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Energy Secretary Ed Miliband has ordered an urgent investigation into the power outage that caused the closure of Heathrow Airport on Friday. The outage, which came after a fire at a substation that supplies power to the airport, saw thousands of flights cancelled. The Department for Energy Security and Net Zero said the investigation, which will be led by the National Energy System Operator (NESO), will build a "clear picture" of the incident and help to prevent it "from ever happening again." Miliband said officials are “determined to properly understand what happened and what lessons need to be learned.” NESO, which operates Britain's electricity grid, is expected to report its initial findings to power regulator Ofgem and the government in six weeks. Speaking to the FT, National Grid chief executive John Pettigrew says Heathrow had "enough power" despite the fire shutdown. Meanwhile, Heathrow has announced that former Transport Secretary Ruth Kelly will review the airport's response to the power outage and its crisis management plans.

 

BBC News

City AM

Office for National Statistics (ONS) data shows that government borrowing was higher than expected in February, with the difference between spending and income from taxes hitting £10.7bn. The government's independent forecaster, the Office for Budget Responsibility (OBR), had predicted that borrowing would come in at £6.5bn. Isabel Stockton, senior researcher for the Institute for Fiscal Studies think-tank, said Rachel Reeves had "boxed herself in with promises to meet her fiscal targets, not to raise taxes further and not to return to austerity for public services." At October’s Budget, the OBR indicated that Reeves had £9.9bn available to spend against her borrowing rules. However, Alex Kerr, UK economist at Capital Economics, believes this has now been "wiped out." Analysts at Pantheon Macroeconomics have warned that the UK's "weak" public finances mean the Chancellor will set out spending cuts in the Spring Statement, adding that "taxes will rise in October." Meanwhile, the OBR is expected to cut its economic growth forecast for 2025 from 2% to about 1%.

 

Sky News

BBC News

City AM

Daily Mail

The Independent

Businesses are increasingly sceptical about the government's growth mission. A survey by the London Chamber of Commerce and Industry shows that over 85% of 150 business leaders believe Labour will struggle to improve the UK's stagnant economic growth. Nearly 75% anticipate lower growth in 2025. Karim Fatehi, CEO of the industry group, has urged Rachel Reeves to "urgently change course" on tax hikes and employment regulations. While the Chancellor has pledged not to raise taxes in her upcoming Spring Statement, economists warn that pressures may mount in the coming months, particularly if trade tariffs from America impact consumer spending. The Growth Commission suggests a trade deal with the US could boost the economy by 0.9% of GDP. 

 

The Times

New figures reveal that Brexit has cost UK businesses £37bn annually, with total trade with the EU down by 5% compared to pre-Brexit levels. The House of Commons library analysis calls for the government to consider rejoining the Customs Union and Single Market. Tom Brufatto from Best for Britain says that deeper alignment with the EU could boost the UK economy by up to 2.2%. Reflecting on the report, Trade Minister Douglas Alexander said: "This is an appalling loss of trade at a time when business and the Exchequer can ill afford it." 

 

The Independent

Analysts at Oxford Economics say the power outage that forced Heathrow airport to close on Friday will cost the UK economy millions of pounds. Economist Stephen Rooney said: "In terms of what's at stake, at the conservative end, we estimate a potential loss of tourism revenue amounting to £4.8m per day." While factors such as travellers spending more money while stuck in the UK will mitigate the economic impact, there are issues outside tourism – such as insurance payouts – that will also need to be factored in.

 

The Independent

Jon Holt, group chief executive and UK senior partner at KPMG, says the City of London and the UK's financial services sector has a part to play in the government's drive to deliver growth, arguing that policymakers should "work not just to preserve the City and the financial services industry, but to make them greater still." On regulation of the sector, he says: "Rather than restricting business and creating more administration costs, we need to regulate for growth." Holt adds: "This means less micro and overlapping regulation, with regulators more focused on the overall outcomes. We have to accept the risk of some failure." He also says the City must "continue to be open and attractive to more people and businesses from more places and backgrounds." He cites a KPMG poll of financial services leaders which saw 23% say that efforts to attract talent are critical to growth, while just 11% said growth would come from a bigger listing market alone.

 

Sunday Times

Nikhil Rathi, the chief executive of the Financial Conduct Authority (FCA), has told staff at the City regulator that embracing the government's pro-growth agenda will "require a shift in mindset" that may make them "feel uncomfortable and uncertain." As he prepares to unveil a new five-year strategy, Rathi faces pressure to align the FCA with the Chancellor's growth objectives and says the watchdog must carefully evaluate what regulations are truly necessary. Having submitted 50 proposals to the Chancellor to stimulate growth, he has reassured staff that the FCA will not compromise consumer protection while pursuing growth, saying: "We're not going to let that happen." He added: "What we're talking about is not a wide pendulum swing away from our core objectives, but it's also a recognition that we're not going to achieve those core objectives if we don't shift towards supporting growth and improving productivity in our economy."

 

The Sunday Times

The Sunday Times

The Financial Conduct Authority (FCA) has launched a market study into the distribution of pure protection insurance products. The review will look at whether products offer fair value to consumers and assess how effectively the protection market is working. The study comes amid concerns over commissions used to sell products, with the City watchdog set to look at whether the structure of commission encourages advisers to suggest switching. The study will focus on the sale of four products - term assurance, critical illness cover, income protection insurance, and whole of life insurance. Sarah Pritchard, the FCA’s executive director of supervision, policy, competition and international, said: "We are determined to ensure the market is working well and delivers good outcomes for consumers by testing it or suggesting improvements."

 

FT Adviser

Hundreds of hospitality companies have urged the Competition and Markets Authority (CMA) to investigate the energy market, citing concerns over potential overcharging. UKHospitality highlighted that some small and medium-sized firms, which often rely on unregulated energy brokers, face aggressive sales tactics and undisclosed commissions. In a letter to CMA chief executive Sarah Cardell, the industry body said that a formal investigation is "the only way to address the entrenched competition problems in this market." Kate Nicholls, chief executive of UKHospitality, described the energy market as "one of the biggest millstones around hospitality's neck" and claimed it is "not fit for purpose." The call for action comes two years after an Ofgem review identified a lack of effective competition in the sector but stopped short of recommending a full CMA investigation into the energy market.

 

The Guardian

Complaints to the Competition and Markets Authority (CMA) have surged by 23% over the past year, with 5,823 disputes reported, up from 4,728 the previous year, according to Pinsent Masons. This increase comes ahead of new powers set to take effect in April, allowing the CMA to impose fines of up to 10% of a firm's annual turnover for breaches of consumer law without court intervention. The watchdog saw a number of complaints related to ticketing issues, particularly following concerns over pricing for the Oasis reunion shows, with 377 submissions between April and September. Additionally, complaints concerning pet firms and veterinary services saw a 700% increase, with 424 complaints lodged in the last year.

 

The i

Former UBS and Citigroup trader Tom Hayes will make a final bid to clear his name over his 2015 conviction for rigging interest rates. A panel of Supreme Court justices will hear his case after the Court of Appeal upheld his conviction last year. Hayes, who was found guilty of conspiring to rig Libor between 2006 and 2010, claims he was made a scapegoat for the financial crisis. Former Barclays trader Carlo Palombo, who was convicted for rigging Euribor in 2019, will also have his case heard.

 

Mail on Sunday

Bridget Phillipson, the Education Secretary, has directed the Public Sector Fraud Authority to investigate allegations of fraudulent claims within the university loans system. Concerns have arisen that some students are enrolling in degree courses merely to secure loans. Phillipson described the situation as "one of the biggest financial scandals in the history of our universities sector," and emphasised the need for immediate action to protect public funds. She attributed the issues to the previous government's expansion of franchised education, which she claims led to widespread abuse. The Office for Students is looking to address these concerns, with plans for new legislation to enhance its powers.

 

Sky News

The Guardian

Banks are increasingly using AI in the fight against fraud, with NTT Data’s Banking Trends 2025 report revealing over half of UK banks believe generative AI is key to preventing scams. The analysis shows that nearly 40% of banks are using GenAI for fraud prevention. Sumant Kumar, NTT DATA’s chief technology officer for banking and financial markets, said the baking sector’s “complex and highly-regulated” nature means the adoption of GenAI is “rightly gradual and cautious.”

 

City AM

Investors in Rio Tinto have expressed their support for the mining company, opposing an initiative from activist investor Palliser Capital, which is urging the firm to exit the FTSE 100. Palliser claims that the dual-listed structure, established in 1995, has cost Rio Tinto $50bn in value and hinders share-based acquisitions. However, Rio Tinto has advised shareholders to reject Palliser's resolution, citing a review by five external advisers that concluded ending the dual structure would not be cost-effective and could lead to tax losses.

 

The Sunday Times

London's junior Alternative Investment Market (AIM) has reached its smallest size in nearly 25 years, according to UHY Hacker Young. As of early March, AIM had 669 companies listed, down from 685 a year prior and the lowest total since 2001. The number of AIM listed firms has fallen from 1,044 a decade ago and the market saw just 11 initial public offerings last year. The report highlights that 27 companies were acquired in a £7.8bn wave of takeovers. Private equity firms were responsible for seven of the acquisitions, accounting for £4.96bn of the total value. 

 

Daily Mail

The Times

Ed Miliband, the Energy Secretary, is under fire for opposing an anti-slavery amendment to the Great British Energy Bill, which aims to eliminate forced labour from the supply chain of the new state-backed energy company, GB Energy. The amendment, proposed by Lord Alton, would require the company to seek "credible evidence of modern slavery in the energy supply chain" and eradicate it. Critics, including Andrew Bowie, the shadow minister for net zero, have accused Miliband of "kowtowing" to China. Eleanor Lyons, the independent anti-slavery commissioner, emphasised the need for the amendment to protect human rights and prevent public funds from supporting goods made by forced labour.

 

The Sunday Telegraph

The House of Lords is being urged to thoroughly examine the Employment Rights Bill, which has faced significant opposition from business leaders. Firms are concerned that the proposed legislation will impose excessive regulatory burdens and hinder economic growth. Rain Newton-Smith, chief executive of the Confederation of British Industry, has described the bill as "damaging" for the jobs market, calling it a "sledgehammer to crack a nut." In a joint letter to the House of Lords, business groups warn that granting workers immediate rights to claim unfair dismissal could lead to an influx of tribunal claims, ultimately jeopardising job creation. The coalition of business organisations is calling for amendments to ensure the legislation is both pro-worker and pro-business, emphasising the need for a balanced approach to avoid "grave unintended consequences."

 

The Sunday Telegraph