The government’s policy on tax thresholds – the point at which you start to pay tax, and the point where you tip into paying a higher rate of tax -has had an impact on this number. In last year’s Budget, Chancellor Rachel Reeves said these would stay frozen until 2031. That is three years longer than previously planned.

Chancellor Rachel Reeves delivered her Spring Statement to the House of Commons under the shadow of escalating conflict in the Middle East and mounting fears of a renewed inflation shock driven by surging energy prices.

In a speech lasting just over 20 minutes, Reeves stressed the importance of “stability in an increasingly uncertain world”, pointing to falling inflation and previous interest rate cuts as evidence that the cost-of-living squeeze on households is easing. However, beyond presenting updated forecasts from the Office for Budget Responsibility (OBR) and criticising opposition parties, she unveiled no new tax or spending measures.

The Chancellor has pledged to hold only one fiscal event each year, the autumn Budget, meaning the Spring Statement was positioned as a forecast update rather than a policy platform.

Growth downgraded for 2026

The OBR has revised down its forecast for UK economic growth in 2026 to 1.1 per cent, weaker than the 1.4 per cent predicted in November. Reeves insisted that the longer-term outlook remains resilient, with growth forecast to reach 1.6 per cent in both 2027 and 2028, slightly stronger than previously projected, before settling at 1.5 per cent in 2029 and 2030.

The downgrade comes amid soft domestic demand, geopolitical instability and renewed energy market volatility following military escalation in the Gulf region. Rising oil and gas prices threaten to complicate the inflation trajectory, particularly if disruption to global supply chains persists.

Unemployment to rise before falling

Unemployment is forecast to peak at 5.3 per cent later this year as weaker labour demand feeds through the economy. The rate is then expected to decline steadily, ending the parliamentary term at 4.1 per cent, lower than at the start.

The Chancellor framed this as evidence that the labour market remains fundamentally strong despite short-term headwinds. However, youth unemployment and business hiring caution remain key concerns across several sectors.

Borrowing falls and headroom improves

The OBR forecasts that borrowing will be nearly £18 billion lower than anticipated in the autumn. Public sector net borrowing is projected to decline from 4.3 per cent of GDP this year to 1.8 per cent by 2030.

Reeves highlighted that fiscal “headroom” against her self-imposed rules has increased from £21.7 billion in November to £23.6 billion. The buffer is designed to reassure financial markets and protect against unexpected shocks.

She also confirmed plans to meet North Sea energy industry leaders to discuss the implications of Middle East tensions on domestic production and energy security.

Night-time economy: “Stability rhetoric won’t save us”

Despite the Chancellor’s emphasis on stability, business leaders were quick to challenge what they described as a disconnect between Westminster messaging and frontline reality.

Michael Kill, chief executive of the Night Time Industries Association (NTIA), said the statement failed to recognise the acute pressures facing hospitality and leisure businesses.

“Across the UK, major brands and corporates are collapsing at pace. Confidence is fragile. Margins are exhausted,” he said.

Kill warned that escalating energy costs, higher National Insurance contributions and ongoing business rates burdens are placing “compounding pressure” on the sector. He called for a VAT cut for hospitality, arguing that targeted intervention would stimulate demand, protect jobs and restore confidence.

With youth unemployment rising, the NTIA stressed that the night-time economy has traditionally provided entry-level employment for young people, and warned that increased employment costs are making it harder to sustain those roles.

Business confidence remains fragile

Separate research from the Zoho Digital Health Study 2026 underscores the cautious mood across UK businesses. Twenty-one per cent of business leaders cited high inflation, recession risk and rising interest rates as their biggest external challenge.

Half of firms reported rising costs per employee over the past year, ahead of a further 4.1 per cent rise in the National Living Wage due in April 2026.

Sachin Agrawal, managing director at Zoho UK, said leaders are prioritising productivity and automation over expansion.

“Businesses want to grow, but they’re doing so more selectively by investing in technologies that deliver clear efficiency gains,” he said.

AI platform Photoroom also urged the government to match pro-entrepreneur rhetoric with tangible digital support for SMEs, arguing that access to AI tools can significantly reduce overheads and increase productivity.

Thames transport: a missed green opportunity

Uber Boat by Thames Clippers said the Spring Statement missed an opportunity to accelerate London’s transition to greener river transport.

Geoff Symonds, chief operating officer at Uber Boat by Thames Clippers, said regulatory reform and green fuel incentives could be implemented at minimal cost.

“Low-key budgets don’t have to mean low ambition for the environment,” he said, calling for parity in green incentives between river transport and land-based networks.

A cautious tone in uncertain times

The Spring Statement was deliberately restrained. Reeves’ strategy is to project fiscal discipline and market stability while preserving room for manoeuvre ahead of the autumn Budget.

However, with energy prices climbing, geopolitical tensions rising and consumer confidence fragile, the path ahead is far from settled. The coming months will test whether stability alone is sufficient, or whether targeted intervention becomes unavoidable.

For now, the Chancellor’s message is clear: hold the line, protect fiscal credibility and hope that inflation continues to fall despite global turbulence. Whether businesses and households feel that stability in practice remains an open question.

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European shares extended their decline on Tuesday as the global equity selloff deepened, as investors grappled with ‌the prospect ⁠of ⁠a drawn-out Middle East war, and a sharp jump in oil prices led to fears of a rise in the cost of living.

The pan-European STOXX 600 was down 1.3% at 615.72 points by 0804 GMT, after closing at the lowest level in ⁠more than two ‌weeks on Monday.

The utilities index and banks led sectors lower with 2.6% declines ⁠each, while energy climbed marginally, adding to the previous session’s gains.

U.S. President Donald Trump sought to justify a broad, open-ended war on Iran, saying the stated aims of the conflict had shifted.

An official from Iran’s Revolutionary Guards said the Strait of Hormuz is closed and any ‌vessel trying to pass would be targeted, pushing up global oil and gas shipping rates.

European Central Bank Chief ⁠Economist Philip Lane told the Financial Times a long war could massively put upward pressure on inflation and reduce growth rate in the euro zone.
Among individual stocks, Thales gained 0.7% after the French aerospace and technology firm reported a slightly higher-than-expected annual core profit.

The UK’s competition watchdog has launched a formal investigation into three of the world’s largest hotel groups, Hilton, InterContinental Hotels Group and Marriott International, over concerns they may have shared “competitively sensitive” information through a third-party data analytics platform.

The Competition and Markets Authority (CMA) said it is examining whether the hotel operators exchanged commercially sensitive data using STR, a widely used industry benchmarking tool owned by CoStar Group.

Together, the three hotel groups operate more than 25,000 hotels globally, giving the probe significant weight in the international hospitality sector.

Hotel chains routinely use analytics platforms such as STR to track industry metrics including occupancy rates, average daily room prices and revenue per available room (RevPAR). Such tools can help operators adjust pricing in response to demand and competition.

However, the CMA warned that where rival businesses share competitively sensitive information, even indirectly through a third-party provider, it may reduce uncertainty between competitors and risk softening competition.

“When rival businesses share competitively sensitive information, including through a third-party data analytics provider, this reduces the uncertainty competing businesses normally have about how each other will act,” the regulator said.

“This can affect how strongly companies compete because it makes it easier for them to predict what each other will do and coordinate their behaviour.”

The watchdog will now spend up to six months gathering evidence before deciding whether to issue a formal statement of objections.

At this stage, the CMA stressed that no conclusion has been reached and no assumptions should be made about whether competition law has been breached.

Shares in London-listed IHG fell by as much as 5 per cent in early trading on Monday, although the wider travel sector was also under pressure due to geopolitical tensions in the Middle East.

In the US, Hilton and Marriott shares each fell around 3 per cent, while CoStar, which has a market value of more than $18 billion, dropped approximately 2 per cent.

IHG and Hilton both confirmed they were cooperating fully with the CMA’s investigation. CoStar said it was surprised by the regulator’s interest in what it described as a “longstanding hotel data analytics and benchmarking platform” that has been used by companies and government bodies for decades.

Marriott did not immediately respond to requests for comment.

If the CMA concludes that competition rules have been breached, it has the power to impose fines of up to 10 per cent of a company’s global annual turnover.

The regulator can also offer immunity or reduced penalties to companies that report cartel activity early and cooperate with investigations.

The probe forms part of the CMA’s broader scrutiny of how digital tools and algorithms are used in pricing decisions across sectors.

The watchdog has increasingly focused on the intersection of competition law and technology, warning that algorithmic pricing systems, while potentially efficiency-enhancing, must not facilitate anti-competitive coordination.

The hospitality investigation comes amid a series of high-profile competition cases in recent years.

In November, the CMA opened investigations into eight companies over online pricing practices. Last year, seven major UK housebuilders agreed to contribute £100 million to affordable housing initiatives after the regulator found evidence of information sharing that may have affected competition.

The latest case underscores growing regulatory concern that data-sharing arrangements, even when mediated through analytics providers, could blur the line between legitimate benchmarking and unlawful coordination.

For the hotel sector, the outcome of the investigation could have significant implications for how pricing data is shared, analysed and used across the industry.

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The regeneration project aims to bring more leisure and hospitality facilities to the city

Plans to transform Swansea’s landmark Civic Centre on the seafront have taken a major step forward, with Swansea Council’s cabinet giving the go-ahead for further work to take place which will help inform a future planning application.

The redevelopment, led by the council’s regeneration partners Urban Splash, aims to bring cafes, bars, shops, apartments, workspaces, and leisure areas to the largely vacant building. Proposals include 15 commercial units on the ground and lower floors, around 140 apartments above, and unique attractions such as an aquarium and a saltwater lido.

Set in a prime coastal location, the civic centre occupies one of the most enviable plots in the city – a space many believe holds money-can’t-buy views and untapped potential.

READ MORE: Next Welsh Government must look to deliver an M4 Relief Road says business body the CBIREAD MORE: Despite the promise of £14bn of rail investment Wales isn’t getting a fair deal

The regeneration plans were unveiled at a two-day public exhibition held earlier this month at the Y Storfa community services hub. According to organisers, the response had been overwhelmingly positive, with strong public interest in what could become one of Swansea’s most ambitious redevelopment projects in a generation.

Council leader Cllr Rob Stewart said the project marks the first phase of a wider vision for the Civic Centre site. “The Civic Centre sits on one of the most spectacular waterfront sites in the UK, but the building is now largely vacant following the successful move of services into the city centre,” he said.

“We want to see it transformed into a vibrant destination with new homes, independent businesses, leisure and community spaces that will benefit local people while attracting more visitors to Swansea.” Never miss a Swansea story by signing up to our newsletter here

David Warburton, Development Director at Urban Splash, added: “It’s an extraordinary building in an unrivalled waterfront location, and we see enormous potential to create a place that people will want to live in, visit and spend time in.

“Our ambition is to sensitively repurpose the building, delivering high-quality homes alongside dynamic spaces for independent businesses, hospitality, leisure and community uses – creating activity throughout the day and into the evening.”

Many council services that were previously based at the Civic Centre have now moved to the Y Storfa community services hub on Oxford Street. This includes the central library, contact centre, revenues and benefits, and the West Glamorgan Archive Service.

The Civic Centre redevelopment represents the first step in Swansea Council’s broader plan to strengthen the city’s waterfront as a leading destination.

The city centre has already seen significant investment in recent years, with projects such as the indoor arena and the privately-led restoration of the Albert Hall expanding cultural and leisure offerings. Retail also continues to perform well in some areas, while empty upper floors of commercial units are being converted into flats, potentially boosting footfall for local businesses.

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Q4: 2026-03-02 Earnings Summary

EPS of $0.03 beats by $0.00

 | Revenue of $84.49M (2.96% Y/Y) beats by $4.96M

Tuya Inc. (TUYA) Q4 2025 Earnings Call March 2, 2026 7:30 PM EST

Company Participants

Xuechen Wang
Xueji Wang – Founder, Co-Chairman & CEO
Yi Yang – Co-founder, COO, CFO & Executive Director

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Conference Call Participants

Yang Liu – Morgan Stanley, Research Division
Timothy Zhao – Goldman Sachs Group, Inc., Research Division
Mingran Li – China International Capital Corporation Limited, Research Division
Matt Ma – Jefferies LLC, Research Division

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Presentation

Operator

Good morning, and good evening, ladies and gentlemen. Thank you for standing by, and welcome to Tuya Inc.’s Fourth Quarter and Fiscal Year 2025 Earnings Conference Call. [Operator Instructions] Please be informed that today’s conference is being recorded.

I’ll now turn the call over to your first speaker today, Ms. Regina Wang, Investor Relations Associate Director of Tuya. Please go ahead.

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Xuechen Wang

Thank you, operator. Hello, everyone. Welcome to our fourth quarter and fiscal year 2025 earnings call. Joining us today are our Founder and CEO, Mr. Jerry Wang; and our Co-Founder and CFO, Mr. Alex Yang. The fourth quarter and fiscal year 2025 financial results and webcast of the conference call are available at ir.tuya.com. A replay of this call will also be available on our IR website in a few hours.

Before we continue, I refer you to our safe harbor statement in our earnings press release, which applies to this call as we will make forward-looking statements.

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With that, I will now turn the call over to our Founder and CEO, Mr. Jerry Wang. Jerry will deliver his remarks in Chinese, which will be followed by a corresponding English translation. Jerry, please?

Xueji Wang
Founder, Co-Chairman & CEO

[Interpreted]

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Hello, everyone. Thank you for joining Tuya’s earnings call for the fourth quarter 2025. In 2025, against the complex and evolving external environment, we maintain stability across our platform business, delivered steady full year