Money blog: Backlash as BrewDog millionaire says Britons among 'least work-oriented in world' (2025)

Top news
  • Economy returns to slight growth after two months of contraction
  • Britons are among 'least work-oriented in the world' - BrewDog founder
  • Interest rate cut more likely after inflation data, markets say
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10:48:53

More pressure on chancellor as pound drops

By Sarah Taaffe-Maguire, business and economics reporter

There was no panicked market reaction to yet more news of weak UK growth, even though GDP (a key measure of economic expansion) came in lower than forecast.

Low growth has become the norm and, unfortunately for Chancellor Rachel Reeves, so too have high government borrowing costs and a less valuable pound in the past 10 days.

If Reeves was hoping for continued reprieve from market pressure she did not get it this morning.

While news of slower inflation rises yesterday somewhat brought down high borrowing costs and boosted the value of the pound, GDP figures did the opposite.

The pound, which is taken as an assessment of investor confidence in the UK economy, dropped below $1.22.

The benchmark for government borrowing costs - the effective interest rate on 10-year borrowing - edged up but didn't erode the falls from good inflation news yesterday. The same goes for the price of longer-term, 30-year lending.

The UK stock market provided a bright spot with the FTSE 100 index of most valuable London Stock Exchange companies, which rose by 0.8%, a second day of growth. Up but to a lesser extent was the more domestic comprised FTSE 250, rising 0.17%.

If Reeves had managed to dip out of the headlines the focus this morning would arguably have been on the oil price, which ticked up after Israel and Hamas announced a ceasefire deal.

A barrel of Brent crude oil now costs $81.87 having been priced in the low 70s for much of November and December. It'll mean filling up the car tank becomes more expensive and costs possibly rising throughout supply chains.

09:30:01

Woman faces online mockery after being conned out of £700,000 by fake Brad Pitt

A French woman has been mocked on social media after losing more than €830,000 (£700,000) to scammers posing as the Hollywood actor Brad Pitt.

The 53-year-old interior designer, known only as Anne, thought she was in a year-long romantic relationship with the Fight Club and Ocean's Eleven Star.

But after opening up about her ordeal to reporters, she suffered so much trolling that the French television channel TF1 had to pull her interview.

"The story broadcast this Sunday has resulted in a wave of harassment against the witness," TF1 presenter Harry Roselmackwrote on X.

"For the protection of victims, we have decided to withdraw it from our platforms," he added.

Read the full story here...

08:00:01

Britons are among 'least work-oriented in the world' - BrewDog founder

Britain is one of the "least work-oriented countries in the world", BrewDog co-founder James Watt has said.

He also suggested Britons need to end their obsession with "work-life balance".

In a video shared on social media, Watt and his fiancee, Georgia Toffolo, said they instead believe in "work-life integration".

What do you think? Leave a comment above

"The whole concept of work-life balance was invented by people who hate what they do," he said. "So if you love what you do you don't need work-life balance, you need work-life integration."

Watt says he received a lot of abuse in the original video - it "crossed the line from debate to personal abuse".

"People are saying they'd like to murder me with a hammer", he later said.

Watt and Toffolo, who starred in Made In Chelsea, pointed to a Policy Institute at King's College London study in 2023 that found Britons were less likely to say work should always come first.

Of the 24 nations looked at, Britons were least likely to say work was important in their life.

"I've heard countless international leaders say that the UK’s work ethic just doesn't stack up against other nations, especially the US," Watt said.

Agree with Watt? Leave your thoughts in the comments box above.

07:30:01

Meanwhile, Germany - Europe's largest economy - is facing a third consecutive year of recession

Forget this week's minor decrease in the UK inflation number.

The most important European data release was the confirmation fromGermanythat, during 2024, its economy contracted for the second consecutive year.

Europe's largest economy shrank by 0.2% during 2024 - on top of a 0.3% contraction in 2023.

If unrevised down the line, it would confirm the country is suffering its worst bout of economic stagnation since the Second World War.

The timing is lousy for Olaf Scholz, Germany's chancellor, who faces the electorate just six weeks from now.

Worse still, things seem unlikely to get better this year, regardless of who wins the election.

Germany, along with the rest of the world, is watching anxiously to see what tariffs Donald Trump will slap on imports when he returns to the White House next week.

The country, whose trade surplus with the United States is estimated by the Reuters news agency to have hit a record €65bbn (£54.7bn) during the first 11 months of 2024, is likely to be a prime target for such tariffs.

Aside from that, Germany remains beset by some of the problems with which it has been grappling for some time.

Read my full analysis here...

07:10:39

Economy returns to slight growth after two months of contraction

BySarah Taaffe-Maguire, business and economics reporter

The UK economy just about returned to growth in November after two months of contraction, the latest official figures show.

Gross domestic product (GDP), the standard measure of an economy's value and everything it produces, grew by 0.1%, according to data from the Office for National Statistics.

It was expected to grow by 0.2%.

It is mixed news for the government, which has made economic growth its top priority.

The economy shrankby 0.1% in both OctoberandSeptember.

Chancellor Rachel Reeves said: "I am determined to go further and faster to kickstart economic growth, which is the number one priority in our plan for change.

"That means generating investment, driving reform and a relentless commitment to root out waste in public spending, and today I will be pressing regulators on what more they can do to deliver growth.

"After 14 years of economic stagnation, this government's number one mission is to grow our economy. I will fight every day to deliver that growth and put more money into working people's pockets."

06:05:20

Renowned chef shares his worst type of customer, most overrated food and cheap recipe

Every Thursday we interview chefs from around the UK, hearing about their cheap food hacks and more. Today we chat to renowned Northern Ireland restaurateur and cookbook author Niall McKenna MBE...

One thing I'd change about industry is...for parents and schools see it as a credible, worthwhile and rewarding career with long-term opportunity.

I've given free meals... loads of times because customers were celebrating, or they dined with us on several occasions, or they were friends. There are lots of reasons, that's the joy of hospitality.

The most overrated single food item is… avocado - not local or native to Ireland.

The worst type of customer is… the one who has come out and decided they don't want to have a good night - why bother!

One restaurant that's worth blowing out for is...Core in London for quality and service and taste of home, or Ynyshir in Wales for different, fun and quality.

I've cut costs in my restaurant by...moving to an induction and having less waste, and having improved recipes and processes in the kitchen.

My favourite cheap substitute is...sunflower seeds instead of pine nuts. It's tasty and still has the texture.

My top tip for preventing waste is...be organised and have your prep done. For all the leftovers, there is always a soup or a curry you can make.

My go-to cheap eat at home is...a scallion (or spring onion) omelette. This recipe serves one...

  • You need two eggs, one teaspoon of butter, one teaspoon of olive oil, and two scallions washed and chopped
  • Break the eggs into a bowl and thoroughly mix with a whisk, seasoning with salt and ground black pepper
  • Melt the butter in a non-stick frying pan, add in the oil and place on a medium heat
  • Once melted, pour over the egg mix into the pan and let it cook for a few seconds. Using a wooden spoon draw the air from the side of the pan to the centre and let uncooked egg run to fill the spaces, repeat this several times as it will cook a thicker and lighter omelette
  • If you wanted to add an additional ingredient, now is the time to add it to the egg mixture
  • For this one, I have added in chopped scallions and cook for two minutes or more until it becomes slightly brown underneath and just setting on top
  • Slide the omelette onto the plate and fold and sprinkle with salt. The omelette is now ready to serve

My chef hero is…Pierre Koffman, still passionate, classic cooking and unforgiving.

My secret ingredient is...Forum Cabernet Sauvignon vinegar.

One cheap place to eat where I live is...Long's Belfast and I order fish and chips.

One cookbook I return to is... any by Simon Hopkinson.

You can check out Niall's latest cookbook, What's It All About?,here.

21:01:01

Sven-Goran Eriksson died in millions of pounds of debt - reports

Former England football manager Sven-Goran Eriksson died with debts of almost £4m, according to Swedish media.

Eriksson, who died aged 76 last August after suffering from pancreatic cancer, left assets worth £4.8m - but owed £8.4m, the reports say.

£7.25m of the debt was owed to HM Revenue and Customs (HMRC) in the UK, according to the reports.

The Swede, who managed England's international team between 2001 and 2006, previously described himself as being "stupid" with his money.

Read the full story here...

20:40:01

Explained: How pints helped bring down inflation

As we reported earlier today, inflation has fallen slightly lower than expected from 2.6% to 2.5%.

One of the major contributors to the fall was alcohol and tobacco.

Our business and economics correspondent Paul Kelso says the price of a pint was one of the reasons inflation came down in December.

In the video below, he explains why - and the impact today's data could have on interest rates...

20:20:01

What happens when you lose your phone on a plane?

We all do it. Pop our phones, passport, boarding pass and any other travel essentials in the pocket of the seat in front of us when we fly.

But what happens if you leave your phone on the plane?

An investigation by Which? has revealed that less than half of phones lost on major UK airlines are successfully returned to their owners, as carriers outsource responsibility for lost items.

To test this, the consumer group deliberately left mobiles on British Airways, easyJet, Jet2 and Ryanair flights.

It then activated Apple'sFind My Phone tracking feature and remotely registered the devices as lost.

British Airways directed Which? investigators to lost property handler Smarte Carte to find the phone, which said it did not have it.

The next day, the same phone allegedly turned up about 14 miles from Heathrow in what looked like a cottage in Windsor. Which? informed the police, but the phone was not found when officers went to inspect the property.

EasyJet's system was similar to BA and Which? investigators did not manage to locate the lost phone.

The only phones returned to investigators were from Jet2 and Ryanair, but Which? reported it had to pay £27 to claim it back the device from the former, and the latter was down to an employee who handed it in.

British Airways told Which?: "Our crews remind customers upon arrival at their destination to check they have all their belongings before leaving the aircraft.

"In the unlikely event that belongings are left behind, we follow a process managed by Heathrow Airport and their third-party supplier, Smarte Carte, like other airlines at the airport."

EasyJet said it has "procedures in place to reunite customers with items they may have left behind when they are found on board or handed in".

19:59:42

How have markets reacted to a potential ceasefire deal in the Middle East?

By James Sillars, business and economics reporter

You would expect a ceasefire deal between Hamas and Israel to take at least a little bit of heat out of global oil costs.

But current confusion over the status of the apparent truce may well be a reason why it is yet to come into focus.

A barrel of Brent crude remains more than 2% up on the day at $81.

The increase is being put down to worries about the impact of fresh US sanctions on Russian supplies and a big drawdown on US crude stockpiles.

The pound has recovered a fraction of its recent losses versus the dollar today.

Sterling was in a better place, rising to almost $1.23, after US data.

The dollar took a knock when official figures showed elements of US inflation rising by less than had been expected.

However, a speech by a member of the Bank of England's monetary policy committee tonight later erased much of the pound's progress.

Professor Alan Taylor made the case for four interest rate cuts by the Bank this year, warning that pre-emptive action was needed to ensure a softer landing for the economy amid fears of a prolonged slowdown.

Talk of interest rate cuts tend to hit a currency's value as they knock returns for investors in things such as government bonds.

UK long-term borrowing costs – which have hit highs this week not seen this century – were down by five basis points at 5.25%.

Money blog: Backlash as BrewDog millionaire says Britons among 'least work-oriented in world' (2025)
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