Up to 90,000 banking, legal and accountancy jobs based in London are forecast to move to other parts of the country over the next five years, bringing an estimated £9 billion boost to regional economies including Manchester, Birmingham and Leeds, according to analysis by Robert Walters, the listed recruitment company.
The recruiter estimates that figure could rise to £15 billion once the spending of relocated workers in their new home towns, and the extra work generated for local supply chains, is taken into account.
Robert Walters said more companies were looking to move some of their teams out of London because of the cost of running a business in the capital, where a shortage of prime office space has pushed rents to record highs.
The 90,000 roles represent 2.5 per cent of London’s overall workforce. Robert Walters predicts that up to 12,000 jobs will have moved out of the capital by the end of 2027, rising to 45,000 by 2029. Senior leadership teams are expected to remain in London, with companies instead bolstering junior ranks with local talent.
“Our forecast indicates a rebalancing of the scales towards stronger regional jobs growth over a widespread shift of business activity away from London,” said Jonny Bohane, of Robert Walters’ market intelligence team.
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The analysis used past job relocations by major UK employers to establish a baseline, then combined Robert Walters’ own placement volumes with LinkedIn movement data to project regional hiring demand. The model also factored in office capacity, hybrid working levels, the depth of local talent pools, regional development initiatives and government decentralisation programmes.
The northwest of England, including Manchester and Liverpool, is forecast to be the biggest beneficiary, with 22,500 jobs expected to move there by 2031. Bohane’s team estimates this could inject up to £2.25 billion into the region’s economy, “reinforcing its status as the UK’s second hub for growth and innovation”.
About a fifth of the relocated positions, up to 18,000, could end up in the Midlands, principally Birmingham, bringing a £1.8 billion economic boost, the report said. Yorkshire stands to attract about 13,500 roles, adding £1.35 billion to the local economy. Most of the remaining 36,000 or so jobs are expected to move to other major regional cities including Bristol, Edinburgh, Glasgow, Cambridge, Newcastle, Liverpool, Reading and Cardiff.
Daniel Harris, UK managing director at Robert Walters, said he expects the trend to accelerate as “cost considerations remain high, and hybrid working allows organisations to build more geographically diverse teams”.
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“Manchester, Leeds and Birmingham are the engine rooms of activity,” Harris said. “Over the last decade, these regional centres have become key career destinations for UK white-collar workers. They offer a significant presence of high-profile, multinational employers, vibrant cultural scenes and leisure opportunities, as well as a lower cost of living compared to the capital.”
Several large employers have already made similar moves. Birmingham is home to Deloitte’s second-largest UK office, Siemens moved its UK headquarters from Surrey to Manchester in 2019, and the Bank of England has committed to basing one in ten of its staff in Leeds by 2027, although only 156 employees had registered interest in transferring to its Leeds hub by late last year.
The forecasts align with the devolution agenda of Andy Burnham, the prime minister, who has promised to deliver “good growth in every postcode” and wants to reduce the country’s reliance on London, which accounts for about a quarter of the UK’s economic output. Last month he opened a northern branch of Downing Street, No 10 North, as part of his plans for wider political devolution and regional economic growth.
“The appeal of these regional cities shouldn’t be underestimated. But growth isn’t determined by businesses relocating or creating new jobs alone,” Bohane said. “When professionals move into an area, the benefits ripple through the local economy. Increased demand supports everything from transport and housing to cafés, co-working spaces and the wider network of local businesses that keep these cities running.”
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Jamie Young
Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk
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Cisco Systems (CSCO) reported fiscal fourth quarter earnings and revenue that topped estimates as artificial intelligence-related product orders accelerated. The company’s fiscal 2027 sales outlook for Cisco stock came in above expectations. CSCO stock fell on Thursday amid a big run-up in 2026 and high expectations. The computer networking gear maker released earnings after the market close on Wednesday. For…
Boss says ‘We built our first decade in Manchester, and we’re building the next one here too’
Dawid Jaworski, EMEA Lead at Mitti(Image: Mitti)
One of Manchester’s best-known tech employers has a new name after a decade in the city.
Health and safety software specialist SafetyCulture was founded by Luke Anear in a garage in Queensland moved into Manchester in 2016 and two years ago opened a larger base in Mosley Street.
Now the business has rebranded as Mitti as it looks to move beyond its focus on safety management systems to offer an “all-in-one operations system” for frontline workers, and looks to expand its AI offering.
The company says the name Mitti refers to the middle – “the centre of an operation, where decisions get made, and work happens”. It says the name reflects its push to make software connecting frontline workers with those in the boardroom.
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Mitti works with companies that employ many people “who don’t sit at a desk”, in sectors including manufacturing, construction and retail, with its software collecting information from those workers in the field.
During its decade in the UK its customer base has reached 18,000 organisations, including Unilever, H&M, Domino’s Pizza, and Network Rail. North West customers include Bury structural steelwork firm William Hare, which has completed more than 180,000 inspections on the platform in a move that Mitti says has saved it over a million sheets of paper.
Dawid Jaworski, EMEA lead at Mitti, said the firm’s platform sees 3.4 million images and 380,000 inspections added every day.
He added: “Ten years ago we were a handful of people in a small Manchester office trying to convince businesses that the clipboard had had its day. A decade on, this city is the base from which we serve the entire EMEA region.
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The open-plan office with colourful company posters at the SafetyCulture office in Mosley Street, Manchester, in 2024(Image: Paul Adams)
“The customers we serve are the industries this region was built on. That proximity matters. Being surrounded by it keeps us honest about who we’re building for.
“The city has grown up alongside us. Manchester is now the UK’s largest tech economy outside London with more than 10,000 tech businesses operating here. We built our first decade in Manchester, and we’re building the next one here too.”
BusinessLive visited the then SafetyCulture office in 2024 for its opening. Amenities for staff included an in-house chef, a bar, a games room and a purple pool table.
A version of this article first appeared in CNBC’s Inside Wealth newsletter with Robert Frank, a weekly guide to the high-net-worth investor and consumer. Sign up to receive future editions, straight to your inbox.
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The classic car auctions in Monterey could reach a record $500 million this week, as the tech boom and a wave of new collectors drive up the prices of modern supercars.
The auctions during Monterey Car Week, the annual extravaganza of classic car auctions, shows, races and awards, are expected to reach $470 million to $500 million, according to Hagerty. The total is likely to surpass the all-time record of $471 million, set in 2022, and would mark the continued rebound of a market that declined in 2023 and 2024 but snapped back during Monterey last year.
“With strong bidding, this could be the first half-billion-dollar auction week the collector world has ever seen,” said McKeel Hagerty, CEO of Hagerty, the classic car insurance, auction and events company.
Like the stock market, however, the headline strength of the classic car market hides growing volatility and a massive market rotation below the surface. A new generation of millennials and Gen Zers is taking over the collecting market from baby boomers. Rather than buying the 1950s and 1960s cars favored by older generations, new buyers are bidding up modern supercars from their own youth.
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Models like the Ferrari F40, F50 and Enzo, the Bugatti Veyron, Ruf Yellowbirds, Koenigseggs and Paganis are seeing parabolic price gains, with many doubling in price over the past two years, according to industry data.
The most expensive car coming up for sale in Monterey is a 1996 McLaren F1 GTR, estimated to fetch $35 million at RM Sotheby’s. A 2023 Ferrari Daytona SP3 could also be in the top 10 this year, estimated at more than $10 million at RM Sotheby’s. In previous years, the vast majority the top 10 sellers in Monterey were models from the 1950s or ’60s.
A 2023 Ferrari Daytona SP3.
Crystal Lau | CNBC
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So-called “Boomer cars,” which drove the market for decades, are now in decline. The Hagerty Blue Chip Index, which represents the top traditional collector cars, fell 2% over the past 12 months. The Hagerty Supercar Index, meanwhile, surged 30% over the same period.
The younger market has brought new risks. Some classic car experts and dealers say prices for modern supercars are unsustainable and defy traditional collecting metrics, such as proven race histories, scarcity, enduring value and global appeal.
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Many millennial and Gen Z collectors also view collector cars as speculative trades rather than long-term stores of value. Young collectors rarely drive the cars, to avoid adding mileage, dealers say. And they often flip them for quick profits.
“There is a huge amount of speculation in that part of the market,” said Simon Kidston, the classic car dealer and advisor. “It’s been very frothy and created some inexplicable price imbalances to anyone who has long-term experience in the market.”
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In January, a 2003 yellow Ferrari Enzo sold at Mecum Auctions in Kissimmee for $17.9 million – nearly triple the previous record price for an Enzo. In March, at Broad Arrow’s auction at Amelia Island, a 2003 black Enzo went for $15.2 million and a 2005 Porsche Carrera GT sold for $6.7 million, more than doubling the previous auction record for a Carrera GT.
The Bugatti Veyron, Koenigsegg CC8S, Ford GT and Mercedes Benz SLS AMG Black Series are all seeing big price spikes. Ferrari F40s are among the most prized, despite the fact that Ferrari made more than 1,300 of them. An F40 LM went for $11 million at RM Sotheby’s in Monterey last year.
The 2025 top seller in Monterey was expected to be a 1961 Ferrari 250 GT SWB California Spider Competizione, estimated at $20 million at Gooding & Co. It sold for $25.3 million. But the highest price went to a brand new 2025 Ferrari Daytona SP3 that sold for $26 million – blowing past its pre-sale estimate of $3.5 million.
While the most sought-after cars are younger, the brand at the center of the classic car market hasn’t changed: Ferrari. Nine of the top 10 cars most expensive cars sold at auction so far this year have been Ferraris, according to Hagerty. At Monterey this week, five of the top lots are from the famed Italian automaker.
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“All roads lead to Maranello,” said McKeel Hagerty.
A 1963 Ferrari 250 P.
Courtesy of Gooding & Company | Image by Mathieu Heurtault
While Ferraris made in the 1980s, ’90s and early 2000s are surging in price, the Prancing Horse classics of the 1950s and 1960s have stalled, even if they remain at high levels.
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A 1963 Ferrari 250 P is auctioning at Gooding Christie’s with an estimate of $15 million. Gooding Christie’s is also auctioning a 1961 Ferrari 250 GT SWB Berlinetta Competizione with an estimate of $8 million.
And not all the new collectors are going modern. Kidston said he recently sold a black 1967 Ferrari 275 GTB/4 to a 35-year-old tech founder.
“He said to me, ‘This is my dream car,’” Kidston said. “It’s great to see new people coming into this market and loving these cars. And some actually want to drive them.”
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Unwell, the media company co-founded by “Call Her Daddy” podcast host Alex Cooper and her husband, Matt Kaplan, has landed its first outside investment, a deal that values the Gen Z-focused media business at $500 million.
The investment comes from WTSL, an investment firm led by Patrick Whitesell, the co-founder of talent agency WME and former executive chairman of its successor company, Endeavor. WTSL, which Whitesell launched in 2024 with backing from private equity firm Silver Lake, did not disclose the size of its investment in Unwell, though the deal establishes a $500 million pre-money valuation for the company, according to Unwell. Cooper and Kaplan, who self-funded Unwell since founding it in 2023, retain majority ownership of the business.
Unwell said the company has been profitable since its founding and is treating the new capital as growth funding rather than a lifeline. Beyond the money itself, Unwell said WTSL brings “deep strategic expertise, industry relationships and a proven track record of supporting some of the most innovative companies and storytellers in media,” pointing specifically to WTSL’s existing investment in Omaha Productions, the sports and entertainment company founded by former NFL quarterback Peyton Manning. WTSL’s broader portfolio also includes Diamond Baseball Holdings, InterPositive, TMWR Sports and League One Volleyball.
Cooper framed the investment as validation of Unwell’s reach among its core audience. “Trust has become the ultimate distribution channel and 70 million women a month tune into Unwell,” Cooper said in a statement announcing the deal, adding that the company plans to keep “scaling on all fronts” by combining nimble, social-first content production with a deep understanding of its audience’s cultural interests. Cooper said the new backing positions Unwell to accelerate growth through acquisitions and additional investments going forward.
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Whitesell, in his own statement, credited Cooper and Kaplan with an unusual ability to anticipate shifting audience behavior. “Alex, Matt and the team have demonstrated an exceptional ability to anticipate where audiences are headed and create entertainment experiences that resonate deeply,” Whitesell said, adding that the company’s growth, audience connection and cultural relevance made it well positioned to help shape the future of media.
The funding announcement lands just weeks after a pair of media investigations detailed allegations of workplace dysfunction at Unwell. A June Vanity Fair investigation, based on interviews with more than 40 current and former employees and freelancers, included allegations from one freelancer who said Kaplan “creates the most toxic work environment that I’ve ever seen,” along with anonymous claims that Kaplan had questioned employees about their personal lives and commented on their physical appearance. A separate Bloomberg report in April said Kaplan had developed a reputation for frequently yelling at staff members and that some employees were “looking for the exit.”
Cooper addressed the allegations directly in a Wall Street Journal interview at the Cannes Lions festival in June, pushing back without directly denying specific claims. “I will just kind of leave it at ‘Don’t believe everything that you read on the internet,’” Cooper said, adding that she believed being a woman in the media industry brings added scrutiny. “I think, unfortunately, being a woman in this industry is extremely difficult because you’re held to a completely different standard,” she said, pointing to what she described as smear campaigns tied to competing narratives. Cooper has separately told Marie Claire that she and Kaplan work to foster what she called a “very positive and safe” environment for employees at the company.
Unwell has also weathered a series of public disputes tied to its podcast talent roster. Influencer Alix Earle’s “Hot Mess” podcast left Unwell’s network in 2025 amid what Cooper has described as “fake drama” stirred up by Earle, though Earle has not publicly detailed her reasons for departing. Cooper’s earlier, high-profile split from former “Call Her Daddy” co-host Sofia Franklyn also drew significant public attention in the years before Unwell’s founding.
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Kaplan, who separately founded ACE Entertainment, the production company behind Netflix’s “To All the Boys I’ve Loved Before” franchise and the series “XO, Kitty,” said the company’s creator-driven approach has become increasingly attractive to major brands. “As the premier media company for women, we’re collaborating with some of the biggest brands in the world on creator-led strategies,” Kaplan said in a statement, arguing that traditional advertising alone no longer reaches fragmented audiences the way a platform built around trusted creators can.
Unwell says its audience skews heavily female, at 89%, with 72% of that audience between the ages of 18 and 35. The company reports nearly 100 million followers across its platforms and says it generated more than 1.7 trillion earned media impressions in 2025 alone. Its podcast network spans more than a dozen shows, supported by a significant partnership with SiriusXM, which signed Cooper to a three-year deal in 2024 worth as much as $125 million over the life of the agreement.
Beyond podcasting, Unwell has expanded into scripted and unscripted television, producing the “Hannah Montana 20th Anniversary Special” for Disney+, partnering with Peacock on live Paris Olympics programming, and launching the reality series “Love Overboard” with Hulu. The company also has a slate of projects with Netflix, including “Let’s Marry Harry” and “Icebreaker,” both set to begin shooting this fall, alongside a growing portfolio of YouTube-native series announced earlier this year at the platform’s Brandcast event. Unwell’s business extends further still into live events, including nationwide tours, spring break experiences and SXSW activations that the company says have drawn more than 150,000 attendees in person, as well as a consumer products line spanning energy drinks, hydration products and stick packs.
With its first outside capital now secured, Unwell’s leadership has signaled the company intends to pursue acquisitions and additional investments as it works to expand well beyond its podcasting roots into a broader, diversified media and consumer products company.
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