Inflation ticked up in June, according to new figures from the Office for National Statistics (ONS). Measured by the Consumer Prices Index (CPI), inflation was stronger than expected at 3.6% in the 12 months to June, up from 3.4% in the 12 months to May. On a monthly basis, CPI rose by 0.3% in June 2025, compared with a rise of 0.1% in June 2024. Transport, particularly motor fuels, made the largest upward contribution to the change. Core inflation, meanwhile, which takes out volatile factors like energy, food, alcohol and tobacco to give a clear picture of underlying trends, came in at 3.7% in the 12 months to June, up from 3.5% in the 12 months to May.

The UK government has unveiled a new strategy focused on boosting the country’s financial services sector by removing regulatory barriers and encouraging more investment. Announced by Chancellor Rachel Reeves, the Leeds Reforms include changes to senior banker accountability rules and efforts to reduce costs for businesses. The plan is designed to drive more financial activity in the UK and encourage investment in public markets.

The reforms include a review of ringfencing rules, which were introduced after the 2008 financial crisis to protect consumers from riskier bank activities. Other measures include lowering compensation rates and interest payments from banks to consumers, as well as adjusting the independence of the Financial Ombudsman Service, which resolves disputes between consumers and financial institutions.

Additionally, the government plans to review investment risk warnings to ensure consumers have a clearer understanding of potential risks. This initiative is part of a broader push to position the UK as a prime location for international financial businesses, with the goal of creating skilled jobs across the country.

The government’s announcement comes amid concerns over economic stagnation, with official figures showing a slight contraction in May. Despite challenges, the Leeds Reforms aim to boost competitiveness and attract foreign investment, with a target of making the UK the global leader in financial services by 2035.

An engineering business has created four new jobs following the purchase of new equipment, with two grants from the Shipley Towns Fund. Development Engineering Services Ltd (DES), based on Acorn Park Industrial Estate, specialises in precision machining. They were initially awarded £11,400 through the Shipley Towns Fund’s Capital Assistance to Business Growth Programme, which was put towards the purchase of two new CNC machines and a new extraction system. CNC machines automate some of the production process, allowing the business to work at a faster rate, while maintaining their exacting standards. The increased efficiencies and additional capacity meant two new jobs were created. The business was awarded a second grant of £39,000, which it put towards the purchase of a further CNC machine. They also plan to buy an Aluminium Briquette machine to facilitate the improved storage of aluminium waste, which will result in an increase in floor space, CO2 savings and a greater financial return on aluminium recycling. These efficiencies have also enabled the business to create an additional two new further jobs. Paul Stenton, managing director of Development Engineering Services Ltd, said: “We have been successfully manufacturing high quality, precision components across a range of sectors for more than 25 years. We are proud to be based in Shipley close to many other innovative manufacturing companies, product designers and leaders in the sectors we operate. “We are a small but highly experienced and skilled team who are committed to providing exceptional manufactured products for our customers. This investment from Shipley Towns Fund has allowed us to invest in new machinery therefore increasing our efficiencies and grow our team.” Councillor Alex Ross-Shaw, Bradford Council’s portfolio holder for regeneration, transport and planning, said: “This is a business which has stood the test of time and which is equipping itself well for a future of continued success. The Council’s Invest in Bradford team has been able to provide business advice and support. This is an excellent example of investment leading to growth and tangible long-term employment opportunities for local people.” Chair of Shipley Towns Fund, Gill Thornton said: “Shipley has a robust manufacturing sector. The growing presence in precision engineering and associated supply industries is great for the local economy. We are delighted to have been able to support this business with two grants and encourage others – from all sectors – to apply.”

Professional services group Gateley has seen another year of revenue growth – its tenth consecutive year since IPO – against an unpredictable economic backdrop.

According to audited results for the year ended 30 April 2025 (FY25), the business delivered revenue growth of 4.1%, increasing to £179.5m from £172.5m in the year prior.

Meanwhile, group underlying profit before tax rose to £23.3m from £23m, though reported group profit before tax dropped to £6.4m from £14m.

Rod Waldie, CEO of Gateley, said: “FY25 represents another year of revenue and underlying profit growth for Gateley, set against an unpredictable economic backdrop for much of the year. We are particularly pleased that this growth was driven by the combination of positive returns on our recent investments with an increase in activity levels and active management of cost inflation.

“In-Period highlights include the renewal and increase of our revolving credit facility to £80m. This is primarily to support further investment in our diversified growth strategy and our Employee Benefit Trust in facilitating our equity incentivisation and recirculation strategy.

“We remain ever alert to acquisition opportunities that will add value to our diversified portfolio and build on our successful M&A track record. Despite an increasingly competitive backdrop, we are confident in the quality of our pipeline, the rigour of our selective process and we look forward to updating shareholders in due course.

“Looking forward, the resilience of our diversified model, our strong financial foundations, and our unbroken track-record of revenue growth, underpins our confidence. Our long-term strategy of client-focused investment in people augmented by continued improvements in our internal structure and technology, will ensure the Group is positioned well to deliver profitable growth in FY26 and beyond. Whilst we continue to monitor and adjust in response to the unpredictable environment, the Group is carrying good momentum into the current financial year.”