THE UK economy grew slightly more than first estimated in 2024, according to official data released on Friday, providing a small boost for the government after it revised down its growth forecast for 2025.
The Office for National Statistics (ONS) said gross domestic product expanded by 1.1 per cent in 2024, up from an initial estimate of 0.9 per cent.
The Labour government this week halved its growth forecast for 2025 while announcing spending cuts, including reductions to disability welfare payments and departmental budgets, to address public finances.
"The economy grew slightly more strongly in the first half of last year than previously estimated but continues to show little growth since last summer," ONS chief economist Grant Fitzner said.
Prime minister Keir Starmer has prioritised economic growth, but the economy has struggled to gain momentum since Labour took office in July.
Analysts at research group Pantheon Macroeconomics said the revised figures indicate "the UK's mild recession last year was even milder and the subsequent recovery even stronger." They added, "That shows how much growth could improve if uncertainty eases back from its current elevated levels."
The ONS also reported that British retail sales rose by one per cent in February, following an increase in January.
"Wage growth and the imminent uplift to the minimum wage may have left the consumer in a more positive frame of mind than had been feared," said Richard Hunter, head of markets at investment platform Interactive Investor.
THE Financial Conduct Authority (FCA) has secured confiscation orders totalling £305,284 from Raheel Mirza, Cameron Vickers and Opeyemi Solaja for their roles in an investment fraud. The orders cover all their remaining assets.
The confiscation proceedings against a fourth defendant, Reuben Akpojaro, have been adjourned.
The FCA said the money will be returned to investors as soon as possible. Failure to pay could lead to imprisonment.
Between June 2016 and January 2020, the defendants cold-called individuals and persuaded them to invest in a shell company.
They claimed to trade client money in binary options, but the funds were used to fund their lifestyles.
In 2023, the four were convicted and sentenced to a combined 24 and a half years.
Steve Smart, executive director, Enforcement and Market Oversight at the FCA, said: “We are committed to fighting financial crime, including denying criminals their ill-gotten gains. We’ve already successfully prosecuted these individuals for their part in a scam that conned 120 people out of their money. We’re now seeking to recover as much as we can for victims.”
PETER GLOVER, a long-standing member of the Day Lewis Group, died on 10 May 2025. He was with the company for 37 years, having joined in June 1987 as a pharmacist.
He held several roles, including Group Superintendent Pharmacist, and most recently worked in a Professional Services Advisory role. He was part of the senior management team for decades.
JC Patel, Co-Founder of Day Lewis Group, said: “Peter was much loved and well-known across the pharmacy industry. His contributions to the field were significant and his legacy will be remembered by all who had the privilege of working with him. He leaves behind a lasting impact on Day Lewis and the wider pharmacy community.”
The company extended condolences to his family and friends.
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The company currently manufactures its popular Range Rovers in Solihull, West Midlands
JAGUAR LAND ROVER's chief executive has left open the possibility of building cars in the US as questions remain about the newly announced UK-US trade agreement, reported the Telegraph.
Adrian Mardell said that while there are no immediate plans to shift manufacturing across the Atlantic, he couldn't dismiss the idea completely given the ongoing trade uncertainties.
"We had and currently have no cause to build cars in the US at this time, but we cannot discount that it could be the case at some point," Mardell was quoted as saying.
His comments will worry government officials who are rushing to finalise practical aspects of the trade deal announced last week by prime minister Sir Keir Starmer and US president Donald Trump.
The agreement has reduced tariffs from a potential 27.5 per cent down to 10 per cent for the first 100,000 vehicles exported from the UK to the US. This has already prompted JLR to restart US shipments after previously pausing them.
JLR, owned by India's Tata Motors, currently manufactures its popular Range Rovers in Solihull, West Midlands, while producing models like the Land Rover Discovery and Defender elsewhere in Europe.
North America represents a crucial market for the luxury carmaker, with 129,000 vehicles sold there in the year ending March — roughly a third of its worldwide sales. Most of these sales occurred in the US.
However, car manufacturers are still awaiting key details about how the agreement will work in practice. Bentley's chief executive Frank-Steffen Walliser expressed concerns at a Financial Times conference about the current uncertainty.
"The worst thing that can happen to a running business is the announcement of lower tariff," Walliser explained. "It means all your customers say 'I won't buy a car now', especially our customers, our clients don't need a car at the moment."
He added that the lack of clarity was seriously affecting business: "It is super hard on the business at the moment, nobody's moving."
One major question remains about how the tariff-free quota of 100,000 vehicles will be divided among different car companies.
"Is the 100,000 for Bentley? I can live with that," Walliser remarked. "But I assume our colleagues from JLR would also like to have a chunk."
Bentley, which sells around 4,000 cars annually in the Americas with the US being its largest market, has so far avoided price increases by shipping vehicles to America before tariffs were imposed. However, Walliser warned this strategy was becoming unsustainable as stock levels decreased.
"Don't get me wrong, I'm not complaining," he said about the trade deal. "But it is not operational."
Despite these concerns, Starmer has defended the agreement, insisting it "delivers for British business and British workers protecting thousands of British jobs in key sectors including car manufacturing and steel."
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Trade unionists in front of Arcelor Mittal headquarters in Saint Denis in France on May 13, 2025. (Photo by DANIEL PERRON/Hans Lucas/AFP via Getty Images)
UNIONS in France fighting to save 600 jobs at ArcelorMittal operations in the country called for the government to take control of them, along the lines of what has happened to British Steel.
CGT union chief Sophie Binet promised hundreds of workers demonstrating outside ArcelorMittal's offices of its French subsidiary in France that she would press the issue with president Emmanuel Macron.
"I will deliver to him the CGT proposals to nationalise" the group's French operations, she told the protesting workers.
ArcelorMittal announced plans last month to cut 600 jobs across the seven sites it has in France, from a total workforce in the country of around 7,100 people. It is in the process of negotiating the job reductions with unions.
The group -- the second-biggest steelmaker in the world, formed from a merger of India's Mittal Steel with European company Arcelor -- has warned of industry "uncertainty" after the US imposed 25-per cent tariffs on steel and aluminium imports.
Yet the group in April posted a quarterly group net profit of $805 million (£633m). To shave costs, it is shifting some support jobs from Europe to India, and last year it suspended a $2 billion (£1.57bn) decarbonisation investment in France.
French unions believe Macron's government can follow the lead of its British counterpart, which last month passed a law allowing it to take control of ailing British Steel.
Italy last year also ousted ArcelorMittal as owner of its debt-ridden ex-Ilva plant, accusing the company of failing to prop up the operation after buying control in 2018.
"The Italians have done it, the British have done it... so why aren't we French able to also do it?" asked a regional CGT head, Gaetan Lecocq.
But a junior French minister for business, Veronique Louwagie, told parliament that "nationalisation is not a response in itself to the difficulties faced by the European steel industry".
She also said, however, that the government expected the company "to give what its mid-term strategy in France is".
A lawmaker with the hard-left France Unbowed party, Aurelie Trouve, has put forward a bill for the nationalisation of ArcelorMittal in France.
Trouve said the company "has clearly been organising the offshoring of production for years, and now we are faced with an emergency".
(AFP)
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Reliance’s continued efforts to engage with influential global leaders
Mukesh Ambani, Chairman and Managing Director of Reliance Industries, is expected to meet US President Donald Trump and the Emir of Qatar in Doha on Wednesday, according to sources familiar with the matter.
The meeting is seen as part of Reliance’s continued efforts to engage with influential global leaders. Qatar’s sovereign wealth fund, the Qatar Investment Authority (QIA), has previously invested in multiple Reliance ventures, while Ambani also maintains key partnerships with major US tech companies such as Google and Meta.
Ambani is likely to attend a formal state dinner hosted at Lusail Palace in Trump’s honour, sources said. However, no official business or investment discussions are expected to take place during the dinner.
A second source confirmed that a London-based, Indian-origin business figure with strong ties to both the Trump and Qatari leaderships will also attend the event. The individual has not been publicly identified.
Ambani’s detailed itinerary in Doha remains undisclosed, and Reliance Industries has not commented on the reports.
The visit comes shortly after Qatari Emir Sheikh Tamim bin Hamad Al-Thani’s trip to India in February, during which Qatar announced plans to invest $10 billion in various Indian sectors.
Following his visit to Qatar, Trump is expected to travel to the United Arab Emirates on Thursday. According to reports, his UAE trip will focus primarily on investment discussions, rather than regional security matters.
Ambani, Asia’s richest individual, continues to expand Reliance’s global presence through high-profile engagements and strategic partnerships, reinforcing the company’s global ambitions.