Business News Round Up (10/11/2025)
UK will be second-fastest growing G7 economy, IMF predicts
The UK is set to be the second-fastest-growing of the world’s most advanced economies this year, according to new projections from the International Monetary Fund (IMF). But the IMF also predicts the UK will face the highest rate of inflation among G7 nations both this year and next, driven by rising energy and utility bills. The forecasts are part of the Fund’s twice-a-year outlook for the global economy. It said so far there had been a “muted response” to the wave of tariffs imposed on imports to the US this year, but that they were having an impact on global growth. The IMF, whose purpose is to bring its 190 members together to work on maintaining global economic stability, is a respected forecaster. However, uncertainties, ranging from geopolitics to the weather, often derail expectations. According to IMF’s latest predictions the UK appears to be weathering the storm better than others.
https://www.bbc.co.uk/news/articles/cn092p27xn0o
One in six employers will use AI to cut workforce
One in six employers will use artificial intelligence to shrink their workforce over the next year as they respond to higher costs imposed by the UK government, according to new research. The Chartered Institute of Personnel and Development said overall hiring intentions are among the weakest since the pandemic. Of those surveyed, white collar jobs were seen to be most at risk with 62% forecasting cuts in junior managerial, clerical, professional and administrator roles. A quarter expect to cut staff by 10%. A significant hit will be taken by large private sector companies, with 26% expecting headcount to fall. That compares with 17% in the private sector overall and 20% in the public sector. The CIPD said the findings should be a warning to Chancellor Rachel Reeves to avoid further measures in her budget this month that will further weaken hiring following her controversial hike in labour costs last year.
Scottish Government launches climate action plan ‘key to achieving Scotland’s net zero goal’
Holyrood can “no longer sit on its hands” when it comes to tackling climate change, MSPs were told as the Scottish Government published a new action plan. Climate Action Secretary Gillian Martin spoke out as the new draft climate change action plan was unveiled. Ms Martin said the plan contained “over 150 actions” in key sectors such as transport, heating for buildings and agriculture that would be “key to achieving Scotland’s net zero goal”. The Scottish Greens however branded the plan a “damp squib”, with Patrick Harvie saying: “Our expectations were low, and this still falls short. “This government has opted for business as usual at a time when our planet is on fire.” The plan has been produced after the Scottish Government was forced to scrap its target of cutting emissions by 75% by 2030.
https://www.insider.co.uk/news/scottish-government-launches-climate-action-36207331
Hiscox finds 74% of SMEs underinsured
Global insurer Hiscox has released its first Global Protection Gap Report, revealing that 74% of small and medium-sized enterprises (SMEs) worldwide remain underinsured despite growing awareness of emerging risks. Based on responses from 6,250 business owners across the UK, US, France, Germany, Spain and Portugal, the study found that while 92% worry about potential threats such as property damage (34%), cyberattacks (33%) and workplace injuries (32%), many lack adequate protection. The report shows that 55% of SMEs may have a protection gap due to missing essential cover such as professional indemnity, public liability, property or employers’ liability. Hiscox said nearly two-thirds (65%) of respondents could not accurately describe public liability insurance, rising to 77% for cyber and 80% for professional indemnity cover. Around a third had not reviewed their policies in the last three years, potentially leaving them exposed to new risks as their operations expand.
https://www.insurancebusinessmag.com/uk/news/sme/hiscox-finds-74-of-smes-underinsured-555940.aspx