British Steel has been formally taken into public ownership, 15 months after the government intervened to prevent the closure of its Scunthorpe steelworks and the loss of 4,000 jobs. Prime Minister Keir Starmer said on Thursday that the takeover from Chinese owner Jingye was in the national interest. The Steel Industry (Nationalisation) Act received royal assent on Wednesday, marking one of Starmer's last significant actions as prime minister.
Government Steps In to Save Steel Production
The Labour government triggered an emergency recall of parliament in April last year to avert the closure of British Steel, after Jingye threatened to walk away without preserving the blast furnaces in Lincolnshire. That would have led to the immediate shutdown of Britain's last remaining producer of primary steel from iron ore. The nationalisation ensures continued domestic steel supply.
UK Economy Shows Resilience Amid Iran Conflict
The UK economy returned to growth in May, despite the impact of the Iran war on energy costs, according to official figures. The Office for National Statistics reported that GDP rose 0.1% in May, in line with economists' forecasts, following a 0.1% decline in April. The economy has proven more resilient to rising energy costs linked to the Middle East conflict than some analysts anticipated.
Chancellor Rachel Reeves, expected to depart on Monday as incoming prime minister Andy Burnham selects a new cabinet, is likely to view the data as evidence that her economic plan was working. The slight growth suggests the UK is weathering global pressures.
Uber to Acquire Delivery Hero in $14.8 Billion Deal
Uber has agreed to acquire German takeaway company Delivery Hero in a deal valued at $14.8 billion (£11 billion, €12.9 billion), creating a global food delivery giant. Uber offered €41.50 per share to Delivery Hero shareholders, valuing the business at $14.8 billion. After accounting for previous purchases of a quarter of Delivery Hero's shares, most recently in May, Uber will pay $13.7 billion.
The merger combines Uber Eats with Delivery Hero's brands across 99 countries, including Asia's foodpanda, Latin America's PedidosYa, and talabat in the Middle East. The combined company recorded $236 billion in orders in 2025, according to Uber.
Ocado Profits Plummet Amid Succession Concerns
Ocado co-founder and chief executive Tim Steiner stated he has “no intention of being a puppet master” exerting control over staff, amid an apparent boardroom dispute over succession at the grocery technology company. Steiner, who will step down as CEO in 2028, suggested any successor would be happy to work with him.
Shares in Ocado fell nearly 15% on Thursday to their lowest level in over a decade, as the company reported pre-tax profits of £17 million for the six months to 31 May, down sharply from £607 million in the same period the previous year. The decline reflects challenging market conditions and investor uncertainty.
