
New Amazon fulfilment centres planned in £40 billion investment
Amazon announced a substantial £40 billion investment in the UK over the next three years, aiming to create thousands of new jobs.
The investment includes new fulfilment centres in Hull (opening this year with 2,000 jobs) and Northampton (opening 2026 with 2,000 jobs), with two more planned for the East Midlands by 2027.
Amazon will also expand its London headquarters in Shoreditch and invest in data centres, drone technology, its Prime streaming service, and staff benefits.
Prime Minister Sir Keir Starmer praised the investment as a "major win" for the UK economy, emphasising its potential to create job opportunities nationwide.
Amazon's leadership stated the investment is specifically targeted at boosting regions outside London and the South East, aligning with efforts to level up economic opportunities.

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Daily Mail
17 minutes ago
- Daily Mail
Is Keir already lining up his next U-turn? Starmer faces fresh rebellion from Labour MPs over his 'family farm tax'
Sir Keir Starmer has been put on notice of a fresh Labour rebellion over the Government's 'family farm tax'. More than 40 Labour MPs are said to be considering a bid to water down looming changes to agricultural and business inheritance tax relief. It comes after the Prime Minister performed a trio of embarrassing U-turns in recent weeks. Sir Keir has reversed his position on axing the winter fuel payment for millions of pensioners, a national grooming gangs inquiry, and welfare cuts. This has left Labour rebels feeling emboldened that they can force the Government into further policy changes. According to the Telegraph, a group of Labour backbenchers are considering using amendments to legislation to exempt small family farms from a planned tax raid. At last year's Budget, Chancellor Rachel Reeves announced farmers will pay a 20 per cent rate of inheritance tax on land and property they inherit worth more than £1million. The Government has insisted the measures - dubbed the 'family farm tax' and set to be in place from April 2026 - will only affect the wealthiest quarter of landowners. But the National Farmers' Union (NFU) and others say the impact of Ms Reeves' measures will be much more widespread. Critics claim the move could wipe out family-run farms with tight margins, as they will be forced to sell up in order to pay death duties. There have been months of demonstrations by farmers in response to the Chancellor's tax raid, including tractor protests in Wesminster. A 'rural growth group' of Labour MPs is now proposing the raising of the £1million cut-off point at which estates lose their tax reliefs. They have suggested estates receive full tax relief on the value of agricultural properties up to £10million, 50 per cent to £20million, and nil thereafter. Sam Rushworth, Labour MP for Bishop Auckland, who is a member of the group, told the newspaper they would 'consider what amendments to put down'. Mr Rushworth said: 'We are all keen to avoid amendments. I don't want it to get to that point. I am a Labour MP and I broadly support the Government. 'I would like to see them bring forward different recommendations in the Bill.' Ex-Cabinet minister Louise Haigh, who was a leading rebel over the Government's now partially-reversed welfare cuts, has called for Sir Keir to 'reset' his relationship with the British public. 'I think this is a moment and an opportunity to reset the Government's relationship with the British public and to move forward, to adopt a different approach to our economic policy and our political strategy,' she told the BBC in the wake of the PM's climbdown on welfare changes. 'And I think that has been accepted from within government and a lot of people, both in the parliamentary Labour Party, but crucially, the country will really welcome that.' The Government's original welfare package had restricted eligibility for Personal Independence Payment (PIP), which is the main disability payment in England. It also cut the health-related element of Universal Credit. But, after Sir Keir offered concessions to rebel MPs, the changes to PIP will now only be implemented in November 2026 and apply to new claimants only. All existing recipients of the health element of Universal Credit will also have their incomes protected in real terms. A Government spokesman said: 'Our reforms to agricultural and business property relief are vital to fix the public services we all rely on. 'Three quarters of estates will continue to pay no inheritance tax at all, while the remaining quarter will pay half the inheritance tax that most people pay, and payments can be spread over 10 years, interest-free. 'We're investing billions of pounds in sustainable food production and nature's recovery, slashing costs for food producers to export to the EU and have appointed former NFU president Baroness Minette Batters to advise on reforms to boost farmers profits.'


The Herald Scotland
22 minutes ago
- The Herald Scotland
Ian Blackford calls on SNP to support defence industry
At this week's NATO summit, Prime Minister Sir Keir Starmer committed to raising defence spending to 5% of GDP by 2035. READ MORE Mr Blackford said this was a "seismic shift" and would have "massive implications for the budgets of every government department over the next decade." "Though in these islands we have excellence in many aspects of our armed forces, to a large extent our military capability has been hollowed out," he wrote. "The need to enhance defence capability and at pace is stark. "There is now a race to invest and if we take last year's defence spending of £53.9 billion as our base, we are going to have to find by 2035 an extra £60 billion plus a year to invest in defence. "Where is this to come from?" The former MP said 'difficult choices' would need to be made. He argued that defence funding should not be seen as a moral compromise, but as an economic lever. "Austerity will be a price to be paid as a consequence of having to invest in our national security. "Investment in defence, though, can be a lever and transformative in itself in generating economic growth." He noted that the industry already supports 33,500 workers in Scotland and contributes £3.2 billion in gross value. "We all want a high-growth, high-wage, high-productivity Scotland—a society that drives investment in skills and innovation." The SNP has long opposed public money being spent on munitions. The Scottish National Investment Bank's ethical investment policy currently bars organisations 'primarily engaged in the manufacture of munitions or weapons' from receiving support. Ian Blackford calling on the SNP to embrace the defence sector (Image: PA) Recently, a new welding centre—backed by Rolls-Royce and intended to support Royal Navy submarine construction—was denied funding by Scottish Enterprise. The UK Government has since stepped in to fund the initiative. The SNP has faced accusations of hypocrisy, as the Scottish Government funds Ferguson Marine, which is subcontracted by BAE to work on Royal Navy frigates. Mr Blackford's intervention comes as John Swinney faces mounting internal and external pressure to reconsider his government's position. Recently, the First Minister suggested the policy could be "reconsidered" given the growing threat from Russia. Speaking on the Holyrood Sources podcast, he said: "I'm conscious we are living in a very different context today. I do think the Russian threat is very real. We have to consider these questions." He added he had no objections if a company wished to set up a munitions factory in Scotland. The First Minister added: "We do not use public money to support the manufacture of munitions but will support skills and defence companies." Speaking to Scotland on Sunday, Stewart McDonald, the SNP's former defence spokesperson at Westminster, said it was time for the party to look again at the policy. "It hasn't had a proper defence debate since 2012, when we changed the policy on NATO," he said. "All of this is moving at such pace. The entire international picture is moving at a rapid pace and if we are a party that seeks to be an independent state—and an independent state in NATO and the EU—then we should have stuff to say on this." Mr McDonald warned: "There is a risk the party falls behind in that debate." He said: "That's a debate going on in capitals across Europe. And although Edinburgh is not a state capital, the Scottish Government has a role to play as a domestic partner. "We have an industry in Scotland worth many billions of pounds, employing somewhere between 33,000 and 35,000 people, and it has a very awkward relationship with the Scottish Government—it has done so for a long time." He suggested Mr Swinney should gather major and smaller defence employers in Scotland, invite the defence procurement minister from London, and ask: "How do I marshal the resources of the government—spending, policy, legislative—to better support this?" "I understand there's a bit of political balancing to be done here, but I think that can be over-thought and over-egged," he added. "We do live in much more dangerous times and there's a risk we are just saying the same stuff we've been saying for a long time—and that just would not be credible to stand still politically as the entire world changes around you." Mr McDonald branded the Scottish Enterprise ban on munitions-related investment "a stupid policy" and criticised restrictions at the Scottish National Investment Bank. Meanwhile, in the Sunday Mail, Labour's Scottish Secretary, Ian Murray, called on the SNP to reverse its opposition to nuclear weapons entirely. "Any responsible government has to make sure they put their national security and the safety of their own people first. "Scots only have to turn on their TVs and pick up their newspapers to read about the fact that there is a changing global instability. "I do think the Scottish Government should readdress it." Previously, Mr Murray described himself as a 'lifelong unilateralist' and was one of 2000 parliamentarians to have signed the International Campaign to Abolish Nuclear Weapons (ICAN) pledge, which obliges signatories to work for their respective nations to sign up to a worldwide ban on nuclear weapons through the UN Treaty on the Prohibition of Nuclear Weapons (TPNW). He added: "My views on nuclear weapons changed some time ago but they have been underlined and emphasised by the fact that the issue of nuclear weapons and deterrence has become a huge global stability issue. "For the Scottish Government to tell Rolls-Royce, one of the most respected British institutions, that they will not contribute to them investing in a highly skilled welding academy in Glasgow tells the public that they do not care about jobs, growth and opportunities for the future. "That is a huge part of the defence dividend we should be trying to capture. Places like Babcock and BAE Systems are hiring foreign welders from the Philippines and South Africa to do the work local people should be doing." READ MORE However, SNP defence spokesperson Dave Doogan told the paper that the party remained 'resolute' in its opposition to nuclear weapons. "We believe we're firmly in step with the vast majority of civil society in Scotland on that point. "Ian Murray, consistent with many other issues, is not in step with the majority of civil society in Scotland. "I've spoken to armed forces professionals who deal with the nuclear deterrent and nobody talks about it in the triumphant way in which Westminster politicians of the two main parties do." Any change in the Scottish Government's policy would likely be met with opposition from the Scottish Greens.

Finextra
25 minutes ago
- Finextra
Deep Dive: Wise – Building a World of Money Without Borders: By Sam Boboev
Wise (formerly TransferWise) has quietly become one of fintech's biggest success stories, transforming how people and businesses send money across borders. From humble startup origins in 2011, Wise now moves over £145 billion internationally each year for 15+ million customers – at a fraction of the cost charged by banks. In doing so, Wise saved its users an estimated £2 billion in fees in FY2025 alone. It's a rare fintech that's both fast-growing and profitable, pursuing a bold mission encapsulated in its slogan: 'Money without borders – instant, convenient, transparent and eventually free.' This deep dive explores why Wise matters today – covering the massive market it's tackling, its journey and products, the technology and regulatory infrastructure under its hood, its recent financial performance, competitive landscape, and what customers and leadership are saying. A Massive Market Ripe for Disruption Moving money internationally has long been notorious for high costs and hassle. Over £22 trillion crosses borders each year, projected to reach £28 trillion by 2027 as globalization drives more migration, remote work, and global commerce. By Wise's own 2025 estimate, the number may be as high as £32 trillion annually. Historically, this market was dominated by big banks and legacy remittance providers relying on an antiquated correspondent banking network. International transfers often meant 'expensive, slow and inefficient service, reliant on outdated infrastructure,' as Wise's 2023 report bluntly puts it. Banks and incumbents like Western Union layered on fees and hidden exchange rate markups – profiting from customers' lack of transparency. The result: sending money abroad could cost 5-8% in fees (often not obvious upfront) and take days to arrive. Wise was founded to change this status quo. Its vision of 'Money Without Borders' is about making moving money 'as cheap, fast, and convenient as sending an email,' in the words of its co-founder. Wise's core innovation was using technology and clever account structures to eliminate intermediaries and hidden fees, giving users the real mid-market exchange rate and charging only a low upfront fee. As we'll see, this strategy is forcing the industry to evolve. Today, many fintechs and even banks are racing to offer cheaper, easier cross-border payments – yet traditional banks remain Wise's primary competitors, still handling the majority of cross-currency transactions. A growing field of digital challengers (from neobanks like Revolut to PayPal's Xoom and others) are also carving out niches. But Wise has a head start in scale, efficiency, and trust – built over a decade of singular focus on solving this problem. From Startup to Public Company Wise's origin story is a personal one. In 2011, two Estonian friends living in London – Kristo Käärmann and Taavet Hinrikus – grew frustrated with the 'massive problem' of bank fees on international transfers. They started TransferWise that year to help people send money abroad at the true exchange rate. The concept resonated: by 2014, having raised a $58 million Series C to expand globally, TransferWise launched in the US and Australia. The company hit major milestones quickly. It reached its first £1 billion transferred (cumulative) in 2014, and by 2017 was profitable with over £1 billion being moved every month through its platform – a rarity in fintech. Importantly, Wise also became an innovator in financial infrastructure early on. In 2016 it gained direct access to the UK's Faster Payments network (the first tech company to do so), showing a knack for working with regulators to improve speed and cost. Over time, TransferWise broadened its offerings beyond person-to-person remittances. In 2016 it launched its first business accounts for SMEs to send money internationally on better terms. By 2018 it rolled out a borderless multi-currency account and debit Mastercard, enabling customers to hold money in multiple currencies and spend it via card in different countries with low fees. The company's global footprint also expanded: it opened offices around the world (10 offices by 2019, including a European hub in Belgium to navigate Brexit) and set up an Asia-Pacific hub in Singapore in 2017. In 2021, reflecting its broadened mission, TransferWise rebranded to 'Wise.' That same year, Wise went public via a direct listing on the London Stock Exchange – notably, London's largest tech listing ever at the time. The listing valued Wise at ~$11 billion, signaling its arrival as a major fintech player. Today, Wise is truly international: over 6,500 employees ('Wisers') across 20+ offices serve customers in 170+ countries. Yet the company insists it's 'still solving only a fraction of the problem'. As CEO Kristo Käärmann wrote, 'Twelve years ago we set out to solve the massive problem people and businesses face in sending money around the world… While we're nowhere near mission complete, 16 million people and businesses are now helping us get closer every day.' In the next sections, we'll examine how Wise is attempting to fulfill that mission through its products and underlying infrastructure. --------- Source: Wise Annual Reports FY2023–FY2025; product pages and blog; CEO and executive statements from Wise reports; and Wise investor reports highlighting key metrics. All data and quotes are from official Wise materials. Disclaimer: Fintech Wrap Up aggregates publicly available information for informational purposes only. Portions of the content may be reproduced verbatim from the original source, and full credit is provided with a "Source: [Name]" attribution. All copyrights and trademarks remain the property of their respective owners. Fintech Wrap Up does not guarantee the accuracy, completeness, or reliability of the aggregated content; these are the responsibility of the original source providers. Links to the original sources may not always be included. For questions or concerns, please contact us at