Corporate travel is closely tied to fluctuations in business confidence. Economic uncertainty, Brexit and the COVID-19 pandemic, which grinded the industry to a halt, significantly dented revenue for agencies in the five years through 2020-21 and it is still adapting to the new working trends and spending strategies of corporate companies post-pandemic in 2024-25. Demand for travel services has also faced recent hurdles of high prices for flights and hotels due to high inflation and companies trying to curb their carbon emissions. Video calls are now a cemented alternative to domestic and international business travel that saves time and money for companies. Demand from the industry's largest downstream market, the banking, financial services and insurance industries, has declined due to the relocation of many firms out of the UK to avoid the loss of passporting rights, which they lost back in 2021. Loss of major financial clients has left a lingering impression on demand for corporate travel agents. Although industry revenue is expected to grow by 13.4% in 2024-25 due to the gradual recovery of international travel, revenue is anticipated to decrease at a compound annual rate of 4.1% to £4.5 billion over the five years through 2024-25. Agencies have faced unsustainably high operational expenses in recent years, driving many out of the industry and lowering profit. Over the five years through 2029-30, revenue is expected to rise at a compound annual rate of 4.8% to reach £5.7 billion, albeit remaining below pre-pandemic levels. The industry is significantly affected by business confidence and profit, meaning the pace at which the economy recovers following sluggish economic growth and dented business confidence is likely to influence industry revenue heavily over the coming years. The growing use of virtual meetings and events, combined with the ever-growing demand for online travel agents, will slow the market's full recovery.

Fund management activities revenue is forecast to rise at a compound annual rate of 0.7% over the five years through 2024-25 to £28.2 billion, including estimated growth of 7.8% in 2024-25. Fund managers have had to navigate turbulent markets in recent years, hit by aggressive monetary policy, geopolitical tensions and muted economic growth. Such uncertainty made investors antsy, triggering volatile capital flows and creating unstable fee income. Economic uncertainty surrounding markets amid the threat of a recession, the cost-of-living squeeze and the gilt crisis in 2022-23 all shook key investor segments, causing the first net outflow in funding in 2022 since data was first recorded. Despite conditions remaining bleak in 2023-24, financial markets made a slow recovery, with both bond and stock markets benefitting from the expectation of interest rate cuts, triggering a rally at the tail-end of the year. However, amid fierce price competition and falling fees, this wasn’t enough to offset the drop in revenue during 2023-24. Capital markets are set to perform well in 2024-25 thanks to further interest rate cuts and optimistic growth prospects supporting investment activity, driving up profit. However, fund managers exposed to US markets have seen hefty declines at the start of 2025, hit by Trump’s erratic tariff policies, which incited fears of a recession. Revenue is expected to grow at a compound annual rate of 4.4% over the five years through 2029-30 to £35 billion. Capital markets will continue to grow in 2025-26, propped up by the prospect of further rate cuts. However, equity remains vulnerable because soaring stock valuations seen in recent years can lead to a severe price correction if any negative news hits markets, hurting revenue growth. Already proving a useful tool for fund managers, AI will continue to gain momentum in the coming years, especially among smaller managers looking to improve data analytics capabilities and client offerings. Fund managers will also have to navigate the changing perceptions of ESG investments, which, although hitting the headlines over recent years, are beginning to lose the interest of investors due to their lower returns. While growth in the domestic economy may be slow in the coming years, investment companies will take advantage of growing opportunities in expanding markets, despite facing fiercer competition from foreign funds.

The public relations (PR) and communications industry has expanded and is expected to swell at a compound annual rate of 4.6% to reach £4.7 billion over the five years through 2024-25. This growth is thanks to companies recognising the importance of maintaining a strong digital presence in the face of evolving media landscapes. Traditional media's shift towards new digital platforms has facilitated more direct interactions with target audiences, enhancing demand for PR services. The sector has consistently demonstrated resilience despite periodic fluctuations influenced by business confidence and government spending levels. The pandemic posed challenges as businesses curtailed PR spending amid dwindling confidence, yet government efforts to circulate vital information during the crisis partially cushioned this impact. As the industry navigates the post-pandemic economic landscape, it confronts both opportunities and hurdles. The evolution and integration of artificial intelligence (AI) is revolutionising productivity, enabling PR firms to allocate more resources towards creative strategies. This technological advancement, coupled with major global events (like the 2024 Paris Olympic games) and increased corporate engagement in socio-political issues, including the Israel-Hamas war, is set to spur demand for PR services. Notably, an expected 5% rise in industry revenue in 2024-25 underscores the sector's promising outlook. The industry's profitability is likely to step up, albeit modestly, constrained by economic uncertainties and the imperative for businesses to preserve profits amid potential client losses. Industry revenue is forecast to soar by 5.3% over the five years through 2029-30, reaching £6 billion. This growth will be underpinned by heightened business activity, augmented government spending and an expanding digital media landscape. Platforms (like websites, blogs and social media) offer fertile ground for expansion, promising to elevate profit alongside revenue. Nonetheless, emerging challenges, including intensifying competition and ethical considerations surrounding AI use, are poised to shape the industry's trajectory. Amid this dynamic environment, PR firms that adeptly navigate these trends while championing ethical and environmentally friendly practices are likely to capture increasing demand for PR services.

The high uptake in funds received by SMEs heavily supported factoring companies leading up to the pandemic. However, after COVID-19 struck, the government's heavy backing of conventional lending hit demand for factoring companies; that's not to say the government doesn't support factoring, since the British Business Banks provide guarantees to cover a portion of credit losses for designated lending portfolios. Over the five years through 2024-25, factoring companies' revenue is forecast to grow at a compound annual rate of just 3.5% to £4 billion. The economy's recovery from the COVID-19 outbreak was dented by harsh inflationary pressures in 2022-23, with high interest rates making lending more expensive. However, this has also ratcheted up discount rates, which are fees factor companies charge clients, supporting revenue growth. The tough economic conditions in the two years through 2023-24 amid geopolitical tensions and muted economic growth also resulted in many businesses looking for liquidity and turning to factor companies. Although economic conditions are set to improve in 2024-25, limiting the number of companies looking for short-term finances, a growing economy will also incentivise businesses to expand and invest in working capital, lifting demand for financing and contributing to revenue growth in 2024-25. Interest rates will also remain high by historical standards despite an expected drop later in the year, making traditional lending more expensive and factoring all the more attractive. Over the five years through 2029-30, factoring companies' revenue is forecast to grow at a compound annual rate of 6% to £5.3 billion. As business sentiment recovers and interest rates steady out, factoring companies will experience healthy demand, supporting invoice amounts and driving revenue growth. However, improving cash flow conditions will dent revenue growth as more businesses no longer seek short-term financing like factoring. Competition from alternative lending sources like P2P lending and crowdfunding will remain fierce. Factoring companies will also face an increasingly tough regulatory environment, raising costs and weighing profitability.

The unemployment rate of the United Kingdom was 4.7 percent in May 2025, an increase from the previous month. Before the arrival of the COVID-19 pandemic, the UK had relatively low levels of unemployment, comparable with the mid-1970s. Between January 2000 and the most recent month, unemployment was highest in November 2011, when the unemployment rate hit 8.5 percent. Will unemployment continue to rise in 2025? Although low by historic standards, there has been a noticeable uptick in the UK's unemployment rate, with other labor market indicators also pointing to further loosening. In December 2024, the number of job vacancies in the UK fell to its lowest level since May 2021, while payrolled employment declined by 47,000 compared with November. Whether this is a continuation of a broader cooling of the labor market since 2022 or a reaction to more recent economic developments, such as upcoming tax rises for employers, remains to be seen. Forecasts made in late 2024 suggest that the unemployment rate will remain relatively stable in 2025, averaging out at 4.1 percent and falling again to four percent in 2026.
Demographics of the unemployed As of the third quarter of 2024, the unemployment rate for men was slightly higher than that of women, at 4.4 percent, compared to 4.1 percent. During the financial crisis at the end of the 2000s, the unemployment rate for women peaked at a quarterly rate of 7.7 percent, whereas for men, the rate was 9.1 percent. Unemployment is also heavily associated with age, and young people in general are far more vulnerable to unemployment than older age groups. In late 2011, for example, the unemployment rate for those aged between 16 and 24 reached 22.3 percent, compared with 8.2 percent for people aged 25 to 34, while older age groups had even lower peaks during this time.

Siyakha Nentsha (SN) was a randomised experiment that targets young people in KwaZulu-Natal province, South Africa. The program addressed the real-life economic, social and health challenges young people encounter on a daily basis. The educational programme developed for the intervention was accredited by the South African Qualifications Authority (SAQA, the national government body that accredits education and training curricula) meaning that not only will young people who complete the program have received valuable skills, but that they have documentation of these skills that can be used in future job searches. Siyakha Nentsha was delivered in secondary schools during school hours. It was led by young adult mentors who were chosen from the local community and received extensive training. Sessions with students occurred 2-3 times per week and each was approximately one hour in length. The long-term objective of the programme is to improve lifelong functional capabilities and well-being of adolescent females and males who face high risks for HIV, teenage pregnancy, school dropout, and unemployment, coupled with the actual or potential loss of one or both parents. The skills are geared to help offer protective strategies against HIV and mechanisms for coping with and mitigating the impacts of AIDS, with the long-term goal of building economic, social and health assets.

The study has three intervention arms: control, partial intervention and full intervention. These arms were randomised at the classroom level for 10th and 11th graders in Round 1 in seven secondary schools. One school that received a delayed intervention served as the control sample. The two versions of the intervention differ in that the full version includes HIV/AIDS education, social capital building, and financial capabilities, whereas the partial version omits the financial capabilities component. The study began in January 2008 and lasted for 36 months, with measures on individual students at baseline and post-intervention. The number of individuals who were part of at least Round 1 or Round 2 is 1,307. Individuals can be uniquely identified with the variables qnum (round 1) and IDNUM (round 2).

Further information may be found on the ESRC Enhancing the economic, health and social capabilities of highly vulnerable youth award webpage.

As of July 2025, approximately 24 percent of people in the UK would vote for the governing Labour Party in a potential general election, behind Reform UK on 26 percent, with the Conservatives third on 16 percent. Since returning to power, support for the Labour Party has fallen considerably, with the government's sinking approval rating approaching the unpopularity of the previous government. Labour's return to power in 2024 On May 22, 2024, Rishi Sunak announced his decision to hold the 2024 general election on July 4. Sunak's surprise announcement came shortly after some positive economic figures were released in the UK, and he may have hoped this would boost his poor job ratings and perhaps also his government's low approval ratings. This was a long-shot, however, and as predicted in the polls, Labour won the 2024 general election by a landslide, winning 412 out of 650 seats. The sting in the tale for the Labour Party was that despite this large majority, they won a relatively low share of the votes and almost immediately saw their popularity fall in the second half of 2024. Sunak's five pledges in 2023 After a tough 2022, in which Britain suffered through its worst cost of living crisis in a generation, the economy was consistently identified as the main issue facing the country, just ahead of healthcare. To respond to these concerns, Rishi Sunak started 2023 with five pledges; halve inflation, grow the economy, reduce national debt, cut NHS waiting times, and stop small boats. By the end of that year, just one pledge can be said to have been fully realized, with CPI inflation falling from 10.1 percent at the start of 2023 to 4 percent by the end of it. There is some ambiguity regarding the success of some of the other pledges. The economy shrank in the last two quarters of 2023 but started to grow again in early 2024. National debt increased slightly, while small boat arrivals declined compared to 2022, but were still higher than in most other years. The pledge to cut NHS waiting times was not fulfilled either, with the number of people awaiting treatment rising in 2023.

The Conservative party suffered a landslide defeat in the 2024 General Election, with the center-left Labour Party winning 412 seats, and the Conservatives just 121 seats. With 326 seats needed for a majority government, this was a crushing defeat for the Conservative Party, and the end of their 14 years in power. Despite winning a clear majority of seats, Labour won just 33.7 percent of the vote, just ahead of the Conservatives on 23.7 percent, and the Reform Party on 14.3 percent. Sunak unable to close the gap on Labour When Rishi Sunak announced the date of the 2024 general election on May 22, 2024, it ended months of speculation as to when the election would take place. Although Sunak likely hoped that more positive economic news regarding GDP growth and inflation would help him narrow the gap to Labour in the polls, this did not happen. Despite Keir Starmer's own unpopularity, Sunak was viewed even more unfavorably, perhaps due to his association with the chaotic reigns of his predecessors, Boris Johnson and Liz Truss. At this point, the Conservative's were also seen by the electorate as less competent than Labour on major issues such as the economy, immigration, and healthcare, and faced an uphill task in changing these perceptions in time. Major stories of the campaign The inability of the Conservative to close the gap on Labour was also not been helped by a series of unforced errors by the Tories. One of the main news stories at the start of June, for example, was Rishi Sunak leaving the D-Day commemorations in Normandy early, to attend a pre-planned interview. This was then overshadowed by an alleged insider betting scandal regarding Conservative election candidates and the date of the general election. Another key event was also the return of Nigel Farage to mainstream UK politics, after he took over leadership of Reform UK early in the campaign. Farage's return gave the right-wing party a noticeable boost in the polls, mainly at the expense of the Conservatives.

Tesco experienced peak sales growth throughout the pandemic. In the 12 weeks ending in July 2020, sales grew by just over ** percent when compared to the same period in the previous year. Throughout 2020 and 2021, this growth dipped, even reaching a loss of *** percent in November 2021. During the second half of 2022 and 2023, growth picked up again. This coincided with periods of high inflation felt around the world. A market leader under attackTesco’s is the biggest of the so-called big four, a group of supermarkets including Sainsbury’s, Asda, and Morrisons that dominate the UK market. However, in September 2022, Aldi overtook Morrisons as the fourth largest supermarket in the UK; Tesco's position as market leader is currently under attack. In April of 2019, a merger, which would have cost the company the number one spot on the British grocery market, of Sainsbury’s and Asda failed. Tesco in numbersTesco operates just over ***** stores in the UK. The company made a revenue of roughly ***** billion British pounds in the UK and Republic of Ireland in 2023/24, approximately ** times the revenue that the company makes in Central Europe.

In 2024, approximately 948,000 million people migrated to the United Kingdom, while 517,000 people migrated from the UK, resulting in a net migration figure of 431,000. There have consistently been more people migrating to the United Kingdom than leaving it since 1993 when the net migration figure was negative 1,000. Although migration from the European Union has declined since the Brexit vote of 2016, migration from non-EU countries accelerated rapidly from 2021 onwards. In the year to June 2023, 968,000 people from non-EU countries migrated to the UK, compared with 129,000 from EU member states. Immigration and the 2024 election Since late 2022, immigration, along with the economy and healthcare, has consistently been seen by UK voters as one of the top issues facing the country. Despite a pledge to deter irregular migration via small boats, and controversial plans to send asylum applicants to Rwanda while their claims are being processed, Rishi Sunak's Conservative government lost the trust of the public on this issue. On the eve of the last election, 20 percent of Britons thought the Labour Party would be the best party to handle immigration, compared with 13 percent who thought the Conservatives would handle it better. Sunak and the Conservatives went on to lose this election, suffering their worst defeat in modern elections. Historical context of migration The first humans who arrived in the British Isles, were followed by acts of conquest and settlement from Romans, Anglo-Saxons, Danes, and Normans. In the early modern period, there were also significant waves of migration from people fleeing religious or political persecution, such as the French Huguenots. More recently, large numbers of people also left Britain. Between 1820 and 1957, for example, around 4.5 million people migrated from Britain to America. After World War Two, immigration from Britain's colonies and former colonies was encouraged to meet labour demands. A key group that migrated from the Caribbean between the late 1940s and early 1970s became known as the Windrush generation, named after one of the ships that brought the arrivals to Britain.