One of the UK’s oldest family-owned companies has praised the government’s decision to include forges in its energy subsidy scheme for manufacturers, forecasting savings of up to £250,000 a year on its fixed energy costs.

Somers Forge, which is based in the Black Country and has been owned by the Folkes family since 1697, supplies vital parts for naval vessels including nuclear submarines. The firm, part of the country’s defence manufacturing chain, was recently included in the British Industrial Competitiveness Scheme (BICS), which waives the obligation to fully pay three of the five levies imposed on UK manufacturers.

Tammy Inglis, the finance director of Somers, said it was “absolutely brilliant” to see forges included in the scheme. “Over a five-year period, we were going to expense an extra £1.1 million on that one-line cost. Now, because we are going to be saving a lot of that and a proportion of other renewable surcharges, we’re going to save around £200,000 to £250,000 per year from our fixed costs on energy,” she said.

The scheme was announced in June last year, promising to cut electricity costs by up to £40 per megawatt hour for more than 7,000 energy-intensive users such as automotive, aerospace and chemicals makers, by reducing what eligible firms pay towards the renewables obligation, capacity market and feed-in tariff from 2027. However, the industry code for businesses classed under forging, pressing and stamping of metal was initially left out.

Last month the government updated the criteria for BICS to include forges, after lobbying from groups such as the Confederation of British Metalforming. This month it published the final list of eligible activities and launched an eligibility checker so firms were aware they could claim.

Jonathan Reynolds, the business secretary, told The Times: “By making sure every eligible business in the country knows how to access the support they need, our Modern Industrial Strategy will help power Britain’s future and unlock good growth in every corner of the country.”

The support comes as energy prices continue to squeeze the firm, which celebrates the 160th anniversary of its engineering division this October. Inglis said the company was paying around 45 pence per therm, a unit of heat, in 2018, but the price has since risen to as much as £1.65. Somers now spends as much as 10 per cent of its turnover on energy bills.

“I’m getting to the stage … where I’ve got to start putting surcharges on customers, because it’s just a low profit,” she said.

Inglis previously told The Times that the company was struggling to compete with European rivals because of energy costs. She said the scheme will “definitely” help the firm compete in Europe, although energy prices still feed into the cost of other commodities the business buys, such as steel.

The wider strain on companies was underlined last week by the Red Flag report from BTG, a management consultancy, which found more than 53,000 British businesses at risk of collapse and a 9 per cent year-on-year jump in companies in critical financial distress. BTG warned of the impact of higher inflation and energy prices.

Stephen Morley, the president of the Confederation of British Metalforming, an association that represents 200 companies, said the changes mean that between 70 and 80 per cent of his members are now eligible for the scheme. The GMB union has separately criticised the exclusion of ceramics and brickmaking businesses from the support.

Morley welcomed the change for metalformers but said the “staggering price of energy in the UK remains at the forefront of industry’s mind”, creating an “unfair playing field for our firms trying to compete globally”. He said German companies complain about energy “until they realise our costs are 60 per cent higher”.

He urged the prime minister to go further. “BICS is a start, but it shouldn’t be the end … Burnham and his team have an opportunity to redraw the energy lines and give manufacturers the conditions to grow and create jobs,” Morley said.

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.

Walmart is making a new play for younger, style-conscious shoppers with a women’s fashion brand offering most items for less than $25.

The retail giant is rolling out Scenario, a modern bohemian collection featuring apparel, shoes, jewelry, handbags and other accessories, at all of its stores.

The launch includes 280 styles, according to Walmart.

“We’ve been on a journey to democratize fashion by focusing on expanding our assortment, elevating the experience in-store and online, reaching new customers and changing [the] perception [of] Walmart fashion,” a spokesperson for the retailer told FOX Business in an email.

The news was first reported by The Wall Street Journal.

WALMART SAYS IT WILL USE BILLIONS IN TARIFF REFUNDS TO KEEP PRICES LOW

Walmart is rolling out Scenario, a modern bohemian collection featuring apparel, shoes, jewelry, handbags and other accessories. (Scott Olson/Getty Images)

Scenario is designed to appeal to women around age 35 who want trendier details than Walmart’s existing brands traditionally offer, according to The Wall Street Journal.

The line includes embroidered blouses, pintuck denim shirts and faux leather bags, with a focus on natural fabrics such as cotton, the outlet reported.

Walmart said it developed the brand after research found nearly one in five women ranked bohemian fashion among their preferred styles, even though none of its existing private labels were perceived as directly catering to that look.

WALMART E-COMMERCE SALES SURGE AS CEO TOUTS ‘PRICE, SPEED AND CONVENIENCE’

Scenario is designed to appeal to women around age 35 who want trendier details than Walmart’s existing brands traditionally offer. (Jeffrey Greenberg/Universal Images Group via Getty Images)

Scenario will take over some space previously devoted to Time and Tru, Walmart’s women’s brand focused on classic wardrobe staples, according to the Journal.

The retailer tested elements of the bohemian aesthetic within its Time and Tru assortment before deciding to build a dedicated lifestyle brand, the company said.

The existing brand will continue with a smaller selection focused on its most popular items, the outlet reported.

“This is an ‘and’ strategy,” Denise Incandela, executive vice president of fashion for Walmart U.S., told the Journal. “We’re still going to cover those big-volume driving socks and underwear and denim and Ts.”

POPULAR WALMART NUT BUTTER RECALLED AFTER TESTING DETECTS SALMONELLA

Walmart said it has launched or relaunched 15 private brands over the past five years as it works to modernize its fashion business. (Jeffrey Greenberg/Universal Images Group via Getty Images)

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Walmart said it has launched or relaunched 15 private brands over the past five years as it works to modernize its fashion business. 

The retailer said it has also expanded its selection of premium brands through its online marketplace.

In the long-term, the government and Ofgem wants to shift the country away from our reliance on gas, with its volatile international pricing.

Expect lots of fanfare over the sale, for the first time in the UK, of plug-in solar panels.

In the short-term ministers – and the new prime minister – say they are helping where they can, and promising that there is “more to do”.

VAT will be cut on electricity bills in October. It means the price of electricity will fall, but that’s been more than outstripped by an 8% rise in the price of gas.

In the last Budget, then-Chancellor Rachel Reeves cut some so-called policy costs and shifted some onto general taxation instead.

Ministers may be tempted to do more of that, but could face be criticised for simply shifting the burden off bills and onto taxes.

So, the options are limited. The new chancellor, John Healey, has choices to make – with lots of calls for help but with limited room for manoeuvre in the public finances.

All eyes will be on his first Budget, which comes soon after those higher autumn energy bills kick in.

This is sponsored content produced in partnership with Plus500. CFDs are complex, leveraged financial instruments and carry a high risk of losing money rapidly. Trading involves risk of loss.

Contract for Difference trading has grown into one of the more accessible ways for everyday investors to speculate on price movements across global markets, without needing to own the underlying asset itself. Plus500, a publicly listed, multi-regulated trading platform, has positioned itself as one of the more user-friendly platforms for people looking to get started with CFD trading. Here’s a breakdown of how the process actually works.

Visit Plus500 (CFD service. Your capital is at risk)

What a CFD Actually Is

A Contract for Difference is an agreement between a trader and a broker to exchange the difference in an asset’s price between when a position is opened and when it’s closed. Rather than buying a physical share, a barrel of oil, or an ounce of gold, a CFD trader is simply speculating on whether that asset’s price will rise or fall. This structure allows traders to potentially profit in both rising and falling markets, since a CFD position can be opened as either a “buy” (going long, thinking that the price will rise) or a “sell” (going short, thinking that the price will fall).

Because CFDs are leveraged products, traders can open a position by putting down only a fraction of its total value, known as margin. That leverage cuts both ways: it can amplify gains, but it can equally amplify losses up to the full balance of your trading account, which is why regulators in most markets, including Australia’s ASIC, require brokers to display prominent risk warnings and, in many cases, cap the maximum leverage available to retail clients.

Step 1: Open and Verify an Account

Getting started with Plus500 begins with creating an account through the company’s website or mobile app. New users are asked to provide standard identity verification documents, consistent with regulatory “know your customer” requirements that apply across the online trading industry. This typically includes a form of government-issued ID and proof of address, a process most platforms complete within a short window once documents are submitted.

Step 2: Explore the Free Demo Account

One feature Plus500 highlights for newcomers is its free, unlimited demo account, which allows users to practice trading with virtual funds before committing real money. This lets beginners get familiar with the platform’s interface, chart tools, and order types, including stop-loss and take-profit orders, in a risk-free environment before transitioning to live trading.

Visit Plus500

CFD service. Your capital is at risk

Step 3: Fund the Account

Once verified, users can deposit funds into their trading account through standard payment methods, which typically include bank transfer, credit or debit card, and various e-wallet options, depending on the user’s region. Minimum deposit requirements and available payment methods can vary by country, so checking the specifics for an Australian account is a useful first step before funding.

Step 4: Choose a Market to Trade

Plus500 offers CFDs across a wide range of asset classes, including individual shares, indices, commodities such as gold and oil, currency pairs, and cryptocurrencies. Each instrument is displayed with its current price alongside a chart showing recent price movement, letting traders research an asset before deciding whether to open a position.

Step 5: Set Trade Size and Leverage

Before opening a position, traders select the size of their trade and take note of the applicable leverage mandated by regulatory requirements in their jurisdiction. In Australia, ASIC has implemented leverage caps on CFDs specifically to limit the risk exposure of retail traders, meaning the maximum leverage available will be lower than what might be offered to professional or wholesale clients.

Step 6: Set Risk Management Tools

Before or immediately after opening a position, traders can attach risk management tools such as stop-loss orders, which automatically close a position if the price moves against the trader by a set amount, and take-profit orders, which close a position once a target gain is reached. Given the leveraged nature of CFDs, using these tools is widely considered a core part of responsible trading practice rather than an optional extra.

Step 7: Open, Monitor and Close the Position

Once a position is live, traders can monitor its performance in real time through the Plus500 platform or mobile app, which displays unrealized profit or loss as the underlying asset’s price moves. A position can be closed manually at any time, or it will close automatically if a stop-loss or take-profit level is triggered.

Regulatory Standing

Plus500 operates as a publicly traded company, listed on the London Stock Exchange, and regulated across multiple jurisdictions, including Australia through the Australian Securities and Investments Commission. Regulatory oversight requires brokers to segregate client funds from company funds, provide negative balance protection, and adhere to specific disclosure and leverage rules designed to protect retail traders, though the specific protections available can vary depending on the regulatory jurisdiction under which an individual account is opened.

Why the Platform Appeals to Beginners

Industry commentary on retail trading platforms has generally pointed to a few consistent factors that make a CFD provider approachable for newer traders: a clean, intuitive interface; transparent fee and spread structures; a genuinely unlimited demo account rather than a time-limited trial; and responsive customer support. Plus500 has built its platform around those same priorities, offering a single, unified interface across web, desktop and mobile that mirrors the same charting tools and order types across every device.

A Note on Risk

CFD trading is not suited to every investor. Because of the leverage involved, CFD trading is considered higher risk than traditional share investing, though regulations by ASIC ensure retail client losses cannot exceed account deposits. Regulatory bodies including ASIC have published statistics in the past showing that a majority of retail CFD accounts lose money over time, a figure that brokers operating in Australia, including Plus500, are required to disclose to prospective clients. Anyone considering CFD trading should carefully review a platform’s risk disclosure statements and consider whether the product is appropriate for their financial situation before depositing funds.

Visit Plus500 (CFD service. Your capital is at risk)

Getting Started

For those looking to explore CFD trading, Plus500’s combination of a free demo account, straightforward account verification, and a wide range of tradable markets offers a practical way to learn the mechanics of leveraged trading before committing real capital. As with any financial product, prospective traders are encouraged to fully understand the risks involved and to only trade with funds they can afford to lose.

Plus500AU Pty Ltd (ACN 153301681), licenced by: ASIC in Australia AFSL #417727. Derivatives issuer licence (FSP No. 486026) in New Zealand for NZ clients, issued by the FMA, Authorised Financial Services Provider in South Africa FSP #47546. You do not own or have any rights to the underlying assets. Consider if you fall within Plus500’s Target Market Distribution. Please refer to the Disclosure documents available on the website.This article is sponsored content and should not be considered financial advice. Trading CFDs carries a high level of risk and may not be suitable for all investors. Past performance is not indicative of future results.

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