UK businesses stall investments and cut headcount due to Iran war May 18, 2026 Over half of UK firms said they have halted investment and hiring plans due to the economic fallout of the Iran war, contributing to supply chain pressures and higher energy and fuel costs. According to new research from accountancy and advisory firm BDO, 57 per cent of 500 businesses with revenues between £10m and £500mn, [...]
Cubitts plots expansion to Ireland despite swinging to £1m loss May 18, 2026 Cubitts swung to a near-£1m loss in 2025 as the spectacle maker counted the cost of its US expansion plans. The London-based business opened its “first stores outside the warm but grey womb of the UK,” with two sites in New York City. Costs of setting up across the pond pushed the eyewear designer to [...]
UK property taxes are highest in world – and they’re rising May 18, 2026 The UK has the highest level of property taxes of any major economy in the world as a share of the economy, according to new analysis, with new business reforms only set to add to the load. The global tax firm Ryan said the UK suffered a heavier property tax burden than the likes of [...]
Andrew Bailey steers push for Anthropic to meet global watchdog over Mythos May 18, 2026 The global financial watchdog is set to discuss the capabilities of the Mythos tool with Anthropic following a push from Bank of England governor Andrew Bailey. The Financial Stability Board, which brings together finance bigwigs from across the G20 nations, will be briefed on the vulnerabilities in the global financial system identified by Mythos. It [...]
Rachel Reeves to scrap fuel duty hike May 18, 2026 Rachel Reeves is set to scrap plans to hike fuel duty, following pressure over the impact of the Iran war on fuel prices and the cost of living. Fuel duty was first frozen by the Tories in March 2022 and the Chancellor had extended this hold on the rate until the end of August this [...]
EY coughs up over £100m to settle NMC Health court conflict May 18, 2026 Big Four giant EY is understood to have paid over £100m to settle a High Court claim brought by former FTSE 100 company NMC Health that collapsed during a fraud scandal. Both EY and the healthcare provider reached a confidential agreement in February to settle the claims, which were brought four years ago against EY for [...]
Kainos shares lift as revenue surges on bumper NHS contract wins May 18, 2026 One of Northern Ireland’s biggest technology firms has posted a surge in revenue on the back of a spate of NHS contract wins. Belfast-based IT services provider Kainos reported a 17 per cent rise in revenue to £431.1m for the year to end March, led by a 55 per cent jump in turnover from healthcare [...]
Exclusive: F1 Academy launch partnership with Unilever’s Dirt is Good May 18, 2026 Unilever brand Dirt Is Good will today announce a partnership with the all-female racing series F1 Academy, City AM can reveal. The laundry group, which counts OMO, Persil, breeze and Skip within its brand portfolio, has signed a multi-year deal with the single-seater series which will begin this weekend in Canada. F1 Academy is an [...]
Ryanair warns ‘weak’ airlines will go bust this year as fuel costs soar May 18, 2026 Ryanair’s finance boss has said he “wouldn’t be surprised” if some of the airline’s “weaker” rivals went bust later this year, as the Iran war spikes fuel costs. The Dublin-based budget carrier has insisted it is “confident” despite warnings of a jet fuel crisis, but US carrier Spirit Airlines shut down last month, and Ryanair [...]
As it happened: IMF lifts UK GDP and stocks reverse losses as bonds warned of ‘correction’ May 18, 2026 Welcome back to the City AM liveblog. The bond market is taking a breathe after mountains of pressure on Friday. The UK’s borrowing costs hit their highest since 2008, charging to 5.17 per cent during one part of the day’s trading session. This was topped once more on Monday morning, but since then yields have [...]