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UK Edition
15th May 2026
 
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THE HOT STORY

Household wealth falls by 17.5%

Average household wealth in the UK has fallen 17.5% to £104,329, according to analysis by St James's Place, with this down from £126,482 a year ago. The report shows that London has the highest household wealth at £171,455, while Yorkshire and the Humber has the lowest, at £73,488. The poll saw 34% of respondents say their financial situation has worsened in the last twelve months, while just 17% felt it has improved. It was also shown that 37% describe themselves as financially comfortable, down from 42% a year ago. One in five (21%) said they are struggling financially, up from 16% last year. Joe Nellis, an economic adviser to MHA, said: "A near 18% decline in average household wealth over a single year is a major warning sign for the UK economy," adding: "More than twice as many people say their finances have deteriorated over the past year as have improved. That is not the mood of a confident economy." 
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WORKFORCE

Weaker UK cities at risk from higher minimum wage, think-tank warns

The Centre for Cities think-tank says there are risks to weaker UK city economies if ministers seek to push the UK’s statutory wage floor up too far. The think-tank says the government should give the Low Pay Commission (LPC) an explicit remit to consider the local labour market impacts of the minimum wage from 2027, while the LPC should work to fill evidence gaps in future reports. 

New rules could delay pension payouts

New rules from HMRC will allow personal representatives to withhold up to 50% of pension payouts for up to 15 months to cover potential inheritance tax liabilities. This change, effective from April 2027, complicates estate management for grieving families, who must now track down pension information. Interest payments - which are currently set at 7.75% - could be levied if families fail to track down all pensions, as well as other assets, and settle the bill within six months. Steve Webb, a former Pensions Minister, notes: "It's obviously not good for beneficiaries that they may have to wait longer." The new rules aim to ensure the correct tax is paid, but experts warn that it may lead to disputes among family members.

Hargreaves Lansdown to cut jobs but raise spending

Hargreaves Lansdown plans to cut 100 jobs from its workforce of around 2,400 as part of an overhaul that will also see it invest £100m in modernising its operations.
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PRODUCTIVITY

AI is adding to admin

UK companies are investing heavily in AI, yet employees spend nearly a full day each week on tasks AI was meant to eliminate. Research by Workday reveals that 25% of UK workers lose over seven hours a week moving information between systems, finding data and manually feeding information into AI tools. It was also found that 19% of UK employees say they do not trust AI outputs. Dan Pell, Workday’s UK and Ireland country manager, noted that AI is enhancing individual productivity but not overall organisational efficiency, warning that without integration, employee engagement may decline. The study, which polled 2,400 professionals, also found that 53% of UK workers feel burned out, higher than the global average of 46%. 

AI hype threatens tech pipeline

Eben Upton, founder and CEO of Raspberry Pi, warned that overstating AI’s ability to replace technology workers could discourage people from entering computing careers and worsen skills shortages. He said such claims could “distort people’s choices in ways that make that skill shortage worse and not better.” Upton argued there is not enough evidence to guide students away from computing subjects, adding that the UK economy still needs engineers. He also highlighted high energy costs as a challenge for UK-based engineering and manufacturing.
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DIVERSITY, EQUITY & INCLUSION

Business leaders unite against antisemitism

Forty leading British business organisations have signed a letter condemning antisemitism in the workplace and vowing to support Jewish staff. Co-ordinated by the British Chambers of Commerce and the Confederation of British Industry, the open letter calls for a zero-tolerance approach and improved training on antisemitism as a form of racism, saying: "We, as leaders from across the UK business community, unreservedly condemn antisemitism in all its forms." Tina McKenzie, policy chair at the Federation of Small Businesses, and Jonathan Geldart, director-general of the Institute of Directors, said they were taking a stand for the "sake of our Jewish colleagues and friends," and for the "health of our society."
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TAX

Government urged to target the wealthy with tax hikes

The Resolution Foundation has urged the government to increase taxes on wealthy households and reconsider the pensions triple lock. A report from the think-tank recommends reforms including higher income taxes, council tax adjustments, and changes to capital gains and inheritance taxes. It says a "reset" should "double down on growth and focus on those who have borne the brunt of long-term economic stagnation: young people and working families," adding: "Their needs should be prioritised over advantaged wealthier households, who have benefitted from Britain's 40-year wealth boom." The Resolution Foundation has also called for an end to the triple lock which ensures that the state pension increases by either the rate of inflation, the average wage increase, or 2.5% – whichever is highest, saying the policy "makes sense if the pension was deemed too low, but – logically – there must come a point beyond which it can no longer be defended."

HMRC to use AI to spot fraud and errors

HMRC has secured a 10-year, £175m contract with Quantexa that will see the tax office implement AI technology aimed at enhancing its operations. Quantexa's systems will integrate HMRC data with external sources to identify fraud and rectify errors. The technology will assist customer service staff and uncover hidden networks involved in fraudulent activities. Vishal Marria, Quantexa's CEO, said the new technology was designed to "support human decision-making, not replace it." He told the BBC: "In government environments, AI cannot operate as a black box. Decisions need to be transparent, auditable, and explainable, particularly in areas affecting citizens directly."
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WORKPLACE

Companies need to rebuild the workplace for Gen Z

Writing in City AM, Dr Eliza Filby, a historian specialising in generational change and the author of Inheritocracy, argues that employers’ concerns about Generation Z's professionalism reflect broader social and workplace changes rather than simply poor attitudes among young workers. Filby claims that modern parenting, digital lifestyles, hybrid working, and education systems have shaped graduates who are less experienced in traditional workplace behaviour and communication. She suggests employers should adapt by improving recruitment practices, introducing workplace etiquette training, and helping young employees better understand professional expectations and responsibilities. Filby also argues that businesses themselves have contributed to the problem by removing many of the office environments and face-to-face interactions through which previous generations learned professional behaviour.
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STRATEGY

MHRA to open new Northern Ireland hub

The UK's Medicines and Healthcare products Regulatory Agency (MHRA) has announced the establishment of a new hub in Belfast, Northern Ireland, to boost support for the region's life sciences sector. The initiative aims to foster collaboration between the regulator and local healthcare, academic, and industry partners. The hub will provide direct access to MHRA technical experts, facilitating innovation pathways and clinical investigations. Professor Anthony Harnden, MHRA Chair, emphasised the importance of increased engagement across the UK. He said: “One of my priorities since becoming chair has been to ensure the MHRA is a regulator for all nations with an increased presence and engagement with our partners and stakeholders across the UK.”
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INTERNATIONAL

Law firm sued for terminating Palestinian lawyer's job offer

Yasmeen Elagha, a Palestinian Muslim lawyer, has filed a lawsuit against law firm DLA Piper in the US District Court for the Northern District of Illinois, alleging discrimination based on race, religion, and national origin. Elagha claims that her employment offer was unlawfully terminated after the firm saw press reports regarding her involvement in pro-Palestinian protests. Additionally, she asserts that DLA Piper fostered a hostile work environment during her tenure as a summer associate while attending Northwestern University's Pritzker School of Law. Elagha previously sued Northwestern for not protecting her from similar issues.

Korea's older adults are working longer and borrowing more

In South Korea, many older adults continue working past retirement age due to financial pressures. The OECD has reported that the effective age of labour market exit in Korea is 67.4 for men and 69.6 for women, significantly higher than the OECD average. Approximately 57% of Koreans aged 65 to 69 are employed, the highest rate in the OECD. However, many are in low-paying, temporary jobs and face increasing debt. The relative poverty rate for those aged 66 and older is 40%, the highest in the OECD, underscoring the urgent need for better support and job opportunities for older workers. "Jobs are the single most important factor in addressing poverty among older people," observes Chung Soon-dool, a professor at Ewha Womans University.

Dutch Cabinet wants to raise legal sex work age to 21

The Dutch government is considering a "pimp ban" to protect vulnerable sex workers, and plans to raise the minimum age for sex work from 18 to 21. A new Municipal Supervision of Sex Businesses Act will empower municipalities to enforce regulations and manage sex workers' data. Justice Minister David van Weel said: "We want to address abuses without making sex work impossible." He described the sex work sector as a “very difficult industry.” 

India’s workers quit city life over impact of Iran war on gas prices

Indian factory workers are abandoning their jobs in industrial areas and returning to their home villages, where free accommodation and government food handouts compensate for a lack of work.
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OTHER

GLP-1 drugs may improve breast cancer outcomes

Research published in JAMA Network Open indicates that GLP-1 medications may enhance long-term outcomes for breast cancer patients, particularly those with obesity or type 2 diabetes. The study analysed health records of nearly 8,000 patients diagnosed between 2006 and 2023. It found that those using GLP-1 drugs had a lower overall risk of death and a reduced chance of cancer recurrence over a 10-year period. Senior author Bernard Fuemmeler, director at VCU Massey Comprehensive Cancer Center, said: "This study suggests that GLP-1 drugs may offer protective benefits." Further research is planned through clinical trials.
 
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