NEWS BULLETIN

Heathrow Ceo

John Holland-Kaye, the CEO of Heathrow Airport is to step down from his post this year. After nine years at the helm, and having navigated through some very turbulent times such as the fight for the new runway, the pandemic, and the resulting dramatic loss of business, he has decided his time is up and the airport board is currently searching for his replacement

Britishvolt Sparks Back To Life

An Australian start-up has tabled an 11th-hour rescue bid for collapsed electric battery business Britishvolt. Recharge Industries said it lodged a late takeover bid for the firm, which had plans to build a £3.8 billion gigafactory to make batteries in Northumberland. It came a week after Britishvolt collapsed into administration and made the majority of its roughly 300 workers redundant. The company appointed administrators at EY after failing to raise enough cash for its research and the development of its Cambois site.

Energy Rip Off

Two of the country’s biggest energy suppliers have admitted they have not passed on taxpayer-funded discounts in the bills of their small business customers. Both British Gas, which supplies more than 350,000 organisations with electricity and gas, and SSE Energy Solutions, with half a million customers, said a ‘small number’ were affected but declined to say how many. EDF has also admitted to failing to pass on the savings to at least 2,000 of its business customers. SMEs need to work on the buyer-beware basis, check their bills and complain immediately.

Biotech Funding

The life sciences fund launched by the investment firm of Dame Kate Bingham, the venture capitalist lauded for leading the government’s Covid vaccine taskforce, has received almost £50 million of state funding. The investment is being made through the government’s £200 million life sciences investment programme which was launched in 2021.

UK BORROWING HITS £27.4 BILLION

UK Government borrowing rose sharply to hit record levels for December on the back of rising debt interest bill and the cost of subsidies for households and businesses. Official figures show public sector borrowing reached £27.4 billion in December, the highest December figure since records began. Borrowing is now £9.8 billion higher than projections. The UK debt now stands at 99.5% of GDP.

Slow Progress

Women make up only 15.1% of partners in financial services companies, research shows. The figure rose slightly from 14.8% in the previous year, with gender diversity in the industry lagging behind wider representation on the boards of FTSE 100 companies. Progress in improving diversity has been slow.