Alpesh Paleja, deputy chief economist, CBI, said: “Today’s pause on interest rates is a pit stop on the way down. While inflation is likely to be bumpy over the next few months, we expect that the Monetary Policy Committee will look through this. Price pressures are gradually waning as the MPC predicted and downside risks to inflation are growing, particularly as the labour market looks to be cooling more decisively.
“Nonetheless, there is still entrenched concern among some of the MPC about the persistence of underlying price pressures. The Committee will likely want to see further evidence that indicators of domestic inflationary pressure are easing – particularly wage growth, which remains higher than the MPC would like. They will also have one eye on whether renewed conflict in the Middle East will cause an oil price shock, which would have the potential to push up inflation even further.
“The balance of all these factors reinforces our view that while the Bank will reduce interest rates further, they will do so gradually. We expect the MPC to cut rates three more times, bringing Bank rate to 3.5% early next year.”
Bank of England holds interest rates at 4.25%
The Bank of England has held interest rates at 4.25%, in line with expectations.
The Monetary Policy Committee (MPC), which sets monetary policy to meet the 2% inflation target, voted 6 to 3 in favour of leaving rates unchanged.
Three members preferred to cut rates to 4%.
Associated British Ports acquires Grimsby Seafood Village
Associated British Ports (ABP) has extended its property portfolio with the acquisition of the long leasehold interest of Grimsby Seafood Village, a seafood processing centre.
The multi-let industrial site spanning over four acres is located on ABP’s Port of Grimsby in the Humber. The purchase of the long leasehold lasting 125 years, which ABP had previously granted to the owners of the complex, provides future security and support for an important hub of UK food production.
The 70,000 square foot site comprises 21 units with several fish processing businesses. In 2010 the complex was built and operated by the Great Grimsby Seafood Village Limited.
Andrew Dawes, regional director of the Humber ports, said: “The acquisition of the Grimsby Seafood Village strengthens Associated British Ports’ commitment to Keeping Britain Trading.
“It enhances our property portfolio with a vital hub for the UK’s seafood supply chain – supporting regional jobs, boosting food security, and anchoring long-term supply chain resilience in the heart of the Humber.”
New operations centre boosts marine services in Grimsby
Prior Power Solutions has launched a new operational base in Grimsby, strengthening its support for the UK’s offshore wind and marine industries. The move positions the company closer to key offshore wind projects such as Hornsea, Triton Knoll, and Dogger Bank, where demand for reliable Crew Transfer Vessel (CTV) support remains high.
The Grimsby facility will focus on servicing, maintaining, and supplying parts for CTVs operating in the North Sea. This expansion builds on the company’s 45-year marine engineering track record and aims to minimise vessel downtime through faster turnaround and local expertise.
Grimsby’s established marine infrastructure, including its offshore wind training centre, vessel berthing facilities, and heavy-lifting capabilities, offers the logistical advantage needed for quick response times. The site also benefits from partnerships with local operators, including Bacon Engineering Group for custom fabrication and Grimsby Shipyard Services, which provides a 200-tonne boat hoist.
Now fully operational, the site marks Prior Power Solutions’ continued commitment to the offshore renewable sector. The firm remains an authorised dealer for major engine brands including Volvo Penta, Cummins, and Kohler, with servicing expertise extending to Scania and CAT engines.
Homes England acquires Ripon Barracks to build 1,300 new homes
Homes England and the Ministry of Defence (MoD) have confirmed that land at Ripon Barracks, a military site scheduled for closure, will be developed into 1,300 new homes following a sale between the two organisations.
The homes will be complemented by a new primary school, community centre and retail area.
The development will be delivered in phases, with initial work beginning at the vacant Deverell Barracks site to provide the first 150 new homes. The remaining areas – Claro Barracks, Laver Banks, and the former Engineering Park – will be developed following the scheduled departure of the Royal Engineers to the nearby Marne Barracks in Catterick.
Deputy Prime Minister and Secretary for Housing, Angela Rayner said: “Unlocking underused public land like Ripon Barracks is exactly the kind of practical action people want to see, and a crucial part of tackling the housing crisis we face.
“By working with Homes England as a key delivery partner, we’re making a real difference for people in North Yorkshire by creating vibrant communities and driving economic growth. This marks another step forward in our mission to build 1.5 million homes in our Plan for Change.”
Homes England will act as the master developer for Ripon Barracks and will coordinate delivery of the essential infrastructure needed before construction can begin. This includes the planning of site-wide drainage, supporting road networks, and other key enabling works. Eamonn Boylan, Chief Executive of Homes England, said: “This milestone achievement is the result of government bodies uniting to drive forward this government’s mission of building 1.5 million homes this parliament. “By combining MoD’s land assets with Homes England’s planning and development expertise, we’ve unlocked a site with a historic past which we’re determined will shape the development’s future.”SSP secures long-term F&B contract as Leeds Bradford Airport revamps terminal
SSP Group has signed a 14-year contract with Leeds Bradford Airport (LBA) to expand and operate its food and beverage portfolio, aligning with the airport’s £100 million redevelopment of its main terminal.
The deal will see SSP manage a broad mix of casual dining, grab-and-go, and premium bar concepts across the airport’s significantly upgraded retail and hospitality spaces. With a three-storey terminal extension set for completion before peak summer travel, the airport will increase its retail and F&B footprint by 75%.
SSP’s expanded presence will include well-known brands such as Upper Crust and Starbucks, alongside the launch of Monty’s Diner—its American-style casual dining concept—at a second UK location. SSP will also introduce AMT Coffee to a UK airport for the first time, opening a premium Juniper Bar and its craft beer-led Tap & Brew concept.
A newly opened Burger King and Tap & Brew are already operational as part of the first phase of the redevelopment. The refreshed terminal will also feature improved security, seating, and retail options, with full renovations scheduled for completion by winter 2026.
The agreement reinforces SSP’s strategic positioning within UK travel hubs while supporting LBA’s long-term vision to enhance the passenger experience and increase commercial revenue streams.
Joint appointed to lead Leeds Building Society’s brand push
Leeds Building Society has appointed independent agency Joint as its new lead creative partner across both consumer and business markets. The decision follows a competitive pitch process held in April, organised by Ingenuity+, and included a same-day workshop to assess each agency’s strategic thinking and collaborative style.
Joint takes over brand development, creative strategy, and campaign delivery, with a focus on expanding the “It’s better to belong” platform introduced by Brave Spark. The brief includes strengthening brand awareness, increasing market consideration, and supporting Leeds Building Society’s broader growth agenda.
With over £31 billion in assets and a million members, Leeds Building Society is the fifth-largest building society in the UK. The appointment signals its intent to sharpen its brand presence and unify messaging across all customer and stakeholder touchpoints.
Two new equity partners for Sheffield law firm
Sheffield’s MD Law has celebrated 10 years in business with the promotion of two solicitors to equity partners. The firm has promoted corporate partner James Burdekin and litigation partner Kelly Wharin.
Both will now become a part-owner of the Broomhall-based business and play a crucial role in the company’s operation and business strategy, working alongside founder Matthew Dixon and fellow equity partners’ insolvency partners Neil Kelly and Carl Jones.
Corporate partner James joined the firm in October 2021 and has built a successful team of corporate lawyers and support staff attracting corporate mergers and acquisitions work and completing local to national transactions.
His team successfully completed 45 transactions including Management Buy Outs, Employee Ownership Trusts, trade sales, acquisitions and share buybacks with a cumulative value of £80m last financial year.
With over a decade of experience in litigation, Kelly joined MD Law in January 2018 and became a partner in 2021, and has established an impressive record of working with companies and individuals, and dealing with a wide range of disputes and high value litigation.
Founder and partner of MD Law, Matthew Dixon said: “In 10 years we have established ourselves as a strong performer and competitor, excelling in niche areas.
“After starting out with a focus on high tailored services on insolvency, litigation and dispute resolution, the freedom to specialise has now meant expansion to offer advice on company, commercial property and employment matters, without diluting the expertise. The firm has now grown to employ 20 staff with 18 fee earners.
“We welcome James and Kelly as equity partners and look forward to see how further they can shape the firm’s culture, workflows, and strategic goals, and help it adapt quickly to changes in the UK legal market.”
Blockchain boost for UK sustainable real estate venture
CurveBlock, a Leeds-based proptech firm focused on carbon-zero housing, has secured $400,000 (approx. £298,000) in funding from blockchain network Kadena. The grant is part of Kadena’s $25 million programme supporting real-world asset (RWA) tokenisation on its infrastructure.
The funding will enable CurveBlock to scale its digital platform and introduce blockchain-based property investment opportunities to retail investors. Initially targeting institutional players under the oversight of the UK’s Digital Securities Sandbox, the company plans to expand access to fractionalised investments in energy-positive homes, residences that generate more energy than they consume.
Founded in 2018, CurveBlock aims to democratise real estate investment while addressing climate goals and housing inequality. Its model enables individuals to invest in green housing projects, with profits shared equally between the firm and investors. It also reinvests a portion of earnings into homelessness support in the communities where it operates.
The partnership with Kadena will enable CurveBlock to leverage the blockchain’s secure and scalable infrastructure to launch tokenised development shares, offering improved transparency and efficiency. The firm is the first tokenised real estate fund to be accepted into the UK’s Digital Securities Sandbox, a joint initiative by the Bank of England and FCA to test innovative financial models. CurveBlock is also preparing for a Series A funding round later this year.
Northern investment firms merge to create £670m PXN Group
Praetura Ventures and Par Equity, two leading investors in early-stage and scale-up businesses outside London, have agreed to merge, forming PXN Group, a new investment powerhouse with over £670 million in assets under management. The move, pending Financial Conduct Authority approval, brings together Manchester-based Praetura and Edinburgh-founded Par Equity, combining regional strengths across the North of England, Scotland, and Northern Ireland.
PXN Group positions itself as the UK’s fastest-growing venture and investment firm outside the South East, aiming to address the country’s geographic funding gap. The group plans to offer equity investments from £200,000 to £8 million across multiple sectors and stages of growth. Their combined 115-company portfolio spans high-growth ventures and technology-driven businesses, including AccessPay, Modern Milkman, QikServe, and ICS Learn.
The firm will operate from existing locations in Manchester, Edinburgh, Leeds, and London, while continuing to manage current funds and mandates. Both founding teams will remain in leadership, with Praetura’s Dave Foreman taking on the role of CEO and Par Equity’s Paul Munn appointed Executive Chair.
PXN Group will expand its offering to institutional and retail investors, financial advisers, and public sector partners. It also retains a focus on tax-efficient investment products, including EIS and inheritance tax planning services. Looking ahead, PXN plans to launch new initiatives aimed at scaling innovation in undercapitalised UK regions.
HSBC mulls hybrid mandate amid major restructuring
HSBC is considering a global policy that would require employees to work in the office at least three days per week, aligning with a broader industry trend of reducing remote work. While no final decision has been announced, the move would impact its 34,700 UK-based staff and comes as the bank prepares to downsize its office footprint during its transition from Canary Wharf to the City.
This potential change follows similar return-to-office policies introduced by UK peers Lloyds and Barclays, and reflects the stricter stance adopted by US banks such as JPMorgan Chase and Goldman Sachs.
The discussion takes place amid sweeping restructuring efforts led by CEO Georges Elhedery. Aiming to cut costs by $3 billion, the bank has scaled back its investment banking operations, particularly across Europe. This has included a 10% staff reduction in France and the cancellation of its UK Corporate and Investor Conference.
As part of the overhaul, HSBC is reorganising into two regional divisions: one covering Asia-Pacific and the Middle East, and the other focused on the Americas and Europe. The restructuring underscores HSBC’s pivot toward Asia, which the bank sees as a core growth driver.
