Business activity increased in seven of the 12 UK nations and regions in August, led by Northern Ireland and London, according to the latest NatWest Growth Tracker. The survey also found that growth expectations for the year ahead improved in the majority of areas, even as cost pressures picked up from July.

The Tracker’s headline measure is the Business Activity Index, where any reading above 50.0 signals growth and a higher reading indicates a faster rate of expansion.

Northern Ireland topped the rankings with a reading of 55.5, its strongest performance for almost two years, followed by London on 54.9. Output was unchanged in the West Midlands at 50.0, while the North West (49.7), North East (49.6), East Midlands (49.5) and Scotland (48.9) each recorded slight decreases in activity.

The July edition of the tracker had reported growth in 10 of the 12 areas, with London on 55.3 at the top.

Sebastian Burnside, NatWest chief economist, said: “It was encouraging to see business activity growth being sustained across most parts of the UK in August, despite a backdrop of renewed inflationary pressures. Business expectations towards future output have also continued to recover in the majority of areas, with confidence getting closer to the levels seen at the start of the year before the recent bout of geopolitical uncertainty and volatility in oil markets.”

Costs and prices

Cost pressures increased across most UK nations and regions in August, the Tracker found, although rates of input price inflation remained below the highs seen in the second quarter of the year. Firms in Northern Ireland again recorded the steepest rise in operating expenses, followed by those in Yorkshire & Humber. Scotland saw the slowest pace of cost inflation, its weakest for six months.

Burnside said: “Higher prices at the fuel pumps in August contributed to quicker increases in input costs in most UK nations and regions, the first time this has been the case since April, but rates of inflation in both costs and output prices remained below the highs seen in the second quarter of the year, perhaps giving policymakers some breathing room to keep interest rates unchanged for now.”

The Bank of England held Bank Rate at 3.75 per cent at its meeting on 30 July, with the Monetary Policy Committee’s next decision due on 17 September.

Prices charged for goods and services also generally rose at faster rates, according to the survey, with Northern Ireland recording the steepest increase. Output price inflation was unchanged in London and the South West and dipped to a five-month low in the South East.

The second-quarter peak in costs followed an energy price shock earlier in the year linked to the Middle East conflict, and pump prices have drawn calls for a cut in fuel duty from campaign group FairFuelUK.

Demand and employment

New business presented a mixed picture, with six of the 12 areas recording growth and the rest seeing a decline. Firms in London and Yorkshire & Humber jointly posted the most marked increases in new work, followed by those in the South West. Scotland remained at the bottom of the rankings but saw its rate of decline ease to the weakest for five months.

Labour market conditions generally remained subdued, the Tracker said, with only pockets of employment growth. Scotland saw workforce numbers rise for a third straight month, while the South West recorded its first increase since April. Staffing levels fell elsewhere, with Wales recording the most marked decline.

Burnside said: “Whilst we’re still only seeing pockets of employment growth across the UK, there are further signs that labour market conditions are at least beginning to steady, with several regions seeing rates of decline in employment either slow or remain broadly unchanged since July.”

Outstanding business fell across the board in August, which the survey described as a sign of generally weak capacity pressures. The reduction in Northern Ireland was negligible, while firms in Wales recorded a sharp drop in backlogs of work.

Business expectations for the next 12 months improved in the majority of areas, with the West Midlands the most optimistic, ahead of London and the South East. Sentiment was weakest in Northern Ireland, though still positive overall.

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

WASHINGTON — A longtime US household staple, bread is undergoing a consumer shift as shoppers gravitate from traditional white/wheat loaves to other category segments, new research from the Grain Foods Foundation (GFF) shows.

A GFF-commissioned survey of 1,043 US adults by market research and polling firm Ipsos found that consumers have become more diverse in their bread product selections, exhibiting a rising preference for artisan and sourdough varieties and sharpening their focus on ingredients and nutrition. Titled “Consumer Perspectives on Bread,” the study also revealed shoppers increasingly have branched out in bread formats beyond conventional loaf slices.

“Bread’s story is being shaped as much by media and dietary conversations as by what’s on the shelf, and independent, best-in-class insights have never mattered more,” said Erin Ball, executive director of the Grain Foods Foundation. “Consumer Perspectives on Bread gives our industry a clear, credible picture of where bread stands with today’s shopper as well as where it’s headed.”

Of the polled households’ primary bread purchasers, 53% said they purchased traditional sandwich bread in the past three months, compared with 22% buying artisan bread, 14% alternative bread formats and 11% better-for-you bread offerings.

Among specific bread items purchased in that time frame, tortillas/wraps led the field, with 71% of respondents buying them. Next were rolls (57%), sliced wheat/whole wheat sandwich bread (53%), sliced white sandwich bread (50%), sourdough bread (45%), artisan sliced bread (37%), baguette bread (31%), grains and seeds traditional sliced bread (30%), sandwich thins and flatbreads (23%) and ciabatta (20%).

Other varieties bought by at least 10% of those surveyed included rye/pumpernickel European-style bread (19%), high-protein/keto bread (14%), ancient grain loaves (12%) and focaccia (12%).

Still, traditional white/wheat sliced sandwich bread stood as the top bread purchase for the three-month period, cited by 78% of consumers polled. Interestingly, however, 72% of traditional bread primary purchasers said they bought tortillas/wraps during that time span, and 59% bought rolls.

“Traditional sliced sandwich bread remains the primary anchor for households, but its core buyers are actively diversifying with alternative formats like tortillas/wraps and rolls,” the GFF study said.

Source: Sosland Publishing Co.

Consumption evolves

Bread consumption has stayed relatively level among consumers. Sixty-seven percent said they’ve eaten about the same amount of bread over the past year, compared with 18% reporting they eat less and 15% saying they eat more, according to the GFF/Ipsos research.

“Overall bread consumption remains largely flat, indicating that growth in the bakery aisle is a battle for share rather than increased volume,” the report said.

But changes in bread consumption clearly show a growing consumer predilection for artisan and better-for-you items, the study noted. For example, over the past year, 46% of respondents said they were eating more high protein/keto bread versus 46% eating about the same and 8% eating less, for a net shift of 38% — the sharpest of the varieties in the research. Next in terms of a net shift toward eating more were boule/batard (27%), sourdough (17%), sprouted grain (16%), ancient grain loaves (14%), sliced grains and seeds (11%), sandwich thins and flatbreads (4%), artisan-style sliced (3%), tortillas/wraps (2%) and focaccia (2%).

Sliced wheat/whole wheat bread and rye/pumpernickel showed no net shift in consumption. Meanwhile, 12% of those surveyed said they eat more sliced white bread versus 61% eating about the same and 27% eating less, for a negative net shift of 15%. Other varieties showing a net shift toward less consumption included rolls (-10%), ciabatta (-8%) and baguette (-4%).

“While traditional sliced white and wheat loaves remain flat or decline, many have actively increased their intake of functional, seeded and fermented breads and artisan types like sourdough,” the GFF study said.

Nevertheless, bread remains a “resilient staple” and a “nutritional anchor,” the report noted. Among respondents, 59% agreed bread and bread products are an affordable way to eat nutritiously, while 39% agreed that a good meal isn’t complete without bread or another bread product.

Changes in choice

But many of the consumers polled also agreed with the following: bread with visible grains/seeds is significantly better for health than traditional white bread (62%), sourdough bread is better for gut health/digestion than regular bread (53%), traditional sliced bread is boring compared to other bakery options (50%), artisan or grainy breads have less added sugar than traditional white bread (48%) and a standard loaf is too much to finish before it goes bad (28%).

In addition, 43% said they worry about carbs/weight gain and are trying to limit bread intake. Yet 36% said they are looking for a new bread type as their household’s staple, and 62% like to use alternative breads, such as wraps, to make different kinds of sandwiches.

“Despite nearly half actively limiting their intake due to carb and weight fears, a majority still view bread as an affordable way to eat nutritiously, highlighting the category’s enduring relevance for today’s shopper,” the study said.

On the health and nutrition front, whole wheat (36%) and simple/clean label (35%) topped the list of “healthy bread descriptors” that catch consumers’ eyes when shopping for bread, the research found, with “clean label” defined as bread with recognizable ingredients and/or five ingredients or less. Other descriptors appealing to respondents included high fiber (30%), low/no added sugar (24%), high protein (19%), sourdough starter/naturally fermented (19%), visible seeds (16%), ancient grains (14%), low calorie (14%) and sprouted grains (9%).

“Consumers define healthy and high-quality bread through foundational health cues, prioritizing whole wheat, clean labels and high fiber over niche diet claims,” the report said.

Those descriptors, along with sensory experience, also play into consumers’ “must-haves” when shopping for bread. Price, cited by 50% of consumers polled, was a top-three must-have when choosing bread, but more respondents cited taste (86%) and texture (55%). Other factors considered most important when bread shopping included clean ingredients (40%), shelf life (38%), healthier than other options (36%), loaf size (32%), visual appeal (28%), specific nutritional benefits (24%), low/no added sugar (24%), brand familiarity (18%), low carbs (15%) and low calorie (14%).

“While price is important, taste, followed by texture, are the ultimate ‘must haves’ that dictate the (bread) purchase decision,” the GFF study said.

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LONDON — Prince Harry and Meghan Markle’s return to the United Kingdom has been financially supported in part by British hedge fund billionaire Ian Wace, a longtime friend of the couple, according to multiple sources cited by Page Six in the days following the family’s relocation from California.

Wace, 63, is the founding partner, chief executive and chief risk officer of Marshall Wace LLP, one of the world’s largest hedge fund firms, founded in 1997. His estimated net worth stands at roughly $1.2 billion, according to Page Six’s reporting. Two sources told the outlet that Wace has been helping finance the Sussexes’ move back to Britain, though he is not believed to be covering the full cost of their relocation or ongoing expenses.

Harry, Meghan and their two children, 7-year-old Prince Archie and 5-year-old Princess Lilibet, flew privately from Los Angeles to Birmingham on Aug. 26, a trip Page Six reported cost approximately $120,000. The couple’s plans to return to the UK were first reported Aug. 20, with details of Wace’s financial involvement emerging in the days that followed.

Wace and Harry’s friendship extends beyond financial support and reportedly carries deep personal significance for both men. In 1994, Wace’s first wife, Joanna, and their two young children, 4-year-old Guy and 11-month-old Alice, were killed in a car accident in Hampshire. Wace himself had been sitting in the passenger seat of the vehicle at the time of the crash. Harry, of course, lost his own mother, Princess Diana, in a car crash in Paris in 1997, a shared experience that sources say helped forge a particularly close bond between the two men over the years.

Harry first visited Wace’s private Scottish island, Tanera Mòr, in 2017, shortly after Wace purchased the property, according to the Daily Mail. More recently, in July, Harry and Meghan brought Archie and Lilibet to the same island for a private family visit, further underscoring the closeness of the relationship between the two families.

The exact amount Wace has contributed toward the Sussexes’ relocation has not been publicly disclosed. According to AOL’s reporting on the arrangement, Harry and Meghan retain their home in Montecito, California, as well as a property in Portugal, meaning their return to Britain does not represent a complete departure from their life abroad. Their new UK residence is expected to remain private, with neither Harry nor Meghan planning to resume official royal duties following the move.

Separately, a report from tabloid outlet National Examiner, cited by RealityTea, claimed the couple has not been shy about accepting broader financial support from various backers as they resettle in Britain, describing what the outlet characterized as the Sussexes’ “5-star lifestyle” and asserting that the couple intends to eventually repay any assistance they’ve received. Those specific claims regarding a wider circle of financial backers beyond Wace remain sourced solely to that tabloid report and have not been independently corroborated by other outlets covering the family’s relocation.

Commentary from celebrity gossip site Celebitchy pushed back against a separate narrative that had circulated in British media in the weeks before Wace’s involvement became public, referencing a Times of London article questioning how Harry and Meghan would afford their new life in the UK. According to that critique, British tabloids had spent years suggesting the Sussexes were financially struggling, a narrative the site argued has since been undercut by reporting confirming the couple has generated significant income through their various business ventures since stepping back from royal duties in 2020.

Beyond Wace’s financial support, Harry and Meghan are expected to continue pursuing their respective professional projects from their new base in Britain. Harry is anticipated to devote additional time to UK-based charitable work, including preparations tied to the 2027 Invictus Games, scheduled to take place in Birmingham. Meghan is expected to continue running her lifestyle brand, As Ever, from the UK, while some reports have also suggested she may be exploring a return to acting, though British actor Theo James recently dismissed as “hot air” specific rumors linking her to a role in the Netflix series “The Gentlemen.”

The couple also maintains an extended content partnership with Netflix, a relationship that has continued to generate revenue for the Sussexes since they signed their original deal with the streaming service following their departure from royal duties.

The financial support from Wace adds a new dimension to the broader public conversation surrounding Harry and Meghan’s return to the UK, which has already generated significant coverage of the family’s motivations, their children’s schooling arrangements, and the state of Harry’s relationship with other senior royals, including his brother, Prince William. King Charles separately issued a letter in recent days aimed at clarifying confusion over Harry and Meghan’s official royal status following their return, reaffirming that the couple remains outside the formal structure of working royal duties despite their physical relocation back to Britain.

With Harry and Meghan now settling into their new life in the UK, the disclosure of Wace’s financial support offers one of the more concrete details to emerge regarding how the family is managing the practical logistics of their transatlantic move, even as broader questions about their long-term financial arrangements, living situation and public role in Britain remain subjects of ongoing speculation across British and American media coverage of the family’s relocation.

Mr Mullen’s departure comes as the bank announces a rise in income and profits in its latest accounts

Newcastle challenger bank Atom Bank has announced the departure of its chief executive Mark Mullen. Mr Mullen, who co-founded the bank in Durham ahead of its move to Tyneside this year, has stepped down after a period of speculation around possible takeover bids for the digital-only bank.

Current chief financial officer Andrew Marshall will become interim CEO as Atom starts the search for a permanent successor to Mr Mullen. The announcement came as accounts for Atom for the year ending March 31 showed a growth in net operating income to £99.8m, while profit before taxation increased significantly from £5.1m a year earlier to £9.4m.

In the accounts, Mr Mullen said the company’s performance had been “positive”, though he stressed the need to find a “better balance in the composition of our earnings”.

He added: “We delivered these results despite considerable macroeconomic volatility, maintaining exceptionally low levels of both arrears and forbearance at just 0.9% across the loan portfolio. In the final quarter of the financial year, the impact of the potential economic fallout from the war in Iran played through into higher modelled Expected Credit Losses (ECLs) for the year at £9.4m against £7.1m in FY25.

“In the course of the year, we further expanded and established new deposit platform partnerships. We grew retail deposit balances to more than £8.3bn and launched our first Cash ISA.

“We have invested in our behaviouralisation and price elasticity modelling and continued to leverage our Elvet Securitisation programme. Growing our retail deposit capabilities will remain a key strategic focus. We continue to work toward increasing our maximum aggregate balance, driven by the upcoming launch of our latest savings variants.”

In this morning’s announcement of his decision to step down, Mr Mullen said: “After 12 years as CEO, I have decided to hand over the leadership of Atom. It has been a privilege to build this business and I am immensely proud of what we have achieved together, growing Atom into a leading UK bank that successfully competes with the High Street banks.

“Atom is a fantastic company with a bright future. I wish Andrew and my permanent successor well.”

Atom chair Lee Rochford said: “On behalf of the board, I would like to thank Mark for his leadership, dedication and significant contributions since he founded the business 12 years ago. Under his leadership, Atom pioneered digital banking in the UK.

“His vision of an online bank devoted to customer service has been adopted across the industry and helped make Atom one of the UK’s most trusted banks for customers. That is a legacy to be proud of.”

Mr Marshall said: “I am pleased to take on the role of Interim CEO and to lead Atom after 10 years with the business. Mark leaves us with a strong foundation and an excellent team, and I look forward to working with the board and leadership team to maintain our momentum.”

Clifford believes home heating oil theft highlights a wider inequality facing rural Northern Ireland.

“While urban households often have access to gas networks and a choice of energy suppliers many rural households depend on a single fuel source stored outside their homes,” she said.

“This creates a unique vulnerability to crime that disproportionately affects rural residents, particularly older people, low-income households, and farms.”

“Rural communities are often at their strongest when neighbours look out for one another, so if you notice suspicious activity, unfamiliar vehicles repeatedly visiting an area, or anyone behaving unusually around fuel tanks, report it to the PSNI.”

A spokesperson for the PSNI said fuel tanks can often be seen as “easy pickings” for thieves.

“By taking precautions you can protect your oil – lock and disguise your tank, fit a ‘level Gauge’ with audible alarm and consider installing security lighting and CCTV.”

Richard Holden has written to transport secretary Heidi Alexander asking for action to be taken on the A303 traffic problems

A senior politician has called for urgent action on the A303 following a fact-finding visit to villages surrounding Stonehenge. Richard Holden, the shadow transport secretary, wrote to his government counterpart, Swindon South MP and Transport Secretary Heidi Alexander, urging action in the wake of the scrapped £2bn Stonehenge Tunnel project.

Mr Holden visited communities in the Stonehenge area at the invitation of Dr Monica Devendran, the Wiltshire Councillor for Amesbury West.

During his visit, Mr Holden said there was “a clear and consistent concern that the underlying transport problems affecting communities along the A303 corridor have not gone away”.

In his letter, he wrote: “Residents are particularly concerned that, despite the cancellation of the scheme, there appears to have been little consideration given to mitigating the continuing impact of congestion and the increasing volume of diversion traffic through surrounding villages.”

He highlighted a recurring issue of “the routine rerouting of traffic by satellite navigation services through villages such as Shrewton, Berwick St James and other nearby communities whenever congestion or incidents occur on the A303”.

Locals, he said, “described the resulting rat-running as causing severe congestion, speeding, noise, pedestrian safety risks and disruption to local businesses.

“In many cases, these roads are simply not designed to accommodate such volumes of through traffic,” he added. Mr Holden called on the Department for Transport to engage with Google Maps and other mapping services “to reduce unnecessary routing of strategic traffic through unsuitable villages wherever practicable”.

He said: “It is clear that local communities feel current navigation algorithms are exacerbating an already difficult situation, particularly following the cancellation of the improvement scheme.”

He also voiced concern that “no credible alternative has yet been put forward to address congestion, improve resilience along the A303 corridor, or reduce the impact of diversion traffic on neighbouring villages when issues do occur”.

He also called for “secure, sensible and low-cost mitigations, such as screening” to “stop people dangerously slowing down, pulling over, hanging out of windows, or standing up through sunroofs, often with children, to take photographs of Stonehenge”.

The A303 Amesbury-to-Berwick Down highway scheme, which included proposals to divert the arterial route through a tunnel past Stonehenge, was scrapped by the incoming Labour Government in July 2024 as part of a review of unfunded or unaffordable transport commitments.

The Government subsequently brought the project to a formal close when Transport Secretary Heidi Alexander revoked its Development Consent Order, citing “exceptional circumstances”, a substantial change in deliverability, and the scheme’s failure to align with current strategic policy objectives.

At the point the scheme was halted, the estimated cost stood at between £1.4bn and £1.7bn, with £179.2m already spent on planning, design and development by the time the project was abandoned.

In May, a motion put forward to Wiltshire Council by Cllr Devendran was passed by 91 votes to one, compelling council leader Ian Thorn to write to Ms Alexander regarding A303 traffic concerns.

Cllr Thorn said he would “drive to Swindon and talk to her myself” about the issue.

This week, Cllr Devendran told the Local Democracy Reporting Service: “I will continue pressing the Government, National Highways and relevant stakeholders to ensure local communities are heard and kept informed as this work progresses.

“I thank Richard Holden for visiting Stonehenge, listening directly to residents, and taking the concerns of local communities to the Secretary of State for Transport.”