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Partners at London's prestigious law firms may face a £250m tax increase under proposed plans by Rachel Reeves. A new 15% tax on profits from limited liability partnerships (LLPs) could raise their total tax bill from £1.78bn to £2.04bn. Colin Passmore, chairman of the City of London Law Society, warned that this change could harm London's competitiveness as a legal hub. David McNeill, director of public affairs at The Law Society, stated that the tax could significantly impact the legal profession, potentially leading to job losses and "legal deserts" in rural areas. Analysis by UHY Hacker Young shows that applying a 15% employer's NICs rate would create an additional tax liability of around £46,000 per partner each year.

 

The Daily Telegraph

City A.M.

Inside the World of Cyber Spies

What’s it really like to negotiate with hackers, or face down state-sponsored cybercriminals? In Cyber Recon: My Life in Cyber Espionage and Ransomware Negotiation, veteran cybersecurity expert Kurtis Minder takes readers deep into the dark web’s underbelly, where digital espionage meets real-world consequence. Drawing on 30 years in the field, Minder exposes the tactics used by ransomware gangs and nation-state hackers, and the countermeasures that can keep organisations safe.

From operational security protocols to the psychology of negotiation, this eBook offers a rare, unfiltered view of cyber conflict and what it takes to protect sensitive data under pressure. Featuring profiles of top cyber negotiators and practical insights on surviving attacks from groups like Lockbit and NotPetya, this is essential reading for anyone responsible for managing organisational risk in a volatile digital age.

Download your free copy before October 28.

 

Apple has lost a UK class action antitrust lawsuit over claims it abused its dominant position in order to levy "excessive and unfair" charges on software downloaded from its App Store. The Competition Appeal Tribunal found that Apple has "near absolute market power" in the markets for iOS app distribution and in-app payments. The ruling could lead to potential damages of £1.5bn. Apple said it would appeal.

 

Financial Times

The Daily Telegraph

Daily Mail

UK Finance has reported a 12% increase in financial losses from authorised push payment (APP) fraud for the first half of this year, totalling £257.5m. The average loss per APP case was £2,325, with investment scams averaging £15,098. Despite an 8% decrease in APP cases to 110,747, the number of payments increased by 4%. £159.2m was returned to victims, representing 62% of losses. Ben Donaldson, managing director of economic crime at UK Finance, said fraudsters are using AI “to enhance tried and tested tactics more quickly, at a greater scale, in different languages and to a greater effect.” Investment scams accounted for £97.7m of the losses, a 55% rise from last year.

 

Financial Times

London Evening Standard

The UK government has introduced an AI growth lab, a sandbox for companies to trial AI technologies under relaxed regulations. Tech secretary Liz Kendall highlighted its potential to eliminate "needless red tape" and enhance public services and business efficiency. However, concerns about safety and oversight persist. Nik Kairinos, CEO of RAIDS AD, warned that "speed must be balanced with safety," citing the recent AWS outage as a cautionary example. Public support for AI regulation remains strong, with many Britons advocating for oversight to ensure responsible innovation.

 

The Register

City A.M.

The Treasury has transferred anti-money laundering (AML) oversight to the Financial Conduct Authority (FCA), raising concerns in the professional services sector. The Solicitors Regulation Authority (SRA) previously supervised law firms, while HMRC oversaw accountancy. City minister Lucy Rigby MP argued that 23 different supervisors for professional services firms "inevitably leads to inconsistencies in supervision and enforcement." The SRA expressed disappointment, stating it had made significant progress in AML supervision. The transition is pending enabling legislation, with the Treasury set to consult on the new supervisor's powers.

 

City AM

The Financial Conduct Authority (FCA) reported that financial services firms paid out £283m in redress for complaints in the first half of 2025, a 20% increase from £236m in the previous half. The FCA received 1.85m complaints, marking a 3.6% rise compared to the second half of 2024. Complaints about banking and credit cards rose by 7.2%, while those regarding pensions increased by 5.5%. The most complained about products included current accounts, motor and transport, and credit cards. The upheld complaint rate remained steady at around 57%.

 

London Evening Standard

UK businesses could potentially unlock £532bn in productivity through AI-assisted recruitment, according to LinkedIn's latest report. AI tools, like LinkedIn's hiring assistant, can relieve recruiters from administrative tasks, enabling them to focus on strategic decisions. However, a survey by Zinc revealed that 73% of recruiters use AI, yet 71% believe it reduces personalisation. Charlotte Hall, co-founder of Zinc, commented: "AI is supposed to make hiring smarter, not colder." Additionally, 80% of AI job postings are in London, highlighting a regional skills gap.

 

City AM

The Times

The abolition of the banker bonus cap in October 2023 has led to significant pay increases in the City of London. Average full-time salaries have surpassed £100,000 for the first time, reaching £103,352, a 10.6% rise from the previous year. The Office for National Statistics (ONS) reported that average pay for all employees, including part-time workers, rose to £99,911. The surge is attributed to increased bonuses for bankers, lawyers, and tech professionals. However, median full-time pay remains lower at £68,663.

 

London Evening Standard

The House of Commons Scottish Affairs Committee has warned that the UK Government must not hasten the decline of Scotland's oil and gas industry. The report highlights that clean energy jobs are not being created quickly enough to offset losses in the North Sea. The report calls for urgent action to address job losses, particularly following the closure of Grangemouth, Scotland's last oil refinery, which has caused significant community trauma.

 

Express.co.uk

The I

The London Stock Exchange Group (LSEG) has agreed to sell a 20% stake in its Post Trade Solutions business to a consortium of 11 banks, including JP Morgan and Barclays, for £170m. This investment values the division at approximately £850m. The Post Trade Solutions business, which serves the uncleared derivatives market, generated revenues of £96m and earnings of £16m last year. David Schwimmer, CEO of LSEG, said: "We continued our strong momentum in Q3, driving growth across all business lines." The company reported a 6.4% increase in total income for the quarter.

 

The Times

The Independent UK

RSM UK has approved a merger with RSM US, creating a new partnership valued at $5bn (£3.75bn). The move marks a significant transatlantic combination in the accountancy sector. The merger, effective from 1 January 2026, will unite 23,000 professionals across multiple countries. RSM UK CEO Rob Donaldson said: "We have been on a journey to become a more effective competitor." The partnership aims to enhance competitiveness in the mid-market, while remaining an independent member of RSM International, which spans over 120 countries.

 

Financial Times

City AM

Jane Fraser, the British-born CEO of Citigroup, has been appointed chair of the bank's board of directors, receiving a one-off bonus of $25m (£18.7m) as part of the bank's overhaul. Citi stated that the bonus reflects the board's confidence in Fraser's strategic direction. Fraser, who became CEO in 2021, has overseen significant restructuring, including job cuts and improved performance metrics.

 

Financial Times

The Daily Telegraph

Daily Mail

The Times

Mitchells & Butlers has appointed Emma Harris as its new finance director, succeeding Tim Jones after his long tenure. Harris previously served as finance director at Marks and Spencer's food business. The company confirmed that Jones will remain until the handover, expected early next summer. Despite a slight decline in sales in London and premium venues, Mitchells & Butlers reported a 3.1% increase in like-for-like sales in its final quarter. The company's shares rose by 1% to close at 255p.

 

The Times

China has warned the UK it may withdraw investments if Sir Keir Starmer's Government blocks a proposed £1.5bn wind turbine factory by Ming Yang Smart Energy in Scotland. The project has raised national security concerns, with fears that the turbines could be used for espionage. Guo Jiakun, a spokesman for China's foreign ministry, said: "If this trend continues unchecked, it will seriously affect Chinese enterprises' assessment of the UK's investment environment." The factory, planned to be the UK's largest, aims to create jobs but faces scrutiny from UK security agencies.

 

The Daily Telegraph