Its CEO Rajesh Nair says he is very concerned about the implications for the long-term competitiveness, sustainability, growth and future investment outlook for the UK steel sector.

Tata Steel UK is warning that the domestic sector will continues to face major challenges despite a new quota and tariff regime on imported steel.

From July the UK Government will lower the tariff-free quota level for steel importers by 60% compared to current arrangements. This will double import taxes on steel coming into the UK above those levels from 25% to 50%.

It is part of the Westminster administration’ aim to ensure 50% of the steel used in the UK is made in the country, up from 30%.

Tata Steel UK said it has concerns over quota volumes in a number of product categories, including metallic coated steels , packaging steels and hollow sections. It said this will continue to allow significant import penetration and do not sufficiently reflect underlying UK market conditions or the pressures facing domestic steel producers.

Tata, as part of a £1.2bn investment, which includes £500m of backing from the UK Government, is building a new electric arc furnace at Port Talbot following the ending of heavy steel making last year with the closure of the site’s last blast furnace.

The arc furnace will make steel from scrap steel. It was scheduled to become operational last next year, but is now facing a delay of six to 12 months due to connection issues with the National Grid.

On the new tariff and quota regime, which will be reviewed after a year, Rajesh Nair, chief executive of India-owned Tata Steel UK said: ‘A sustainable domestic steel industry depends on a policy framework that supports investment, protects jobs and provides a level playing field for UK steel producers. Steel remains a strategically important foundational industry for the UK economy and wider manufacturing base.

‘We do not believe the final quota levels published reflect UK market conditions or the pressures facing the domestic steel industry. In several categories, the quota volumes continue to allow significant import penetration into strategically important UK steel markets, exposing domestic production and supply chains to continued pressure.

‘If the government’s ambition of building a sustainable steel industry capable of supplying 50% of UK demand is to be realised, quota arrangements will need to provide adequate support for domestic steel producers and support the long-term growth of the UK steel sector.

‘We are disappointed by elements of the final framework announced and we are very concerned about the implications for the long-term competitiveness, sustainability, growth and future investment outlook for the UK steel sector.

‘We expect the Government to reconsider aspects of the framework and continue working with the UK steel sector to ensure a level playing field that supports domestic production, protects employment and strengthens the wider UK manufacturing supply chain.

In a statement to the Commons earlier this week, trade minister and MP for Rhondda and Ogmore, Sir Chris Bryant told MPs: “Canada, the United States, and the European Union have already put in place similar toughened measures to protect their industries. So if we do nothing, or if we delay introducing new measures, we will immediately become the global dumping ground for cheap steel across the world. Again, I say that would mean the end of UK steel production.”

Sir Chris added: “The total quota volume will now be 3.2 million metric tonnes, that is an increase of over 560,000 metric tonnes of steel that can be imported tariff-free compared to the provisional volumes we announced, a significant 21% uplift.

“Having listened to members and to industry, we have increased the quotas in several instances, so as more accurately to protect categories of steel that are manufactured in the UK.

“Some of the changes reflect the fact that the European Union remains our largest export market for steel, and we have highly interconnected supply chains.”

Shadow business secretary Andrew Griffith warned the 50% tariff rate “will do great damage to British manufacturing, to housebuilders and those who construct the nation’s infrastructure”.

He welcomed “concessions” made by the government, but said concern remains over some steel import codes that are used by aerospace and space, arguing defence firms would face higher costs.

William Bain, head of trade policy at the British Chamber of Commerce, said: “These amendments are a welcome tilt towards the needs of the UK’s downstream steel users, employing 300,000 people in the UK.

“They were facing large additional import costs from next Wednesday and the quota changes, for downstream users in category one steel products in particular, will lessen the blow.

“Overall, the changes will reduce the proposed quota cuts from 60% to 51%, which aligns more closely with the EU’s plans. There is a significant increase in the previously proposed tariff free quotas to 3.2m tonnes. This is real move forward from the original proposals, particularly for category one products.

“But the government is walking a precarious tightrope in trying to balance the needs of steel producers and users and its hand has been forced by the actions of other global players.

“There will still be many losers. The government has committed to review these measures in a year’s time but should act more quickly if firms face severe financial distress. We will be speaking to firms in our network to gauge the impact these revised quotas will have on costs and jobs.

“If the pain is still felt to be too severe will be seeking further action on changes to the quotas and an extension to easements.

“Although the government has listened and addressed real business concerns, the dialogue must continue to be responsive to the needs of thousands of downstream steel firms.”

CANBERRA — Somewhere in Australia’s capital territory, a person is going about their day with no idea they just became a multi-millionaire.

A single player in the Australian Capital Territory held the only division one winning entry nationally in Powerball draw 1571 on Thursday, June 25, 2026. The prize: the entire $40 million jackpot. The win marks the third-largest lottery prize ever claimed in the ACT.

The winning entry was purchased from a NSW Lotteries outlet in the territory. But more than a day after the draw, the new multi-millionaire still hasn’t come forward — and lottery officials say there’s a simple reason why.

Why the winner hasn’t been told

The winning ticket is not registered with The Lott Members Club, meaning the operator has no way to contact the player directly. In other words, the phone hasn’t rung because there is no number to ring. Had the ticket been registered to a player card or online account, the holder would already have been notified automatically. Instead, officials say they are waiting for the ticket holder to check their own numbers and come forward.

The Lott is now appealing directly to the public for help closing the loop, encouraging all ACT residents and visitors who purchased an entry in Thursday’s draw to check their tickets.

Lott spokesperson Matt Hart underscored the scale of the moment for whoever is holding the winning slip. “Someone has become an overnight multi-millionaire but possibly doesn’t know it yet,” Hart said. “We can’t wait for them to discover this winning news. Just imagine how $40 million might change your life and the lives of your nearest and dearest.”

What to do if you’re holding the ticket

Officials are urging anyone who thinks they might be sitting on the winning entry to act quickly and carefully. “We’re urging all of ACT residents or visitors who purchased an entry in tonight’s draw to check their tickets,” Hart said. “If you discover you’re holding the division one winning entry, hold on tight to that ticket and phone 131 868 as soon as possible so that we can start the prize claim process.”

For anyone digging through wallets, glove boxes or kitchen drawers, the numbers to look for are specific. Thursday’s Powerball draw 1571 was won with the numbers 7, 29, 25, 18, 26, 23 and 17, plus Powerball number 16.

There’s no need to panic about a ticking clock, at least not yet. Winners in New South Wales and the ACT have six years from the draw date to claim their prize, though most players come forward far sooner — on average, within about 10 days of the draw. Unclaimed prize money eventually goes toward bonus draws or charity donations.

Far from the only winner that night

While the division one prize is grabbing headlines, the mystery ACT player was far from the only person to come out ahead in Thursday’s draw. There were 1,085,541 winners across divisions two to nine, who collectively took home more than $25.98 million.

That means well over a million tickets nationwide produced some kind of payout, even if none came close to matching the scale of the unclaimed jackpot sitting in the ACT.

A notable moment for the capital

Big lottery wins are not an everyday occurrence in the territory, which makes Thursday’s result stand out locally. The win is being described as the third biggest lottery prize ever claimed in the ACT, a notable distinction for a relatively small jurisdiction by national population standards.

The story has already prompted renewed interest in basic lottery housekeeping — namely, registering tickets so winners can actually be reached. Officials have long pointed out that registration removes the guesswork from moments exactly like this one, where a winning ticket can sit unclaimed simply because there is no way to notify the holder.

The waiting game continues

For now, the identity of the new multi-millionaire remains unknown, and authorities say there’s little more they can do beyond repeating the appeal and waiting.

It’s a scenario lottery operators have seen before: a winning combination drawn, a prize confirmed, and a recipient who has no idea their financial circumstances changed overnight. Until the ticket holder checks their numbers — whether by habit, curiosity or a friend mentioning the news — the $40 million prize will simply sit, unclaimed but accounted for, waiting for someone to realize that a routine purchase turned into a life-altering windfall.

Anyone who purchased a Powerball entry in the ACT around Thursday’s draw is being urged to check their ticket against the winning numbers as soon as possible. Should the numbers match, the next step is straightforward: hold onto the ticket securely and call The Lott directly to begin the formal prize claim process.

For everyone else in the territory who didn’t strike it lucky this time, divisions two through nine offered smaller but still meaningful payouts, a reminder that Thursday’s draw delivered winners well beyond the single ticket now anchoring this story. As for that ticket itself, its holder remains, for the moment, blissfully and obliviously $40 million richer.

If gambling has become a source of stress rather than entertainment, support is available through the National Gambling Helpline at 1800 858 858.

If we get this right, the benefits will be felt not just in boardrooms, but in communities across Wales.

Spend time with businesses across Wales and you quickly hear a consistent message. The ambition is there, the resilience is there, but too often the system makes things harder than it needs to be.

This is not about a lack of ideas or energy. It is about the everyday realities of running a business. This ranges from navigating complex processes, managing rising costs, to dealing with uncertainty that can slow decision making. For many, particularly smaller firms, these pressures are not abstract. They are immediate, practical and, at times, limiting.

If we are serious about strengthening the Welsh economy, we must focus on removing those barriers. Making it easier to do business is not a nice-to-have; it is fundamental to improving productivity, unlocking investment and creating better opportunities across our communities.

There are encouraging signs that this agenda is gaining traction. At a UK level, the creation of a Small Business Regulatory Taskforce which brings together organisations including ICAEW is a welcome step in the right direction. Its ambition to reduce the administrative burden of regulation reflects a growing recognition that the current system can be overly complex and, at times, disproportionate.

Importantly, ICAEW is playing a direct role in shaping that work. Our chief policy and communications officer, Iain Wright, has been appointed as a member of the taskforce, which brings together representatives from across industry to provide practical, evidence-based recommendations on how regulation can better support smaller businesses.

Co-chaired by the Minister for Small Business and the Federation of Small Businesses, the group is focused on identifying opportunities to streamline requirements, reduce administrative costs and unlock growth.

The taskforce is operating at pace, with an initial eight-week programme designed to gather real-world evidence and pinpoint the specific friction points that businesses encounter. ICAEW is leading work on modernising regulatory submissions, and we firmly believe that this is an area where relatively targeted reform could have a disproportionately positive impact on efficiency and compliance.

From the perspective of our members, the issues are clear. Businesses frequently point to duplication, unclear guidance and inconsistent approaches across regulators as key challenges. These are exactly the kinds of pain points that the taskforce is seeking to address and we welcome any further thoughts from our members on any specific pieces of regulation that are preventing growth.

This is not about cutting corners or diluting standards. Effective regulation is essential. But it must be designed with the end user in mind by being proportionate, transparent and straightforward to navigate.

These same themes sit at the heart of ICAEW’s manifesto for Wales. It set out, in simple terms, the issues businesses tell us are holding them back: it is too difficult, too expensive and too uncertain to do business in Wales.

The solutions we proposed before the election in Wales were equally clear. Simplify how businesses interact with government. Reduce unnecessary costs where possible. And provide greater certainty so firms can plan, invest and grow with confidence.

There is nothing theoretical about this. It is grounded in the day-to-day experiences of firms right across the country from family-run rural enterprises to larger organisations with international reach.

That is why engagement with businesses themselves will be critical to the success of the taskforce. Through our networks, we are actively encouraging members across Wales to share practical examples of regulatory burdens and targeted reforms that could ease them. The more specific those insights, the greater the opportunity to drive meaningful change.

Encouragingly, there is a strong and growing alignment between these priorities and the direction of travel in Wales. Our new government is clear in its commitment to improving productivity and driving sustainable economic growth.

That focus is the right one. Productivity is not an abstract economic term; it is the foundation of higher wages, improved living standards and stronger public services. If we want Wales to compete, attract investment and retain talent, we must continue to prioritise it.

Crucially, there is also a clear recognition that improving productivity cannot be separated from the business environment itself. Efforts to streamline processes, improve infrastructure and support enterprise all point in the same direction; creating the conditions in which businesses can thrive.

The opportunity now is to build on that intent and ensure it translates into practical, on-the-ground improvements. Because, ultimately, it is delivery that will make the difference.

Take infrastructure, for example. Businesses continue to highlight the importance of reliable transport and digital connectivity in accessing markets and attracting talent. Skills shortages also remain a significant concern, with many organisations reporting difficulties in finding the people they need to grow.

With more than 3,000 members across Wales, working in every part of the economy, we see first-hand what enables growth and what gets in the way. That insight is critical in shaping policies that are both effective and deliverable.

The broader economic context reinforces the urgency of this agenda. Business confidence in Wales has been fragile, and while there are clear strengths in sectors such as advanced manufacturing, energy and the creative industries, global uncertainty continues to weigh on investment decisions.

Against that backdrop, creating a more supportive and predictable business environment becomes even more important. It is one of the most practical levers we have to boost confidence and encourage long-term investment.

Wales has all the ingredients needed to succeed with talent, innovation, a strong sense of identity and a growing track record in key sectors. What we must ensure is that the framework around our businesses enables, rather than constrains, their ambitions.

There is no single policy that will deliver growth on its own. But making it easier to do business by simplifying processes, reducing unnecessary friction and providing greater certainty is one of the most effective steps we can take.

If we get this right, the benefits will be felt not just in boardrooms, but in communities across Wales.

• Robert Lloyd Griffiths is Wales director of the ICAEW.

Wales educates tens of thousands of talented students and graduates every year, yet only a tiny fraction ever start a business.

Over the past three weeks the UK StartUp Awards has staged 10 events celebrating more than 900 new businesses from every nation and region of the UK.

The final event for Wales, held in Cardiff on Thursday evening, was a reminder of the quality of entrepreneurs we have here in Wales.

From digital businesses and green innovators to food producers, social enterprises and young founders taking their first steps, the energy in the room was impossible to ignore.

It would be easy to come away from an evening like that feeling entirely optimistic about the future of Welsh enterprise, and, in many respects, we should.

The businesses on that stage were creative, ambitious and resilient and yet that is precisely why the wider picture is so frustrating.

Wales does not lack entrepreneurial talent, ideas or ambition, but it lacks a healthy economy that should be constantly renewing itself as new firms emerge to test ideas, create jobs, and, occasionally, grow into scale-ups and mid-sized companies that become the backbone of a stronger economy.

The official statistics show that on this most basic measure, Wales has roughly a quarter fewer businesses per 10,000 people than the UK as a whole, and that gap is one of the clearest explanations for why our economy continues to under perform.

If Wales simply matched the UK rate, we would have something in the order of 31,000 additional firms in the economy and that matters because fewer start-ups mean fewer businesses that can innovate, export and grow into the larger Welsh-owned companies we so badly need.

It would be one thing if this gap were closing, but that isn’t the case – Welsh business births are down more than 27% from a 2021 post-Covid peak, more than double the UK decline of around 13% and they are now below even their 2020 level.

The stock of active enterprises in Wales has also shrunk since 2021, meaning we are not simply starting fewer businesses than the rest of the UK, but our business base is contracting while others stabilise, which directly impacts the economy.

Matching the UK’s rate of business formation would mean roughly 4,500 more new businesses created in Wales every year, which is close to half as many again as we manage now. Simply put, if we do not have enough firms, particularly enough new and ambitious firms, then every other policy objective becomes harder to achieve.

So what can be done?

The good news is that this is not a problem that requires a decade-long commission, and there are steps Wales could take immediately.

The first is to treat our universities and colleges as engines of new firm formation rather than as bystanders in the enterprise economy.

Wales educates tens of thousands of talented students and graduates every year, yet only a tiny fraction ever start a business.

That is not because they lack imagination or ambition, but because the system rarely presents entrepreneurship as a credible route after education and a serious, properly funded national graduate and student enterprise programme could change that quickly.

The second is to make the journey from idea to investment far clearer, as too many first-time founders in Wales find the support landscape difficult to navigate.

We need accelerators, founder networks and stronger connections between new entrepreneurs and those a few years ahead of them.

Indeed, a founder who has just hired their tenth employee or raised their first investment round can often be more useful to a new entrepreneur than many business advisers.

The third is to create more first- customer opportunities as start-ups grow because people buy from them. Public bodies, large companies, universities and anchor institutions should open up more procurement opportunities to young Welsh firms.

That does not mean lowering standards, but it means making contracts accessible, breaking large opportunities into smaller lots, and actively using procurement as a tool for economic development.

The fourth is to create more physical spaces where people can take their first steps as founders and begin to believe they can start a business.

That is one of the reasons we are developing a private-sector-led entrepreneurship hub at Bodlondeb in Conwy, creating a practical place where new founders in north Wales can take the first serious steps towards starting a business.

Wales needs more of these spaces, rooted in their local communities yet connected to a wider national network of founders, investors and opportunities.

The fifth is to start much earlier, and if we want more people to start businesses in their twenties and thirties, it should be visible in schools as a normal and attainable ambition.

Young people should meet founders, work on real business challenges, understand money, markets and customers, and see entrepreneurship as one of the career routes available to them.

Finally, we need to celebrate Welsh start-ups far more loudly, as people are more likely to start businesses when they see others like them doing so.

Certainly, our event in Cardiff showed what already exists in Wales, namely brilliant founders building serious businesses, often without enough recognition – we just need to make those stories visible throughout the year.

None of this is beyond us, and it doesn’t require Wales to copy Silicon Valley or pretend to be somewhere it is not but requires us to recognise that our economic future will be largely built by the people already here, starting firms, solving problems, employing others and creating value in their own communities.

That is why the StartUp Awards this week mattered, as they were not just a celebration of individual start-ups, but a glimpse of what Wales could become if we took enterprise formation seriously.

The entrepreneurs, the ideas and the ambition is there, but the question is whether Wales is prepared to build the support system they need around them.

LONDON — The FTSE 100 index declined more than 0.87 percent on Friday, falling to 10,438.71 as investors weighed mixed economic signals and corporate earnings reports from major British companies.

The blue-chip index, which tracks the 100 largest companies listed on the London Stock Exchange, has shown volatility in recent trading sessions amid concerns about global growth, interest rate policies and sector-specific challenges. The decline erased some of the gains made earlier in the week as markets responded to various economic data releases.

Trading volumes remained healthy as institutional investors adjusted positions ahead of the weekend. The index traded within a range between 10,435.90 and 10,530.18 during the session, reflecting typical intraday fluctuations.

The FTSE 100’s performance contrasts with some international benchmarks, highlighting unique factors influencing UK equity markets. Domestic economic indicators and corporate results have played significant roles in recent movements.

Economic Backdrop

The United Kingdom’s economy has shown mixed signals in recent months, with moderating inflation but persistent concerns about growth and consumer spending. The Bank of England’s monetary policy decisions continue influencing market sentiment and sector performance.

Corporate earnings from major FTSE 100 constituents have delivered varied results. Companies in consumer goods, financial services and energy sectors have reported results reflecting different economic pressures and opportunities.

Global factors including trade relations, commodity prices and international central bank policies affect UK-listed companies with significant overseas exposure. Currency movements, particularly the pound’s value against the dollar and euro, influence reported earnings and competitiveness.

Sector Performance

Energy companies within the index have faced pressure from fluctuating oil prices and transition challenges in the energy sector. Their performance reflects broader market dynamics around commodity cycles and environmental considerations.

Financial services firms have navigated interest rate environments and regulatory changes. Their results provide insights into consumer lending trends and economic activity levels.

Consumer goods and retail companies have dealt with cost-of-living pressures and changing shopping behaviors. Their performance indicates broader consumer confidence and spending patterns.

Technology and industrial companies have shown varied results based on global demand and supply chain conditions. Their international exposure makes them sensitive to worldwide economic developments.

Market Sentiment and Analysis

Analysts have noted the FTSE 100’s relative underperformance compared to some international indices. The index’s composition, with significant representation from traditional sectors, has influenced its returns relative to technology-heavy benchmarks.

Investor sentiment has been cautious amid uncertainty about economic growth trajectories and monetary policy directions. The Bank of England’s communications have been closely watched for signals about future rate decisions.

The index’s dividend yield continues attracting income-focused investors. Many FTSE 100 companies maintain strong payout records, providing reliable returns in uncertain market conditions.

Investment Considerations

The FTSE 100 offers exposure to established British companies with global operations. Its composition provides diversification across traditional industries and some growth sectors.

Risks include economic slowdowns affecting corporate earnings, geopolitical developments impacting international operations and sector-specific challenges. The index’s sensitivity to commodity prices and currency movements requires careful consideration.

Longer-term investors often view the FTSE 100 as a stable component of diversified portfolios. Its historical performance and dividend characteristics support its role in long-term investment strategies.

Active management and sector rotation strategies can help navigate the index’s cyclical nature. Understanding individual company fundamentals remains important for stock selection within the benchmark.

Broader UK Market Context

The London Stock Exchange serves as a key international financial center with companies from various sectors and global reach. Its performance reflects both domestic economic conditions and international developments.

Alternative UK indices like the FTSE 250 provide exposure to smaller companies with different characteristics and growth profiles. The relationship between large and small-cap performance offers insights into market sentiment.

Regulatory environment and government policies continue influencing corporate strategies and investor decisions. Changes in taxation, trade agreements and business regulations affect company operations and valuations.

Future Outlook

As the year progresses, attention will focus on corporate earnings, economic data releases and central bank decisions. These factors will influence whether the FTSE 100 can regain lost ground and establish new highs.

The index’s performance will continue reflecting the health of major British companies and overall economic conditions. Its movements remain closely watched by investors, policymakers and the public.

The FTSE 100’s ability to navigate current challenges while positioning for future growth will determine its trajectory. Corporate innovation and economic resilience support positive long-term outlooks.

Market volatility is expected to continue as various factors influence investor sentiment. The index’s historical performance suggests capacity for recovery and advancement over time.

The milestone movements and daily fluctuations of the FTSE 100 serve as barometers for UK economic health and global market sentiment. Its role as a benchmark remains important for investors and analysts worldwide.