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Bank windfall tax would cost London jobs, deVere warns

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Barclays has reported a 19 per cent rise in first-quarter profits, as market turmoil driven by Donald Trump’s return to the White House boosted trading revenues across its investment banking arm. The FTSE 100 lender posted pre-tax profits of £2.7 billion for the three months to the end of March, beating City forecasts of £2.5 billion. The performance was powered by a surge in revenues from Barclays’ markets division, which capitalised on investor reaction to sweeping policy changes by the Trump administration. Revenues in the markets business climbed 16 per cent year-on-year to nearly £2.7 billion, driven by a 21 per cent increase in fixed income, currencies and commodities trading, and a 9 per cent rise in equities. Activity soared as traders helped clients rapidly rebalance portfolios in response to new US trade and economic measures. The gains offset a rise in loan loss provisions across the group, which increased to £643 million from £513 million a year earlier. Barclays said this included a £74 million charge for “elevated US macroeconomic uncertainty”, reflecting the potential impact of Trump’s newly imposed global tariffs. The results mark a win for chief executive CS Venkatakrishnan, known as Venkat, who unveiled a three-year transformation plan in early 2023 to revive shareholder confidence and reposition the bank. His strategy includes rebalancing Barclays away from its historically volatile investment banking arm and bolstering its UK consumer and corporate businesses, alongside a commitment to return £10 billion to shareholders by the end of 2026. Investment banking fees also saw a strong uplift, rising 16 per cent to £1.2 billion from advising on takeovers, capital raises, and debt issuance. Despite the market gains, challenges remain for Barclays as it navigates a shifting global landscape. Trump’s new trade tariffs, including heavy levies on Chinese goods, pose risks to the global economy and could threaten growth in the UK and US — key markets for the bank. Venkat acknowledged the uncertain backdrop but struck an optimistic tone: “Our high quality, diversified businesses, together with proactive risk, capital and liquidity management and a robust balance sheet, position us well to support our customers and clients and deliver strong risk-adjusted returns in a wide range of macroeconomic scenarios.” Barclays shares have performed strongly since Venkat’s turnaround plan was announced last year, but ongoing geopolitical and economic volatility may test the resilience of his strategy in the months ahead.

A fresh tax raid on Britain’s banks in October’s Budget would hand a competitive gift to rival global financial centres and see jobs and investment drain out of London, the chief executive of one of the world’s largest independent financial advisory organisations has warned.

Nigel Green, chief executive of deVere Group, made the intervention as the financial sector gears up for a major lobbying push ahead of Chancellor John Healey’s Budget on 28 October. Union leaders are pressing for a windfall levy on bank profits to help fund relief on household energy bills, while a senior Wall Street bank boss is reported to have privately urged Healey against making the UK a more hostile place for banks to operate.

“Every finance minister eventually learns the same lesson the hard way,” Green said. “Capital doesn’t sit still and wait to be taxed. It moves to wherever the environment is friendliest, and it moves fast.”

Green pointed to New York as a live warning, citing reports of a material decline in finance roles in the city, with executives openly linking the exodus to its tax burden. “London should be paying very close attention to what’s happening across the Atlantic,” he said. “A city can price itself out of the industry that built its skyline, and once those jobs relocate, they rarely come back on demand.”

His comments follow a similar warning from Citigroup chief executive Jane Fraser, who said last month that she was worried by the UK’s 48 per cent bank tax rate and that “money votes with its feet”. In May, JPMorgan chairman Jamie Dimon said the bank would reconsider its planned £9.9bn Canary Wharf tower if the UK became “hostile to banks again”.

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According to deVere, UK banks already carry a heavier load than most competitors realise. On top of corporation tax at 25 per cent, lenders pay an additional 3 per cent surcharge on their profits plus a separate levy on their balance sheets, both introduced in the aftermath of the 2008 financial crisis and never fully unwound.

“Nobody is asking for sympathy for an industry that’s profitable again,” Green said. “But Britain’s banks are already taxed well above the rate applied to most other sectors. Layering a windfall charge on top of that only deepens an imbalance that already exists.”

Green acknowledged the political pressure on the Chancellor, with reports showing the UK’s largest banks posted combined profits above £29bn in the first half of the year, a figure unions are using to argue that the sector can easily absorb more.

“Big profit numbers make an easy talking point for anyone pushing a windfall tax,” he said. “What gets left out is that financial and professional services already deliver a record share of the tax take that funds the schools, hospitals and energy support Healey wants to protect. Punishing the sector that pays for those things is self-defeating.”

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HMRC figures show the banking sector paid £35.2bn in PAYE, corporation tax, bank levy and bank surcharge receipts in the 2024 to 2025 financial year.

deVere says billions of pounds in planned UK office expansions and hiring are directly tied to the tax outlook, meaning firms are watching the Budget closely before committing further.

“Global banks don’t make 30-year property and headcount decisions based on hope,” Green said. “They make them based on whether a government looks predictable. Every signal of a harsher regime pushes that decision further from London and closer to Frankfurt, Dublin or New York.”

Healey has a narrower path than his predecessor faced, according to Green, given weaker growth and tighter borrowing headroom, which he said makes the temptation to reach for bank profits even stronger. Public sector borrowing came in at £1.8bn in July, against an Office for Budget Responsibility forecast of a £500m surplus, with borrowing in the financial year so far more than £2bn above the watchdog’s expectations.

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“I understand the arithmetic behind wanting an easy pot of money to fund energy bill support,” Green said. “But taxing success out of the country doesn’t fund anything for long. It just moves the tax base somewhere else and leaves a smaller economy behind to cover the bill.”

He added: “Growth comes from stability, not from raiding the sector that’s finally performing. Healey has a genuine chance to back the industry that funds the country. Reaching for a windfall tax instead would be a costly mistake dressed up as a quick win.”


Amy Ingham

Amy Ingham

Amy Ingham is a reporter at Business Matters, covering UK business news with a focus on breaking news, business policy, late payments and insolvency. She joined the magazine in 2026 after completing the NCTJ Diploma in Journalism at Harlow College’s journalism school. Her recent reporting includes British Steel’s nationalisation and its impact on SME suppliers, the decline in late payments by large firms, and Insolvency Service director disqualifications. Reach her at aingham@cbmeg.co.uk.

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BEML shares rise 2% after securing Rs 180 crore Vande Bharat sleeper order

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BEML shares rise 2% after securing Rs 180 crore Vande Bharat sleeper order
Shares of BEML gained nearly 2% on Wednesday to hit the day’s high of Rs 2,006 on NSE after the company secured a Rs 180 crore Vande Bharat sleeper trainset order.

According to a filing with the exchange on Wednesday, the company said that it secured an additional order for manufacturing and supply of Vande Bharat (Sleeper) trainsets valued at about Rs 180.60 crore from Integral Coach Factory.

Also Read | BEML bags Rs 180.6 crore order for Vande Bharat sleeper trains

According to a report by ET, the company has increasingly focused on expanding its presence in the rail and metro segment, with Vande Bharat emerging as a key opportunity as Indian Railways looks to add more modern trainsets to its network.

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The latest order comes as the Vande Bharat platform expands into sleeper services, marking a significant step in the evolution of the train programme from premium day travel towards longer-distance overnight connectivity, the report further said.


The report also highlighted that the latest contract adds to BEML’s growing involvement in the Vande Bharat programme, as Indian Railways expands the next generation of the semi-high-speed train network beyond the existing chair-car configuration. The Rs 180.60 crore order is specifically for the manufacturing and supply of Vande Bharat sleeper trainsets and has been placed by ICF, one of Indian Railways’ major production units.
This marks the third major order win for the company in a month. On August 14, the company announced that it received an order valued at USD 6.65 million from Mauritius for the supply of BE220G Hydraulic Excavators for deployment across key African markets.This includes markets such as Liberia, Sierra Leone, Ghana, Democratic Republic of Congo (DRC), Côte d’Ivoire and neighbouring countries. The company further said that the order will be executed in phases, commencing with pilot deployment in Sierra Leone.

The company will provide comprehensive warranty, technical assistance, site-based service support, operator training, spare parts, specialised tools and maintenance documentation. With this order win, the company’s international order bookings stood at approximately USD 119 million, underscoring the growing contribution of international markets to the company’s business.

The third order win was on August 11, 2026, when the company secured a significant order worth Rs 184.25 crore from Hindustan Aeronautics Limited (HAL) for the manufacture and supply of Light Combat Helicopter (LCH) Fuselage Aerostructures.

Also Read | Hero MotoCorp, M&M, other auto stocks drop up to 5% after August sales numbers. Should you buy the dip?

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In the last one month, the stock went up 13.82% and nearly 7.84% in the current calendar year. The stock was up 59.69% in the last three years and 197% in the last five years.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times.)

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Lula’s lead over Bolsonaro narrows to 1 point in latest poll

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Lula’s lead over Bolsonaro narrows to 1 point in latest poll

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Poundland sale: Owners bid to sell discount retailer before Christmas

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Owners Gordon Brothers appointed advisors Alvarez & Marsal to explore a potential sale of the chain

Poundland

A Poundland store(Image: Dominic Lipinski/PA Wire)

The owners of Poundland are scrambling to secure a buyer for the discount retailer ahead of the crucial Christmas trading period, having already fielded interest from potential suitors.

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Gordon Brothers, which acquired Poundland just a year ago, has appointed advisors Alvarez & Marsal (A&M) to gauge interest in the business after a number of parties approached the Boston-based investment firm regarding a possible takeover.

A&M has been instructed to present Gordon Brothers with a shortlist of formal bids by the beginning of October, as the all-important festive trading season gets under way, according to City AM.

The advisors will be canvassing financial investors and major retailers in the coming weeks to assess their appetite for a potential acquisition.

The accelerated process has been designed to secure Poundland’s future at the earliest opportunity, with the aim of limiting any disruption during the retailer’s busiest time of year, as reported by City AM.

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Gordon Brothers anticipates that the sale of Poundland will generate considerable interest from across the retail sector, it is understood. Sky News was first to report the deal’s timeline.

The discount chain has endured a turbulent few years, which its current owners have attributed to a tough economic climate and a wide-ranging restructuring programme. Poundland plunged to an £85m pre-tax loss in the year to September, almost doubling its £45m deficit from the previous year, while group sales fell 12 per cent to £1.5bn.

The discount retailer cut its workforce by 11 per cent to 14,417 and shuttered nearly 200 stores during the same period.

The company’s directors attributed the deepening losses to “difficult trading conditions” and a “significant programme of restructuring”.

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The retailer described 2025 as a “reset moment,” adding: “This led to a challenging set of numbers seen in these statutory accounts, but it has positioned the company as well as it could be in terms of its turnaround.”

New owner Gordon Brothers, however, insists Poundland has turned a corner since acquiring the struggling retailer for just £1 in July last year.

The group has recently opened its first new store in two years and has been working to restore its iconic £1 price point across its grocery range.

Barry Williams, managing director of Poundland, said: “Rebuilding trust with customers takes time, but we’re making very significant progress as we deliver the ranges and price simplicity they demand of us.”

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Minecraft Down? Thousands Of Players Report Login And Server Connection Issues Across The Country Today

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'Minecraft' was first developed by one person, Markus 'Notch' Persson

Minecraft players across the United States and beyond began reporting widespread trouble accessing the game Wednesday morning, with outage tracking site Downdetector logging a sharp spike in complaints starting around 8:42 a.m. EDT.

The outage tracker’s official account flagged the surge in a post shared shortly after the problems began, asking affected players how the disruption was impacting them and pointing users to its live outage map for updates. The hashtag “MinecraftDown” quickly began trending on social media as frustrated players compared notes on which parts of the game were affected.

According to breakdowns of user-submitted reports, login failures accounted for the largest share of complaints, at roughly 43%, followed by server connection issues at about 31% and problems launching the game entirely at around 24%. Players attempting to sign in described being stuck in repeated authentication loops, while others reported being unable to connect to multiplayer servers or access Minecraft Realms, the game’s subscription-based hosting service for private servers.

As of Wednesday afternoon, Mojang Studios, the Microsoft-owned developer behind Minecraft, had not issued an official statement addressing the outage or confirming a root cause. Coverage of the disruption noted that a search of the company’s official channels and social media accounts turned up no acknowledgment of the issue at the time reports were first surfacing, leaving affected players largely reliant on crowdsourced outage trackers for information about the scope and likely cause of the disruption.

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Wednesday’s disruption is not the first time this year that Minecraft’s online services have faltered. The game, one of the best-selling video game titles in history with hundreds of millions of copies sold worldwide, relies on a network of authentication and multiplayer servers to allow players to log in, verify ownership of the game, and connect to both official and player-run servers. When those backend systems experience trouble, players are frequently locked out of single-player and multiplayer modes alike, even when their own internet connection and hardware are functioning normally.

Earlier this summer, Minecraft experienced a similar disruption that began in the early morning hours, when players reported being unable to launch the game through the official Minecraft Launcher. At the time, affected users encountered error messages indicating the game could not connect to Minecraft’s servers and was unable to verify which products the account owned, both hallmarks of authentication-server trouble rather than a problem tied to any individual player’s device or internet connection.

Outage tracking services have also logged a steady stream of smaller, shorter-lived disruptions to Minecraft throughout the year, including issues affecting sign-in functionality, multiplayer access, and Minecraft Realms specifically. One such incident tied to Realms saw the game’s support team publicly acknowledge “intermittent service disruption” affecting the subscription hosting service, though the company did not immediately specify a timeline for a permanent fix.

The largest and most disruptive Minecraft outage in recent memory came in October 2025, when a broader outage affecting Microsoft’s Azure cloud computing platform knocked out a range of services tied to the tech giant, including Minecraft’s authentication systems and Xbox Live. That incident illustrated how deeply Minecraft’s online infrastructure, like many modern online games, depends on cloud computing services that also underpin a wide array of unrelated products and platforms, meaning a single point of failure at the infrastructure level can ripple outward to affect millions of players simultaneously.

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Minecraft’s ownership under Microsoft, following the tech giant’s roughly $2.5 billion acquisition of Mojang more than a decade ago, has tied the game’s backend infrastructure closely to Microsoft’s broader cloud and identity-verification systems. That integration allows players to use a single Microsoft account to access Minecraft alongside other Microsoft and Xbox products, but it also means outages affecting Microsoft’s authentication services can directly translate into Minecraft access problems, even when the game’s own core servers remain functional.

For most players affected by outages of this kind, the practical impact is straightforward but frustrating: an inability to launch the game, log into an existing account, or connect to online multiplayer servers and Realms, even though locally stored single-player worlds may, in some cases, remain accessible depending on the specific nature of the disruption. Troubleshooting guides commonly circulated during such incidents typically advise players to check official status trackers before assuming a problem lies with their own device, since authentication-related outages tend to affect large numbers of users simultaneously regardless of individual hardware, internet speed or geographic location.

Downdetector and similar outage-tracking platforms compile user-submitted reports in near real time, comparing the volume of incoming complaints against a baseline level of normal background reports to determine whether a genuine service-wide outage is underway. A sudden, sharp spike in reports across many users, as was recorded early Wednesday, is typically treated as strong evidence of a broader service disruption rather than isolated, unrelated technical problems affecting individual players.

Minecraft remains one of the most widely played video games in the world, maintaining a large and highly active player base across personal computers, consoles and mobile devices more than a decade and a half after its original release. The game’s enduring popularity, combined with its heavy reliance on centralized authentication and server infrastructure for both single-player and multiplayer access, has made outages of this kind a recurring point of frustration for its community whenever backend systems falter, even for relatively brief windows of time.

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As of Wednesday afternoon, it remained unclear how long the latest disruption would persist or what specifically triggered it. Players affected by the outage were advised to monitor official Minecraft and Mojang support channels, along with independent outage trackers, for updates on when full service would be restored.

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Sovereign debt plummets as inflation fears push yields to multi-year peaks

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Sovereign debt plummets as inflation fears push yields to multi-year peaks

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FCC proposes Robocall Scorecard to strengthen consumer protection

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FCC proposes Robocall Scorecard to strengthen consumer protection

EXCLUSIVE: The Federal Communications Commission (FCC) on Wednesday proposed a new consumer tool dubbed a Robocall Scorecard that gives consumers insight into efforts to crack down on illegal robocalls, FOX Business has learned.

A public notice was released by the FCC on Wednesday that seeks input on key principles for the creation and usability of a Robocall Scorecard. Those include ensuring that it’s easy to understand and accessible to consumers, establishing rating criteria that are relevant and accurate, as well as creating an iterative process to improve the Scorecard.

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“Combatting the scourge of illegal robocalls remains the FCC’s top consumer protection priority. And since I became chairman, we have been tackling the problem at every point of the call path,” said FCC Chairman Brendan Carr.

“In keeping with this steady drumbeat of work on behalf of American consumers, today’s announcement reinforces the agency’s dedication to protecting consumers from illegal robocalls and ensuring they have the tools they need to make informed choices,” Carr added.

US BANS NEW FOREIGN-MADE CONSUMER INTERNET ROUTERS OVER SECURITY CONCERNS

FCC Chairman Brendan Carr speaks at Federal Communications Commission headquarters

FCC Chairman Brendan Carr said the Robocall Scorecard will help consumers assess how providers are mitigating illegal robocalls, as well as incentivize providers to improve. (Kevin Dietsch/Getty Images)

The notice outlines categories of potential metrics – conduct-based metrics and outcome-based metrics – while also seeking comment on the FCC’s data sources and metrics to ensure they’re relevant in assessing how well providers are successfully and accurately protecting their customers from illegal robocalls.

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Additionally, the FCC is seeking comment on ways to ensure that rating criteria and data are derived from sources that clearly disclose reliability limitations, while not inherently disadvantaging any particular provider.

Carr said that the scorecard will not only give consumers “more information about the measures providers are taking to fight illegal robocalls,” but will also “incentivize providers to improve their efforts.”

FCC ROBOCALL CRACKDOWN COULD CHANGE PHONE PRIVACY

robocall scam

The FCC said that it remains focused on protecting consumers by cracking down on robocalls. (iStock)

The notice says that it’s seeking comment on which providers should receive a scorecard rating, adding that the FCC’s proposal is to only rate domestic voice service providers with retail customers – including all types of retail providers across network types that are subject to illegal robocalls. It also offers more detail about the proposed conduct and outcome-based metric categories.

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Conduct-based metrics would evaluate whether a provider has taken specific steps or responded to specific requests regarding illegal robocall mitigation, regardless of whether doing so is shown to reduce illegal robocalls.

This would cover things like providers offering consumer tools to label or block calls, as well as efforts made by providers to label or block calls and their responses to traceback requests.

FCC MAKES AI-GENERATED ROBOCALLS ILLEGAL AFTER FAKE BIDEN VOICE USED

Robocalls and spam calls on a cell phone

The FCC’s proposed Robocall Scorecard could measure conduct-based and outcome-based mitigation efforts. (FNC)

Outcome-based metrics would measure if a provider’s efforts actually reduce illegal robocalls reaching consumers, such as whether the number, rate, or severity of illegal robocalls experienced by consumers is lower because of something the provider did.

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The outcome-based category would look at consumer complaints filed with the FCC and other federal agencies; aggregated data on the number of calls blocked along with the false positive rate for legitimate calls that are mistakenly blocked, and on the percentage of illegal robocalls received by consumers; as well as trend data showing the change over time in the volume or rate of illegal robocalls, drawn from third-party analytics sources when possible.

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The liability blind spots small businesses only discover at claim time

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Pound rallies after Donald Trump considers limits to tariffs plan

Ask a room of small business owners whether they carry public liability cover and most hands go up. Ask who has read the conditions, checked the limit against their contracts, or told their insurer what the business actually does now — most hands go down. Liability insurance is one of those purchases that feels finished the moment the certificate arrives, and that is precisely when the blind spots start.

Having arranged this cover for UK businesses for years, the same handful of gaps come up again and again. None of them are obscure. All of them tend to surface at the worst possible moment: after something has gone wrong.

Public liability is not a legal requirement — which is exactly why it goes wrong

Employers’ liability insurance is required by law for most UK employers under the Employers’ Liability (Compulsory Insurance) Act 1969, with only narrow exemptions. Public liability, by contrast, is optional in law — but in practice it is demanded by contracts everywhere: local authorities, landlords, principal contractors, event organisers.

Because it is contract-driven rather than law-driven, the important question is not “do I have it?” but “does it match what my contracts require?” A council contract quietly requiring a £10 million limit will not be satisfied by the £1 million policy bought online three years ago. Reading the insurance clause in your contracts — before you sign — is ten minutes that can save a dispute later.

The business description that stopped being true

Liability policies are underwritten against a description of what the business does. Businesses evolve; descriptions often do not. The retailer who started fitting products as well as selling them, the cleaning firm that took on a contract involving work at height, the caterer now doing festival pitches — each has changed its risk, and each should tell its insurer.

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An out-of-date description is one of the most common reasons liability claims become difficult. Keeping it current is free.

Working on other people’s premises

Much small-business liability risk arises away from your own four walls: at client sites, in customers’ homes, at venues. Conditions in the policy — about heat work, depth of excavation, work at height, or subcontractors — matter most in exactly these situations. If subcontractors are part of how you deliver work, understanding whether the policy treats them as employees, and what it requires them to carry themselves, is essential.

Products follow you around

If you supply, repair, alter or manufacture goods, products liability is the part of the cover that responds when something you supplied causes injury or damage after it leaves your hands. It is usually bundled with public liability, but the two are not the same thing, and businesses that import goods can find themselves treated as the manufacturer for liability purposes. Worth knowing before, not after.

The limit is a contract decision, not a guess

There is no universally correct liability limit. The sensible way to set one is to work from your contracts and your exposure: who could you injure, what property could you damage, and what do the organisations you work for require? Limits of £1 million, £2 million, £5 million and £10 million are all common in the UK market for different reasons. Treating the limit as a considered decision — rather than defaulting to whatever a comparison journey pre-selected — is the difference between cover that fits and cover that merely exists.

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A ten-minute annual habit

The pattern across all of these is the same: liability cover fails quietly, through drift, not drama. A short annual review — contracts checked against the limit, business description still accurate, subcontractor arrangements understood, products exposure considered — deals with most of it.

For businesses that would rather talk it through than work through policy wording alone, an FCA-regulated broker can review what you have against what you do. There is more on how public liability insurance for small businesses works, and what to check, on our site. Cover is always subject to insurer underwriting and to the terms, conditions, limits and exclusions of the policy, and the right arrangement depends on your individual circumstances.

*This article is general information for business owners, not personal insurance advice. Focus Insurance Services is a trading name of Captios Limited, which is authorised and regulated by the Financial Conduct Authority. Focus Insurance Services arranges commercial insurance for businesses across the UK.*

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PCEC snub cost WA ‘$50m’ global LNG event, document says

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PCEC snub cost WA '$50m' global LNG event, document says

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Former Hull boxer Tommy Coyle to host annual school uniform event

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Stock photo shows a young family eating out at a restaurant, including children and adults.

Free school uniforms are to be handed out in Hull by former boxer Tommy Coyle.

The ex-Commonwealth lightweight champion set up a sporting foundation when he retired from boxing in 2019 and has led a number of initiatives for underprivileged children, including a mobile boxing gym.

“If you’re in a position to do good then I believe you should,” he said.

The event at Coyle’s gym, TC60, on Humber Street will take place on Thursday from 10:00 until 13:00 BST.

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Coyle said he would be giving out unbranded uniforms of all colours and sizes with no questions asked for those who attended, working with places such as Transwaste Recycling, Cranswick and MKM.

About 400 uniforms were given to families last year, and he said it “does tend to go up year on year”.

Speaking on BBC Radio Humberside, Coyle said: “It’s such an expensive time of year. Everything is going up in price. Uniforms are a fortune this year.

“It’s a bittersweet day – bitter in the sense that so many people need support but sweet in the sense that we can come together to support the community.”

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Coyle added that his reason for doing it was “a bit of a personal one”.

“It goes back many years, and there was a form of bullying taking place as certain people didn’t have certain makes [of clothes] at school,” he said.

“I think everybody should be able to feel included at school whether they’ve got branded or unbranded uniform.”

Listen to highlights from Hull and East Yorkshire on BBC Sounds, and watch the latest episode of Look North.

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Bristol Cars announces return with two-seater ‘Fighter’

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The long-lost marque was unveiled at Salon Privé at Blenheim Palace

Bristol Cars returns with revived Fighter programme

Bristol Cars returns with revived Fighter programme(Image: Sam Frost)

A famous Bristol car maker that went bust during the pandemic owing millions of pounds has announced its return.

Bristol Cars – a British manufacturer of luxury vehicles – unveiled its first completed ‘Fighter’ built on an original, unused chassis, at Salon Privé at Blenheim Palace on Wednesday (September 2).

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Originally developed in the early 2000s, the two-seater supercar was Bristol’s final production model before manufacturing ceased in 2011. It is powered by an 8.0-litre V10 and has a top speed of up to 210 mph.

It is understood that vehicle manufacturing will take place in the UK in partnership with an unnamed British company.

The brand’s revival is being led by director Paul King, while Richard Hackett, a former adviser to the company, is re-joining as chair. The Fighter programme is the first stage of a wider attempt to revive the marque.

“Bringing Bristol Cars back is about far more than reviving a name; it is about bringing back the spirit of a marque that has always stood apart,” said Mr King.

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“Bristol has a remarkable story, from its roots in aviation and engineering to the extraordinary and exclusive cars it crafted. We want to honour that heritage while giving Bristol a future that is every bit as distinctive.

“To bring Bristol back to making cars in Britain, and with Richard Hackett returning to the company, we have brought together an exceptional combination of heritage, knowledge, engineering and craftsmanship. This is the beginning of Bristol’s return, and there is much more to come.”

Bristol Cars said four further Fighters will be completed using original unused chassis’, drawings and parts in the coming months and could be configured in either right or left-hand drive. They will then be sold and exported to major markets, including the US.

“Bristol has always been about doing things differently,” said Mr Hackett. “It was never a mass-market manufacturer. It built exceptional cars in small numbers for people who appreciated their individuality, engineering and character.”

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Bristol Car’s return comes six years after the business fell into liquidation. The historic company was founded in 1945 as part of the Bristol Aeroplane Company – an enormous aircraft works in Filton that employed around 70,000 men and women during the Second World War.

When the war was over, the company began making cars in order to keep people in work. The 400 was the first car to go into production in 1946. It was inspired by the pre-war 326 and 328 BMWs, had a top speed of 95.7mph and a six-cylinder two-litre engine, making it unusually efficient for the time.

But the business faced a number of financial difficulties over the years. Bristol Cars first went into administration in 2011, with some 22 staff in Filton being made redundant.

Kamkorp Autokraft later acquired the intellectual property and goodwill and subsequently licenced it to Bristol Cars. Then, a decade ago, the brand announced its return at Goodwood with a limited edition Bullet – a two seater speedster priced at £250,000 – but the car did not go into production.

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Bristol Car’s return this year comes as the company marks 80 years since its founding.

“To return as chairman, particularly in Bristol’s 80th anniversary year, is a tremendous privilege,” added Mr Hackett. “This is an opportunity to respect everything that made Bristol special while giving the marque a future.”

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