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UK Chancellor Rachel Reeves is facing pressure to raise taxes on businesses generating 'windfall' profits linked to the US-Israel war on Iran to fund emergency cost of living support for UK households.A group of leading charities, campaigners, and trade unions, including Greenpeace UK, the National Education Union, and Tax Justice UK, have written an open letter to Keir Starmer and Reeves, urging the government to strengthen its existing North Sea energy windfall tax and introduce new levies for firms in other sectors that stand to financially benefit from the conflict.The letter highlights that energy companies, banks, agricultural commodities businesses, defence companies, and tech firms are likely to profit from the economic fallout of the war. The group argues that the extra revenue generated from taxing these 'excess profits' could be used to support households struggling with the cost of living and invest in the UK's future energy security.R Reeves has signalled that the government is ready to provide targeted help for households grappling with the economic fallout from the Middle East conflict, amid a surge in energy prices since the onset of the war. The chancellor has also warned companies that she will not tolerate corporates profiteering from the crisis, telling bosses that the Competition and Markets Authority has been put on notice to detect and crack down on price gouging.The UK already has a windfall tax on North Sea oil and gas firms, the energy profits levy, which is due to run until 2030. However, Reeves had been planning to ease the tax before the US and Israel attacked Iran on 28 February.

The Co-op Group has announced that its chief executive, Shirine Khoury-Haq, will step down this weekend after a challenging year that included a cyber-attack and recent claims of a “toxic” culture at the business.Khoury-Haq will depart on 29 March, and Kate Allum, a board member and former boss of the dairy group First Milk, will step in as interim boss while a permanent replacement is sought.The company, which owns more than 800 funeral parlours and an insurance and legal advisory business, as well as operating more than 2,000 convenience stores, reported an underlying loss of £125m. This is a significant drop from a £45m profit the year before, largely due to a £107m profits hit from the damaging IT hack.Khoury-Haq denied that her resignation was linked to the allegations of a toxic culture, stating that her decision to leave was a personal one. She expressed her desire to “go and do something else”.Sales at Co-op fell 2.3% to £11bn in the year to 3 January, following the mutual’s shops being left with gaps on shelves after the cyber-attack, which knocked £285m off sales.The group cited a “contracting convenience market” and “layered cost headwinds” of about £150m during the year, due to increases in employers’ national insurance, pay and packaging taxes.Khoury-Haq’s departure comes a month after reports of concerns about the culture at the top of the group. In February, the Co-op defended the behaviour of its bosses after reports said senior managers had complained of a “toxic” environment at the retailer.

Matt Brittin, the new director general of the BBC, is no stranger to high-pressure roles. A former Google executive and Doctor Who enthusiast, Brittin has made a significant career shift from big tech to broadcasting.As he takes on the top job at the BBC, Brittin will have to navigate treacherous waters, including the corporation's shift towards digital platforms, major political challenges, and difficult financial decisions. The BBC is facing a significant savings programme running into the hundreds of millions, as the licence fee has eroded in value.Brittin's background in big tech has raised questions about his ability to lead the BBC, with some insiders expressing concerns about his lack of broadcasting experience. However, his supporters argue that his operational leadership skills and ability to perform in a public sphere make him well-suited for the role.One of the biggest challenges facing Brittin is the crises that never seem to be far from the director general's desk. He will have to deal with partisan hostility over the BBC's funding and coverage, as well as regulatory challenges in the online content space.Despite these challenges, Brittin has expressed his commitment to the role and his desire to make a positive impact on the BBC. With his background in business strategy and experience in the tech industry, Brittin may be well-equipped to tackle the challenges facing the corporation.

Around 15 years ago, Ashley Markle was introduced to a culinary curiosity that would later become a global phenomenon. While staying at her aunt's house, she encountered a small, plastic-wrapped biscuit that would forever change her perception of cookies. What began as an unknown airline snack evolved into one of the fastest-growing biscuit brands in the US, with Markle becoming an unwitting early adopter of what would become a cultural movement.The spiced caramel biscuit, created in 1932 by Belgian company Lotus, has experienced remarkable peaks in popularity over the past decade. From being described as 'crack in a jar' in 2014 to becoming a staple in freakshakes in 2016, the brand has consistently found new ways to capture consumer interest. The pandemic home-baking boom in 2021 propelled Biscoff into social media stardom, with chef Jon Watts demonstrating multiple Biscoff recipes on daytime television.In January 2026, Biscoff experienced another viral surge, particularly on TikTok and Instagram, where users obsessively shared recipes for a 'Japanese cheesecake' featuring the biscuits. Markle, a social media creator specializing in snack recipes, has seen her Biscoff-related content accumulate millions of views, including a cheesecake recipe that garnered over 4 million views and a two-ingredient cookie recipe with 5.6 million views.The phenomenon extends beyond social media. A teacher named Raj developed such an affinity for Biscoff that he purchased multiple boxes, declaring: 'I'd smoke Biscoff if I could.' At his school, colleagues use the biscuits as incentives for students to attend tutoring sessions, demonstrating the brand's cultural penetration.Food industry experts attribute Biscoff's success to several converging trends. Lisa Harris, co-founder of food consultancy Harris and Hayes, explains: 'Biscoff isn't a single trend in itself, more an expression of various converging trends.' The brand taps into nostalgia, accessible indulgence, and versatility, allowing it to appear in everything from drinks to ice cream to desserts.The brand's partnerships with other companies exemplify modern 'collab culture', with Harris noting that products with distinctive flavors often develop a life of their own among consumers. 'Fans run with it and feel as if they have ownership over the product as much as the brand itself does,' she observes.Lotus Bakeries has responded strategically to the social media buzz. The company is removing the Lotus embossing from biscuits, replacing it with the word Biscoff to better resonate with younger shoppers. Niamh Leonard-Bedwell, fast-moving consumer goods editor at The Grocer, notes: 'In the week to January 17, their volume sales were up 30% on the same time last year.'The business impact has been substantial. In its 2025 annual results, Lotus announced a 10% revenue increase, with more than half coming from the Biscoff brand. The company has expanded internationally with factories in the US and Thailand, with founder's grandson Jan Boone declaring: 'We want to conquer the world.'Despite its sweet reputation, Biscoff is venturing into savory territory with recipes like prawns in Biscoff sauce and creamy Biscoff duck breast. However, chef Jon Watts remains skeptical about these applications, preferring the biscuit's traditional uses in desserts and treats.Industry analysts believe Biscoff's universal appeal will sustain its popularity. Unlike divisive trends like matcha, Biscoff offers a 'quite universally likable flavor' that balances novelty with familiarity. As Kiti Soininen of Mintel notes: 'If it's that sort of safe adventure, where it's got that newness, that freshness, but it's pairing that with familiarity – that hits the mark with a lot of people.'Despite growing concerns about ultra-processed foods, Biscoff's traditional positioning may insulate it from criticism. There's a disconnect between how products are classified and consumer intuition, with Soininen observing: 'If my grandmother can have bought this then it can't be truly ultra-processed.'With retailers developing Biscoff-inspired products including porridge, tea, popcorn, and breakfast cereal, the trend shows no signs of abating. As Markle predicts: 'I don't see anybody deciding that they don't like Biscoff any more.'

The UK's green energy landscape is experiencing a significant shift as Jürgen Maier, the boss of GB Energy, joins other prominent renewable energy leaders in advocating for increased North Sea oil and gas production. This move comes as the UK government faces mounting pressure to address an impending energy cost crisis. Maier, in a social media post on LinkedIn, emphasized that while more North Sea oil and gas may not directly reduce energy costs, which have surged due to escalating tensions in the Middle East, it could bring substantial economic benefits, including more jobs and higher tax revenues. He described himself as “a supporter” of a well-managed energy transition that includes “all energy,” later clarifying in a separate post that he fully supports the government’s ban on new oil and gasfield exploration licences. Maier suggested that utilizing existing fields and tiebacks—allowing new deposits to be extracted from existing infrastructure—aligns with an 'All Energy' approach. This strategy, he argues, would give supply chain companies sufficient time to transition while renewables remain the long-term goal. The comments from Maier follow similar endorsements from other green energy leaders, such as Greg Jackson, the Octopus Energy boss, and Tara Singh, the new chief executive of RenewableUK. Jackson, who sits on the Cabinet Office board, told the Daily Telegraph that the UK needs more “sovereign energy,” which requires practical decisions, including leveraging North Sea resources. Singh argued that Britain should produce more energy “of every kind” and called for taking energy out of the culture wars. Despite these calls, Energy Secretary Ed Miliband has ruled out new licences for the North Sea, though decisions on the Rosebank and Jackdaw fields, which were licensed under the previous government, are still pending. Industry sources expect these fields to be approved soon, potentially beginning production by the end of the year, which could provoke backlash from green groups. The government recently dismissed warnings from Offshore Energies UK that failing to produce more North Sea oil and gas would increase the UK's reliance on imports amid rising global instability. A government spokesperson stated that new licences would not enhance energy security or reduce bills, highlighting that oil and gas prices are set internationally. A Great British Energy spokesperson reiterated the company's focus on driving the clean energy transition to deliver a more secure and independent energy system. They emphasized that oil and gas will remain part of the energy mix for decades, and preserving the skills of oil and gas workers is crucial for a clean energy future.

The UK defence industry is in a state of crisis as a long-delayed military spending plan has left firms 'bleeding cash' and in 'paralysis'. The six-month delay to the defence investment plan (DIP) has resulted in some companies going bust, while others are struggling to stay afloat.Industry groups have warned that the delay has left the UK behind Germany and the US in attracting investment from global investors. The DIP, originally expected last autumn, has been repeatedly postponed amid warnings that the military faces a £28bn funding gap over the next four years.Samira Braund, the defence director of the ADS Group trade body, described the situation as 'paralysis', stating that the government has not put effective mitigation plans in place. The boss of BAE Systems, Europe's biggest defence contractor, has urged ministers to publish the plan, while some smaller firms have been forced out of business.One such company was MTE Heat Treatment, a Yorkshire-based manufacturer with just over 30 employees that helped make turbine blades for jet engines. It fell into administration in February. Andrew Kinniburgh, the head of the trade body Make UK's defence arm, warned that the delay risks deterring investment in the UK at a time when the US and Europe are also raising military spending.The DIP will show how the government plans to fund its strategic defence review, the blueprint for transforming the military amid growing threats from Russia, rising commitments to Nato and against the backdrop of the US-Israel war on Iran. Ministers accepted all the review's recommendations when it was published last June, but the head of the military, Air Chief Marshal Sir Richard Knighton, told MPs in January that defence cuts would be needed without more funding.

Real Madrid fought back to beat Atletico Madrid 3-2 in a thrilling Spanish capital derby on Sunday, courtesy of a brace from Vinicius Jr. The win keeps Alvaro Arbeloa's side within four points of La Liga leaders Barcelona.Atletico's Ademola Lookman opened the scoring in the 33rd minute with a slick counterattack, but Vinicius Jr equalized from the penalty spot in the 52nd minute after David Hancko tripped Brahim Diaz. Federico Valverde then put Real ahead 2-1 with a goal capitalizing on a Jose Maria Gimenez error.Nahuel Molina silenced the Bernabeu stadium with a thunderous 30-metre strike in the 66th minute, but Vinicius Jr restored Real's lead with a cracking solo effort six minutes later. Despite Valverde's red card for an inexplicable challenge, Real held firm to secure the win.Arbeloa praised his side for showing 'pure Real Madrid mentality' to emerge with a difficult win, while Atletico boss Diego Simeone said his side deserved more from the game.