UK Sanctions Lukoil Unit in Fresh Push on Russian Shadow Fleet
Dubai-based Litasco Middle East DMCC was sanctioned 'for its ongoing role in moving large volumes of Russian oil on shadow fleet vessels,' the UK's Foreign, Commonwealth and Development Office said in a statement. That refers to the fleet of ships amassed to help Moscow avoid international penalties and keep its supplies moving.
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25 minutes ago
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Voices: Governor Bailey is wrong: We should embrace the digital pound
Is the digital pound dead in the water? More than 100 countries are looking at the creation of their very own digital currencies. China already has one. The EU is developing a digital euro at pace. But the Bank of England? It seems to be tacking the opposite way to the rest of the world. Andrew Bailey told MPs on the Treasury Committee that he would need 'a lot of convincing' to greenlight a launch, which the Bank has already said couldn't happen until sometime in the 'second half of the current decade' anyway. Is this an opportunity missed? Even a case where the governor's conservatism threatens to leave Britons in the digital dark ages? First off, I should explain what the digital pound actually is. Digi-pounds (that's not the official name; I'm not sure we have one yet) would be currency issued by the Bank that could be stored in a digital wallet provided by a company like, say, Apple. This would allow you to pay for things directly, without the need for the card you currently have to be set up to use Apple Pay. People could also pay you by the same means. PS, Apple CEO Tim Cook isn't paying either me or The Independent for the mention. I'm using Apple Pay as an example because it's a service I use. Bailey is distinctly unimpressed with the idea of this new form of money. His preferred option is to help the market improve digital payment tech, which he said could deliver 'huge benefits'. Fraud reduction, lower costs, faster payments to SMEs (small to medium-sized enterprises), which at this point are probably saying chance would be a fine thing. 'That's a sensible place to do it because that's where most of our money is," the governor opined. But here's an idea: why not simply do both? Is that really so hard? Or is the Bank yet again in 'can't do' mode? It is true that there are legitimate concerns about digital currencies. Sceptics worry about vulnerability to hacking. Fears have also been expressed about their making it easier to launder money, even to facilitate terrorist financing. Criminals took up Bitcoin with alacrity. Lately, they have favoured so-called 'stablecoins', the value of which are linked to an underlying commodity or an existing currency such as the dollar. On the flip side, some critics have voiced fears about digital currencies being used to facilitate government snooping. This has been a big concern with the Chinese version given the obsessive interest in what its citizens do, say and even think of that country's government. But every new technology comes with pluses and minuses. It would be better for Bailey to accept that and roll with the punches. Bitcoin and its ilk already have a legion of fans in this country. If people like the concept of central bank-issued digital currencies, there would theoretically be nothing to stop them from using digital euros if and when they arrive. There are already outlets in London that accept the paper equivalent (and dollars and yen while we're at it). Here's a potential selling point for your business: 'We accept the digital euros!' Right now, the central bank looks flat-footed, a very obvious laggard, largely thanks to the conservatism of the governor. I suspect some of Bailey's caution can be traced back to his time at the head of the Financial Conduct Authority – a fairly thankless, if well remunerated, task at the best of times. Its CEO tends to get the blame for everything and the credit for nothing. Launching a new form of money is bound to create challenges, and it will once again be Bailey's head on the block if something goes wrong. There have lately been suggestions that the Bank could cease or at least shelve the work it has been doing on a digital pound. That would be a mistake. Digital currencies are coming. The Bank should accept that and prepare for the future. The governor badly needs to pull his legs out of the mud in which they're stuck. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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44 minutes ago
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Revealed: The true cost of Trump's tariffs on UK small businesses
A third of small UK businesses fear losing up to £20,000 this year amid the uncertainty caused by Donald Trump's new trade tariffs, a new report shows. Across April and May, the US President announced - and then called a pause for - levies being placed on all goods imported to the US from other nations, as part of a plan to readdress trade balances. While the UK has since arranged a trade deal with the nation, many other countries or blocs have not done so and there remains uncertainty within some industries. A new report looking at more than 500 small and medium enterprises (SMEs) across the UK has now revealed three in ten (30 per cent) estimate the cost of tariff knock-on effects to be between £10,000 and £20,000 this year, while two per cent believe it will cost them over £1m. Firms in the services sector are hardest hit, but across all sectors the average amount lost to tariff 'turbulence' is anticipated at £17,000 per business. One critical factor affecting those who import and export has been this year's volatile exchange rates, with £1 now equal to $1.358 - more than eight per cent higher than it was at the start of this year. Tariff business impact When the US President announced his tariffs, a stock market sell-off ensued - but it wasn't until bonds also sold off, sending yields (and therefore borrowing costs) higher, that he relented to a point. While those high-profile numbers were of course important, another key fluctuation came in the weakening of the dollar, which has lost ground all year. The US Dollar index measures the value of the currency against a mix of other global currencies, showcasing its faltering power in 2025. At the start of the year it stood at 108.49 on this index; it now stands at barely above 97, a deterioration of more than 10 per cent. If you are importing from the States, that is a positive - your pound buys more of US-based local goods, at least until sellers put prices up to account for the drop. For exporters, however, that is a big problem as it squeezes profit margins. A critical issue, particularly for smaller businesses, has been the rate of change and the lack of certainty about what is next. Responding to the survey undertaken by Critical Research, more than half (51 per cent) of businesses who export to the US said they expected a net decrease in volumes in future. Perhaps pointing to other geopolitical matters escalating, 47 per cent of all exporters - to the US or otherwise - said the same. New challenges Across all sectors, around 30 per cent of small and medium UK businesses export to the US. That figure is notably higher in retail and wholesale industries. They point to tariffs and customs regulations as the biggest issues facing them - as do importers, notably - ahead of such factors as inflation, global conflicts, costs of trading overseas and the impact of Brexit on their businesses. 'There's a lot of hidden activity - SME businesses are constantly dealing with change,' Jonathan Andrew, chief executive at Bibby Financial Services, told The Independent. 'Firms are making constant operational changes and even small businesses are having to assess how things impact on your own business. 'Doing nothing isn't an option - that's the reality of tariffs which is dawning now.' Many firms are opting to find new trade partners, the survey revealed, but they are now looking beyond the US in many cases - China was instead the most popular choice for both importers and exporters. Future As well as location, such global uncertainty means currency management is set to become a bigger factor for businesses too. 'SMEs are starting to pay more attention to foreign exchange. People have to think about revenue streams and where their income is from in currency terms, especially medium sized businesses,' Mr Andrew added. The UK's newly released industrial strategy said it is targeting 'long term stability' for businesses as a core focus. That will mean it will need to try and shield businesses working within those key industries from wider uncertainty, with recent trade deals - signed with the likes of India as well as the US - being one approach which can smooth the path for importers and exporters. But The Independent understands there are businesses now within the EU considering opening plants in the UK, as a potential easier route to exporting to the US. While that could yield an overall boost to potential economic growth, it could also heighten competition for those smaller domestic businesses already grappling with ever-changing conditions they are not always equipped to deal with. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
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44 minutes ago
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How much you need in your pension to retire — and four things to help you reach that amount
Pensions are back in the spotlight after the government announced new measures to tackle the growing issue of people failing to have enough money when they retire. Liz Kendall, the work and pensions secretary, said on Monday that almost half of the working age population 'isn't saving anything for their retirement at all'. She has revived the pensions commission, which last met in 2006, in a bid to determine how best to help workers after experts warned that people looking to retire in 2050 are on course to receive £800 per year less than current pensioners. The scale of the issue cannot be underestimated. Rachel Vahey, head of public policy at AJ Bell, said the government's own analysis pointed to a 'dire need for intervention'. 'Retirees in 2050 are on course for 8 per cent less private pension income than those retiring today. While automatic enrolment has created 11 million new pension savers, many are saving the bare minimum,' she said. 'The demise of private sector defined benefit pensions and a levelling down of contribution rates by some private pension schemes have meant that, although there are more pension savers in the UK, they are not all saving enough.' To put that into perspective, the Retirement Living Standards says you need £14,400 a year for a single person or £22,400 for a couple, just to have a minimum comfort lifestyle. For 20 years of retirement, that's an outlay of £280,000 at the bare minimum. And, if you're targeting a comfortable retirement, that can rise to around £44,000 for a single person and £60,000 for a couple. So what can you do right now to ensure you're better off when you do retire? The Independent takes a look. Employer contribution amount A common complaint with pensions planning is that, with tough living conditions, many need money now – never mind years from now in retirement. So, as a starting point, check your employer contribution to your pension and what else they have on offer. The automatic enrolment scheme requires eight per cent overall to go towards your pension, with employers contributing three per cent at a minimum. However, many workplaces may offer a higher amount than that to match your own contribution – so they'll go up to to five per cent if you pay the same amount for example, but only as an opt-in option. As such, you should absolutely ask your workplace if that's the case and see what you need to do – this may just be signing a form or clicking a box online. Do check if it means you have a different pension provider, plan or any other changed details to ensure it suits you. On a £35,000 salary across five years with a firm, that extra two per cent is an additional £3,500 going towards your pension pot – without any change at all to your payslip. Changing your own contribution Also linked to the above is a change in your own contribution level. Yes, upping your pension contribution means less money going into your bank account immediately. But small sums which aren't so noticeable now might work out in your favour later on. On a £35,000 salary one per cent is less than £30 per month. Upping your contribution rate from 5 per cent to 6 per cent, for example, will only see you get a small amount less in your pay packet – you'd have National Insurance and tax taken off before it arrives in your bank account – but over a 40-year career, that's more than £14,000 extra going towards your pension. The perfect time to do this might be after you secure a new job, promotion or pay rise as you won't feel any hit from one month to the next. And, don't forget, that doesn't mean your pension total value goes up £14,000 – it means there's that amount extra going towards the investments which are in your pension fund. Over the long term, investments tend to outperform cash, so over that four decade period of time, you'd expect it to contribute to grow your total pension fund by more than that value. As you get older, you may find you have the financial ability to contribute more towards pensions without compromising your living standards; if so, it's certainly something you should consider, especially if you do not already invest separately. State pension, SIPPs and the self employed There's of course more you can do, depending on your circumstances, to ensure you're not left struggling when it comes to retirement. The first thing in the years before you hit state pension age is to check you don't have any gaps in your record. You can backpay National Insurance contributions to 'buy' those years, but do the sums first (or check with an advisor) to ensure it makes financial sense for you to do so. Typically, you'll need around three years of pension payments to reclaim that extra initial outlay. Additionally, you may well have pension plans outside of your workplace one. If so – such as a self-invested personal plan (SIPP), a Lifetime ISA or a personal pension which is managed for you – you can make contributions to these and receive an additional payment towards it in the form of tax relief at the same rate as you pay tax on your salary. Ideal times for this might be when you get a raise, earn a larger than usual commission, receive a bonus or sell some personal items. Last but not least, self-employed people are at extreme risk of a later-life shortfall. It is estimated more than 80 per cent of self-employed people do not save towards a pension at present. If that's you, this is what you need to know about changing that.
