Tariffs have never been far from the headlines during President Trump’s second term in office and another raft of these import taxes has just come into force.

So are US households really paying 1.5% more because of them?

The BBC’s Samira Hussain explains how tariffs are affecting the US economy, who pays the price, and whether they’re meeting their objectives.

From a nine-generation family farm to a challenger radio station, the 2026 Lloyds British Business Excellence Awards shortlist tells a different story about British SMEs, and one of them will win £500,000 of ITV airtime

At a time when small business confidence is under well-documented pressure, the Lloyds British Business Excellence Awards has announced its 2026 finalists: almost 200 businesses and business leaders shortlisted from a record field of entries overwhelming majority of them small and medium-sized firms, spanning all 20 categories and every corner of the UK economy.

The shortlist reads like a map of SME Britain. A ninth-generation family farm, Tulleys Farm, that now welcomes nearly two million visitors a year. Boom Radio, the challenger station built for the over-50s. A Leeds bearings exporter, a Kent swimming school, a Bristol sandwich institution, a stairlift installer, artisan food brands, family funeral directors, and fast-scaling names like Pip&Nut and Octopus Electric Vehicles, alongside household names such as Fortnum & Mason and Kendamil.

Amanda Murphy, CEO, Lloyds Business and Commercial Banking, said: “Behind every successful business is a story of ambition, determination and innovation. Inspiring entrepreneurs backing themselves to succeed. That’s exactly what the Lloyds British Business Excellence Awards celebrates. Our finalists are creating jobs, bringing new ideas to market, investing in their communities and helping drive growth across the UK’s nations and regions. They represent the very best of British enterprise and we’re incredibly proud to back them.”

For one SME on the shortlist, the night will be transformative in the most literal sense. The new ITV Growth Accelerator Award, created with media partner ITV, carries the largest and most commercially valuable prize ever offered by a UK business awards programme: £500,000 of ITV advertising across ITV’s broadcast channels and ITVX, putting a small business in front of millions of viewers. All eleven shortlisted brands also receive an ITV Growth Package of subsidised airtime, bespoke coaching from ITV’s SME incubator team and TV creative at cost, taking national television, long the preserve of big-budget advertisers, within reach of small firms.

Sarah Austin, Founder of Empowered Events, which owns and produces the Awards, knows the SME journey first-hand: she started the programme from her kitchen table after being made redundant from a FTSE events business while on maternity leave. She said: “Reading this finalist list is like reading the story of modern Britain. A zero-carbon housebuilder tackling the housing crisis. A ninth-generation family farm welcoming two million visitors. A challenger radio station, and founders turning kitchen-table ideas into international brands. Every one of them backed themselves before anyone else did, and that’s the quality we celebrate above all others. Confidence surveys tell one story about British small business. This shortlist tells another, and I know which one I believe.”

Winners will be announced at the gala ceremony at Grosvenor House, London, on Tuesday 10 November 2026, in front of 1,200 business leaders, with Lloyds Bank as headline partner, ITV as media partner and the support of the UK government. In keeping with Awards tradition, winners will ring the opening bell at the London Stock Exchange and be celebrated at the programme’s annual reception at the House of Commons.

Since launch, the Awards have raised over £100,000 for charity.

View the full list of finalists.

Jamie Young

Jamie Young is Senior Reporter at Business Matters, covering SME finance, employment law and Westminster policy since 2016. He has reported on every Budget and Autumn Statement since 2018, helped make sense of the ‘covid era’ and the bounce-back loan scheme from launch through the fraud investigations, and broke the magazine’s coverage of the 2024 late-payment reforms. He joined Business Matters straight from completing his BA in Administration from Exeter University and is NCTJ-qualified. Reach him at jyoung@cbmeg.co.uk

Nestle is selling a stake in UK water business which includes Princes Gate to create a new joint venture with private equity firm Platinum

Nestle has confirmed plans to spin out its water business to create a joint venture business worth around £4.2bn.

The Swiss maker of Kit Kat has agreed a deal with private equity firm Platinum Equity to form a new company called Peranel, in which they will each own a 50% stake.

It will include more than 30 brands, including Nestle’s waters such as S.Pellegrino, Perrier, Buxton and Acqua Panna, and Pembrokeshire-based Princes Gate as well as its hydration drinks and the global Nestle Pure Life brand.

Nestle said the deal value “implies” cash proceeds of £2.6bn for the firm.

Peranel will be headquartered in Paris and led by the division’s current chief executive Muriel Lienau.

Philipp Navratil, chief executive of Nestle, said: “By partnering with Platinum Equity, Peranel will be better positioned to execute its strategy with enhanced agility.

“Through additional focus, it will be well equipped to drive its long-term growth ambitions by strengthening this unique portfolio of international and local brands, with continued investments in innovation, premiumisation, operational excellence and sustainability.”

Trade union Unite cautioned Nestle and Platinum against an “attack on jobs” at its UK-based Buxton water business following the joint venture move.

Unite general secretary Sharon Graham said: “The new owners are on notice.

“If there are any attempts to attack the jobs, pay and conditions of Unite members on the back of this sale in order to line the pockets of investors, we will fight back.”

Moreover, GMB said it would be on alert to any proposed changes to workers’ rights for Nestle’s Princes Gate water business, which employs around 100. Nestle initially acquired a majority stake in the Princes Gate from the Jones family in 2018, before becoming sole owners of the Narbeth-based business.

Charlotte Brumpton-Childs, GMB national secretary, said: “We’ve seen all too often selling a business to private equity results in a bonfire of terms and conditions as fund managers desperately try to squeeze out every last drop of profit.

“That cannot be allowed to happen at Princes Gate water, or Nestle, where workers have already suffered months of fear and uncertainty. GMB Looks forward to working constructively with the new owners to keep Princes Gate Water a profitable company where workers current terms, benefits and conditions are protected.”

In half-year results Nestle reported organic sales growth of 3.6% for the six months to the end of June.

But sales growth by volume underwhelmed investors, with shares tumbling 7%, as Nestle also cuts its profitability outlook, saying operating profit margins would be “broadly similar” in the second half after previously guiding for stronger margins.

The firm is looking to boost production, with jobs expected to be created as demand for its EV chargers and home battery systems rises

Bosses at Stallingborough-based home eco-tech firm Myenergi have announced plans to ramp up production, with a raft of new jobs set to be created as a result. A number of vacancies are already being advertised at the manufacturer of electric vehicle chargers, home battery storage and solar heating systems.

The 250-strong company is on the lookout for factory floor staff, alongside customer and technical support roles. Further expansion is also expected to drive demand for additional installers of the firm’s product range, which includes its zappi EV chargers, eddi solar diverters, libbi home batteries and harvi energy monitors.

Now entering its 10th year since being founded by Grimbarian entrepreneurs Jordan Brompton, who has since departed the company, and Lee Sutton, the firm has its sights set on £60m in revenue, with further growth anticipated. This comes after a turbulent period for the business, which had previously reported revenues in excess of £67m and a workforce of more than 400, before being forced to cut jobs amid losses tied to pressure on household spending and shifts in incentive structures.

CEO Andrew Clint, who came on board in early 2025, said the company was once again on a growth trajectory, buoyed by a resurgence in demand for home energy products and the new Andy Burnham-led Government’s emphasis on cost-of-living measures. Speaking to GrimsbyLive, Mr Clint said there was definite “momentum” among customers keen to reduce household bills through the “electrification of the home” via Myenergi’s product range.

He said: “The change to the Andy Burnham-led Government, and the way he is driving cost of living, is interesting. If you look at our total ecosystem that you could install into your home, you can probably save £1,500 a year as a household from connecting all the devices, accessing a smart tariff and taking part in the flexibility.”, reports Grimsby Live.

This optimism comes amid a heightened focus on cost-of-living messaging from the new Government, which just days ago confirmed the removal of VAT from domestic electricity bills from October. Mr Clint also welcomed the cost-focussed language from newly appointed Secretary of State for Energy Security and Net Zero Miatta Fahnbulleh.

Mr Clint added: “We’re getting very much back to our original mission and what we see in the UK market in particular is the entry point to the electrification market being an electric vehicle (EV). So, we’re seeing a significant uptick in the number of people buying our EV charge – the zappi – and once they get an EV charger, we’re seeing families move on to look at what else they can do to electrify their homes and save money.”

He noted that battery systems are becoming increasingly important, with a considerable rise in the number of units the company is connecting. Mr Clint added: “And I see that growing significant because you can save £200-£400 a year using the battery to store cheap energy overnight and then using that energy during the day when it’s more expensive.”

In addition to its core operations in the UK market, Myenergi runs a number of overseas subsidiaries, including outposts in Australia, Ireland, Germany and the Netherlands, through which it distributes products across around 10 other European countries.

Sales are reportedly on the rise in Czechia, Poland and Slovakia, with a new battery system due to be rolled out in those markets in early 2027. Prior to that, the company is set to unveil a new vehicle-to-grid charger in autumn this year.

‘We’ve also welcomed Neil Stephenson as Chairman of the business, he is a highly experienced and respected businessman’

New jobs are set to be created at a Tyneside online learning specialist fuelled by a seven-figure investment. Gateshead based National Learning Group provides one-to-one tutoring to helping students to excel in their studies, covering all age ranges from reception to adult learners , helping with exam preparation for GCSEs and A-Levels as well as adult skills training.

Now the business is set to ramp up operations and create new jobs after receiving a seven-figure investment from the North East Elevate Fund which is managed by FW Capital. The firm, which has recently located to a new office in Gateshead and has a registered office in Hexham, has tutoring which covers national and international educational boards, and enrols 4,000 students a year with a network of over 350 tutors.

The new funding will enable bosses to invest in infrastructure, including the development of their own proprietary software. It is also strengthening its senior management team with key appointments including Neil Stephenson as chairman.

It is also backing the development of a high-quality Alternative Provision Centre which will provide facilities for children who are unable to attend mainstream schools, and aid expansion into more commercial education opportunities.

The investment comes via the North East Elevate Fund, which is part of the North East Mayor Kim McGuinness’ £100m regional investment framework administered by The North East Fund. Along with both the North East Accelerate and North East Spinout Inspire funds, it aims to strengthen access to early-stage finance for start up, scale up and growing companies in North East England, and tackle long-standing market failures that have hampered innovation-led growth in the region.

FW Capital was introduced to The National Learning Group by Armstrong Watson.

Oliver Batten, managing director at National Learning Group said: “We’re experiencing significant growth and this funding is helping us to expand our presence. The addition of a new alternative provision educational centre means we can meet the increased demand for accessible high-quality tuition.

“We’ve been very pleased with the backing from FW Capital who have recognised our potential and are excited to have an investor on board who is aligned to our vision. Keith Charlton and the team at FW Capital couldn’t have been more supportive, they were patient and ensured we got the funding quickly. That speed and understanding allowed us to move from the planning phase to being fully operational without losing any momentum.

“We’ve also welcomed Neil Stephenson as chairman of the business, he is a highly experienced and respected businessman who will make a great impact at The National Learning Group. I’m looking forward to working together to take the business to the next level of growth.”

Keith Charlton, fund manager at FW Capital, said: “There is a clear and growing demand for high-quality online tutoring, and the National Learning Group team has shown they have the vision to meet it. We’re proud to fund this next chapter, strengthening senior management and launching the new educational centre, to help drive both economic opportunity and educational excellence.”

David Wilson, corporate finance partner at Armstrong Watson, said: “Oliver and the team at National Learning Group are a valued client of Armstrong Watson and they have managed to build a strong, highly credible business which is growing at an exceptional rate. It was clear during the investment process that FW Capital were very much aligned with the business and their aspirations and goals, and I look forward to following Oliver and the teams progress on the back of this significant investment.”

Neil Stephenson, chairman, said: “I’m an active tech investor with vast experience of scaling businesses rapidly and working alongside institutional funders. My commercial and marketing expertise alongside the vast executive experience I have makes me a good fit. I was attracted to the opportunity to work in a business which makes a positive impact to young people’s lives and to support a fabulous chief exec as he personally and professionally grows.”

Andy Burnham chose Manchester for the defining image of his new premiership this week, opening a temporary “No10 North” and telling staff it might be “the best day of my life”.

For the small and medium-sized firms that make up the bulk of the northern economy, the sharper question is what a prime minister based part of the week outside London actually changes, and when.

On timing, the honest answer is: not soon. Construction has not started on the five-acre former retail park earmarked as the permanent base, and the Treasury only approved the outline case for the Manchester civil service campus in March. The 900,000 square foot site, intended to house around 8,800 civil servants, is not targeted to open until 2032, three years after the latest possible date for the next general election.

In the meantime, Mr Burnham is working from Heron House, an existing government building in the city centre that is also used by GCHQ and, as it happens, hosts a pub. Security has been stepped up sharply and workers have been sprucing up nearby Albert Square.

He was unrepentant about the cost, having flown in by government jet from the Commonwealth Games opening in Scotland. “What does it cost for everybody to troop down to London every time there’s a meeting when you need to make an argument about something?” he said.

Downing Street insists there is no extra bill for taxpayers. “The running of No10 North will be covered by existing Cabinet Office budgets. There is no additional cost to taxpayers,” a spokesman said, adding that staff are “already working in the new No10 North”. Experts are less sure, warning that fortifying an office for the PM and providing round-the-clock armed police will not come cheap.

Why it matters for business owners

Strip away the symbolism and there is a real prize for regional firms. A civil service campus of that scale, part of the government’s Places for Growth programme, means construction contracts, supply-chain work and a concentration of Whitehall decision-makers on northern doorsteps rather than 200 miles away. For firms that have spent years travelling south to be heard, proximity has a value.

The bigger shift is political. Mr Burnham is using No10 North as a symbol of his drive to move power out of Westminster, an agenda that runs alongside the fiscal devolution the Treasury has called its “unfinished business”. If decisions on skills, transport and local taxation move closer to businesses, the firms that engage early with their mayoral authorities stand to gain most.

The risk is uneven benefit. Analysts have warned that Mr Burnham could preside over a two-tier England in which a firm’s prospects depend on whether it sits inside a mayor’s boundary. That echoes a wider pattern in which regional SMEs already miss out on the support and networks their London peers take for granted.

Mr Burnham framed the project in personal terms, recalling leaving the city as a graduate who “couldn’t find a job”. His contention that “opportunity has not been evenly spread around the country” is borne out by ONS data on regional productivity, which shows London still far ahead of every other part of the UK. No10 North, he said, was about “putting power in every postcode so that people can turn things around for themselves and make changes just as this great city has done”.

The government points out it already has around 80,000 civil servants in the North West, “with around 700 roles moved from London to Manchester last year”. For SME owners, the test is not the ribbon-cutting but whether devolved power and public spending reach their postcode before 2032.

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.

Statistics Jersey said pensioners were particularly affected by heating fuel costs, which played a larger role in the pensioners’ inflation measure.

Meanwhile, overall inflation edged up from 2.7% in March to 2.8% in June. Jersey’s headline rate was the same as the UK’s CPIH measure of inflation over the same period.

The report found household services made the largest contribution to inflation overall.

Prices in the category increased by 5.6% and contributed 0.6 percentage points to the island’s annual inflation rate.

Food prices also continued to increase, rising by 3.5% over the year and contributing 0.4 percentage points to the overall inflation figure.

Within the category, lamb prices increased by 12.7%, milk products rose by 11.8% and eggs were up 8.7%.