Coinbase has obtained a UK investment services license, enabling it to offer products beyond crypto, including equities and derivatives, to both retail and institutional clients. This expansion aligns with its "everything exchange" vision and precedes the UK's new crypto regulatory regime.
Andy Haldane, president of the British Chambers of Commerce, proposes linking over £50bn in pension tax relief to investments in UK businesses. This aims to address a funding gap for small- and medium-sized enterprises and introduce a "home bias" in retirement savings.
UK businesses are halting investment and hiring due to the Iran war's economic fallout, rising costs, and political uncertainty. Surveys show companies prioritizing cost management over growth, with job vacancies falling. Some firms may shift production to the UK.
Reed Jobs' venture capital fund, Yosemite, managing over $1bn, is seeking UK investment for oncology startups. Inspired by his father Steve Jobs' death, the fund focuses on gene therapy, cancer vaccines, and AI to make cancer treatable.
The UK government has retreated from plans to mandate pension funds to invest in UK assets after heavy opposition from providers. The Mansion House Accord, which saw 17 major providers voluntarily pledge 10% allocation to private markets, faced a proposed "backstop" power that would have made contributions enforceable. Following House of Lords resistance and provider warnings about fiduciary duty, the final legislation heavily dilutes these powers – they cannot be used before 2028 and will expire by 2032-2035, with a "saver's interest test" requiring regulator approval.
Oil and gas prices surge as reports indicate the US may extend its blockade of Iranian ports for months. Brent crude rose 5% to almost $117 a barrel, approaching the highest level since the Iran war began. UK gas prices also increased 5%, while the FTSE 100 fell 1.2% to its lowest level since April 1. President Trump met with energy company executives to discuss measures to calm oil markets amid the prolonged blockade.
AstraZeneca will invest £300m in the UK, completing its Cambridge headquarters and building a digital research facility in Macclesfield. The announcement marks a U-turn after the pharma giant paused £650m in projects last year due to disillusionment with the NHS business environment. Prime Minister Keir Starmer hailed the investment as a 'major vote of confidence' in the UK economy.
AstraZeneca is investing £300m in UK operations, Prime Minister Keir Starmer announced at PMQs, protecting jobs in Cambridge and Macclesfield. The investment comes seven months after the company paused a £200m Cambridge expansion and is tied to a new US pharmaceutical deal requiring UK to pay 25% more for medicines by 2035. Meanwhile, NIESR warns the Iran war could cost the UK £35bn in GDP over 2026-2027.
