Over the past 17 years, the FTSE 250 company has expanded significantly through strategic acquisitions and is now targeting growth in the United States.

In 2022, Breedon acquired BMC Enterprises, based in Missouri, for $300 million. This year, the company announced its intention to purchase Lionmark Construction Companies, also located in Missouri, for $238 million. Rob Wood, Breedon’s CEO, has characterized this deal as one that will enhance earnings right away.

The company’s financial performance for the full year showed promising results, with a 6 percent increase in revenue to nearly £1.6 billion and adjusted cash profits rising by 11 percent to £270 million, achieving a profit margin of 17.1 percent. Although volume sales dropped by 6 percent due to UK market challenges and adverse weather, overall pricing increased by 2 percent.

Investor interest has largely centered on the Lionmark acquisition. While Breedon has been a prominent consolidator in the UK market, its current focus shifts more towards generating cash flow and expanding its footprint in the US.

Lionmark specializes in construction and surfacing, particularly in infrastructure markets. This acquisition is anticipated to significantly increase Breedon’s US presence, potentially allowing its American operations to account for around 20 percent of adjusted cash profits by 2026. Lionmark will complement the BMC business, which has a stronger focus on residential development.

The long-term growth outlook for Breedon remains robust, as market demands are fueled by rising populations necessitating new housing, urbanization driving infrastructure investment, and an aging housing stock requiring more building materials.

Following the new acquisition, analysts from RBC Capital Markets have revised their earnings per share estimates upward for the 2025 and 2026 financial years by 0.8 percent and 3.7 percent respectively, predicting that Breedon’s share price could increase by approximately 31 percent.

In addition to anticipated capital growth, Breedon has adopted a more attractive dividend policy compared to previous years. Since 2021, the company has aimed for a payout ratio of 40 percent of underlying earnings per share. For this fiscal year, the ratio reached 41 percent, with expectations for a stock yield of 3.2 percent over the next 12 months, lower than the FTSE 250 average of 4.8 percent.

With two major US acquisitions now finalized, Breedon presents an appealing growth opportunity, moving beyond a simple income play. Analysts anticipate additional acquisition announcements later in the year, as communicated during a capital markets day in November.

RBC analysts expect Breedon’s net debt to be in the range of £578 million to £587 million for 2025 and 2026, an increase from the initial estimates of £437 million to £445 million. This still indicates a manageable leverage ratio of 1.73 and 1.61 for 2025 and 2026, respectively.

Investors might also find reassurance in the fact that Chairman Amit Bhatia has significantly increased his stake over the last two years. His firm, Abicad Holding, has raised its ownership from 9.7 percent two years ago to 19.1 percent today, valued at approximately £413 million, according to FactSet data.

While Breedon shares climbed nearly 12 percent on the announcement of the Lionmark acquisition, they remain reasonably priced at 12.8 times projected earnings. Considering the solid growth prospects, effective management strategies in acquisitions, enhanced focus on the US market, and a healthy balance sheet, Breedon appears to be a promising investment opportunity.

B&M European Value Retail

B&M European Value Retail has faced a challenging start to the year, witnessing a loss of over 20 percent of its market value following a significant reduction in its full-year profit forecast and the resignation of its CEO.

Last month, the Liverpool-based retailer announced that Alex Russo would be retiring at the end of April after two and a half years in leadership. This revelation coincided with a profit warning, predicting adjusted cash profits between £605 million and £625 million for the fiscal year ending in March, a notable drop from previous expectations of £620 million to £660 million.

Analysts at Panmure Liberum suggested that Russo’s retirement and the profit forecast downgrade are likely interconnected, and investors may also be wary of Bobby Arora’s anticipated departure, the final member of the billionaire family that significantly contributed to B&M’s expansion.

The company, known for its diverse range of products including groceries, home goods, toys, and DIY tools, has experienced substantial growth in the past decade alongside other discount retailers like Aldi and Lidl. However, growth has stalled over the past year, and this recent profit forecast reduction wasn’t entirely unexpected.

This analysis last labeled B&M as a hold in October, citing uncertainties regarding the company’s performance in a challenging consumer market.

The City seems to be losing confidence in B&M. Its shares are currently valued at a modest 7.9 times projected earnings, with a forward dividend yield of 5.7 percent indicating that the stock has entered value territory. While sluggish growth is expected to improve in 2026 with easier comparisons, ongoing disappointing performance has raised concerns about whether the company can regain investor trust. Cash returns alone won’t suffice to appease shareholders indefinitely.

Advice: Hold. Why: Strong brand presence but operating in a weak market.

Established in 2011 as Big Society Capital, it originated with £400 million from dormant accounts and an additional £200 million from four major high street banks. To date, the fund has invested in 3,750 charities and social enterprises, generating enough returns to reinvest into newer and larger social impact initiatives.

This organization partners with private sector and philanthropic investors, managing to attract nearly £3 billion in further funding for projects concentrated on homelessness, youth support, and health care initiatives.

Unlike conventional public funding models, social impact investors assume the financial risk by investing in projects that aim to achieve predefined outcomes, receiving returns only upon fulfillment of these targets. Since its inception, Better Society Capital estimates that the impact investing market has expanded from approximately £800 million to £10 billion.

Chief Executive Stephen Muers remarked, “Reaching the billion mark demonstrates the efficacy of capital recycling and sustainability. It’s a testament to our model, and it reflects the overall growth of the market as more investors recognize the potential for social impact alongside financial gains.”

He emphasized the progress in housing provisions for individuals at risk of homelessness, pointing to Resonance, a social impact investor managing £325 million in assets, which is currently housing 3,600 individuals through various projects in Greater Manchester, Merseyside, Bristol, and Oxford.

Muers noted, “The number of individuals facing precarious housing situations continues to rise, with recent figures indicating around 100,000 families. We began investing in this area back in 2014, targeting funds to purchase properties and lease them to charities to provide stable homes.”

“In the past year, our initiatives have reached significant scales. Local government pension plans and charitable endowments are beginning to invest, and our model has successfully provided housing for thousands across the nation.”

“Despite our progress, we have not yet adequately addressed the challenge, as there remain 100,000 families in temporary housing. However, our growth started from small beginnings, and we have now attracted larger investors, such as pension funds, to participate.”

Better Society Capital aims for a 1 percent net annual return on its deployed capital, averaged over five years, and a 3 percent return from its investment portfolio to offset operational costs. Even though inflation is diminishing its capital, BSC believes that their approach demonstrates the viability of outcome-driven social programs over simple state funding.

There have been no additional funds received from dormant bank accounts, insurance, or pension policies in the past year. The previous government had projected an allocation of £350 million by 2028 for organizations like BSC.

The Labour government has indicated its intention to explore alternative methods of delivering social services by “rewiring the state” and has established a social impact investment advisory group to guide the Treasury in effectively directing funds for outcome-based initiatives. A decision is anticipated with the second phase of the Chancellor’s spending review, expected to be released in “late spring.”

Muers shared, “The government acknowledges that social impact investing can support its objectives. There is substantial potential to engage investors focused on issues that are significant to the government, fostering effective collaboration.”

He advocated for funding specifically aimed at supporting disadvantaged youth and families, particularly where complex challenges arise that traditional public services may not adequately address. He stated, “We have encountered successful investment-backed models that effectively deliver these crucial services.”

The 35-year-old entrepreneur expressed his frustration: “Every new set of questions from HMRC feels like a repeated request for information we’ve already provided. It’s incredibly disheartening,” Gilbert said. He launched Mojo in 2019 alongside his cousin, Angus Barge, after experiencing erectile dysfunction.

Having raised more than £5 million from investors, including Kindred Capital and Octopus Ventures, Gilbert claims that Mojo has attracted “hundreds of thousands” of users across 150 countries. “We’re enhancing their relationships and sex lives; we’re even helping some users to conceive, including myself,” remarked Gilbert, proud father of three young children.

In early 2024, Mojo received £400,000 in R&D tax credits aimed at advancing its technology, which includes personalized coaching powered by artificial intelligence.

Recently, the company announced its shift towards becoming an AI-driven sex and relationship therapy platform, noting the shortage of sex therapists in the UK compared to the number of individuals needing such support.

However, just a few months later, Gilbert received a letter from HMRC stating, “We require the money to be returned; we believe the original claim was incorrect.” This was particularly disconcerting for the founders, who had enlisted the help of FI Group, a consultancy specializing in tax claims.

“They have assisted us in communicating with HMRC, but if this escalates to arbitration, we may need to engage legal representation,” Gilbert explained, emphasizing their commitment to not retreat from this challenge.

Mojo’s situation reflects a broader trend, as HMRC has taken a stricter approach in reviewing tax credits awarded to numerous companies since 2023. Many recipients have reported receiving requests for extensive additional information regarding their research and development activities.

These recovery efforts are part of HMRC’s initiative to combat fraudulent claims following investigations that uncovered significant misuse of taxpayer-funded support. Reports have emerged of implausible claims, including one regarding a business offering recipes for blueberry croissants.

In 2019, British businesses claimed relief related to £47.5 billion of research and development, despite Office for National Statistics data suggesting only £25.9 billion of such activities were actually carried out. This disparity indicates potential inconsistencies in claims versus actual R&D activities.

HMRC has acknowledged a high level of fraud and errors within the scheme, estimating that 26% of expenditures for smaller companies in 2021-22, amounting to £1.2 billion, fell under dubious categorization.

Experts, including former Chancellor Philip Hammond, caution that an overly aggressive stance from HMRC could undermine legitimate claims, deterring companies from pursuing R&D support.

Despite continuing to fulfill HMRC’s requests, Gilbert described the nature of the questions as repetitive and inappropriate. “It feels as though individuals at HMRC are more focused on reclaiming funds than on assessing our legitimate innovations,” he noted.

For instance, HMRC’s insistence on timesheets as proof of work has posed a challenge for Mojo, as the company’s understanding of HMRC guidelines allows for estimates rather than strict time tracking.

Gilbert is not isolated in this predicament. Several entrepreneurs have reported facing similar hurdles but hesitate to speak publicly due to concerns it may adversely affect their cases. Alicia Navarro, an experienced technology entrepreneur, shared her own struggles with HMRC regarding an R&D tax credit for her business, Flown, emphasizing the confusing inquiries faced by her qualified engineering team.

To be eligible for R&D relief, HMRC stipulates that projects must aim to achieve advancements in scientific or technological fields, which must be recognized by competent professionals as significant improvements.

In response to these concerns, an HMRC spokesperson stated: “R&D reliefs are crucial to our mission to drive economic growth, and we are committed to simplifying the claims process for genuine applicants. Given the levels of non-compliance, it is essential to ensure that taxpayer funds support true R&D efforts. This involves everything from investigating fraudulent claims to educating applicants on compliance.”

Unlike the previous episode, the current market turmoil is not expected to bring similar benefits to Softcat. Diminished corporate confidence has begun to overshadow the valuation of this FTSE 250 company.

Currently, Softcat’s shares are trading at 21 times forward earnings, down from a pandemic peak of 44, when businesses rushed to bolster their corporate IT budgets. However, this figure is also lower than the ten-year average of 25.

Founded in the early 1990s as a PC vendor in High Wycombe, Softcat has since expanded its operations to sell billions of pounds worth of software and hardware services. The company operates across both private and public sectors, and its stock performance has been buoyed by growing demands for technological advancements.

The potential for a recession triggered by tariffs poses a risk to Softcat’s growth this year. In its interim report released earlier this month, the company raised its profit growth outlook for the year to “low double-digit” levels, which is an improvement over previous projections of a “high single-digit” increase.

For the first six months of its financial year, ending in January, Softcat reported a 17 percent increase in revenue to £546 million, with pre-tax profits rising 12 percent year-over-year to £76.7 million. Analysts expect this growth to continue, forecasting an annual profit of £177 million.

The gross invoiced income (GII), which reflects total income billed to customers, grew by nearly 20 percent to £1.5 billion in the first half of this year. This increase was driven by recovering hardware sales and intensified demand from data centers, despite businesses delaying upgrades of their existing hardware. The shift to cloud-based solutions, necessitated by the need for enhanced computing power to integrate AI, has also bolstered corporate expenditures.

Anticipation of a new cycle of device refreshes—driven by AI-integrated PCs and the upcoming Windows 11 upgrade, as support for Windows 10 ends in October—could further stimulate spending. Microsoft remains Softcat’s key partner, accounting for roughly 25 percent of GII and about 15 percent of gross profit for 2024.

Softcat has captured a larger share of corporate IT budgets, with average gross profit per customer increasing by nearly 11 percent to just above £43,000. The UK addressable market is estimated at £60 billion, with resellers and distributors holding around half of that market share. According to estimates from Panmure Liberum, Softcat’s market share has grown from about 3 percent in 2019 to 5 percent now, indicating considerable potential for future growth.

Valued at 21 times forward earnings, Softcat is regarded as one of the pricier technology stocks in London, outperforming peers like Bytes Technology Group at 18 times and Computacenter at 12 times. However, several factors justify this elevated valuation, including earnings growth at a compound annual rate of 14 percent over the last decade and an attractive cash conversion rate of 102 percent.

Market analysts predict another increase in dividends, with a consensus estimate of 49.37p per share, translating to a promising potential yield of 3.4 percent based on current share prices, and an estimated yield of 3.7 percent based on dividends projected for the following year.

Softcat’s headcount growth has slowed to 6 percent over the last six months, less than half the pace of the previous year, reflecting a challenging market environment that could help stabilize margins.

Long-term investors have benefited from compounding, enjoying a total return of 417 percent over the last decade, contrasted with nearly 3 percent for the FTSE 250 and 19 percent for the FTSE All-Share during the same timeframe.

However, the substantial forward earnings multiple indicates that Softcat bears high growth expectations, potentially rendering it susceptible to shifts in investor sentiment towards more conservative strategies.

Recommendation: Hold – The current valuation is indicative of an increasingly challenging trading climate.

“We haven’t encountered any issues so far,” he remarked, just as a customer made his way through the turnstiles while dragging along the store’s signature blue Frakta bag, only to get stuck between the gates. “But that could certainly become a concern,” he added.

As the expansive Oxford Street superstore prepared to greet its inaugural customers on Thursday, shoppers lined the sidewalks in anticipation of acquiring Swedish flat-pack furniture.

This latest city center location has opened almost two years later than originally planned, with the property costing an impressive £378 million.

A black cab proudly displayed a sofa on its roof as it circled the block, with a giant version of the store’s PS 1995 clock ticking down to the grand opening.

Judy Thomas, 62, who had joined the queue at 8:40 am, shared her longstanding relationship with Ikea, saying, “I still have one of the original Billy shelves from the 1980s. Although it’s currently in my parents’ cellar, it was my trusted furniture piece during my student days.”

Security personnel were stationed throughout the store to manage the influx of customers, with one guard mentioning the heightened risk of shoplifting in the busy Oxford Street area and the need to remain vigilant.

With a ceremonial unzipping of the Frakta-style doorway by London Mayor Sir Sadiq Khan, shoppers were enthusiastically welcomed by staff who were cheering, dancing to a DJ, and waving a mix of Swedish flags and Union Jacks.

Among the eager shoppers was Vicky Dawson, 51, who traveled from North Wales to attend the opening. Describing herself as Ikea’s official superfan, she shared, “Last year, I got married in New York and made a trip to Ikea because of my obsession. I decided to visit every one of the 21 Ikea stores in the UK within ten months.”

Dawson’s love affair with flat-pack furniture began in 1991 at the Warrington store, and her visits have taken her around the world, including a stop at the store in Geneva during her honeymoon. She plans to stay at the Ikea hotel in Sweden for her upcoming birthday.

She expressed her excitement about the new London location, stating, “Having an Ikea in central London rather than in the suburbs will help more people appreciate that each Ikea location is unique and connected to the local community.”

The local community’s response appears less welcoming. Oxford Circus station featured John Lewis advertisements reading, “Knowing you prefer quality to an allen key,” poking fun at the necessity of the tool for assembling Ikea furniture.

In a more welcoming sentiment, Rosie Hanley, brand director at John Lewis, stated, “We are thrilled to have Ikea as part of the Oxford Street experience. Their presence will surely enhance this iconic shopping area, a commitment we’ve upheld since 1864.”

At the Ikea checkout, Alan Johnson, 40, one of the first customers, purchased an orchid. “My partner loves Ikea and has visited the museum in Stockholm,” he shared. “Having an Ikea within the city makes it so much more convenient to pick up classic items without traveling to the suburbs.”

Jesper Brodin, CEO of Ikea’s parent company Ingka Group, announced, “The opening of Ikea on Oxford Street represents a significant milestone for us and is a long-held dream. I am excited about how we are incorporating London into every aspect of this store.”

Established in 2016, British Steel has experienced significant turmoil, as various private entities have fought to keep it operational. The Scunthorpe plant, which was privatized alongside the entirety of the UK’s steel sector in 1988, has gone through numerous changes in ownership, culminating in a critical situation in 2019 when Greybull Capital, its then-owners, attempted to sell the struggling company amid a lack of interested buyers. Boris Johnson, in his attempts to avoid nationalizing British Steel, made the decision to allow it to be taken over by Chinese interests.

The issues plaguing the Scunthorpe facility, the last of the UK’s primary steelmaking sites, are not recent developments. Like much of Britain’s heavy industry, it lagged in modernization throughout the 20th century.

The remnants of steel production face a harmful mix of tariffs—exemplified by President Trump’s 25 percent steel tariff—increased operational costs, environmental regulations, and competitive pressures from China, which aims to weaken Western capabilities.

Jingye’s recent announcement of a new £20 million steel plant in China, potentially encouraging workers from Scunthorpe, underscores its intentions.

Similar to the situation at the Port Talbot steelworks, which was rescued through a £1.25 billion government initiative aimed at transitioning to low-carbon electric arc furnaces, the government has engaged in discussions with Scunthorpe, yet no agreement has been reached.

Should a deal not materialize in the upcoming days, the blast furnaces face imminent shutdown due to unfulfilled critical orders. While some, including Reform UK, have suggested that immediate nationalization of British Steel is the solution, this approach may be misguided. While state ownership might temporarily safeguard jobs, it lacks the potential for a viable long-term solution. Despite the strategic national significance of steel production, taxpayers should not bear the burden indefinitely.

If Jingye chooses not to continue operations and no viable private sector alternative emerges, a temporary nationalization could be considered as a last resort, provided it is established that this would be a limited-time measure.

In this context, the government should revamp its energy policies to reduce costs to competitive levels. Energy expert Professor Dieter Helm has suggested that energy-intensive industries should receive priority access to cheaper energy on the grid. Additionally, outside the EU’s regulations, the UK has greater flexibility in establishing its industrial energy frameworks, which should be capitalized on.

The government is urged to invest in modernizing the Scunthorpe plant and to commit to identifying a new buyer once it achieves competitiveness.

In these times of uncertainty, British Steel’s survival is crucial. With globalization trending backward and escalating threats to national security, Britain cannot afford to be the only G7 nation devoid of primary steelmaking capabilities.

If the Starmer government is earnest about enhancing Britain’s infrastructure through significant projects, such as the Sizewell C nuclear power station that is finally moving forward, it must take decisive action to protect British Steel. If necessary, intervening may be an unpleasant yet crucial choice.

Rachel Reeves, the chancellor, is currently assessing the lesser-known “de minimis exemption”, a crucial regulation that permits parcels valued under £135 to enter the UK without incurring import duties. Labeling this loophole as a problem, Reeves argues that it allows direct-to-consumer giants like Shein and Temu from China to compete unfairly with local British retailers. Her proposal is to eliminate this exemption, thereby increasing tariffs on low-value imports and promoting fair competition.

On the surface, Reeves’ argument for a “level playing field” seems logical. Major retailers such as Next, Sainsbury’s, and Superdry complain about having to pay substantial customs duties on large shipments, while Chinese competitors can sidestep these fees by shipping items individually. With the US imposing high tariffs on Chinese products and both America and Europe planning to remove their own exemptions, it’s likely that more affordable Chinese imports will soon be coming into the UK, raising concerns of market dumping, according to the British Retail Consortium.

However, this protective stance is somewhat misleading. Is it really the government’s responsibility to shield high street giants from competitors who are merely utilizing existing tax structures that offer better prices to consumers? The real economic issue may not be the duty-free small parcels but rather the tariffs on larger imports of clothing, toys, and gadgets. If retail giants desire a fairer market, they could advocate for the removal of these tariffs instead.

Maintaining the de minimis exemption serves a functional role in trade facilitation. Low-value packages incur minimal duty costs, meaning waiving these fees accelerates clearance and reduces bureaucracy. Eliminating this exemption would require intricate customs procedures for every small package, leading to delays, extra paperwork, and increased strain on Royal Mail and courier services. As a result, many countries sensibly allow low-value imports to pass through swiftly, enhancing trade efficiency.

According to Copenhagen Economics, hundreds of millions of parcels are imported into the UK annually under this exemption. The administrative costs of collecting duties often exceed the revenues generated. Coupled with compliance challenges for small businesses importing essential items, extending tariffs to low-value imports appears to be a misguided strategy.

While it is true that the expansion of ecommerce brings about potential misuse, with some importers dividing shipments into smaller parcels to bypass duties, such occurrences may not be widespread enough to warrant imposing tariffs on every affordable item. A more reasonable response would be to tackle the platforms that facilitate these illegal activities directly.

In essence, what is unfolding is the UK aligning with an international trend of anxiety over inexpensive Chinese imports. The US suggests that these parcels can be routes for drugs and tax evasion, while Brussels has openly stated that its decision to abolish the EU’s own €150 exemption is aimed at collecting an additional billion euros in revenue, disregarding the customs and customer burdens.

The outcome of this initiative would ultimately disadvantage British consumers the most. If the exemption is removed, a £50 dress could see its price rise to £56 following a 12 percent tariff, not accounting for any new administrative fees. Recent research by economists Pablo Fajgelbaum and Amit Khandelwal in the US indicated that the lowest-income households gain the most from duty-free imports and would thus be hit hardest by their removal.

Consequently, by eliminating this exemption, Reeves would compel British consumers to support a more favorable competitive landscape for high street businesses.

As families are tightening their budgets, raising prices on everyday items like leggings and smartphone cases as a method of supporting high street policies seems like an unusual priority.

Ryan Bourne is an economist at the Cato Institute and editor of the book The War on Prices.

The Ipsos Economic Optimism Index (EOI), which has tracked economic sentiment in the UK since 1978, shows a dire outlook based on polling conducted from April 2 to April 8. According to the findings, 75 percent of respondents believe the economy will worsen over the upcoming year, while only 7 percent expect any improvement.

This leads to a concerning net score of -68 points when factoring in the 13 percent who feel the economic situation will remain unchanged and the 5 percent who are undecided.

These figures mark a significant decline compared to tumultuous periods in the past, including the recession of January 1980 under Prime Minister Margaret Thatcher, which recorded a net score of -64, the global financial crisis of July 2008 during Gordon Brown’s leadership (also -64), and the cost-of-living crisis that arose following the pandemic and the Ukraine invasion in June 2022 (again scored -64).

These grim economic sentiments come on the heels of a statement from the International Monetary Fund (IMF), which acknowledged that tariffs imposed by the United States have created a “significant negative shock” to the global economy, and subsequently revised growth forecasts downward for major economies including the UK.

The IMF now anticipates UK growth at just 1.1 percent for the year, a decrease from the earlier prediction of 1.6 percent. The United States is facing an even sharper revision from 2.7 percent to 1.8 percent.

Chancellor Rachel Reeves recently met with US Treasury Secretary Scott Bessent in Washington to discuss potential trade agreements, including hopes of persuading the US to reconsider a 25 percent tariff on UK car imports, which poses a risk of significant job losses in British manufacturing. The discussion regarding possible exemptions from the existing 10 percent base tariff remains unresolved.

In response to the latest poll data, Shadow Chancellor Mel Stride criticized the Labour government’s economic policies, stating, “Labour has shattered confidence in our economy at a critical juncture. Their negative budget and rhetoric, compounded by ongoing trade uncertainties, are hindering investment and consumer spending.”

Stride emphasized that the IMF’s downward revision of the UK’s growth forecast should serve as a crucial wake-up call for Reeves, highlighting the pressing issues of high inflation, weakened economic growth, and crumbling confidence. He warned that the current administration’s high-tax and high-spending policy choices could lead the UK back to the economic troubles of the 1970s.

Analysis over the past 47 years shows that the current level of economic optimism is the poorest among all prime ministers after nine months in office, surpassing the previous low of -58 points recorded during Thatcher’s early tenure in February 1980.

The widespread negative sentiment spans all demographic groups, with only slight differences among age, social class, and gender categories. Men report a score of -65 compared to -71 for women, while those in higher social grades (ABC1) are slightly less pessimistic with a score of -66, versus -72 for lower social grades (C2DE). Pessimism also rises with age, with scores of -59 for individuals aged 18-34, -68 for those aged 35-54, and -75 for people over 55.

A survey of 1,010 UK adults indicates a decline in optimism since last month, when 67 percent felt the economic outlook was bleak, and 13 percent believed it would improve.

Gideon Skinner, a senior director at Ipsos specializing in UK politics, remarked that while Britons are increasingly worried about the impact of US tariffs, there was already widespread anxiety about the economy’s state. He believes these sentiments pose a significant challenge for Labour, exacerbated by both immediate global concerns and longer-term worries about living standards and economic stability.

In March, President Trump enacted an executive order prohibiting diversity, equity, and inclusion (DEI) initiatives in both public and private sectors, with the White House denouncing these practices as “forced illegal and immoral discrimination.”

Dame Julia Hoggett, the LSE’s CEO, commented that the lack of a DEI-friendly atmosphere in the United States might influence corporate decisions on where to list their shares.

“We adhere to the laws and regulations of every country we operate in, but we establish our own culture. It wouldn’t surprise me if many companies feel similarly and will seek out different jurisdictions that align with their desired corporate culture,” she stated.

Hoggett shared these insights with The Times after receiving the Bold Woman Award, presented by Veuve Clicquot, honoring women in business for over 45 years.

At 51, Hoggett was recognized for her significant contributions and leadership in financial services, particularly her role as the CEO of the London Stock Exchange, Europe’s largest exchange, and her leadership of the UK’s Capital Markets Industry Taskforce.

Under her guidance, the taskforce has pushed for significant changes, including advocating for alterations in stock market regulations to attract more entrepreneurs and urging for higher executive pay in the UK market.

Hoggett has credited her success to numerous role models, mentors, and sponsors, with her first mentor being her mother, Lady Hale, the former president of the Supreme Court from 2017 to 2020. “Watching her navigate her career provided immense value to my own journey,” she remarked.

Lady Hale garnered attention in 2019 for her ruling against Boris Johnson’s attempt to prorogue Parliament, and Hoggett acknowledged that her mother’s experience offered her tools for managing a career in a high-profile position. “Having a relatively low social media presence is one of those strategies,” Hoggett noted.

She emphasized the importance of maintaining a distinction between professional and personal identities. “I take my role seriously, but I don’t take myself too seriously. It’s vital to separate the position from the person,” she added.

During the awards ceremony at the Royal Opera House in London, Insiya Jafferjee received the Bold Future Award. At 33, Jafferjee has a background in product design from Stanford University and previously worked as an engineer at Apple before co-founding Shellworks in 2019.

The startup aims to replace plastic packaging with an innovative material known as Vivomer, produced through a microbial fermentation process that naturally degrades after use. Shellworks has already garnered clients such as Wild Cosmetics and reported revenues of £1 million in 2024, targeting £4.5 million in sales this year.

Jafferjee expressed her experiences as a woman in technology and manufacturing, where she has often been in the minority, making her more determined to counteract “subconscious biases”.

She transitioned from consumer electronics to materials due to a desire to create a more significant impact. “While I have great respect for Apple, I wanted to contribute meaningfully beyond just selling consumer products,” she remarked.

To date, Shellworks has claimed to have eliminated 40 tonnes of plastic and over 1.2 million pieces of packaging that would otherwise be reliant on petroleum-based plastics.