Tag: News Story

STORY

The UK Government has sold its remaining stake in NatWest Group plc, marking the end of almost 17 years of state ownership that began with the 2008 financial crisis bailout. The final tranche of shares was sold at market price today, returning NatWest fully to private hands and closing a chapter that saw taxpayers underwrite more than £45 billion to stabilise the bank (then known as Royal Bank of Scotland). Originally nationalised to prevent a systemic collapse in late 2008, the Government acquired an 84 percent stake in what was then RBS at an average price of 502 pence per share. Over successive stages of divestment—through public offerings, share buybacks by NatWest itself and targeted institutional sales—the Treasury gradually reduced its holding. As of mid-May 2024, only around 10 percent remained, and today’s sale of the last shares concludes the disposal plan announced in July 2021 and extended in April 2023.

Chancellor Rachel Reeves said the transaction “turns a historic page” while stressing the necessity of protecting savers and businesses at the height of the financial crisis. She noted that, since the Labour Government took office, share sales have been conducted with taxpayers’ interests front and centre, ensuring all disposals took place at prevailing market prices. Despite recouping roughly £35 billion through dividends, fees and previous share sales, the overall cost to the public purse stands at about £10.5 billion once financing costs are included. NatWest’s share price has recovered strongly in 2025, trading above 520 pence in recent weeks, but the aggregate losses reflect the steep discounts at which earlier tranches were sold—often below the 2008 bailout price.

The government’s financial vehicle, UK Government Investments (UKGI), confirmed that the remaining stake—well under 1 percent of the bank—was transferred via an orderly trading plan. With HM Treasury no longer holding any NatWest shares, UKGI has closed this chapter on its investment portfolio, which at its peak included stakes in a range of bailed-out financial institutions. Emma Reynolds MP, Economic Secretary to the Treasury, highlighted the broader impact of the bailout: “Millions of savers and businesses were shielded from potentially catastrophic contagion. Today’s exit does not erase the fiscal cost, but it does mark the full return of NatWest to the private sector, reflecting more than a decade and a half of careful stewardship of taxpayers’ money.”

NatWest itself has evolved considerably since rebranding in 2020, refocusing on core retail and commercial banking in the UK. Now entirely privately owned, the bank faces renewed pressure to drive lending growth and support economic recovery amid an increasingly competitive environment. Analysts expect NatWest to pursue strategic acquisitions and expand its fee-based services to sustain profitability. With this final share sale, the Government’s direct involvement in the banking sector has officially ended, following previous exits from Lloyds Banking Group and other institutions rescued during the crisis. Officials confirmed that no further state shareholdings remain in UK retail banks, underlining a return to normalised market operations.

STORY

The Charity Commission has issued an Official Warning to East London Mosque Trust following an investment deal that wiped out £1 million of the charity’s funds. Regulators found that trustees failed to carry out adequate due diligence and did not exercise proper oversight over the investment, amounting to misconduct and/or mismanagement in the administration of the charity. East London Mosque Trust, established in its present form to advance the Islamic faith through the upkeep of mosque and community facilities, reported the problematic investment to the Commission in February 2023. The trustees had placed £1 million with an NHS-approved supplier, anticipating a 20 percent return over six months. However, the supplier subsequently went into administration, rendering the entire sum unrecoverable.

In reviewing the case, the Charity Commission concluded that trustees did not undertake sufficient checks on the supplier or scrutinise key investment documents prior to committing charitable funds. “When people donate to a charity, they put their faith in those running it to manage those funds with care and in line with its aims” said Joshua Farbridge, Head of Compliance Visits and Inspections at the Charity Commission. “In this case, we found that trustees lacked the oversight we would expect of such a substantial investment, nor did they ensure thorough due diligence had been undertaken. We have now issued a formal warning.”

East London Mosque Trust—whose origins date back to 1910 and which operates one of London’s oldest mosques—was previously reminded by the regulator about the need for robust financial controls. Despite those admonitions, trustees went ahead with the investment without adequate governance checks. The Commission’s warning notes that this failure to act with reasonable care and skill directly contributed to the loss of the charity’s funds.

Under the terms of the Official Warning, East London Mosque Trust must, within six months:

– Implement stronger financial controls and ensure continuous oversight of all investments.

– Commission an independent review of its governance structures and report the findings to the Charity Commission.

– Take all reasonable steps to recover the lost funds, including exploring potential legal or insolvency remedies.

If the charity does not comply with these requirements, it may face further regulatory intervention, including the possibility of an inquiry or removal of trustees.

Trustees of East London Mosque Trust have acknowledged the Commission’s findings and say they will work to put the required controls in place. In the meantime, the charity continues to provide a range of spiritual and community services, but must now demonstrate that it can safeguard its assets more effectively going forward.

STORY

The UK Government today committed more than £1 billion to develop a groundbreaking battlefield system, the Digital Targeting Web, and announced the creation of a dedicated Cyber and Electromagnetic Command as part of its Strategic Defence Review. Defence Secretary John Healey made the announcements during a visit to MoD Corsham, the military’s cyber headquarters, underlining a shift towards faster, more integrated warfare capabilities. The Digital Targeting Web will link sensors, platforms and weapons systems across sea, air, land and space, enabling threats to be identified by one asset—such as a naval radar or satellite—and neutralised by another, including F-35 jets, drones or offensive cyber operations. Drawing lessons from Ukraine’s early-war successes, the new network aims to minimise decision-to-strike times and provide the UK with a decisive edge on the modern battlefield.

In tandem, the Ministry of Defence will establish a Cyber and Electromagnetic Command under General Sir James Hockenhull. Tasked with leading defensive cyber operations and coordinating offensive cyber capabilities alongside the National Cyber Force, the Command will also centralise expertise in electromagnetic warfare—covering activities such as jamming hostile drones or intercepting communications. The investment follows the Prime Minister’s pledge to raise defence spending to 2.5 percent of GDP and comes against a backdrop of more than 90,000 cyber-attack attempts on UK military networks in the past two years. Mr Healey emphasised that future conflicts will be won by forces “better connected, better equipped and innovating faster than their adversaries” stressing the importance of attracting top digital talent to bolster Britain’s national security.

To support this ambition, the MOD has already fast-tracked recruits into specialist cyber roles via the Cyber Direct Entry programme, which offers tailored training, placement in operational units by the end of 2025 and starting salaries above £40,000. The new Command will provide a clear career pathway for military cyber specialists and ensure the UK remains competitive in the rapidly evolving digital battlespace.

STORY

In a major rebuke of former President Donald Trump’s unilateral trade measures, the U.S. Court of International Trade today declared his 2 April 2025 “Liberation Day” tariffs illegal, finding he exceeded his authority under the International Emergency Economic Powers Act (IEEPA). A three-judge panel unanimously vacated the vast majority of the 10% baseline duty and higher reciprocal levies on goods from nations with significant trade surpluses, concluding that general trade imbalances do not qualify as an “unusual and extraordinary threat.”

The ruling stems from consolidated lawsuits brought by small businesses and 12 states challenging the emergency-powers orders. While the decision leaves in place sector-specific tariffs on steel and automotive imports—imposed under separate legal provisions—it blocks the broader, across-the-board duties that had rattled global markets and prompted immediate outcry from U.S. trading partners. Financial markets responded positively to the judgement, with U.S. stock indices edging higher and Asian equities following suit on relief that newly declared levies will not take effect. Opposition politicians and legal scholars hailed the verdict as a vital check on executive overreach, emphasising that power to impose wide-ranging tariffs resides with Congress, not the president acting unilaterally.

The Justice Department has pledged to appeal to the U.S. Court of Appeals for the Federal Circuit, insisting that the president possesses the right to safeguard national economic security. In the meantime, Trump has already paused further tariffs on the European Union and renegotiated certain duties with China to avert further disruption.

STORY

The Government today announced a £9.5 million extension of the Partnerships for Inclusion of Neurodiversity in Schools (PINS) programme, bringing earlier and better support to around 300,000 children with autism, ADHD, dyslexia and other neurodivergent conditions. From September, an additional 1,200 primary schools will join the initiative, which trains teachers to identify pupils’ needs, improves parental engagement and boosts attendance, behaviour and wellbeing.

One in seven pupils is estimated to be neurodivergent, yet many miss out on specialist support, facing higher rates of bullying, suspension and absence. The expanded PINS rollout means that in total 2,800 schools will benefit from tailored training delivered by education and health professionals, enabling class teachers to spot early signs of sensory overload, social communication difficulties or emotional dysregulation and to implement bespoke interventions.

Schools in the programme host termly parent–teacher forums, ensuring families can feed back on their child’s support plan and feel empowered to work in partnership with staff. At Carfield Primary in Yorkshire, for example, staggered lunchtimes and sensory-friendly spaces have cut pupil overstimulation, while attendance has risen from 93 per cent to 95 per cent. Parents report that their children’s confidence, reading skills and peer relationships have all improved under the PINS approach. Education Secretary Bridget Phillipson said the move formed part of the Government’s Plan for Change to fix England’s broken SEND system: “No child should reach crisis point before getting the right help. By embedding neurodiversity expertise in every classroom, we can level up life chances and make inclusion the default, not the exception.”

STORY

Irish-language hip-hop group Kneecap will no longer perform at Glasgow’s TRNSMT festival this July after organisers withdrew the controversial band amid “safety concerns” raised by Police Scotland. The trio, Liam Óg Ó hAnnaidh (aka Mo Chara), JJ Ó Dochartaigh and Naoise Ó Cairealláin, had been scheduled to appear on the opening night, 11 July, on Glasgow Green. Police Scotland warned that facilitating Kneecap’s performance would require a “significant policing operation” following increased scrutiny of the band’s on-stage rhetoric and recent legal controversies. Ó hAnnaidh was charged by the Metropolitan Police with a terror offence for allegedly displaying a flag supporting a proscribed organisation during a London gig. Footage from a 2023 concert, in which a member was heard chanting, “The only good Tory is a dead Tory” further amplified concerns over public safety and potential disorder.

In a statement on social media, TRNSMT organisers said: “Due to concerns expressed by the police about safety at the event, Kneecap will no longer perform at TRNSMT on Friday, 11 July.” The band responded with regret to fans who had booked tickets, travel and accommodation, stressing the decision was “out of our hands” and reiterating their love for Glasgow, where they have performed “many, many times” without incident .

STORY

At a high-level meeting of the OSCE in Vienna, the United Kingdom delivered a blunt warning to Moscow that President Vladimir Putin’s insistence on continuing the war in Ukraine is inflicting untold suffering on civilians and inflicting severe economic damage on Russia itself. Speaking on behalf of the UK delegation, Lt Col Joby Rimmer stressed that Britain’s priority is an immediate, lasting ceasefire to pave the way for genuine negotiations and an end to the humanitarian crisis. Rimmer highlighted a recent wave of Russian attacks – a weekend assault involving 69 missiles and nearly 300 drones striking more than 30 Ukrainian towns and cities – which claimed at least a dozen civilian lives, including children, and wrecked homes and public celebrations alike. “These actions are not those of a government seeking peace” he declared “but of one determined to prolong suffering and instability.”

Behind the battlefield carnage, the Kremlin is also exacting a punishing toll on its own people. With interest rates soaring to 21 percent, defence spending swallowing 40 percent of the federal budget and social services reduced for the first time since the Soviet collapse, Russia is depleting its precious National Wealth Fund and losing hundreds of billions in energy revenues. Lt Col Rimmer warned that these figures lay bare a leadership that prioritises war over the welfare of its citizens.

Despite these pressures, Moscow has rebuffed every call for a ceasefire. In response, the UK confirmed it stands ready to tighten sanctions further if Russia refuses to halt hostilities. At the same time, Britain reiterated its full spectrum support for Ukraine – from defensive weaponry and training on the frontline to a record aid package for reconstruction. Officials estimate Ukraine will need over half a trillion dollars in the coming decade to rebuild schools, hospitals, roads and homes destroyed by Russian forces.

In closing, the UK statement affirmed that Russia’s invasion remains a gross violation of international law and the principles that underpin European security. “We will continue to stand with Ukraine – militarily, economically and diplomatically – until peace is achieved, and Ukraine’s sovereignty is safeguarded” Rimmer concluded, underscoring London’s commitment to a free and democratic future for Ukraine.

STORY

A Bradford man who used his wife’s identity to secure £100,000 of Bounce Back Loan funds he wasn’t entitled to has been sentenced to two years’ imprisonment after admitting a string of Covid-era fraud offences. Shohid Ahmed, 40, applied for three maximum-value loans on behalf of Red Square Restaurants Limited, trading as Ruby’s Lounge, using his wife’s name because she had a stronger credit history. Although one application was refused, he received £100,000 in May and June 2020 despite the business having already applied to strike off its Companies House registration and not trading.

To conceal his actions, Ahmed created a false director by filing companies house paperwork naming an unwitting tenant of his father’s as the restaurant’s new manager. He then fabricated invoices, including one for a £15,000 interior redesign, to suggest the borrowed cash had been spent legitimately, when in fact it was not used for the company’s benefit. Ahmed pleaded guilty earlier this year to offences under the Fraud Act 2006, Companies Act 2006 and Insolvency Act 1986. At Bradford Crown Court on 27 May, Judge Jonathan Rose QC described his conduct as “highly deceptive” noting he had implicated an innocent member of the public in the deception.

Ahmed has so far repaid just £5,000 of the stolen funds. Under the Proceeds of Crime Act 2002, the Insolvency Service is now pursuing the recovery of the remaining £95,000. In addition to his custodial term, Ahmed was disqualified from acting as a company director for 11 years following earlier misconduct at Red Square Restaurants.

STORY

Ofwat, the regulator for England and Wales’s water industry, has imposed its largest-ever penalty on Thames Water, fining the company a total of £122.7 million after finding systemic failures in its wastewater management and improper payments to shareholders. The fine is split into two parts, firstly, £104.5 million for breaching wastewater rules, Ofwat’s investigation uncovered that Thames Water allowed raw sewage to flow into rivers and streams on hundreds of occasions in 2024, with storm overflows spilling “routinely and not in exceptional circumstances” causing extensive environmental damage. Secondly, £18.2 million for paying dividends to investors despite record pollution and poor customer service performance, marking the first time Ofwat has penalised a water company for dividend rule breaches.

David Black, Chief Executive of Ofwat, said the penalties reflected a “clear-cut case where Thames Water has let down its customers and failed to protect the environment” adding that the regulator would not hesitate to act again if similar failings recur. Thames Water serves around 16 million customers in London and the Thames Valley but has been grappling with nearly £20 billion of debt. Earlier this year, it secured a £3 billion emergency loan to stave off collapse and is in advanced talks with private equity firm KKR over a potential takeover and restructuring plan.

Environment Secretary Steve Reed welcomed the fines as evidence that “the era of profiting from failure is over” while environmental groups and opposition politicians renewed calls for the company to be placed into a special administration regime or brought back into public ownership to safeguard Britain’s waterways. Ofwat confirmed that customers would not bear the cost of the fines; instead, the penalties will be met by the company and its investors.

STORY

A husband-and-wife team who ran the wedding entertainment company Solfan1 Limited—trading as The Best Singing Waiters—have been disqualified as company directors for eight years after continuing to take customer payments when they knew the business was on the brink of collapse.

Frederick Reeves, 49 (also known as Jamie Reeves), and his wife Claire Reeves, 41, of Dickens Place, Wigan, ran the surprise ‘singing waiter’ service, in which performers blended in as catering staff before bursting into song. Despite mounting debts and a winding-up petition from HM Revenue & Customs for more than £200,000, the couple carried on accepting deposits and full payments from 43 customers across the UK between 28 March and the company’s liquidation on 1 May 2024, receiving some £43,590 in total.

Solfan1 Limited was incorporated in November 2015 and went into liquidation with liabilities exceeding £700,000 and assets of just over £168,000. Although Frederick Reeves was never formally appointed a director, he acknowledged acting in that capacity when accepting his disqualification.

Rob Clarke, Chief Investigator at the Insolvency Service, said the Reeveses’ actions “fell well short of the standards we expect of company directors” and left many couples “heartbroken” when the promised performers failed to appear at their weddings.

The bans prevent both Frederick and Claire Reeves from promoting, forming or managing any company without the court’s permission until May 2033.