AGP Executive Report

Advanced Nuclear: Poland’s SGE has submitted plans to build 14 GE Vernova Hitachi BWRX-300 small modular reactors across three UK sites, targeting first unit operation in 2034 and 4.2GW capacity. UK-India Trade: Piyush Goyal’s London trip and UK–India Week set the tone for CETA coming into force on 15 July, with ministers pitching deeper trade, investment and professional mobility. Public Attitudes & Giving: New research at the Giving and Impact Summit finds nearly half of Britons think wealthy people have a duty to donate to charity. Employment & Equality: A frozen-food worker’s discrimination claim failed after a tribunal said keeping her in cold conditions would have been “reckless and dangerous” once she raised health risks. Retail Restructuring: TG Jones/WH Smith’s restructuring plan has been approved by the High Court, putting multiple North East sites at risk. Motor Finance Redress: The FCA says the motor finance compensation scheme is partially suspended due to legal challenges, pausing redress calculations and communications. Energy Costs & Grid: NESO says Britain needs about £90bn of electricity network investment over nine years, with 43 projects earmarked for the 2030s. Hospitality Rules: Government rules out extending pub hours for England’s 1am World Cup game vs Mexico, limiting late-night viewing options. Tax & Finance: BlueCrest Capital faces a near £200m tax bill after losing a Supreme Court case over “disguised salary” treatment. Broadband Competition: ORESA’s Growth Index ranks fast-growing alternative full-fibre networks, including Toob, Netomnia and others.

Business Deal: Intelligent Monitoring Group (ASX:IMB) has agreed to buy ADT’s UK residential security business for £180m, adding 160,000 customers and boosting recurring revenue, with funding split between £155m cash and £25m in shares. Small Business & Regulation: Small Business Commissioner Emma Jones marks her first year pushing late-payment reform as the Commercial Payments Bill moves forward, aiming to strengthen enforcement powers. Economy Watch: Business confidence fell to a four-year low (ICAEW), while the UK manufacturing PMI eased to 52.5 as order growth slowed and costs rose. Banking & Rates: Bank of England governor Andrew Bailey says rate cuts are off the table for now amid geopolitical-driven inflation risks. Energy Costs: UK gas prices climbed to a two-week high as US–Iran talks kept traders cautious. Legal & Corporate Risk: New rules mean UK firms can be criminally liable for senior managers’ crimes from this week, widening the net for prosecutions. Policy & Trade: UK ministers are weighing a ban on goods from Israeli West Bank settlements, with coordination among allies proving complex. Health Impact: Analysis warns a UK–US trade deal could divert £44.7bn from NHS services, potentially driving 229,000 excess deaths by 2036.

High Street Restructuring: TG Jones (formerly WH Smith) has won court approval for a major restructuring that could see around 150 stores close and hundreds of jobs at risk, with the chain facing an £8m shortfall this week. Retail Brand Shake-ups: Halifax is set to disappear from the UK high street as Lloyds axes the bank brand after 173 years, adding to a wider wave of branch closures and store shutdowns. Workforce Security: A Morgan McKinley survey finds only 22% of UK employees feel secure in their roles, with 59% planning to look for a new job in the next six months as AI and restructuring fears rise. Skills and Growth: The Open University warns “HE cold spots” are holding back local employers, with 35% turning down work or investment due to skills shortages, especially in digital/AI and business services. Cost Pressures for Firms: UK shop price inflation stayed flat in June as food prices eased, but households still face squeeze pressures. Policy and Transport Costs: Rachel Reeves’ new HGV road tax cut starts today, cutting eligible lorry Vehicle Excise Duty to £1 for a year. Food Safety: SPAR recalled Clayton Park Kitchen Chicken & Mushroom Sauce (440g) over undeclared soya, prompting an allergy alert.

Education & Skills: Coleg Gwent is starting major redevelopment of its Crosskeys Campus in South Wales, adding a new energy centre, catering, business and IT spaces, with engineering and motor vehicle workshops plus a gym due in phase two; completion is targeted for autumn 2027. Cost Pressures on SMEs: Novuna Business Finance finds 90% of small firms say cost-of-living pressures threaten 2026 growth, with hospitality and retail most worried about customers spending less. Business Confidence & Policy: The IoD warns optimism is falling as disruption and uncertainty become “normalised”, urging ministers to prioritise delivery and cut complexity and regulatory costs. Defence Spending: Keir Starmer unveils a defence investment plan lifting annual military spending to nearly £80bn by 2029, including £15bn more over four years and a major push for drones and autonomous systems. Cybersecurity: City of London Police launches a ransomware reporting push, citing 323 UK organisation reports from Apr 2025–Mar 2026, with SMEs making up over half. Trade & Exports: UK Trade Secretary Peter Kyle hosts China’s delegation for JETCO, aiming to turbocharge UK services exports. Crypto Regulation: MiCA’s final transition tightens the EU rules, with UK-linked firms among those seeing a shift in who can operate across the bloc. Hospitality Watch: A UK-wide campaign backs cutting hospitality VAT from 20% to 10%, arguing it’s vital for jobs and investment as costs rise. Business Deals: Brompton sells a 10% stake to Decathlon (plus 5% to BA Capital) to accelerate overseas expansion.

Mobile Networks: Virgin Media O2 will switch off 2G in summer 2029, pushing remaining users onto 4G/5G and contacting customers in advance. Housing & Mortgages: Bank of England data shows mortgage approvals fell to the lowest in almost 18 months in May, with remortgaging approvals also dropping sharply. Media Mergers: UK culture secretary Lisa Nandy says she is “minded to intervene” in Paramount’s $110bn takeover of Warner Bros Discovery, raising plurality and competition concerns. Finance & Crypto Regulation: The FCA cut stablecoin reserve requirements for key issuers to 1%, halving costs and easing rules versus the EU’s MiCA approach. Retail Distress: TG Jones (formerly WH Smith) faces insolvency risk, with a restructuring plan that could close around 150 stores. Competition/Property: Housebuilders face a class action alleging collusion to inflate new-build prices, seeking billions in compensation. Defence Spending: Keir Starmer’s outgoing government backs a defence investment plan with an extra £15bn, including more drones and autonomous systems. Cyber Policy: The King’s Speech puts cybersecurity and resilience at the centre of the UK agenda, with new bills aimed at strengthening national protection. Workplace Culture: A Norwich-based construction consultancy says social activities and a partner-funded culture helped it earn a top “best places to work” listing.

Politics & Economy: Andy Burnham, the UK’s prime-minister-in-waiting, used a Manchester speech to pitch a “rewired Britain” with a “No 10 North” nerve centre, more local control over services and a push to lift living standards—while the Bank of England’s Huw Pill warned Brexit-era structural changes are making inflation harder to tame. Business Confidence: Lloyds data shows North East confidence slid 15 points in June to 54%, and North West confidence fell 11 points to 43%, even as firms report steadier customer demand and investment in tech. Cost Pressure & Jobs: Azets says 69% of UK firms fear economic uncertainty, with many expecting headcount freezes/cuts and continued borrowing; meanwhile BAT says it will cut about 9,000 roles (5,500 jobs) in an AI-driven restructuring targeting £600m annual savings. Housing & Rates: UK mortgage approvals dropped to a two-and-a-half-year low, underlining weaker demand. Regulation & Tech: The FCA unveiled sweeping crypto rules from next year, including capital buffers and stress tests; and the UK is moving toward tighter oversight of illegal online gambling promotion. Energy & Defence: A delayed Defence Investment Plan is set to accelerate drones and autonomous weapons; gas prices in Europe rose on Strait of Hormuz tensions. Health: A new NHS “national maternity commissioner” is planned after a damning review, with families criticising it for not fixing core problems.

Markets Watch: The FTSE 100 edged down in early afternoon trading, slipping about 0.1% as a gloomy UK business sentiment survey and a tech-led selloff in Asia kept investors cautious. Politics & Devolution: Labour leadership frontrunner Andy Burnham vowed to “rewire Britain” with a “No 10 North” nerve centre in Manchester, promising a major transfer of power to regions, more social housing, and faster delivery on utilities and reindustrialisation. Business Sentiment: A new Azets Barometer found 69% of UK firms fear economic uncertainty, with only 43% optimistic; many expect hiring freezes or cuts and continued borrowing. Corporate Stress: R3 says insolvencies fell 10% in England and Wales in May, but the longer-term pressure on the Midlands remains high. Banking Costs: Lloyds confirmed higher business account fees from July 10, including increases to monthly maintenance and cash handling charges. Jobs & Restructuring: British American Tobacco is cutting about 9,000 jobs globally as it intensifies an AI-driven turnaround. Sanctions Enforcement: HMRC named a company after a £569,157 compound settlement for Russia sanctions breaches tied to Ukraine-related operations. Hospitality & Sport: World Cup knockout-stage spending is forecast to add £499m to UK retail and hospitality, while pubs reported a surge in pints during England’s group games. Local Business: Kids Planet’s nursery group placed eighth in the Sunday Times Top 100 Apprenticeship Employer Awards, highlighting its apprenticeship push. Transport & Compliance: The Independent Garage Association urged DVSA to raise MOT fees for certain vehicle classes, arguing the cap hasn’t moved in 16 years.

Devolution Push: Andy Burnham is set to outline a sweeping 10-year plan to “lift Britain back up” by shifting power from Whitehall to England’s regions, including a “No 10 North”, more control for regional mayors over areas like social housing, welfare and post-16 education, plus procurement reform aimed at boosting British jobs and industry. Business Sentiment: The CBI says UK firms’ growth expectations for the next quarter have fallen to the lowest level this year, with services hit hard, adding to a run of downbeat readings. Energy & Rates Watch: Bank of England MPC member Huw Pill warns inflation risks returning above target and says policymakers shouldn’t be complacent. Health Costs: The British Heart Foundation warns obesity-linked heart disease could drive about 170,000 deaths in England by 2035, urging a “healthy food revolution”. Inheritance Tax Taboo: YouGov research for Mattioli Woods finds many over-55s avoid inheritance conversations and lack understanding of IHT rules. Corporate Deal: UK oil and gas firm Pharos Energy has accepted an all-cash takeover offer from Ratio Petroleum. Retail Pressure: Seafish reports fish-and-chip shops are under cost strain from fish, potatoes and energy, with many changing menus or cutting options.

Refugee Policy Shift: The Home Office unveiled new “safe and legal” refugee sponsorship routes, letting approved groups, universities and businesses back resettlement of “genuine refugees” under a capped programme, alongside tighter asylum rules aimed at cutting “vexatious” claims. Local Economy & Public Finance: Labour leadership hopeful Andy Burnham is being urged to tap a reported £150bn surplus in town hall pension funds to fund local services and boost regional economies, as part of a wider devolution push. Housing Supply Plan: Leaked plans suggest ministers are considering a state-owned housing developer that could borrow cheaper than private builders to tackle stubbornly low housebuilding rates. Climate & Cost Pressures: Britain’s record heatwave is driving school closures, hospital strain and wider disruption, with warnings that the “new normal” needs faster resilience planning. Stablecoin Regulation: The Bank of England softened its sterling stablecoin approach by dropping strict holding caps and instead setting a £40bn issuance guardrail, aiming to balance growth with financial stability. Cybersecurity: A major Jaguar Land Rover hack is again in focus, with reporting pointing to Russian hackers and highlighting the UK’s economic exposure to cyberattacks.

Brexit & Trade: The EU has cleared the final Brexit deal vote, setting up tough trade talks as the UK leaves on Friday. UK-India Business Push: Commerce Minister Piyush Goyal launched a UK-India CETA “Business Utilisation Manual” in London ahead of the July 15 start, alongside plans to deploy 1,000 advisers to help firms use the pact. Immigration Policy: The Home Office says it will introduce “capped safe and legal” refugee routes using sponsorship, while also tightening asylum law application to target “vexatious” claims. Tech & Industry: Labour’s delayed £750m Edinburgh supercomputer could be less powerful than planned as AI demand drives up chip costs. Energy & Cost Pressure: A heatwave is driving record temperatures and renewed warnings, while petrol/diesel drivers face higher costs and many say they’ll consider EVs next. Transport Disruption: Thunderstorms caused major flight delays at Heathrow and Gatwick. Local Economy & Business: Groupia, a long-running UK travel firm, has entered administration with some bookings cancelled; and Lloyds is recruiting nearly 300 AI-related roles plus offering a Level 6 AI Engineering apprenticeship. Consumer & Community: North Wales’ Egni Food Festival returns, and new customer experience awards are set to open for entries.

UK–India Trade Push: Commerce minister Piyush Goyal used UK-India Week to urge firms to capitalise on the India-UK CETA, with the pact due to take effect from 15 July, and met UK India Business Council C-suites to “unlock new opportunities.” Recognition & Diplomacy: Goyal also received a UK-India award for strengthening bilateral ties, arguing the “best innings” are still to come. Green Finance Focus: A new green transition board chaired by N K Singh held its inaugural meeting at LSE, aiming to speed up climate finance and push reforms to mobilise capital for emerging economies. Clean Energy Investment: The UK says it has attracted £100bn+ in clean energy investment since Labour took power in 2024, citing offshore wind and nuclear-related deals. Brexit Economic Hit: Goldman Sachs marks 10 years since the Brexit vote, estimating the UK is about 6% below its EU-linked growth path, with weaker trade and investment blamed. Cybersecurity Shock: A New York Times report says Russian hackers were behind the Jaguar Land Rover attack that halted UK production for nearly six weeks and cost the economy about $2.5bn. Work & Hiring: Lidl is reserving interview slots for long-term unemployed candidates, while research shows employers increasingly value learning speed over experience. Fraud Warning: Censuswide research finds Britons lost an average £443 to online scams, with younger adults hit hardest. Planning Watch: North Tyneside planning includes a revamp to a Whitley Bay arcade, plus children’s home and HMO-related applications.

Heatwave hits UK business and bills: The grid operator NESO says emergency electricity imports during the current heatwave cost up to £1,379/MWh—around 17 times normal—adding about £11m to system costs in one evening, with further tight margins warned for Friday. Energy policy and housing value: Nationwide research suggests households could cut energy bills by about £400 a year, but higher EPC-rated homes still command only a small premium, underlining a gap between efficiency and property pricing. Northern Ireland rural support: DAERA opens a £4m Rural Business Development Grant Scheme for 2026/27, offering 50% capital support (up to £7,500) for eligible rural micro businesses, with applications closing 30 July. Skills investment in NI agri: Fane Valley will spend £1.1m on workforce skills across Northern Ireland, targeting sales, leadership, supply chain and digital capabilities. Manufacturing resilience: Howden’s new research flags cautious confidence in UK manufacturing but rising exposure to cost, supply chain and sustainability pressures. Retail tech nudges spending: Bayes Business School research finds smart supermarket trolleys can lift spend by up to 32% and increase basket size and time in-store. Finance and payments: Open Banking Limited and EY analysis puts Open Banking’s current economic value at about £2bn a year, with potential to reach £7.4bn in five years. Business funding ecosystem: Insurtech UK launches an investor network plus a fundraising guide for early-stage insurtech firms. UK-China sustainability links: UK and Chinese business leaders meet in Shanghai to push green innovation cooperation and announce sustainability and innovation award winners. World Cup consumer boost: Analysts estimate an England win could spark an extra £150m of consumer spending, with pubs expecting a £22m revenue lift.

Heatwave & Infrastructure Stress: Britain hit a new June record of 36.7C, with London facing record life-threatening emergency calls and schools closing, while experts warn key infrastructure is buckling without urgent investment. Defence Spending Row: NATO’s boss urged countries to step up defence investment, highlighting UK doubts over meeting spending targets as a new investment plan is promised. Royal Taxes Transparency: King Charles disclosed he has paid over £30m in personal taxes since becoming monarch, with Prince William also revealing his own tax bills. Housing & Migration Pressure: Birmingham and Dudley asylum hotel contracts have ended as the government moves people into “basic accommodation” in MoD sites, while Labour’s Rachel Reeves pushes back amid leadership turmoil. Energy & Trade: The Crown Estate says Wales generated about £200m profit, largely from option fees tied to the Mona offshore windfarm, and National Grid energized new Hinkley transmission lines. Oil Markets: Oil prices rose about 2% after a cargo vessel was hit near Oman, reviving Strait of Hormuz supply worries. Business & Skills: The UK expands personalised Support Conversations at more Jobcentres to help up to 40,000 disabled people and long-term health claimants move closer to work. EU Reset Tension: EU talks risk hitting British farmers if pesticide bans are imposed without a transition period. Consumer Deals: Great British Summer Savings kicks in with VAT cuts for family activities, including theme parks, eateries and cinemas.

Deforestation Rules for Retailers: New UK plans would let products linked to illegal rainforest destruction be pulled from sale, with “due diligence” checks on commodities like soy, oil, cocoa and rubber. Heatwave and Work Costs: A Met Office Red Extreme Heat Warning covers parts of England and Wales, with employers shifting schedules; one report puts hot-day productivity losses at about £1.2bn a year. Government Infrastructure Framework: AtkinsRéalis has been named on a major £3.5bn UK government construction professional services framework, supporting defence and nuclear-related projects. Consumer Shifts in Hot Weather: Research highlights a hydration-driven change in UK buying, boosting bottled water and chilled drinks during heat. Ryanair Seat Fee U-turn: After CMA scrutiny, Ryanair says “free parent seats” will be available in future bookings, easing the £8 charge for parents sitting with children. Tech Layoffs Signal: Walmart filed WARN notices for 306 tech job cuts in Sunnyvale, following earlier reductions. Local Transport Demand: Birmingham’s new Camp Hill line stations have drawn 131,866 passengers since April, underscoring appetite for rail upgrades. UK Politics and Household Support: Rachel Reeves confirmed £117 off energy bills for households ahead of a likely chancellor change.

UK Cost of Living Relief: Chancellor Rachel Reeves’ “Great British Summer Savings” kicks off Thursday, cutting VAT-linked prices at major attractions and chains like Merlin (Alton Towers/Legoland), Odeon/Vue/Cineworld, and family meals at Nando’s, Wetherspoons and McDonald’s. Business & Justice Tech: Garfield AI, a regulated AI law firm, says it helped a claimant recover £7,000 in unpaid fees after a Wandsworth County Court trial, with a human barrister representing her. Growth & Trade Support: The UK and Bangladesh held talks to boost use of the Developing Countries Trading Scheme (DCTS) ahead of Bangladesh’s LDC graduation. Regional Investment: Coal Regeneration Trust plans £13.5m for Ashington’s Ashwood Business Park to create starter units for SMEs, with Growth Mission Fund matching. Local Transport Policy: Northumberland councils warn about Government plans to shift taxi licensing powers to the North East mayoral authority, fearing practical delivery issues. Health Inequality: Cambridge-led research finds nearly a third of adults in England had obesity in 2025, with gaps widening since COVID-19. Energy & Industry: Scotland Excel appointed RSK Group to seven lots for roads, environmental, drainage, surveying and coastal engineering across public sector frameworks. Digital & Media Deals: Banijay Rights expands its digital representation business via a deal managing and monetising chef Mike Reid’s content across social platforms. Global Security: Germany, France, Italy, Poland and the UK (E5) agreed to strengthen Europe’s NATO role and push closer defence industrial cooperation against Russia.

Retail & Hospitality Disruption: Reading retailers including a Sainsbury’s store were told to restrict alcohol sales during World Cup matches, “particularly” England games, after a council licensing advisory aimed at reducing public order risks. Jobs & Manufacturing: Gousto has launched a consultation to close its Clay Lake production warehouse in Lincolnshire, risking about 290 roles, as it consolidates operations at its Warrington site. Corporate Restructuring: Carnival UK begins a company-wide restructure with cross-brand teams and senior reshuffles, including Paul Ludlow adding Cunard president duties and Katie McAlister becoming chief commerce officer. Food Supply Investment: Suntory Beverage & Food GB&I is investing £14.5m in a new blackcurrant processing facility in Herefordshire to support UK growers and Ribena production. Workplace Health: The HSE warns employers to assess heat-related risks as the UK braces for extreme June temperatures, with a rare red warning in parts of England and Wales. Employment Support Gap: Research finds only 21% of employers with mostly over-55s offer health support, highlighting a major wellbeing and retention gap for older workers. Fintech & AI Trading: QuantRate launches an AI stock trading bot aimed at faster market analysis and automated execution for volatile conditions. Security & Business Risk: A resilience chief warns hostile states can damage the UK economy through sabotage and online disruption without open conflict.