Rathbones, one of the UK’s leading wealth and asset management groups, previews the Spring Statement (on 3 March 2026), setting out what it could mean for the UK economy and personal finances.   John Wyn Evans, Head of Market Analysis, at Rathbones, says: “A low key Spring Statement may be the most market friendly outcome." “Ahead of the Spring Statement, the UK’s fiscal position is stable but far from comfortable. Public sector net debt remains elevated at close to 90–95% of GDP - high by historical standards - even if recent borrowing figures have offered the Chancellor some near term breathing space." "Much will hinge on whether updated forecasts from the Office for Budget Responsibility continue to show debt falling as a share of GDP over the medium term, which is central to maintaining fiscal credibility."   “That credibility will also depend on the size and durability of the Chancellor’s remaining fiscal headroom once the OBR updates its assumptions. Recent strength in tax receipts has been welcome, but much of it reflects one off or timing related factors rather than a clear structural improvement, leaving the public finances exposed if growth or revenues disappoint." “Growth, meanwhile, remains modest rather than dynamic. The economy is expanding, but not at a pace that naturally erodes the debt burden quickly. Sub trend GDP growth limits the scope for rising tax receipts and means even relatively small downgrades to growth assumptions could have an outsized impact on borrowing projections." “While debt interest costs have eased alongside lower inflation and bond yields, the UK’s large stock of index linked and relatively short maturity debt leaves the public finances highly sensitive to any reversal in market conditions. That makes policy credibility particularly important at this stage of the cycle."   “Markets will be focused less on political messaging and more on trajectory. If the Spring Statement reinforces a credible path for stabilising debt and confirms easing inflation pressures, gilt yields could edge lower, reflecting confidence that the fiscal framework remains intact and that the Bank of England retains scope to ease policy." "However, any suggestion that growth is faltering or that debt servicing costs are drifting higher could prompt a reassessment, pushing yields up and tightening financial conditions.” Personal Finances Rebecca Williams, Financial Planning Divisional Lead at Rathbones, says: “The Spring Statement may lack the theatrical weight of a full Budget, but it can still shape the financial landscape in meaningful ways. Its real impact often lies in the fine print of forecasts and expectations. When it comes to your money, the ripple effects can be subtle - but significant." “The central consideration is the economic backdrop. Updated forecasts for growth, inflation and borrowing will shape expectations for interest rates, which in turn feed directly into mortgage pricing, loan costs and savings rates. The outlook from the Office for Budget Responsibility will also determine how much fiscal headroom the Chancellor has. A weaker set of numbers could increase pressure for revenue raising measures further down the line, while a stronger outlook may buy time." “As for what could be announced, don’t expect a blockbuster - but there are several areas to watch. There could be tweaks to spending plans, particularly if borrowing projections shift. We may also see signals on welfare uprating, public sector pay, or business tax incentives aimed at supporting growth." “Markets will be particularly sensitive to the inflation narrative, given its influence on the Bank of England policy path. If the Statement reinforces expectations of falling inflation and interest rate cuts, mortgage holders could see relief ahead. Savers, however, may need to brace for lower returns if rates begin to ease more decisively." “Households should also pay close attention to what is not announced. Sometimes the continuation of existing policy - such as frozen tax thresholds or unchanged spending envelopes - can have just as much impact as a new measure." “In practical terms, people should take stock of how any announcements might affect their take home pay or monthly costs, and review financial plans adjust their budgets accordingly.”

The Yard has received a generous £2,070 donation from the Allied Vehicles Charitable Trust to fund three wheelchair accessible picnic benches for its new adventure play centre in Linn Park, Glasgow. Since 1986, The Yard has created safe, inclusive spaces where disabled children and young people can play, learn, and grow. Across Edinburgh, Dundee and Fife, the organisation supported more than 2,700 people in 2023–24, offering play experiences and wraparound family support that help combat isolation and provide vital community connection. The new centre at Linn Park marks The Yard’s long awaited expansion into Glasgow, an area where support for disabled children and their families has been identified as a significant service gap, with some of the highest disability rates in Scotland among children and young people. The Yard Glasgow will offer year round inclusive play sessions for families and local schools. The team aims to support 400 children in its first year, rising to 500 annually by 2026 as services expand to include youth clubs and early years programmes. The donation from the Allied Vehicles Charitable Trust will fund three wheelchair accessible benches for the outdoor play area. These benches will ensure that children and young people who use wheelchairs can sit, play, and socialise alongside their non wheelchair using friends, strengthening The Yard’s commitment to truly barrier free play. Celine Sinclair, Chief Executive at The Yard said: "We are absolutely thrilled that we are going to be able to have picnic tables outside for our children and families to enjoy in the summer weather, and the winter weather no doubt as well. We want to say an enormous thank you to the Allied Vehicles Charitable Trust for their support in making it possible." David Facenna, Corporate Culture Director, Allied Vehicles added: “We’re absolutely delighted to support The Yard as they bring their unique brand of inclusive play to Glasgow. Creating spaces where every child can feel part of the fun is incredibly important, and these accessible benches will help make that possible." "The work The Yard does for families across Scotland is exceptional, and we’re proud to play a small part in helping more children enjoy the freedom, laughter and connection they deserve.”

Wales’s next government must put the country’s 200,000 small businesses at the heart of its strategy in order to protect jobs, communities and the Welsh economy, the Federation of Small Businesses (FSB) has warned. It comes as the UK’s largest small business group launches its Senedd election manifesto ahead of the hotly-contested May elections, which will decide who runs Wales for the next five years. The manifesto sets out how tackling rising costs, regulatory burdens, skills shortages and the decline of the high street could unlock Wales’s small business potential. FSB Wales is now calling on all parties to make the 2026-2031 Senedd term the Small Business Term, as new research reveals that 65 per cent of Welsh business owners say passion, not profit, is their main motivation for running a business. The manifesto is built around five pillars: Putting Small Businesses at the Heart of Government  - Introducing a new Economic Development (Wales) Bill as well as a fresh economic strategy, and creating a dedicated agency to make sure SMEs are considered in every government decision. Reducing the Cost of Doing Business  – Reforming business rates, mandating a 30-day payment term on public contracts, cutting red tape by 25 per cent, and better digital support for SMEs. Revitalising High Streets and Communities  – Creating a business rates multiplier for retail, hospitality and leisure, more funding for town centres, taking action on anti-social behaviour and creating a Planning Act to revive high streets. Real World Productivity  - Bigger infrastructure investment, better access to finance, creating a Minister for Digitalisation and establishing a new Net Zero Business Wales scheme to increase efficiency and sustainability. Successful People  - Building a start-up strategy, increasing apprenticeship funding, creating a leadership development and creating an employment incentive to address skills mismatches and build resilient workforces. John Hurst, Chair of FSB Wales, said: “This is a manifesto for small business by small business. We must put small business at the very heart of the next Welsh Government, rejuvenate our high streets, enable businesses to thrive, reduce costs and support the wider workforce." “From an innovative Economic Development Bill for small business growth to targeted rates relief and making sure businesses can get the skills they need, our proposals will empower SMEs to overcome barriers and thrive." “As we approach the 2026 Senedd election, we urge all political parties to adopt these measures to unlock Wales's entrepreneurial potential for resilient communities and a prosperous future." “Our members across Wales have created this manifesto and it is a direct reflection of their current situation and challenges and also highlights what is needed for them to continue to support the communities in which they operate, and the wider Welsh economy.” About FSB FSB is a non-profit, non-party-political grassroots business organisation that provides its members with a wide range of vital business services. These include advice, financial expertise, legal support and a powerful voice heard in Government for over 50 years.

Gebrüder Weiss, the world's oldest logistics company and a global provider of full-service transportation and supply chain solutions, announced the rollout of its Turvo-powered less-than-truckload (LTL) service across North America following a successful pilot program in 2025. The expanded LTL solution is powered by the Turvo Collaboration Cloud, a shared platform connecting shippers, carriers, and internal teams in a single operating environment. The platform supports real-time shipment visibility, streamlined execution, and improved coordination across the LTL lifecycle, enabling faster decision-making and more consistent outcomes.   Kate Leatherbury, director of North American LTL solutions at Gebrüder Weiss said: "LTL is a critical and growing part of our customers' supply chains, and the results of the pilot reinforced the need to scale these capabilities across our network. Expanding this capability allows us to better support complex shipments while improving efficiency for our customers." During the pilot phase, Gebrüder Weiss used Turvo to simplify LTL rating, booking, tracking and document management while reducing manual touchpoints and improving collaboration among internal teams, carriers, and customers. Shippers can select preferred carriers and access real-time shipment updates through a centralized interface. Pushkar Deshpande, SVP of Product at Turvo said: “This is a great example of how Turvo enables logistics providers to scale LTL while delivering service excellence through simplified execution, increased visibility, and seamless collaboration. We continue to invest in enhancing LTL capabilities on Turvo, and I am excited about the measurable outcomes Gebrüder Weis has seen from leveraging our technology.” The expanded LTL solution builds on Gebrüder Weiss' long-term strategy to invest in digital tools that enhance service reliability, scalability, and customer experience across its North American network. Mark McCullough, CEO of Gebrüder Weiss North America said: "Our approach is to combine advanced technology with the high-touch service our customers expect. Turvo helps us deliver greater operational consistency while maintaining close customer relationships." The Turvo-powered LTL service is now available to Gebrüder Weiss customers throughout North America and complements the company's existing portfolio of overland, air, ocean, and logistics services.

A leading independent brewer has partnered with a student run microbrewery to produce 500 casks of the students’ popular stout for this year’s Wetherspoon Spring Beer Festival. Stu Brew - Europe’s first student-led brewery, based at Newcastle University – travelled to St Austell Brewery’s headquarters in Cornwall in February to scale up production of Exam Room Tears (5.5% ABV), its rich maple and pecan stout that has become a firm favourite in the North East. The collaboration was sparked by Stu Brew’s long-standing presence in the Students’ Union-run Wetherspoons on campus, where it operates a permanent keg line and frequently supplies guest cask lines. After Wetherspoons invited the student brewery to take part in its national festival, it requested 500 casks of Exam Room Tears - a volume that would have taken Stu Brew more than a year to produce on its own brewing kit. To help meet demand, Dr Chris O’Malley, Senior Lecturer in Chemical Engineering and Head Brewer at Stu Brew, approached St Austell Brewery’s Head Brewer, Georgina Young, after previously meeting her while judging together for the British Guild of Beer Writers. St Austell Brewery stepped in to support the students, hosting them at its historic Victorian brewery in Cornwall where its iconic beers including Tribute and Proper Job are brewed. Georgina Young, Head Brewer at St Austell Brewery, said: “Working with the Stu Brew team was a great experience. Exam Room Tears is a fantastic cask beer and helping them bring it to festival scale felt like a brilliant way to support the next generation of brewers.” In addition to brewing the stout, Stu Brew made the most of their visit by creating a brown ale on St Austell Brewery’s small-batch kit ‘just for fun’. For students Kypros Lakovou and Will Tyson, who travelled down with Dr O’Malley, the trip marked their first-ever visit to St Austell Brewery - and to Cornwall itself. Will said: “Every brewery is unique, but St Austell really stood out - it was this maze of history, with different layers of the site built up over generations. You could see the heritage all around you while still watching a modern brewery in action. It was a special environment to learn in, and really interesting to see how different brewing on a much larger scale was.” Exam Room Tears is available in Wetherspoons nationally across the beer festival, which takes place between March 4th-15th.

A technology expert has warned that one particular clue can reveal you're being targeted by an AI-generated voice scam over the phone. Bryn Thompson, Marketing Director at Phonely , told reporters that unusual pauses in conversation are the clearest indication that fraudsters are using artificial intelligence to mimic the voices of loved ones or officials. "Voice scams using AI technology have seen a dramatic rise in the past year," Thompson explained. "Think of it as the AI’s 'loading' time. In a real chat, we overlap or answer instantly. A bot needs a second to process your question and generate a response." The expert revealed that scammers now use clever AI tools to clone voices from small audio samples collected from social media videos or previous phone calls. "Scammers don't need a studio-quality recording anymore. They’re cloning voices using 30-second clips pulled right off your Instagram or TikTok. It’s scary how little audio they actually need to sound like your daughter or your bank manager," he said. Thompson warned that fraudsters typically create urgency to prevent victims from noticing these giveaway pauses, often claiming to be in emergencies requiring immediate financial help. "To hide these glitches, scammers create a fake crisis. They’ll tell you a relative has been arrested or is in the hospital. The goal is to get your adrenaline pumping so you don't notice the robotic delays in the conversation," Thompson added. It’s not just the voice you can’t trust; it’s the number, too. Ofcom is seeing a massive spike in 'spoofing,' where callers use internet-based tech to make your caller ID look like it's coming from your local bank branch. Thompson pointed out that these voice scams often target vulnerable individuals, particularly the elderly, who may not be familiar with the latest AI technologies. "The real tragedy is that these scams weaponize our instincts. We’re wired to trust our ears, especially when we hear a loved one in distress. Scammers know this and specifically hunt for older people who might have significant savings but aren't aware of how far 'deepfake' audio has come." The expert urged people to implement a simple verification system with family members to combat these scams effectively. "The fix is surprisingly low-tech: set a family 'safe word'. If someone calls claiming to be a relative in trouble, ask for the word. If they can’t give it, hang up. Then, and this is the important part, wait five minutes before calling the real person back to ensure the scammer hasn't kept the line open." Thompson advised. When receiving suspicious calls, Thompson recommends hanging up immediately and calling the person or organisation back using the official phone number from their website or official documents. "Never return a call to the number provided by the caller," he warned. "Always independently find the correct contact details and wait at least five minutes before calling, as some scammers can keep the line open even after you think you've hung up." According to Thompson, other warning signs include callers who avoid answering specific personal questions or who are unable to provide details that should be known to the person they're impersonating. "Ask them something only the real person would know, like what you did together last weekend or details about a shared memory. The AI might try to deflect by saying something vague, but it simply won't have this specific information," he explained. Thompson also noted that voice scammers typically create pressure by claiming a tight deadline for action. "They'll insist money needs to be transferred within hours or even minutes. It sounds obvious, but in the heat of the moment, it’s easy to forget: no real bank is ever going to ask for your PIN over the phone." Thompson said. He added that potential victims can walk away at any point if they sense suspicion. "If a call doesn’t feel right, or if you see someone on the end of a suspicious call, you have the ability to hang up at any moment and simply move on with your day.”

Family Business United and Good Business Travel today announce the launch of a new strategic partnership aimed at supporting UK family businesses with smarter, more responsible and more efficient business travel solutions. The partnership brings together Family Business United’s extensive insight into the needs and priorities of family-owned enterprises with Good Business Travel’s expertise in managing business travel in a way that balances cost, convenience and sustainability. Together, the organisations will work to help family businesses simplify travel management while aligning travel decisions with long-term business values. Family businesses often face unique challenges when it comes to business travel, including managing costs, ensuring employee wellbeing, and meeting growing expectations around environmental responsibility. Through this partnership, Family Business United members will gain access to tailored travel solutions, practical guidance and specialist support designed specifically with family firms in mind. “Family businesses think in generations, not just quarters,” said Paul Andrews, Founder and CEO of Family Business United. “This partnership with Good Business Travel reflects the sector’s desire to operate responsibly while remaining efficient and competitive. It’s about making business travel work better for family firms.” Good Business Travel focuses on helping organisations make informed travel choices, offering transparent reporting, proactive travel management and tools that support more sustainable decision-making without compromising on service or traveller experience. “Family businesses are values-led organisations, and that aligns strongly with how we approach business travel,” said Natasha Inglis from Good Business Travel. “By working with Family Business United, we can help family firms manage travel in a way that supports their people, their performance and their principles.” The partnership will include collaboration on insight-sharing, thought leadership, and practical resources, as well as access to tailored travel management services for Family Business United members. Find out more about the new strategic partnership and the benefits for family businesses here

Almost nine in 10 UK businesses continue to struggle with basic tasks each day because of a failure to update their technology systems. It may seem more affordable to keep existing technologies and only invest in upgrading them when the systems or software becomes broken. But many business leaders are unaware of the impact old legacy systems can have on finances and outputs. Cloud technology expert s at TelephoneSystems.Cloud have na med the hidden costs businesses are unknowingly incurring by keeping their old tech in place, rather than upgrading to modern systems. Business leaders that fail to understand how legacy systems can hinder growth risk falling behind competitors who have moved more quickly to update systems. Newer technology is usually faster and more efficient while offering greater transparency and collaboration resulting in stronger internal and external business relationships. Staff retention is often higher if a business embraces integrated technologies that enable more progressive working practices with more employees wanting to have the opportunity to work remotely. A recent study has shown that more than one third of UK workers would quit their job if they were asked to work full time in the office. For those businesses with old, legacy systems which aren’t compatible with remote working, they are running the risk of losing key employees. Inefficient, older systems also increase the likelihood of security breaches, as the technology is not compatible with the latest updates to help prevent advanced cyber attacks. Juliet Moran, found er of TelephoneSystems.Cloud said that UK companies need to upgrade their systems as soon as possible, else seriously risk falling further behind. She said: “Many business owners may think that keeping their old technology around is a smart idea especially when budgets are tight. It means business leaders don’t need to invest in newer systems that existing employees may be unfamiliar with." “However, these older systems are actually having a negative impact on business outputs, and not making the switch to newer technologies is the wrong choice for many companies." “Older technologies are usually much more costly to run compared to newer systems - so making the upgrades is going to save on energy bills, and hardware fixes that were previously expensive on the less readily available legacy tech. “Failing to have modern devices and systems also runs the risk of losing both customers and employees. Clients want to have the reliability, security, and efficient services that older technology can not deliver on - they’ll likely take their money to your competitors who have made the upgrade." “And one of the benefits staff members now want is the ability to work remotely . Unfortunately, older systems are significantly less compatible than newer ones. Employees may be more likely to leave your company if you cannot provide them with the right technology for their working wants and needs. “It’s becoming more and more essential to make the upgrade to newer technologies as soon as possible. Replacing older, slower, and inefficient systems may seem like a big change, but in the long run, modern technology is the one of the most important things to help your business grow and survive.” Here are some of the key hidden costs for failing to upgrade to newer technologies: Increased Costs: Old technology could be adding hundreds on to energy bills each year - as the legacy systems do not have effective power-saving modes and aren’t as efficient as newer technology is. Making the investment into more modern devices may be more costly in the short term, but after replacing offices once filled with old technology, newer versions can make a dramatic difference in energy costs. Newer technology is also much less likely to break down compared to the years-old devices. This means a reduced cost spent on trying to fix old tech, where replacement parts were much less readily available and cost more than parts for newer systems cost. Losing Customers: Old, slow technology can cause clients to leave your business in a manner of ways. In the digital age, customers are now looking for solid communications, efficient services and high quality work. If a business is operating on legacy systems, the slow technology can quickly cause clients to feel as though they aren’t receiving the best service from your company, and may take their money to a competitor. Inefficient technology which is dated and slow can hold back business and quickly annoy customers who expect the best service. Having To Say Goodbye To Staff Members: The pandemic has shown to all businesses that many staff members are capable of efficiently working remotely. A recent study has shown that more than a third of UK workers would quit their jobs if they were asked to return to the office full time, and not have the opportunity to work remotely. Businesses running on old systems risk losing their current employees who wish to have the option to work remotely. It is obvious that employees now want the ability to work from home, and businesses must adapt in order to allow this transition to remote working. However, old technology can seriously prevent employees from being able to take their work away from their desk in the office. Legacy systems were not designed with remote working capabilities, so often do not have the right structures to allow staff members to work from home. Security Breach Risks: If one's business technology has not been upgraded enough, or cannot operate with modern software, cybersecurity attacks are more likely to occur. No matter the type or size of business, no one is truly safe from hackers. Yet, those who haven’t invested in modern systems are left even more vulnerable from cyber attacks - as their legacy technology is unable to fill the gaps in online security. Having the latest version of technology will allow businesses to be best equipped with the most up-to-date hardware and software protection from security breaches. Old systems are unable to offer the best protection to any threats. Lost Opportunities To Scale Up: UK companies who fail to upgrade their technology cannot be as agile and competitive with other similar businesses. Having legacy systems often comes with difficulties in working as efficiently as customers would expect, and therefore some clients may not even engage in discussions with you, as they see it as a waste of time. For businesses to have any chance of becoming as successful, they must be prepared and ready to scale up. Part of this involves having the right equipment and digital systems to manage day-to-day tasks which often come as standard from many of your competitors.

A year ago, family enterprises that wanted to automate governance processes had to buy tools from multiple vendors. Today, vendors assimilate adjacent functionality, turning their point products into full-stack governance platforms. As we enter year-three of the global pandemic, a lot is changing in the family enterprise landscape, presenting a goldmine of opportunity for families to look digitally inward and move the technology needle. Trusted Family’s global community of over 160 family enterprises is at the brink of this opportunity. For them and many other family-owned enterprises across the globe. Nanditha Vijayaraghavan, Head of Marketing & Growth at Trusted Family and Samuel Bruehl, Partner, Generation Transition Advisors share their top predictions to leverage the power of digital governance ecosystems and thrive this year. Prediction 1: Remote collaboration will increase helping to keep the “wind in the sails” of family and shareholder governance The past two years have been challenging for all of us. For owners of family enterprises, the pandemic has put to the test the strength of family unity and the engagement of family owners. Family enterprises have proven to be resilient and agile. To maintain momentum on family and shareholder governance work, technology has been leveraged to communicate, share documents, and make decisions. The experience for most families has been positive. In the past, most work on family and shareholder governance would take place during a small number (usually quarterly) scheduled meetings throughout the year. With the transition to remote meetings and virtual collaboration, we are observing an increase in asynchronous working to maintain momentum on family and shareholder governance initiatives. Family members contributing to these efforts are meeting more frequently remotely for shorter meetings and then working independently on assignments. For example, one Family Council managed a project to establish a family employment and next generation talent development program using an asynchronous collaboration model. They formed two committees to work on each priority remotely. Each committee came together every 2-3 weeks for 6 months to discuss and make decisions on the design of the family employment policy and the talent development program. In-between meetings, family members were given assignments and collaborated online using a data room to share files and working documents. Using this asynchronous model, a project that normally would take a year or more to complete with 4-6 in-person meetings, was in fact completed in 6 months. We are optimistic that in 2022 we will see a return to “normal.” For business-owning families this will be a year to rekindle relationships and family traditions that have helped to maintain family unity across branches and generations in the family. For families with established family and shareholder governance structures and processes, this will mean that important Family Council and Shareholder Council meetings will take place in-person and this is where the big decisions will be made. However, the asynchronous approach to collaboration will continue and this will be an important way for Family Councils and Shareholder Councils to maintain momentum. It will create efficiencies by increasing the speed at which work is completed between meetings. The costs for Council meetings will also be reduced because families will opt for in-person meetings that are high impact but less frequent and for more virtual collaboration between meetings. Prediction 2: Digital centralization of family and shareholder information will be the norm Now that we have all become more comfortable working remotely, we foresee the year 2022 placing greater emphasis and more investment in ensuring family and shareholder information is accessible in one single place. There will be fewer people regularly coming together for in-person meetings, which means all the family and shareholder information that has traditionally been filed and updated in the office will now need to be accessible in a centralized online location. One family specifically invested in an online “Data Room,” which stores all the family and shareholder policies, meeting documents, and personal information on family members. Family members based on their roles can access different parts of the data room. Centralizing the family and shareholder information in this way, has led to greater feeling of transparency across the family, family members feel better informed, and decisions have been made faster because family members can more access necessary documents to review and provide input on to support decision-making. Prediction 3: Business-owning families will up their data security game In our experience, most families still lack sophistication in the way they manage family and shareholder information electronically. Many business families do not have well-defined and established cybersecurity policies and family and shareholder information is managed electronically in an ad-hoc manner. With the increase in asynchronous working and virtual collaboration, families will be investing in cybersecurity technology and trusted information management platforms to provide state-of-the-art data security protection. The Bottom Line: The pandemic has been an essential reminder of the potential of family enterprises, particularly regarding the possibilities stemming from technology. Digitalisation helped many businesses pivot their operations quickly in the past two years which was a wake-up call to many family-owned businesses on the importance of continuing to invest in their information technology infrastructure. Our message is simple: this is the tipping point and now is the time to act. Digitalised governance will become increasingly popular and family enterprises with established digital capabilities will likely fare better than those that are scrambling to keep up. Authors – Nanditha Vijayaraghavan, Head of Marketing & Growth, Trusted Family and Samuel Bruehl, Partner, Generation Transition Advisors

UK consumers are the most likely to think that fraud will become a bigger issue for banks and insurers in the next five years, compared to other European countries. The new findings from CRIF, Europe’s leading provider of consumer and credit information, shows that four in five Brits (84%) expect the scale of fraud to become an even bigger issue between now and 2030, with the level of expectation higher than in Germany (80%), France (77%), Italy (76%), and Poland (76%). Brits are also the most likely to expect a major cybersecurity incident in the next five years, with a similar proportion (81%) predicting that a significant data breach at a major bank will compromise personal information in the coming years. This compares to an average of 74% across the rest of Europe. As well as leading Europe in terms of fraud concerns, the research also reveals sharp divides between age groups around attitudes and behaviours towards financial fraud. Nine in ten Baby Boomers (92%) and Gen X (88%) now believe financial fraud will become a bigger issue, compared with a lower – but still significant – three in four Gen Zs (75%) and Millennials (76%). However, when asked about what they are most worried about negatively impacting their finances in the next five years, just a quarter of Gen Zs (24%) and millennials (26%) ranked fraud as one of their top concerns, compared to nearly half (49%) of Baby Boomers. Despite having overall lower levels of worry around the threat fraud can pose to their finances, UK Gen Zs are currently at significantly greater risk from scams, with young adults more likely than older generations to fall victim to financial fraud and lose larger sums of money. Sara Costantini, Regional Director for the UK & Ireland at CRIF, said: “Fraud may not be a new phenomenon, but the digital age has undoubtedly created more sophisticated ways for criminals to exploit consumers and businesses." “UK consumers clearly feel the most pessimistic about the situation, with expectations for fraud to get worse by 2030 and a widespread belief that major cyber breaches are inevitable. These concerns send a clear signal that fraud prevention and cyber resilience must remain top priorities for the financial services sector." “At the same time, there are striking generational differences. Older consumers are the most concerned, yet it’s younger generations who are more likely to fall victim – and lose more when they do. This underlines the need for greater collaboration across the sector to improve security, raise consumer confidence and ensure we reduce the impact of fraud in the years ahead.” Despite efforts to tackle it, the scale of financial fraud continues to generate major losses for the sector and its customers. Last year, fraud cost consumers and financial providers over £1.1 billion, according to UK Finance. As financial services continue to digitise, the pressure on banks, insurers and other providers to safeguard consumers will intensify. Nearly three-quarters of Brits (75%) now believe government and regulators will need to step in more forcefully to control the use of data and tackle fraud as a result. The new data forms part of CRIF’s upcoming Banking on Banks report – the second of 2025. The first report, published in June, looked at the biggest changes to the financial services sector across Europe over the last decade, drawing on the views of both consumers and senior financial services professionals working in the UK, and serving European markets. The second report, to be published in October, will look at the trends and issues that are expected to shape European financial services in the decade ahead.

More than half of businesses plan to adopt AI within the next two years according to the latest research findings with leading cybersecurity expert claiming that adoption of AI in businesses is both exciting and concerning. Key Findings: 57% of organisations plan to implement AI solutions. Two-thirds (66%) of organizations said that their total IT budget will be increasing in 2024. Purchase of cybersecurity solutions/services/apps (61%), were the most popular IT investments among businesses in 2023. Artificial intelligence (AI) has rapidly transitioned from a science fictional concept to a technology that is reshaping businesses worldwide. Organizations are embracing AI because of its potential to drive efficiency and enhance decision-making processes. According to the 2024 State of IT survey by Spiceworks, 57% of organizations have concrete plans to implement AI solutions in the near future. Notably, a quarter of these businesses are already integrating AI into their operations, while 32% are preparing to do so within the next two years. “The adoption of AI technology across industries is both exciting and concerning from a cybersecurity perspective. While AI can revolutionise business operations and drive efficiency, it also introduces new attack vectors and risks that organizations must be prepared to address,” says Carlos Salas, a cybersecurity expert at NordLayer . Investment In Cybersecurity The 2024 State of IT survey also asked businesses about their IT budget. Two-thirds (66%) of organizations said that their total IT budget will be increasing in 2024 compared to last year. Interestingly, 4% decided to lower their IT budgets since the previous year, and 30% of businesses plan no change. For more than half (52%) of organizations, leading reasons for IT budget increase are a need to upgrade outdated IT infrastructure and increased priority on IT projects. Another major factor for 48% of businesses is increased security concerns. NordLayer’s research from 2023 also looked into how businesses spend their IT and cybersecurity budget. Purchase of cybersecurity solutions/services/apps (61%) as well as cybersecurity training for employees (56%) were the most popular IT investments among businesses last year. The research showed that a third of companies (35%) prepared to allocate up to a quarter of their organisational budget for IT needs last year. Another 32% of respondents planned to invest up to half of their budget. Only 3% of businesses said they didn’t plan to invest in cybersecurity in 2023, out of which the majority are small companies. "The fact that two-thirds of organisations are boosting their IT budgets for 2024 is an encouraging sign that businesses recognise the role technology plays in driving innovation and competitiveness. " As AI adoption accelerates, allocating adequate resources for cybersecurity will be crucial to safeguarding these cutting-edge technologies and the sensitive data they process,” says Salas.

Alina Timofeeva, a board member for the British Computer Society, has expressed deep concern over the recent UK Budget's potential impact on small businesses, particularly regarding AI security, Cyber security, and innovation. "The increased tax burden on small businesses will inevitably lead to reduced investment in critical areas like AI security, Cyber security and innovation," Timofeeva warned. "This could leave them more vulnerable to Cyber attacks, which are on the rise and stifling innovation and growth." Timofeeva outlined several essential actions that the government and technology industry should undertake to mitigate these risks: Government action: Enhanced Cyber resilience and media literacy: Prioritise the development of Cyber resilience and media literacy skills, including insights, lessons learnt and clear actions to minimise deep fakes and increase AI security. Dedicated support for SMEs: Establish a specialised unit to help small and medium-sized enterprises (SMEs) build robust AI security and Cyber security programmes. Increased Knowledge sharing: Encourage sharing of best practices and lessons across industries to foster a collaborative approach to AI security and Cyber security. Industry collaboration: Affordable Cyber security solutions: Large tech companies should develop and offer affordable AI security and Cyber security tailored to small business needs. Standardised tools: Promote the adoption of standardised AI security and Cyber security tools, frameworks, and practices to streamline efforts and reduce costs for SMEs. Enhanced regulatory support: Ensure regulators share best practices, frameworks, and case studies around security, including AI security and Cyber security. With 99.2% of businesses in the UK classified as SMEs, accounting for 61% of employment, it's essential that investment in AI security and Cyber security is prioritised to ensure we remain competitive in the global technology race. "We want to encourage SMEs to share their stories of tackling AI security and Cyber security challenges, which are hopefully universal," Timofeeva added. "Together, as a nation, we can build a safe and secure future." “Small businesses are the backbone of the British economy,” By investing in their Cyber security we enable innovation at pace, we safeguard their future and ensure continued economic growth.”