TNS Research Finds Consumers Around the World Want One Thing in Payments: Simplicity
Transaction Network Services (TNS), a global leader in providing full-stack, modern and secure payment and network solutions, today released its Keeping Payments Simple: Exploring Consumer Demand for Seamless Payment Methods white paper, revealing that despite cultural differences in payment habits across the United States, United Kingdom and Australia, one clear consumer demand unites all markets: simplicity.
The white paper draws on an independent survey, commissioned by TNS, of more than 3,000 consumers across the three countries, highlighting generational divides, regional differences and shifting expectations. While payment technologies continue to advance, the research shows consumers value reliability and straightforward processes above all else.
Key findings from the research provide invaluable insights for the payments industry, as well as in-store and online retailers, fuel and convenience retailers and parking providers. Covering areas such as parking, unattended payments, in-store connectivity and payment preferences, TNS’ white paper reflects the differences between the three countries, such as in person payments prevailing in Australia, the UK reporting the highest mobile payment adoption and the US revealing a fragmented approach to payments.
With almost half (43%) of respondents across the three countries still opting for in-person payments and just over a quarter (26%) preferring online payments, there is a clear sign that the payments industry must ensure simplicity is prevalent across all payment methods, including traditional and alternative payments.
“Whether in Sydney, New York or London, consumers are telling us the same thing: make payments simple,” said John Tait, TNS’ Global Managing Director for its Payments Market business. “As technology evolves, the challenge for retailers and enterprises is balancing digital innovation with reliability, security and coverage, while acknowledging that traditional payment methods hold sway still with a significant number of consumers. Those who deliver consistency and flexibility in equal measure will earn consumer trust and set the pace for the future of payments.”
The research also uncovered that while frustrations exist, they vary sharply by age. Younger consumers are more likely to encounter failures with app-based or unattended payments, while older consumers, who remain card-first, report fewer problems. Across all three regions, public Wi-Fi expectations, digital advertising engagement and automation adoption show distinct generational splits, reinforcing the need for flexible, inclusive strategies.
The Keeping Payments Simple: Exploring Consumer Demand for Seamless Payment Methods white paper is available now and provides a comprehensive look at consumer attitudes, challenges and opportunities shaping the payments ecosystem across Australia, the UK and the US.
For more information, visit: tnsi.com.
About TNS
TNS is a global leader in providing full-stack, modern and secure payment and network solutions. As a leading provider of Infrastructure-as-a-Service (IaaS) solutions with more than 30 years’ experience, TNS has been offering managed service solutions to more than 1,400 organizations in over 50 countries. TNS’ comprehensive portfolio spans from cutting-edge unattended and in-store payment terminals, online solutions to secure global network connectivity and seamless payment processing through its cloud native payment orchestration platform. With TNS’ portfolio of industry leading services, customers can reduce the complexities of fragmented payments and connectivity with just one trusted managed service partner.
For more information, please visit: tnsi.com.
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TNS
Sarah Chapman/Maria McDonald
+44 (0)114 292 0200
pr@tnsi.com
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SkyParlour for TNS
Claire Holden
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tns@skyparlour.com
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“Whether in Sydney, New York or London, consumers are telling us the same thing: make payments simple,” said John Tait, TNS’ Global Managing Director for its Payments Market business.
Bioworld Unveils Bioworld Ventures, Accelerating the Next Generation of Global Consumer Brands
Bioworld Merchandising, a leading global pop culture merchandising brand, announced the launch of Bioworld Ventures, a new corporate venture fund designed to support and accelerate high-potential consumer brands around the world. Aligned with Bioworld’s 25th anniversary, the launch of Bioworld Ventures signals a pivotal new chapter for the company, focused on strategic investments that drive product innovation and elevate the next generation of category-defining consumer brands.
“Bioworld Ventures represents the evolution of our global brand – providing the opportunity for us to further extend our expertise to elevate and invest in consumer brands that are focused on product innovation,” said Raj Malik, CEO and founder of Bioworld. “For 25 years, we’ve built a global platform that helps great ideas scale, and now we’re formalizing that into a dedicated investment arm.”
Through Bioworld Ventures, the company will support disruptive early-stage businesses, not only with capital, but with deep operational expertise offered without onerous or mandatory service agreements. As part of its mandate, the fund will concentrate on early-stage consumer brands, investing primarily at the Seed and Series A stages, with a focus on opportunities in the U.S., U.K. and Canada in this initial phase.
Bioworld Ventures is led by Matt Alexander, who oversees Bioworld’s investments and M&A as VP Corporate Development and Head of Bioworld Ventures. “Our structure gives us the freedom to support founders on their terms, at their pace,” said Alexander. “Whether leading a round or providing targeted operational help, we want to be a thoughtful, founder-friendly partner that helps great ideas become sustainable global brands.”
Bioworld is uniquely positioned to help emerging consumer brands scale rapidly. Since launching as a licensed music headwear line in 2000, the company has evolved into a global platform with more than 1,000 brands and 2,000 retail partners across apparel, accessories, home goods, travel and beyond.
Known for its leadership in licensing and consumer product innovation, Bioworld has invested heavily in its global infrastructure over the last 10 years as part of its Brand Growth Platform (BGP) strategy. The investments from this strategic approach span operational, logistical, and financial capabilities across the U.S., U.K., EU, Canada, China, India, and more.
As Bioworld reaches this major milestone – having grown into a global platform without external capital – the company is positioned for significant expansion both domestically and abroad through its new in-house venture fund. Further information is available at bioworld.ventures.
ABOUT BIOWORLD
Bioworld is the leading global manufacturer of licensed apparel, accessories, and home goods. Bioworld partners with the world’s most iconic creators and brands to bring pop culture to life, all to create deeper connections between fans and the things they love. Founded in 2000 as a headwear company, Bioworld currently designs into 30+ product categories and partners with retailers at all levels of distribution. From mass to specialty, from boutique to ecommerce, Bioworld helps fans connect at every price point, style, and trend. From new categories to new channels and beyond, Bioworld keeps their partners ahead of the curve.
Headquartered in the US with offices in Europe, China, India, and Canada, Bioworld’s global presence has facilitated its growth in becoming the global leader in delivering these innovative products to all levels of retail distribution. For more information, visit: https://www.bioworldmerch.com/ .
ABOUT BIOWORLD VENTURES
Bioworld Ventures is the corporate venture arm for Bioworld. It is actively deploying capital at the Seed and Series A stages for growth businesses in the consumer category, both in the US and abroad. The fund has a flexible mandate and is able to pursue equity investments, as well as offering venture debt and other such opportunities. All portfolio companies are granted non-compulsory access to leverage Bioworld’s Brand Growth Platform infrastructure, including international offices, logistics, sourcing, licenses, and more.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251210813924/en/
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Overseas ownership of UK property nosedives
The number of UK properties owned by overseas investors has fallen dramatically since 2015 as the impact of Brexit and increased regulation dampen appetite.
While the value of property assets held by overseas companies is at an all-time high – jumping 40 per cent, or £38.5bn, in three years – the volume of purchases has dramatically slowed, according to analysis by Search Acumen.
In 2024, 3,171 properties were registered – just over half the number registered in 2019.
Andrew Lloyd, director at Search Acumen, said the size of property wealth currently under ownership by overseas companies is “eye watering”, but he said that the decline in ownership tells us “one of two things” about the UK’s economy.
“Either investors and the wealthy are buying assets and storing capital outside the UK, which is a troubling sign that our global appeal may be in decline, or our property transaction system is becoming more stringent.”
Measures to increase transparency have strengthened in the last few years, with anti-money laundering regulation like the Register of Overseas Entities in recent years designed to deter illicit purchases.
“The likely answer is a bit of both,” he added. “We know that the UK’s exit from the EU had huge economic consequences… new taxes and rules for overseas investment has played a critical role in the decline since 2022, seen as a less attractive place post-Brexit”.
He added that “reduced anonymity” after the register was introduced may have “deterred some purchases”.
“This, combined with rising interest rates, higher borrowing costs, falling yields and slow capital growth, has likely made speculative investment less rewarding.”
In terms of geography, Jersey overtook the British Virgin Islands as the top country to hold UK wealth through overseas companies, holding £57bn worth of UK property assets.
This equates to a significant 25 per cent of all properties registered under overseas company ownership, followed by the British Virgin Islands at 21 per cent, Guernsey at 13 per cent and the Isle of Man at 11 per cent.
Pinewood: James Bond studio given £1bn licence to build
Plans for a £1bn expansion of iconic film studio Pinewood which include a “state-of-the-art data centre” have been given the green light.
Pinewood Studios submitted the proposals at the end of June to Buckinghamshire Council which were updated from the original scheme which was approved in 2023.
Those plans featured 21 new stages at the Buckinghamshire site but the updated scheme does not stipulate how many there could be.
As well as a 55,030 sq m data centre, the expansion will feature a 60-acre nature reserve, a six-acre community garden and learning space.
When announcing the updated plans in the summer, Pinewood said they would cost over £1bn.
Studio’s profit on the up
In a statement released in June, Pinewood chief executive David Conway said: “Our proposed plan for a data centre on the land to the south of Pinewood Studios is in alignment with the critical infrastructure needs identified by the government.
“The significant investment will bring jobs and additional benefits to the local community with the delivery of a nature reserve, community gardens and learning space.”
In a new statement, Pinewood said: “This facility will be located within one of the UK’s most important digital infrastructure zones, supporting national resilience and future technology growth.
“Data centres are designated by the UK government as critical national infrastructure, and the design includes a nature reserve and community garden, reinforcing our commitment to sustainability and local engagement.”
The approval comes after Pinewood revealed its financial performance for the six months to the end of September 2025.
The group, which is known for being the home of the James Bond franchise, posted a turnover of £117.8m for the period, up from the £100.4m it raked in during the same six months in 2024.
Over the same period, Pinewood’s pre-tax profit increased from £13.3m to £28.2m.
Pinewood rival given go ahead
The expansion plans for Pinewood have been backed after plans for a new £750m film studio in Buckinghamshire were given the go ahead on the day of the Budget last month.
The proposals for Marlow Film Studios were initially turned down by Buckinghamshire County Council last year citing concerns about the project’s impact on the green belt, particularly its potential to cause “spatial and visual harm” to the area.
The site, a former quarry and landfill adjacent to the A404, was earmarked for transformation into a major film production hub, which the developers claim would provide 4,000 jobs and generate £3.2bn in economic growth over its first decade.
A public inquiry into the plans was staged over five weeks in January and February and the decision released by the government just hours before the Budget.
The final decision was made by Steve Reed, the secretary of state for housing, communities and local government.
The development, which is backed by Hollywood director James Cameron will include 18 studio sound stages as well as flexible workspaces, “innovation space”, and a culture and skills academy.
Texas Card House to Host World Series of Poker® Circuit in 2026
The World Series of Poker (WSOP) has announced that Texas will join its exclusive ranks as an official stop on the 2026 Circuit Tour for the first time in history. Through an exclusive partnership with Texas Card House, the iconic WSOP Circuit will be hosted in Austin, at TCH Social from April 23rd to May 4th 2026. TCH Social is one of the Texas-based company’s flagship locations featuring up to 70 poker tables, a full-service restaurant, craft cocktails, and an upscale atmosphere.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251211428594/en/
During the event, Texas will become the center of the professional poker universe. Players from around the world will compete at the Texas Card House in Austin to claim a championship WSOP Circuit ring, enormous prize pools, and a place in poker history at this first-ever WSOP event in Texas. Spectators and fans can expect high-stakes excitement, world-class competition, and an atmosphere only Texas can deliver.
“Texas Card House has spent more than a decade building one of the most reputable and electrifying poker communities in the world,” said Texas Card House CEO, Ryan Crow. “The opportunity to host the first WSOP Circuit stop in Texas history is more than an event—it’s a celebration of every player, every dealer, every game, and every moment that has made Texas poker legendary. I am thrilled to see Texas Hold’em come back home to Texas on such a grand scale.”
Since 2014, Texas Card House has become synonymous with providing an unparalleled poker experience for players at every level of play. Texas Card House has redefined what poker should be – innovative, welcoming, competitive, and uniquely Texan. Texas Card House has six locations across Texas (Austin, Dallas, Las Colinas, Houston, Spring, and the Rio Grande Valley), all recognized for top-tier service, premier tournaments, and a strong community-driven culture.
This historic WSOP partnership is the next evolution that shines a global spotlight on the passion and power of Texas poker culture. Additional details on the partnership, event schedule, and ring lineup will be announced in the near future.
MEDIA NOTICE: Ryan Crow, CEO of Texas Card House, is available for media interviews.
About Texas Card House
Founded in 2014, Texas Card House has become one of the most influential poker brands in America—known for its top-tier service, premier tournaments, and community-driven culture. With multiple locations statewide, Texas Card House continues to elevate and redefine Texas poker.
About the World Series of Poker® Circuit
The WSOP Circuit is a global series of elite poker tournaments awarding coveted WSOP Circuit rings and featuring competitive stops across the U.S. and around the world. As one of the industry’s most recognized brands, the WSOP Circuit offers players a direct path to poker greatness.
View source version on businesswire.com: https://www.businesswire.com/news/home/20251211428594/en/
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Media Contact
Herbert Mattei
CMO, Texas Card House
herbert@texascardhouse.com
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Players from around the world will compete at the Texas Card House in Austin to claim a championship WSOP Circuit ring, enormous prize pools, and a place in poker history at this first-ever WSOP event in Texas.
Forge UK to Become a Registered Auction Agent on the London Stock Exchange’s Private Securities Market
Forge Global Holdings, Inc. (“Forge”), a leading global private securities marketplace, today announced that its UK subsidiary, Forge Europe UK Ltd, has become a Registered Auction Agent (RAA) on the London Stock Exchange’s newly launched Private Securities Market.
“The London Stock Exchange’s Private Securities Market marks a major milestone in unlocking regulated, technology-driven private-market liquidity in Europe,” said Kelly Rodriques, CEO of Forge Global. “Forge’s mission has always been to bring transparency, efficiency and access to private markets globally. By becoming a Registered Auction Agent, Forge will empower our customers with earlier, more consistent liquidity events and access to some of Europe’s most innovative private companies — within a framework that leverages the trusted infrastructure of one of the world’s leading exchanges.”
As an RAA, Forge UK will seek to provide eligible investors with streamlined access to buy and sell private company shares through the London Stock Exchange’s auction-based market structure, which is enabled by the UK government’s innovative PISCES (Private Intermittent Securities and Capital Exchange System) legislation. The Private Securities Market is designed to introduce efficient, intermittent trading windows for private companies — bringing the infrastructure, technology and safeguards of public markets to the private domain for the first time in the UK.
“We are delighted to welcome Forge UK as the latest RAA to join our Private Securities Market, and support its mission to broaden access to private markets globally,” said Charlie Walker, Deputy CEO of the London Stock Exchange. “For the first time, private companies will be able to utilise the London Stock Exchange’s public market infrastructure to offer intermittent liquidity to existing investors as well as evolve their shareholder base. The breadth of Forge UK’s network across private markets provides companies using the Private Securities Market with further choice to achieve this, as well as enable new investors access to growth companies.”
Following this announcement, Forge UK customers — institutional investors, qualified high-net-worth investors and private company shareholders — will gain access to a new channel of regulated European private-market liquidity and enhanced investment opportunities.
“Private companies, founders, employees and investors are increasingly seeking sophisticated, predictable paths to liquidity without the pressure to go public before they’re ready,” said Charlie Grimes, Head of Capital Markets at Forge and Head of Forge UK. “The PISCES framework creates precisely that opportunity. As an RAA, Forge UK aims to connect eligible investors to auctions on the Private Securities Market, help companies tailor their shareholder base through permissioned or open auctions, and provide a repeatable structure for liquidity that aligns with the evolving needs of Europe’s high-growth private sector.”
A New Era for Private Market Liquidity in Europe
Europe’s private market ecosystem continues to expand rapidly. According to industry analyses, European private technology companies are staying private longer and growing in value – accounting for $1.7T in value1, according to the State of European Tech report produced by venture firm Atomico. Europe is home to more than 180 unicorns, according to data collected by CBInsights2, and private-market investment participation among institutional and alternative investors continues to accelerate.
At the same time, Europe boasts a growing investor base—with more than €2 trillion in assets3 managed across European private equity and venture capital firms, positioning the region as a natural next step for Forge’s global expansion.
The London Stock Exchange’s Private Securities Market represents one of the most significant structural evolutions in European private markets to date, creating a regulated, repeatable mechanism for liquidity in private company shares.
About Forge Global
Forge (NYSE:FRGE) is a leading provider of marketplace infrastructure, data services and technology and investment solutions for private market participants. Forge Securities LLC is a U.S. registered broker-dealer and a Member of FINRA that operates an alternative trading system. Learn more at www.forgeglobal.com. Forge UK is a majority-owned subsidiary of Forge Global. Forge Europe UK Ltd is an Appointed Representative of Sapeno Partners LLP which is authorized and regulated by the Financial Conduct Authority.
1 State of European Tech, Nov 2025
2 CBInsights, Dec 8, 2025
3 Invest Europe, July 24, 2025
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Media Contact
Forge Global
Lindsay Riddell
press@forgeglobal.com
Nexo Acquires Buenbit in Major Expansion Across Latin America
Nexo, the premier digital asset platform with $11 billion in assets under management, today announced its acquisition of Buenbit, one of Latin America’s most trusted and fastest-growing crypto platforms. This strategic transaction marks a milestone in Nexo’s global scaling, uniting the company’s advanced liquidity infrastructure and high-yield products with Buenbit’s deep local expertise and strong customer base.
This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251211358777/en/
Through the acquisition of Buenbit, a CNV-registered Virtual Asset Service Provider, Nexo cements its global footprint in the world’s most promising digital asset market – Latin America. Buenbit has become a cornerstone of crypto adoption in Argentina and Peru, known for its user-friendly platform, compliance-first approach, and innovative fiat-to-crypto solutions tailored to the region’s dynamic markets.
Bringing the platforms together
As a result of the acquisition, Buenbit clients will gain access to Nexo’s global suite of crypto wealth-building products, benefiting from top-tier security standards, high-yield earning opportunities, crypto-backed credit in markets where traditional lending is limited, along with personalized client care. With Nexo’s award-winning product suite, clients can trade more than 100 cryptocurrencies across 1,500+ pairs, use structured products such as Dual Investment, engage in advanced futures trading, and benefit from Nexo’s loyalty program powered by the $NEXO Token.
Antoni Trenchev, Co-founder, Nexo:
“Argentina has long been a proving ground for fintech innovation. By joining forces with a team that knows this market inside out, we’re taking a confident first step in bringing Nexo’s global resources to a local context. With Nexo’s scale and Buenbit’s relationships and experience, our innovative solutions will find fertile ground for exponential growth in the next 12 months.”
Federico Ogue, CEO, Buenbit:
“Partnering with Nexo is the natural next step in our evolution. We’ve proven that local insight and product breadth can drive innovation in Argentina, where preserving value is paramount. Now, with our community’s trust and Nexo’s global scale, we are ready to extend that impact across the region, empowering people to save, invest, and grow wealth in a stable, transparent, and regulated environment.”
The completion of the transaction is subject to customary regulatory approvals.
Building with strength and consistency
In Latin America, where inflation, volatility, and limited access to credit continue to undermine long-term savings, Nexo’s advantages come into sharper focus: consistent yields, crypto-backed credit that provides liquidity, along with intuitive tools for navigating the digital asset economy.
This acquisition lays the foundation for a region-wide footprint built on local alignment, product innovation, and the expertise required to unlock sustainable digital asset wealth in Latin America. As part of its multi-year strategy for the region, Nexo will develop Buenos Aires as a regional hub for future partnerships and investments across Argentina, Peru, and Mexico, reinforcing its position as a responsible global consolidator in the digital assets space.
About Nexo
Nexo is a premier digital assets wealth platform designed to empower clients to grow, manage, and preserve their crypto holdings. Our mission is to lead the next generation of wealth creation by focusing on customer success and delivering tailored solutions that build enduring value, supported by 24/7 client care.
Since 2018, Nexo has provided unmatched opportunities to forward-thinking clients in over 150 jurisdictions. With over $11 billion in AUM and over $371 billion processed, we bring lasting value to millions worldwide. Our all-in-one platform combines advanced technology with a client-first approach, offering high-yield flexible and fixed-term savings, crypto-backed loans, sophisticated trading tools, and liquidity solutions, including the first crypto debit/credit card. Built on deep industry expertise, a sustainable business model, robust infrastructure, stringent security, and global licensing, Nexo champions innovation and long-lasting prosperity.
Official website: nexo.com
About Buenbit
Buenbit is a leading Latin American investing platform that allows users to save, invest, and access crypto markets through an intuitive, compliance-first experience. Over the years, Buenbit has processed more than USD 2 billion in volume, helping hundreds of thousands of users in Argentina and the region preserve and grow their wealth through crypto and equity investments, under a CNV-registered VASP framework.
Official website: buenbit.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20251211358777/en/
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Nexo Communications team
communications@nexo.com
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Global digital assets leader Nexo establishes Buenos Aires as its Latin American hub, supporting long-term investment and partnerships across Argentina, Peru, and Mexico.
2025: It’s been one hell of a year for UK business
From political drama to market volatility, cyber attacks, takeovers and trade wars – 2025 has not been plain sailing.
January: motor finance and angry farmers
We began the year reporting on the exodus from the London stock exchange noting that 2024 had been the quietest year on record for new listings and we suggested that 2025 wouldn’t be much better.
January also saw the start of what would become a weekly run of stories speculating on tax hikes to come in this year’s Budget – a prophecy grimly fulfilled.
We also saw the first stories about then City minister Tulip Siddiq coming under pressure over her family’s political activities in Bangladesh – she didn’t last long and quit her post by mid January when we were also reporting on business confidence levels falling to their lowest level since Liz Truss.
Meanwhile the motor finance row was in full swing with news that the Chancellor wanted to intervene on behalf of the banks as she was fearful of the impact an adverse court ruling would have on the sector.
As farmers blocked Whitehall in a row over inheritance tax changes, Sadiq Khan was kicking off over the government’s proposed support for Heathrow expansion.
As the month ended the first jitters about looming Trump tariffs were taking their toll on global markets and the UK economy was struggling to get out of first gear.
February: job losses and corporate drama
By February, the retail sector was warning of the ‘hammer blow’ to jobs following the government’s first Budget – they weren’t wrong about that – and defence stocks popped as Starmer talked up the ‘generational’ security challenge facing the UK.
Thames Water was circling the drain and Unilever ousted its CEO.
March: red tape ripped up
March began with bad news in the jobs market as firms braced for the hike to National Insurance. City institution Aberdeen announced it would reinsert the vowels back into its name following its controversial consonant heavy rebrand.
Trump went to war with Canada, well almost, declaring it should become the 51st US state and the pipeline of firms planning to list on the London stock exchange hit a 24 year low. City regulators began looking for ways to implement the Chancellor’s pro-growth marching orders with the FCA dropping plans to impose diversity, equity and inclusion targets on City firms.
March ended with the Chancellor’s Spring Statement where a wobble on welfare cuts meant her effort to restore her fiscal headroom was basically laughed at by the City and everyone began to anticipate major tax hikes being announced later in the year.
April: Trump shocks the world
In April we were treated to Trump’s ‘liberation day’ – a barrage of tariff announcements that caused global shockwaves and upended the international trading order. Meanwhile City bonuses ticked upwards after the bonus cap was scrapped and gold began a rally that would last into the year. M&S was crippled by a cyber hack that would ultimately cost it hundreds of millions of pounds.
May: Goodbye non-doms
In May, the erratic nature of Trump’s tariff policy continued to drag on growth and we began reporting on the exodus of non-doms. At the City AM Awards that month former Bank of England Chief Economist Andy Haldane warned that “radical reform was needed to break the UK out of a doom loop.”
Thames Water execs got a pasting after splashing the cash on bonuses and Paris overtook London in an influential ranking of tech-sector hotspots.
Reform UK continued its march towards the top of the polls, more IPO woes hit London and the boss of Heathrow confessed to sleeping through the major fire that shut down his airport.
June: City takeovers
In June US investors swooped on no fewer than three UK tech firms in a flurry of takeovers that suggested to many in the City that the UK was incapable of holding on to its own fast growing firms.
The wealth exodus continued, Kemi Badenoch pitched her party to the City saying “we get business and Labour doesn’t” and Santander snapped up TSB for £3bn.
July: Budget rumours start
In July reports emerged that Downing Street was planning to target the wealthy at its Autumn Budget – and didn’t they just – while Revolut huffed and puffed its way through regulatory hurdles to inch closer to securing its full fat banking licence.
Diageo’s boss quit as the Guinness-maker struggled and staff at the City watchdog threatened strike action over changes designed to limit working from home.
August: ropey public finances
In August the motor finance ruling allowed banks to breathe a modest sigh of relief and a City AM poll showed voters considered Reform to be “the party of business.” Growth was anaemic and public finances came under pressure.
September: unstoppable AI
In September the talk in Westminster was of major black holes, productivity downgrades, bad growth numbers and a tax raising Budget – all of which hit confidence, while Jaguar Land Rover was hit by a major cyber attack and Angela Rayner quit the government over dodgy property tax arrangements.
Tube strikes crippled London, Peter Mandelson was under scrutiny for his Jeffrey Epstein links – something that would force him out of the Ambassador’s mansion – and pharma giant Merck pulled out of a £1bn UK investment saying the country was “not competitive.”
The AI boom continued with US giants announcing billions of pounds of investment in the UK and valuations of tech firms in the US continued to balloon.
Budget speculation was reaching fever pitch by late September with rumours of wealth taxes and bank taxes causing concern in the City. Reeves was warning publicly of “hard choices to come.”
October: the rise of the shadow banks
In October, Revolut’s founder joined the growing march of the mega-rich out of the UK and the economy was clearly spluttering with growth slowing and unemployment rising. Meanwhile concerns continued to grow over the rise of shadow banking – non bank lending – lightly regulated and growing fast, it was cited as a major threat to the UK’s financial stability. Political uncertainty and cyber attacks were also cited as prime risks.
November: Budget chaos
That set the scene for November’s Budget which was characterised by chaotic briefings, billions in new taxes and unprecedented lows for Labour’s poll ratings.
All in all, 2025 should be remembered as a year of contradictions: the FTSE hit record highs but the health of the public market is in serious doubt; the government talked about growth, growth, growth but it’s fallen every quarter; the UK’s start-up scene continued to flourish even as wealthy founders bailed for Dubai; major infrastructure projects were signed off but the construction sector ends the year in recession.
We have muddled through. Success has come in spite of the government. 2026 will be a tough year for economic growth and a tough year for Keir Starmer but if British businesses survived this year, then surely the only way is up.
Andrew Bailey: Private credit should have looser rules than banks
Bank of England governor Andrew Bailey has said regulation of the booming private credit sector should be more light-touch than traditional lenders despite the central bank’s fears that a blow-up of the industry remains one of the most significant threats to UK financial stability.
Bailey told an online event that the fallout from a banking collapse would have a far greater impact on the overall economic conditions of the UK than its private credit equivalent and that as result they should “regulate them differently”.
“The liability side of banks is money,” he said, meaning that in a banking crisis, households and businesses’ savings and their capacity to spend is by definition wiped out, and trust in the financial system eroded.
“Banks have money as their liability. Non-banks [private credit firms] have investment, and the two do get muddled,” he told the Financial Times’ Global Boardroom summit, adding: “I think we should be very much clearer that in the world of investment… people have to make money, but sometimes they will lose money as well.”
The comments from the central banking chief follow a period of heightened scrutiny on the private credit industry – also known as shadow banking – after a string of high-profile corporate collapses linked to the industry sparked fears of a sector-wide downturn.
Scrutiny on private credit sector grows
The sector, which has grown rapidly since the fallout from the 2008 financial crisis to become a core part of the world’s financial plumbing, has come under the gaze of central banks and regulators amid fears around their opaque lending practices.
Last week, the Bank of England announced it would carry out its first ever ‘stress test’ of the industry’s role in the UK economy, in a sign the the central bank was treating them more like traditional lenders.
And in their latest Financial Stability report, Bank officials also identified a sector-wide downturn in private credit as one of the main threats to the UK economy.
The industry has long held that despite their opacity, its loans pose less of a threat to the wider financial system, because of their long-term and closed nature. This reduces the likelihood of the kind of rapid contagion common in a banking crisis.
But previously, Bailey has warned the recent collapses of First Brands, Tricolor and Primalend suggest “something more fundamental” was going on in private credit markets, equating some of its riskier practices to those that foreshadowed the 2008 financial crash.
“We certainly are beginning to see… what used to be called slicing and dicing and tranching of loan structures going on and if you were involved before the financial crisis then alarm bells start going off at that point,” he told a House of Lords committee.
Central banks and regulators appear divided on how best to regulate the sector, amid fears investors were engaging in ‘financial arbitrage’ by capitalising on the looser restrictions on non-banks. United States officials have suggested the solution lies in lowering red tape on banks to put the two sectors on a more even footing. But European Central Bank president Christine Lagarde said watchdogs need to heighten their scrutiny on private credit funds.
Bailey said: “I worry that if we start getting into this arbitrage argument too literally, we lose the fundamental difference which is important on both sides. It’s important to have trusted money, that we have an investment world that isn’t overly hampered by this idea that we’ve got to protect the value of every investment.”
Big banks SME lending comeback slowed down by Budget jitters
High street banks’ return to small business lending slowed in the third quarter of 2025 after the chaos on the road to the Autumn Budget dampened activity in the economy.
Big banks dished out nearly £4.2bn in total loans to small and medium-sized enterprises (SMEs) in the three months to 30 September – a level above the 2023 and 2024 average, according to a fresh report from UK Finance.
But the pace at which SME lending grew eased significantly at just 6.4 per cent year-on-year in the third quarter, compared with 8.3 per cent in the second quarter, and 14 per cent in the first. This also marked the slowest rate since the banks’ comeback to the area began at the start of 2024.
Britain’s banking giants have been tasked to take up the mantle of supercharging economic growth through bolstering SME lending.
It follows a report from the Department of Business and Trade in March revealing overall loan success rates for firms applying for bank finance were below 50 per cent – down from an approval rate of 67 per cent in 2018.
Top bosses were summoned earlier this year for talks with ministers covering how to improve lending to SMEs.
Budget hampers lending growth
The weaker pace in the third quarter was driven by muted growth in lending to medium-sized business, which was broadly flat. Meanwhile, for the UK’s smallest firms, it was 15 per cent higher.
The UK Finance paper also revealed tax anxiety ahead of Labour’s second Autumn Budget had weighed on business activity.
UK Finance noted a “wobble in already subdued business sentiment in the run up to the Budget” which the group added was “likely linked to concerns that businesses would again be called upon to plug a hole in the public finances.”
“Taken together, the environment for planning future growth, investment, and taking on new or additional finance has become less supportive,” it added.
The banking industry body noted concern among SMEs regrading the economic climate “had surpassed the 2020 average and was nearly equalled by those concerned by political uncertainty and future government policy”.
Banks were spared from a tax raid as Rachel Reeves unveiled a £26bn cash grab across landlords, the wealthy and bookies on November 26.
In the days that followed the news, banks announced hefty new investments across the UK including £35bn of new finance for business from Lloyds Banking Group and Barclays pledging £45bn to “boost support to UK businesses and consumers”.
Gary Greenwood, equity analyst at Shore Capital, said: “The Chancellor will likely want to see the banks pursuing more aggressive lending policies in order to support economic growth.
“Failure to do so could see this reprieve revisited.”