Britain’s defence and nuclear industries. The Government will also secure 50% of production for domestic use. Mr Healey said: “We are living in a more dangerous world, which is why backing British industry is more important than ever before.” Business Secretary Jonathan Reynolds called it a “vote of confidence” in the UK’s critical minerals sector, which is expected to support around 350 jobs.

The founders of Danish digital bank Lunar have raised €8.2m to establish Repodo, an AI-driven audit firm. The startup aims to disrupt the auditing sector, which remains largely manual. Initially focusing on small and medium-sized enterprises in Denmark, Repodo plans to expand across Europe.

EDF Energy has warned that average energy bills could increase by 13% by 2030 without continued government support. The company estimates that household standard variable tariff bills may reach £1,790 annually if current measures are not extended. EDF noted that while wholesale prices have decreased, rising non-energy costs will offset potential savings. The energy price cap is also expected to rise, adding further financial pressure on households.

Britain’s push for net zero has not resulted in lower energy costs, according to a report by Civitas. The report reveals that UK manufacturers paid an average of £238 per megawatt-hour (MWh) for electricity last year, about four times more than their international counterparts. Researchers estimated that British manufacturers spent £16.6bn on energy in 2024, which could have been £5.2bn less if they had US prices.

The Middle East conflict has driven up the price of liquefied natural gas in north-west Europe to its highest level in more than three years and more than double what it was a year ago.

A Morrisons store in Preston has become the first in the UK to trial AI-powered shopping trolleys that automatically register purchases as customers shop. The Caper trolleys, developed by Instacart, display running costs and product recommendations, allowing shoppers to pay without scanning items individually. Morrisons hopes to expand the technology nationwide after the trial, despite mixed customer feedback over the trolleys’ weight and ease of use.