UK Industry Fast Facts

IBISWorld presents a collection of fast facts for the different sectors of the UK economy.

Agriculture, Forestry & Fishing

• According to data from the Energy and Climate Intelligence Unit (ECIU), harvests in England are down by between 75% and 33%, depending on the region, marking the second worst harvest on record. Fears about next years’ harvest are also swelling.
• According to the Agricultural Engineers Association (AEA), tractor registrations in September 2024 were the lowest since 2015 due to widespread uncertainty surrounding farming and the wettest 18-month period since 1836.
• The National Farmers’ Union stated that the plan to make farming net zero by 2040 is unlikely to be achieved due to a lack of investment in climate-friendly farming measures by the previous government. Farming is currently responsible for around 12% of the UK’s total greenhouse gas emissions.
• Shrinking profit margins in agriculture has encouraged farmers to look for alternative ways to generate income. A farmer in Keynsham, Bristol, has turned his dairy and poultry farm into a storage business and now leases his former dairy land to a cafe and farm shop to add to his income.
• A report commissioned by the RSPB, National Trust and The Wildlife Trusts discovered that the current investment in agriculture falls short of the amount needed to tackle the climate crisis. An annual investment of £5.9 billion would support the long-term viability of UK farming.
• The Welsh government postponed its rollout of a new subsidy scheme for farmers that would require farmers to dedicate 10% of their eligible land to tree cover and another 10% to natural habitat until 2026.
• The National Farmers’ Union has claimed that farmers can prevent river pollution is they receive the necessary funding in the next farming budget. According to Rivers Trust, only 14% of UK rivers are in good ecological health.
• The government has launched a £1.6 million fund to help farmers manage water resources more efficiently and protect against the impact of drought. Projects could include multi-farm reservoirs, treated waste-water recycling systems, water trading and sharing schemes.

Mining

• The Office for National Statistics states that output in the mining and quarrying sector fell by 4% in August 2024. This was mainly due to a 4.2% drop in extraction of crude petroleum and natural gas. Mining and quarrying fell 1.7% in the three months to August 2024 compared with the prior quarter.

• Escalating tensions in the Middle East have threatened to hike oil prices above $80 per barrel. However, weak economic data from China is putting downward pressure on prices, with prices around the $78 per barrel mark in mid-October 2024.

• World Bank Commodities Price Data released in October 2024 shows that the monthly average prices for coal and crude oil fell in September 2024. Metals and minerals monthly average prices have been mixed, with aluminium, copper, lead and zinc prices rising while iron ore, nickel and tin prices falling over the month. At the same time, heightened economic uncertainty has raised the prices of precious metals (gold, platinum and silver).

• Leading oil and gas company TotalEnergies has warned that it will reduce UK investment and restructure its North Sea operations if the UK government goes ahead with hiking the windfall tax (from 75% to 78%).

• The Financial Times reports that the imposition of the windfall tax in 2022 has led to banks reducing the amount of loans to oil and gas producers. No wells have been drilled in the UK’s part of the North Sea in 2024.

• According to energy consultants Wood Mackenzie, Labour’s tax proposals on oil and gas companies will result in output from the North Sea halving by 2030.

• UK’s Sizewell C nuclear project has been hit by further delays amid dragging talks on investment. This has prompted the government to set up a £5.5 billion subsidy scheme to support the construction of the power station.

• The North Sea Transition Authority is seeking to raise transparency in the sector, with plans to name oil and gas companies that fail to meet decommissioning deadlines for empty wells, as reported by the Financial Times.

Manufacturing

• According to S&P Global/CIPS PMI, the UK’s manufacturing PMI fell to 51.5 in September 2024. It remained above the neutral 50 mark, with output and new orders rising. Anticipation of the Autumn Budget has slowed growth, while export demand from Europe fell for the 32nd straight month.
• According to the ONS, manufacturing output increased by 1.1% in August 2024, driven by the manufacture of transport equipment (2.1%) and the manufacture of basic metals and metal products (2.3%).
• The Society of Motor Manufacturers and Traders recorded an 8.4% fall in car manufacturing in August 2024 compared to the same month in 2023. Factories are lowering output as they prepare for the shift to electric models.
• According to Make UK, manufacturers have greater confidence in the UK as a base of operations than they were a year ago. Almost half of respondents to their survey expect conditions to improve in 2024. The optimism has been fueled by relative political stability and pro-business policies like the full expensing tax break on investments, according to the Financial Times.
• Between 2025 and 2030, the government will provide £4.5 billion in funding for British manufacturing to boost investment across eight sectors, with over £2 billion earmarked for the automotive industry and just under £1 billion for aerospace.
• The International Federation of Robotics found that the UK lags behind the world average for the number of robots per employee, with financial, ease of use, functionality and regulatory concerns all cited as reasons for the slow adoption.
• The UK government has postponed the UKCA safety mark for manufactured goods indefinitely, a move welcomed by businesses, as it will reduce red tape and simplify the post-Brexit business landscape.

Utilities

• TotalEnergies has warned that it will reign in its investment in the UK due to the proposed windfall tax. This tax was introduced in 2022 following Russia’s invasion of Ukraine, but Labour will extend it to 2030.
• According to the Financial Times, water prices for businesses will rise by an average of 27% (before inflation) over the five years through 2029-30, leading to complaints. Ofwat, the water regulator is allowing prices to rise so water companies can upgrade infrastructure.
• The government has agreed to buy the National Grid’s electricity system operator for £630 million as part of its plan to adopt a more strategic approach to achieving a net zero energy system by 2030.
• The government awarded nine offshore wind farm contracts in September 2024. This is a stark change from last year's auction, where no companies bid. The new offshore wind firms will include Europe’s largest and second-largest wind farms, both located off the Yorkshire coast.
• Cornwall Insight forecast that domestic energy prices will rise in the run up to winter, with an expected increase of 9% in October 2024.
• Thames Water, in over £18 billion of debt, has breached its licence conditions after two credit rating agencies cut its rating to junk. Ofwat will appoint an independent monitor to report on Thames Water and force it to construct a new business plan and raise new equity.
• Thames Water may increase bills by £627 yearly to fund investment of up to £3 billion to fix its leaky network. The company is already charging £26 a year per household to fund a new 25km sewage tunnel under the Thames.
• The water consumer watchdog has warned that companies’ plans to increase bills by up to 70% by 2030 are unaffordable for most households in England and Wales. It would take some payments to more than £800 a year.
• According to the National Grid, about 600 projects with a combined capacity of 176GW are in the queue in England and Wales, against 64GW of connected capacity. Some battery, wind and solar projects are being told they have to wait until 2036 for a connection.

Construction

• Data from the Department for Business and Trade showed that material price inflation fell by 1.1% in August 2024 compared to the same month in 2023. Despite this, the price of flexible pipes and fittings grew by 17.4%.
• According to the Office for National Statistics, construction output rose by 0.4% in July 2024. The main driver of the increase in output was new work (1.6%).
• The S&P Global/CIPS UK PMI registered 57.2 in September 2024, robust growth in new orders and a more supportive economic outlook were key drivers.
• According to the Financial Times, the number of construction workers has fallen by 14% between 2019 and 2024, driven by Brexit and high inflation.
• The government awarded 2,021 construction contracts in Q1 2024, worth £6.6 billion, which is a 14% increase in value compared to Q4 2023. The highest value contract was given to Network Rail Infrastructure.
• Developers in England must deliver a 10% Biodiversity Net Gain when building new housing, industrial or commercial developments. The UK is the first country in the world to make this a legal requirement.
• Two-thirds of the £4.2 billion UK housebuilding fund is unspent despite a shortage of housing in the country, more than six years since its launch, according to the Financial Times. Work had only begun on less than one in 10 of the promised homes.
• An additional 16,000 extra workers will be needed in the UK’s offshore wind industry by 2030, according to a new labour forecasting tool developed by the Engineering Construction Industry Training Board and Whole Life Consultants. A decline in oil and gas production (the largest employer of engineering construction contractors) could lead to a 30% reduction in the workforce between 2023 and 2035.

Wholesale Trade

• According to the Office for National Statistics, output in the wholesale and retail trade and repair of motor vehicles and motorcycles sector fell by 0.3% in August 2024. This decline was driven by a 1.6% drop in wholesale trade, except for motor vehicles and motorcycles and a 1.2% fall in wholesale and retail trade and repair of motor vehicles and motorcycles.
• DBC Group has become a member of the Sugro UK group, which consists of over 90 independent wholesalers.
• Love British Food has called on wholesalers to promote domestic produce by launching ‘Buy British’ categories in a bid to boost demand.
• New figures show that trade with the EU has suffered severely due to Brexit, with Aston University estimating that annual exports and imports are 17% and 23%, respectively, below where they would have been if Brexit didn’t materialise.
• The government has again delayed the final stage of the post-Brexit border rollout for goods entering the UK from the EU by three months to the end of January 2025. Trade representatives have said this move hits business confidence, as reported by the Financial Times.

Retail Trade

• In October 2024, UK Ministers introduced the Employment Rights Bill, broadening workers’ rights and helping to ensure some stability. Key proposals include introducing rights from Day 1, including paternity leave, protection from unfair dismissal, establish bereavement leave and addressing the potentially exploitative nature of zero-hour contracts.
• According to British Consortium data, non-food sales decreased 0.3% year on year over the three months to September 2024, against a decline of 1.2% in September 2023. This is above the 12-month average decline of 1.7%. For the month of September 2024, non-food was in growth year-on-year. Online non-food sales increased by 3.4% year on year in September 2024, against an average decline of 3.6% in September 2023.
• The British Retail Consortium data shows Shop Price deflation was at 0.3% in August 2024, down from inflation of 0.2% in the previous month, the lowest rate since October 2021. Non-food remained deflated at -1.5% in August, while Food inflation slowed to 2% in August, down from 2.3% in July 2024. Overall, the drop in prices was driven by non-food sector, with retailers discounting heavily to shift their summer stock, particularly for fashion and household goods. This discounting followed a difficult summer of trading caused by poor weather and tight finance — take a look at Primark, which anticipates a 2% drop in sales as the weather hits seasonal updates.
• Online fast fashion retailer, ASOS, has offloaded Topshop to Bestseller as it looks to refinance operations. The deal will grant the online retailer certain design and distribution rights for the Topshop and Topman brands in return for a royalty fee enabling it to continue selling the brands.
• Fast fashion retailer Shein is considering selling shares directly to the public after controversy surrounding its anticipated £50 billion listing on the London Stock Exchange. Environmental concerns aside, the retailer faces concerns over its use of a tax loophole for overseas shipments, giving the company an unfair advantage.
• To combat excess waste, more than half of clothing retailers charge for postal returns, with fees ranging from £1.99 to £3.99 — including the much-loved high street shop Zara (£2.95). Meanwhile, online fast fashion brand Oh Polly plans to clamp down on repeat returners calculating the cost of returns based on a customers’ return rates, with some being charged as much as £8.99 to send back the entire order.

Transportation & Warehousing

• Overcrowding at Euston station, particularly when trains are cancelled, is putting people in danger, according to London TravelWatch, an independent watchdog. The station was designed for approximately 20 million passengers a year but currently serves upward of 40 million.
• The UK’s busiest station, Liverpool Street, will close for eight days during the 2024 festive period as Network Rail aims to provide better, more reliable services during the quieter work week.
• Sunak’s decision to downgrade HS2 has led to over £2 billion in costs, including a £1.1 billion write off during phase two (Birmingham to Manchester link) until it was scrapped in 2023. HS2 also disclosed a £1 billion accounting fee related to the downgraded line.
• Budget airline easyJet enjoyed an 8% in passenger numbers over the three months through June 2024, driving revenue growth of 11%. The average fare over the quarter was £73, roughly the same as 2023.
• Compensation payouts to rail passengers for delays hit over £100 million over the year through April 2023, up by 155% since 2021-22. According to data from the Office of Rail and Road, the financial hit is likely to be much higher in 2023-24.
• The Guardian has reported that approximately 46,000 aircraft has logged problems with GPS over the Baltic Sea since August 2023, with Russian GPS jamming the likely cause.
• Transport for London has warned that it’s facing a £250 million shortfall in funding after securing just half of the £500 million grant it had requested to keep the network running in 2024-25. The funding will be used for new trains on the Tube’s Piccadilly Line, which are being constructed in East Yorkshire.

Accommodation & Food Services

• The ONS states that output in the food and beverage service activities fell by 0.02 percentage points in August 2024, but was up 0.03 percentage points in the three months to August 2024.
• From 1 October 2024, the Employment (Allocation of Tips) Act and the statutory Code of Practice on fair and transparent distribution of tips came into force. These changes will require employers to pass all tips, gratuities and service charges on to workers, without deductions. Restaurants, pubs, cafes, hotels and bars will all be affected by the new tipping laws. This could put further pressure on businesses hit by labour shortages and higher costs.
• UKHospitality has warned that the industry could face a £1 billion tax bill if the government decides not to extend the business rates relief beyond April 2024.
• The acquisition of part of TGI Fridays by PE firm Calveton and Bread Capital has saved 51 sites. Despite this, TGI Fridays has closed 35 restaurants and cut 1,000 jobs.
• As reported by the Financial Times, food businesses and investors are calling on the government to tackle diet-related health issues by introducing tighter regulatory scrutiny, including mandatory reporting on the share of revenue from sales of products high in fat, salt and sugar. Businesses claim that health issues related to unhealthy diets are hitting productivity.
• The Institute for Public Policy Research has stated that the government should raise the tax on tobacco, alcohol and ‘unhealthy’ food companies to reduce illness and save the NHS billions per year.
• UK budget hotel chain Travelodge reports that profit contracted by 9% in the first half of the year, with room rate falling by 2% (vs growth of 16% in the prior year). This is despite the occupancy rate growing by 2.2 percentage points to 84.8%. The chain states that this is due to weak demand for midweek leisure travel in London.
• The Caterers reports that the Best Western hotel chain is set to triple its UK premium and luxury hotel footprint. 

Information

• According to the Office for National Statistics, output in the information and communication sector hiked by 0.8% in July 2024. The sub-sector grew by 0.9% in the three months to August 2024, the second-largest positive contributor to the services sector.
• According to Ofcom, digital rivals have overtaken TV news for the first time, with consumers increasingly turning to online news and social media apps rather than traditional TV channels. It found that 71% of adults obtained news online, compared with 70% through TV.
• From 1 October 2024, Ofcom has begun enforcing new roaming rules that require mobile network operators to provide better protection from potential charges to consumers who travel abroad.
• Ofcom’s chief, Melanie Dawes, has stated that social media needs tighter regulation to protect users, although acknowledges the benefits brought by the new technology.
• Ofcom has launched an investigation into rural internet service provider Gigaclear over a possible failure to provide caller location information to emergency services, as reported by ISPreview.
• Following demands from the Competition and Markets Authority to make changes to the £16.5 billion merger between Vodafone and Three UK, amid fears of higher bills for consumers, the companies have agreed to limit price increases on some phone tariffs. The competition watchdog will give its final decision on whether the merger can proceed by 7 December 2024.
• According to research from Oxford University, teenagers’ social media use is strongly correlated to higher anxiety and depression. Data shows that the number of children treated by NHS mental health services has surged.

Finance & Insurance

• The Financial Conduct Authority encourages the use of AI to bring down premiums. However, it has warned that in areas like health coverage, personalisation may lower costs for some consumers, but also increase costs or push out potential consumers who are unhealthier or don’t have access to technology.
• A report by credit scoring company FICO shows credit card spending dropped by 2.7% month-on-month in July 2024, though the effect of inflation also continues to be evident, with average balances 5.3% higher than in 2023. The number of customers missing payments across one, two and three months increased in July 2024.
• Buy-Now-Pay-Later (BNPL) platforms may be subject to greater scrutiny and regulation. Labour has previously suggested that BNPL platforms should implement greater safety features, including affordability checks and monitoring of consumer credit history.
• The latest statistics from the Bank of England indicate that new mortgage approvals for house purchases reached the highest level in two years in August 2024 at 64,900. Similarly, approvals for remortgaging with a different lender increased from 25,200 to 27,200 in August 2024, after five consecutive month-on-month decreases. Despite the drop in the base rate, the average interest rate paid on newly drawn mortgages was 4.84% in August 2024, 0.3% percentage points higher than in July 2024.
• Insurer, Zurich, and broker, Marsh McLennan, say in a new report that cyber threats are “outpacing the ability of traditional insurance and risk management approaches to fully mitigate them”. Both giants stress there are limits on how much insurers can absorb and propose a series of potential solutions, including creating public-private partnerships to share losses from current events like systemic events like cyber-attacks and greater government involvement.
• UK Finance data shows that gross lending to SMEs was broadly stable at around £4 billion in the second quarter of 2024. This is very similar to gross lending in the first quarter 2024, but again higher than a year previously when it was £3.6 billion. Many SMEs are prioritising repaying COVID-19 loans, dampening appetite for new finance. 

Real Estate and Rental and Leasing

• According to major bank Nationwide, annual house price growth increased by 3.2% in September 2024 compared with September 2023. This is the fastest rate since November 2022. Prices hiked 0.7% month on month, with the average house price at £266,094. Prices remain around 2% below the all-time high reached in the summer of 2022.
• The Bank of England (BoE) interest rate cut from 5.25% to 5% in August 2024, the first rate cut since 2020. Lower borrowing costs as the BoE continues to cut rates could raise activity and house prices.
• Data from Zoopla shows that UK house sales in September 2024 increased at the sharpest rate since the spring of 2021, thanks to lower mortgage rates.
• According to the Royal Institution of Chartered Surveyors, house demand, sales and new listings all expanded in September 2024. UK house prices grew for the first time since October 2022 as the property market benefits from anticipations of more interest rate cuts.
• According to the Office for National Statistics, average house prices in London underperformed the rest of the UK in July 2024, falling by 0.4% over the month compared with a 2.2% growth in the rest of the country. However, rents in the capital hiked faster than in other regions, rising 9.6% in the 12 months to August 2024 in London against 8.4% across the UK.
• According to Savills, the UK is showing a resurgence in the office market, accounting for 29% of total European office deals in the first half of 2024. It is performing better than its European counterparts like France and Germany.
• Canadian asset manager Brookfield has put London’s Citypoint tower up for sale, seeking £500 million for the building. It is the largest office building placed on the market in the capital this year.
• BNP Paribas Real Estate estimates that the UK real estate market has the potential to be worth an additional £470 billion by 2029 if the UK can address the current supply shortfalls.
• Border to Coast Pensions Partnership, one of the UK’s largest pension pools, has launched a £1.2 billion UK real estate fund, with the aim to expand the fund to over £3 billion in the next five years.

Professional, Scientific & Technical Services

• The Office for National Statistics reports that the professional, scientific and technical activities sector grew by 1.6% in August 2024. Growth was mainly driven by increases of 4.3% in the accounting, bookkeeping and auditing activities; tax consultancy industry, 1.7% in legal activities and 2.8% in scientific research and development. Professional, scientific and technical activities was the largest positive contributor to the rise in services output in the three months to August 2024, growing by 0.8%.
• The Financial Reporting Council (FRC) has released the latest Audit Quality Review report for 2024. Of the audits inspected, 74% were categorised as good or requiring limited improvements. Audit quality for the FTSE 350 has also improved, up from 81% to 87% year on year. However, there is a widened gap between the largest four firms and the other Tier 1 firms, BDO and Forvis Mazars. The audit results for BDO have declined significantly from 69% to 38% year on year, while Forvis Mazars’ results also declined from 56% to 44%.
• The FRC has ordered audit firms to disclose approaches from private equity amid a trend of PE firms investing in the UK accounting industry and the potential risks this brings, including eroding audit firms’ independence in auditing large companies’ accounts, as per the Financial Times.
• PwC reported a slowdown in sales while higher costs and legal claims have weighed on profit in the 12 months through June 2024. As a result of the slowdown in sales, UK partners’ pay dropped over the year.
• PwC is restructuring its UK operations with plans to launch a standalone tech and AI unit, affecting 2,700 employees. This unit will focus on innovation, AI engineering, cloud and data, as reported by the Financial Times. It will also make changes to parts of its consulting, risk, deals and tax segments.
• Analysis by the Financial Times has found that Home Office spending on consultants reached nearly £230 million in the year ending June 2024, compared with just £23.4 million five years earlier.
• The government is set to ban junk food ads as it seeks to improve public health amid growing obesity among children. TV and online junk food advertisements will be banned before 9pm from October 2025. 

Education

• Once independent schools register for VAT, they will be eligible to claim back tax paid on capital projects like buildings and land acquisition products completed over the past 10 years. Tensions are rising as elite private schools will attain a net benefit, further widening the gap between large institutions and smaller private schools.
• It’s no surprise as fees rise the UK has seen a drop in international students applying for visas. Data from the Home Office shows 15 fewer applications made between July and September 2024 compared to the same period in 2023. Meanwhile, the number of visa applications for family members of students dropped by 89% after a rule change introduced by the previous government came into effect in January 2024.
• Data from the Institute of Public Policy Research shows that pupils in England's schools lost a record of 32 million days of learning due to a combination of unauthorised absences and exclusions. From the data, pupils entitled to free school meals are nearly five times more likely to be permanently excluded and four times more likely to be suspended than their peers.
• Universities at risk of insolvency, with nearly 70 higher education establishments undergoing redundancy and restructuring programmes. The number is expected to climb as international student numbers drop and the cost of student debt edges upwards. In August 2024, Education Secretary Bridget Phillipson made it clear that the government will not bail out universities despite warnings.
• Figures from UCAS (Universities and Colleges Admissions Service) show by the end of June 41.9% of all 18-year-olds in the UK had applied through their system — compared to 42.1% last year and 44.1% in 2022. London bucks this trend with application rates up one percentage point to 59%. Overall, a greater number of disadvantaged students turn away degrees thanks to growing concerns over the cost of living, the attainment gap in schools since the pandemic and teenagers seeking alternative routes over higher education.
• From January 2025, 20% VAT will be levied on private schools, meaning parents could see fees increase by 20%. The Government has warned that the tax will apply to all payments for the January 2025 term made from July 2025 as parents try to skirt the additional charge by paying fees in advance.
• Private school leaders warn the state sector is headed for disaster unless Labour’s VAT scheme is delayed. State schools risk being “overwhelmed by a mid-year surge in demand for school places that has not been forecast”, in a letter to the Treasury. Estimates from the Institute of Fiscal Studies (IFS) indicate up to 40,000 pupils will be forced out of private schools into the state system following the VAT hike.

Healthcare & Social Assistance

• Sir Keir Starmer introduced the idea of slimming jabs to tackle the UK’s issue with worklessness with 16.5 million adults in the UK classified as obese. CEO of NHS England, Amanda Pritchard, warns slimming clinics will need reform to cope with government plans for a mass rollout.
• In 2022-23, net expenditure on adult social care in England was £24.6 billion in real terms, having risen by around 9% since 2019-20. Although spending has increased, it hasn’t kept pace with an ageing population, where the number of people aged 65 and over has jumped from 9.2 million to over 11 million and cost pressures.
• Digitisation is needed across social care with research by health-tech company Lilli, suggesting the NHS could save more than £1.2 billion through non-intrusive lifestyle monitoring.
• In June 2024, out of 7.6 million cases on the waiting list for consultant-led care, 1.2 million were for people waiting for admission to hospital for elective surgical treatment. Most elective services conducted in hospitals are used to treat emergency patients. To tackle the growing backlog, health workers argue for elective surgical hubs.
• With mounting waiting lists it’s no surprise the UK is lagging behind other wealthy countries due to extended waiting times. The Health Foundation reported that the UK is among the “poorest performing countries” when it comes to hospital care. An estimated 7.62 million treatments were waiting to be carried out at the end of June 2024, relating to 6.39 million patients — up slightly from 7.60 million treatments and 6.37 million patients at the end of May.
• The National Pharmacy Association (NPA) found the number of Serious Shortage Protocols (SSPs) has gone up by three and a half times in the last two years — rising to 50 between 2022 and 2024, compared to just 15 in 2019 and 2021. Shortages of medicines are for a range of conditions including epilepsy, angina, menopause, thyroid problems and depression. According to Community Pharmacy England, medicines supply issues are being caused by a combination of factors, with Brexit, the ongoing war in Ukraine, the impact of COVID-19 and broader economic instability all playing a part.
• Health Minister Stephen Kinnock has scrapped the social care workforce fund for training and development due to funding pressures but stresses the Government intends to provide funding for social care learning and development with the budget maintained at the level spent in 2023-24.
• Labour will tackle the immediate crisis with a rescue plan to provide 700,000 more urgent dental appointments and recruit new dentists to areas that need them most. To rebuild dentistry for the long term, Labour will reform the dental contract, with a shift to focusing on prevention and the retention of NHS dentists. A supervised tooth-brushing scheme for 3- to 5-year-olds will also be introduced, targeting the areas of highest need.

Arts, Entertainment & Recreation

• UK gambling firms fear higher taxes as Chancellor, Rachel Reeves, comes under pressure taxes to plug the £22 billion hole in the UK’s finances. There are two separate proposals — proposals from the Institute for Public Policy Research (IPPR) would increase taxes by £3 billion, while the Social Market Foundations (SMF) plan would mean an additional £900 million from online gambling.
• Discovery+ becomes the UK’s fastest-growing paid streaming service after its parent — Warner Bros Discovery — secured a near £1 billion deal for control of the Olympics rights from the BBC. For Paris 2024, the BBC broadcast just 250 hours of live TV and showed a maximum of two live events simultaneously.
• Labour has historically advocated for stricter regulations, particularly tightening controls on advertisements and campaigning for greater protection for problem gamblers. Labour’s manifesto outlines several commitments to gambling reform, including regulation and reducing gambling-related harm.
• Lindsy Nandy, Culture Secretary, has pledged to boost funding for grassroots sports, including football facilities for girls and boys alongside ongoing cash upgrades to local sports centres. Meanwhile, pub chain Greene King hit its £1 million milestone for grassroots sports with Euros fundraising.
• Despite tighter controls, gambling is on the up thanks to the growth of online slots and real event betting. According to the UK Gambling Commission, the gross gambling yield (GGY) for the first quarter of 2024 alone reached an impressive £1.46 billion, a steep 2% rise compared to the previous year. While online gambling is flourishing, the traditional retail betting sector is facing challenges as punters prefer the convenience of betting from home.

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