A funeral care firm has been forced to pay a grieving family over £1,000 after putting their loved one’s body into a coffin that was too small, causing “deep indentations” to his skull. Co-op Funeralcare was also accused of injuring the hand of the man, referred to as Mr A, in an upheld complaint to the Financial Ombudsman that he was put in the wrong-sized coffin.

Funeral workers also told Mr A’s family that they had lost his dentures while attempting to fit his body inside the coffin, which were later found lying underneath him and reportedly offered to lie him on his side after concerns were raised about the box’s proportions. Mr A died last February and had pre-paid funeral arrangements with the Co-op, with family members not realising what had happened until they went to view his body and found his head sticking out of the coffin. On their second visit, they also noticed the damage to his head and hand.

The company, a subsidiary of the Co-operative Group, reportedly apologised and ordered a larger coffin, which arrived the day before the funeral, The Times reports.

His dentures were found under his body as he was being transferred, but it was too late for them to be reinserted, the ombudsman complaint said.

The deceased’s relatives, referred to as Mr and Mrs G, were initially handed an invoice for £1,723, which exceeded the costs of Mr A’s arranged pay plan. After they raised the issue, the bill was reduced by £545, but the pair decided to escalate their complaint to the Financial Ombudsman in the hope of waiving the costs entirely and seeking additional compensation.

Ombudsman Chris Woolaway ruled that Co-op should reimburse Mr and Mrs G £1,125 plus 8% interest, a charge calculated from the date of Mr A’s passing to that of the settlement.

“Mr and Mrs G have said how deeply upsetting it was to see that Mr A’s body had been damaged in Co-op’s care, and how they’ve been left with the memory of this,” Mr Woolaway said.

“I was sorry to read about the lasting effects this has had on Mr and Mrs G, and I want them to know they have my sympathy for what’s happened.”

Mr A’s relatives said the thought of their loved one being buried with his dentures by his side rather than in his mouth was “awful” and the ombudsman acknowledged that the ruling couldn’t appropriately compensate them because the “eligible complainant” would have been the deceased, who paid for the funeral plan.

A spokesperson for Co-op Funeralcare said: “We are committed to providing the highest standards of service and care for the loved ones of the bereaved families we serve across the nation.

“Whilst we are confident that we fulfilled the arrangements recorded in the funeral plan, regrettably, on this occasion in early 2024, we recognise that we fell short in delivering the usual high standards that we pride ourselves on, for which we sincerely apologise.

“We understand the emotional impact these failings have caused our client and their family, and we have since made process and procedural improvements to prevent such incidents from occurring again.”

The growth of artificial intelligence (AI) is putting more than 200,000 European banking jobs at risk by 2030, new analysis warns. The assessment by Morgan Stanley predicts back- and middle-office roles will be among those most affected by cuts. 

It comes as banks increasingly look to AI to help make savings and close more branches. Hundreds of bank branches have shut in the UK this year, with more than 6,000 closing their doors since 2015 in a blow to high streets across the country. The forecast by Morgan Stanley, a US investment banking and financial services firm, found 10% of the industry’s jobs could be cut by 2030 due to the rise of AI.

The prediction was made following an analysis of 35 lenders. 

The banks in total employ around 2.12 million people, meaning a 10% cut would see about 212,000 job losses, according to the Financial Times which first reported the story.

Morgan Stanley said: “Many banks have quoted efficiency gains coming from AI and further digitalisation to the tune of 30%.”

The analysis found cuts are most likely in the “central services” divisions.

Risk management and compliance roles are also among those deemed most under threat from AI.

The FT reported Morgan Stanley analysts found AI is giving banks an opportunity to improve their cost-to-income ratios. 

Banks are already referencing AI as a factor for restructuring, the outlet added. 

Conor Hillery, JPMorgan Chase’s co-chief executive of Europe, Middle East and Africa, spoke of the need to embrace using AI, while still ensuring staff have the skills needed.

He said: “The one thing we have to be very careful about — in this rush and excitement about AI in our world of banking — is that people don’t lose an understanding of the basics and fundamentals.

“Otherwise, we’re storing up a big problem for the future.”

In 2025, the rise of AI was increasingly cited as a factor in company decisions, both worldwide and across different sectors, to trim their workforces.

Crypto-hoarding firms are dumping their holdings, as share prices crash amid a $1 trillion rout on the markets. The firms are companies that hold significant cryptocurrency reserves as part of their corporate treasury management.

Investors initially rushed to pour their money into the companies, sparking a huge surge in equity prices and bitcoin values. However, the mania for “digital asset treasury” businesses has started to unravel at an alarming rate. Strategy – the world’s biggest corporate bitcoin holder led by Michael Saylor – has seen its shares fall by 50% over the last three months.

Its market capitalisation has plunged to $49 billion, lower than the value of the $56 billion in bitcoin it holds.

Strategy’s demise is dragging down scores of similar companies, as investors head for the hills.

Roughly $77 billion has been wiped from the stock market value of these companies since their peak of $176 billion in July, according to industry data publication The Block.

“There’s going to be a fire sale at these companies; it’s going to get worse,” said Adam Morgan McCarthy, senior research analyst at crypto data firm Kaiko.

“It’s a vicious cycle. As soon as the prices start tanking, it’s a race to the bottom,” he told the Financial Times.

Saylor earned billions after pivoting his software firm to a “bitcoin treasury” strategy. As part of the pivot, his company purchased over 600,000 bitcoins, transforming his business fortunes.

Other firms to feel the stock market heat include the UK’s biggest bitcoin buyer – The Smart Web Company.

Its share price has plummeted by 44& this year and is now valued at £132 million while the bitcoin it holds is worth about $232 million.

Meanwhile, Bitwise’s Chief Investment Officer Matt Hougan, warned that companies adopting Digital Asset Treasury strategies face an uphill battle maintaining their stock premiums.

His comments have sent shockwaves through the cryptocurrency investment community.

Debenhams has secured £175 million in debt funding to support its turnaround strategy, aimed at stabilising its youth-focused brands and strengthening its online marketplace. The three-year facility, maturing in August 2028, replaces a £125 million arrangement due to expire next year and gives the group significantly greater financial flexibility.

The group rebranded as Debenhams earlier this year, after trading as Boohoo, as new chief executive Dan Finley launched a multi-year shake-up. He told This Is Money: “We have put in place a new facility, 12 months early, with strong lenders, that aligns and supports our new strategy – supercharging Debenhams and turning around our youth fashion brands. This follows a comprehensive and competitive review of the market.”

Debenhams, acquired out of administration in 2021, now operates as a profitable online marketplace for around 15,000 brands, including Karen Millen.

The company is extending the marketplace model used by Debenhams to its other labels, including Boohoo, Pretty Little Thing and MAN, in a bid to halt declining sales and profitability.

Frasers, which owns around 29 per cent of Boohoo, has clashed publicly with management, with shareholder pressure expected to continue.

Shares in Debenhams have fallen by more than 40 percent since the rebrand, though they rose 8.3 percent to 15.1 pence in early trading on Thursday following the funding announcement.

The facility, led by TPG and Angelo Gordon, carries an interest rate of the Bank of England base rate, currently 4%, plus 7.3%, reported Retail Week.

Debenhams said the rate reflected “the increased scale and flexibility of the facility” and that it provides “significantly enhanced financial flexibility, enabling the group to deliver its new multi-year turnaround strategy.”

Debenhams is also reviewing its physical store portfolio and prioritising sustainability, committing to responsible sourcing and reducing its environmental impact.

The company aims to use its strengthened financial position to revive both its heritage and youth brands, seeking to cement its position in a rapidly changing online fashion market.

The UK’s small businesses appear to be facing a crisis, with confidence plunging to levels last seen during the Covid lockdowns, according to alarming new research. The latest figures from Novuna Business Finance, a provider of business finance to SMEs and larger corporations across the UK, reveal that only 26% of small businesses are expecting growth in the next three months, a figure not seen since 2020, at the height of Covid-19 lockdown. According to the latest government statistics, there are 5.45 million small businesses across the UK. These are businesses that have 0 to 49 employees.

Jo Morris, Head of Insight at Novuna, told the Express that businesses are buckling under “too much, too fast”, due to all the changes since the election. She said: “Small businesses are resilient – they can usually move faster than large companies and adapt quickly but the pace and volume of changes since the election has been overwhelming.

“We’re talking about market volatility, uncertainty, tax rule shifts, employer regulation changes all hitting at once.”

The Novuna data reveals a fourth consecutive quarterly drop in growth forecasts, with confidence levels now matching the darkest days of 2020.

London saw one of the steepest falls, from 48% to 37%, the North East tumbled from 42% to 29%, and Scotland plunged from 29% to 22%.

Morris added: “This time last year, the election bounce of a new Government taking office saw an immediate rise in small business confidence – with the percentage predicting growth rising from 30% to 35%.

“Ever since then, UK small business growth forecasts have fallen over four consecutive quarters. The new low of 26% for the three months to 30 September is on a par with the lockdown months of 2020.

“In contrast to the national picture, there are signs of positive growth outlook among Welsh businesses. Having trailed the national average for some time, Wales is now above the national average in terms of the percentage of small businesses predicting growth for the months ahead.

“Our national new report on small business outlook over the last year looks closely at how recent market developments – such as the NI hike for employers, uncertainty over tariffs and fears over autumn tax rises – have played out on small business confidence and their growth predictions.

“Whilst the economic picture for many enterprises is challenging, periods of uncertainty can also be times to invest in long-term success, and Novuna Business Finance is committed to helping established enterprises make the investments that will power future growth.”

While manufacturing (rising from 19% to 25%) and construction (up from 19% to 24%) showed modest recoveries from record lows earlier in 2025, real estate, transport, and distribution sectors saw notable declines between Q1 and Q2 2025.

Since the Labour Government came into power, one of the most significant changes has been the increase in Employer National Insurance contributions from 13.8% to 15%, along with a reduction in the contribution threshold from £9,100 to £5,000.

Although the Employment Allowance was broadened to provide relief for certain businesses, many employers are now encountering higher wage expenses while other input costs continue to stay high. Other changes since the Autumn Budget also include a reduction in capital gains allowance and changes to business rates.

Rachel Reeves has unveiled a raft of reforms that she hopes will boost investment in the UK economy and therefore kickstart more growth. The “Leeds reforms” – which the Chancellor says “represent the widest set of reforms to financial services for more than a decade” – include tweaks to major banking rules, cutting red tape in the City, and urging more people to move cash out of savings accounts and into stocks and shares. It comes on the back of figures that suggested GDP dropped by 0.1% in May in a blow to Ms Reeves.

“It will now take something quite special for the UK to avoid an outright contraction in GDP in Q2, which doesn’t appear at all likely quite frankly given the perfect storm of downside risks,” Matthew Ryan, Head of Market Strategy at global financial services firm Ebury, said. “The government’s much maligned business tax increase is proving particularly damaging, as this is not only squeezing bottom lines, but clobbering Britain’s labour market, which is haemorrhaging jobs at a breakneck speed.”

Below is a full list of the reforms announced by the Chancellor this evening.

Individuals

A new advertising campaign will highlight the benefits of investing to individual consumers. Major banks and finance firms, including including Barclays, Lloyds, Vanguard and Hargreaves Lansdown, have agreed to take part in the campaign to help spread awareness.

Banks will be able to offer a new type of help called “targeted support” from April next year, meaning they can alert customers about specific investment opportunities, with a view to encourage groups of people with cash sitting in low-return current accounts to move it into stocks and shares.

Risk warnings on investment products will come under a review to ensure people can make accurate judgements about risk levels – potentially opening the door to some warnings being watered down.

Long term asset funds will be allowed to be held in stocks and shares ISAs next year.

The Government will continue to consider reforms to ISAs and savings to strike the right balance between cash savings and investment.

It comes after rumours swirled that the Chancellor was wanting to cut the tax-free limit of a cash ISA from £20,000 to £10,000 in a bid to get more money into stocks and shares.

Henrietta Grimston, Financial Planner at Saltus, said: “Reports that the Chancellor is now expected to consult on changes to the cash ISA allowance, rather than introduce immediate reform, will come as a relief to many savers.

“Clients with large cash ISA holdings aren’t typically chasing high returns, they are prioritising security, flexibility and peace of mind. For many, cash ISAs offer a simple and low-risk way to manage their savings without worrying about market volatility.”

Banks and building societies

Less strict lending rules will allow banks and building societies to offer more mortgages at 4.5 times a buyer’s income, which is expected to mean thousands more loans become available for first-time buyers.

The bank ring-fencing regime, which separates banks’ retail banking from their investment and international banking activities, will be reformed.

The Bank of England has raised the threshold at which smaller and mid-sized banks have to start holding emergency funding.

Easing capital requirements is expected to help smaller banks scale up by freeing up more money for lending and investment.

The City

The UK’s Financial Ombudsman Service – which settles complaints between consumers and businesses – will be modernised and simplified and decisions will be more aligned with the financial regulator.

Plans to ease rules around senior manager appointments will be sped up, reducing the number of roles that are subject to regulatory approval.

The regime was introduced after the 2008 financial crisis to make individuals more accountable for their conduct and any problems that arise under their watch.

Consumer Duty, a set of rules which set higher standards of consumer protection, will be reviewed by the UK’s financial regulator over how it applies to investment banks and asset managers.

Zopa Bank, a digital challenger bank with over half a million customers, is increasing its interest rates. The bank launched its credit card in 2020, initially attracting applicants with advertised interest rates as low as 9.9% annual percentage rate (APR).

The APR represents the yearly cost of borrowing on a credit card, including fees and interest. Despite advertising a representative APR of 34.9% (a rate Zopa Bank was legally required to offer to at least 51% of applicants), many customers with good credit scores benefited from the lower initial APR rate of 9.9%.

However, The Sun has confirmed that Zopa Bank has raised its lowest available APR for new customers to 26.6%, up from the initial 9.9% value. The digital bank is set to increase interest rates for some of its existing customers, particularly those who were previously enjoying rates lower than the new 26.6% threshold.

The changes have sparked frustration among customers, many of whom have voiced their dissatisfaction online. On a digital finance forum, one customer complained: “Just a heads up if you have a Zopa CC, Zopa have hiked my interest rate up 10 points today 12% to 22% – completely out of the blue.

“I only use it for big purchases and rarely ever go over 25% of its limit – usually always paid off within 3 months. I can’t understand why they are doing this, it’s puzzling (other than greed). I’ll just pay off what I owe before the new rate kicks in and ditch it.”

Another discontented patron reported: “Mine up from 17% to 26.7% – closed as I didn’t really need it although it was my lowest APR card, it no longer is. Not that I carry a balance – except a 0% balance transfer.”

Credit card firms routinely review and revise their interest rates due to several factors, such as shifts in the economic landscape or a reevaluation of a customer’s creditworthiness. These adjustments can be targeted at specific customers or implemented broadly.

Should your credit card’s APR climb from 9.9% to 26.6%, you’d find yourself paying an extra £167 in interest for every £1,000 borrowed over the course of a year. At a 9.9% rate, the annual interest would be £99, but at 26.6% , that figure goes up to £266.

However, there is a silver lining for those who manage to settle their statement balance in full each month. The alterations to the interest rates will have no impact, as they won’t incur any interest charges.

A spokesperson for Zopa, as reported by The Sun, said: “We regularly review our credit card interest rates to ensure they provide fair value to our customers. As part of this process, customers’ rates may increase or decrease, as is the case now. When a customer’s rate changes, we provide at least 60 days’ notice.”

They further explained: “Customers have the choice to opt out from this. If they do, their interest rate will stay the same and their credit card account will be closed once the balance is fully repaid. We don’t impose a strict repayment deadline, allowing customers to pay off their balance at a reasonable pace with no impact on their credit file or any other Zopa Bank products.”

For those who can only afford to pay the minimum balance but wish to avoid accruing interest, transferring your debt to a balance transfer credit card could be a viable solution.

Balance transfer credit cards are a beneficial tool for individuals aiming to pay off existing debt, as they usually offer an interest-free period on transferred balances, enabling more of your payments to go towards reducing the debt itself.

Zopa Bank, a digital challenger bank with over half a million customers, is increasing its interest rates. The bank launched its credit card in 2020, initially attracting applicants with advertised interest rates as low as 9.9% annual percentage rate (APR).

The APR represents the yearly cost of borrowing on a credit card, including fees and interest. Despite advertising a representative APR of 34.9% (a rate Zopa Bank was legally required to offer to at least 51% of applicants), many customers with good credit scores benefited from the lower initial APR rate of 9.9%.

However, The Sun has confirmed that Zopa Bank has raised its lowest available APR for new customers to 26.6%, up from the initial 9.9% value. The digital bank is set to increase interest rates for some of its existing customers, particularly those who were previously enjoying rates lower than the new 26.6% threshold.

The changes have sparked frustration among customers, many of whom have voiced their dissatisfaction online. On a digital finance forum, one customer complained: “Just a heads up if you have a Zopa CC, Zopa have hiked my interest rate up 10 points today 12% to 22% – completely out of the blue.

“I only use it for big purchases and rarely ever go over 25% of its limit – usually always paid off within 3 months. I can’t understand why they are doing this, it’s puzzling (other than greed). I’ll just pay off what I owe before the new rate kicks in and ditch it.”

Another discontented patron reported: “Mine up from 17% to 26.7% – closed as I didn’t really need it although it was my lowest APR card, it no longer is. Not that I carry a balance – except a 0% balance transfer.”

Credit card firms routinely review and revise their interest rates due to several factors, such as shifts in the economic landscape or a reevaluation of a customer’s creditworthiness. These adjustments can be targeted at specific customers or implemented broadly.

Should your credit card’s APR climb from 9.9% to 26.6%, you’d find yourself paying an extra £167 in interest for every £1,000 borrowed over the course of a year. At a 9.9% rate, the annual interest would be £99, but at 26.6% , that figure goes up to £266.

However, there is a silver lining for those who manage to settle their statement balance in full each month. The alterations to the interest rates will have no impact, as they won’t incur any interest charges.

A spokesperson for Zopa, as reported by The Sun, said: “We regularly review our credit card interest rates to ensure they provide fair value to our customers. As part of this process, customers’ rates may increase or decrease, as is the case now. When a customer’s rate changes, we provide at least 60 days’ notice.”

They further explained: “Customers have the choice to opt out from this. If they do, their interest rate will stay the same and their credit card account will be closed once the balance is fully repaid. We don’t impose a strict repayment deadline, allowing customers to pay off their balance at a reasonable pace with no impact on their credit file or any other Zopa Bank products.”

For those who can only afford to pay the minimum balance but wish to avoid accruing interest, transferring your debt to a balance transfer credit card could be a viable solution.

Balance transfer credit cards are a beneficial tool for individuals aiming to pay off existing debt, as they usually offer an interest-free period on transferred balances, enabling more of your payments to go towards reducing the debt itself.

A local business owner has spoken of how she has had to urge customers not to use cash after all banks disappeared from her town. Monica Hardman, the owner of Shoreham Knitting and Needlecraft in Shoreham, West Sussex, that all branches had now gone, and it would be too hazardous to continue non-card payments. The town does, however, still have a Post Office and a banking hub.

“Originally, we had six banks in our town, and our own HSBC closed over eight years ago,” she told BBC Radio 4’s Today programme this morning.

“I opened three bank accounts, one after the other trying desperately to operate cash, and gradually all these banks closed, until last year we had none. So a banking hub opened at the end of our high street in March of last year. I looked at the situation again, but decided that it was too dangerous. One of the reasons was that it was too dangerous for a member of staff to walk down the road on a regular basis, five minute walk, carrying large amounts of cash.”

Ms Hardman added: “Our last bank that closed early last year was actually next door to us.”

When asked if she felt like she was missing out on income by paying charges for card transactions, she replied: “No. Our debit cards are 1.37%, we’re charged, and most people use debit cards. Credit cards are under 1%.

“Cash, if it’s paid in, is 1.5% of total money paid in.”

The programme had another business owner, Katie Jones, of Katie’s Cakes in Wolverhampton, who was championing cash payments.

She described how she used the cash she earned in her shop to purchse goods from other local businesses, and that some of her customers simply did not want to use digital payments.

These include low-income individuals who find it easier to keep track of their finances if they have physical change or notes.

Ms Hardman said that only about 25% of her total take was cash, adding: “If someone is actually stuck, we do actually help them, and we have paid ourselves with a credit card, or a debit card, and they’ve given us the cash.”

It comes as a Treasury Committee of MPs warns that businesses could need to be forced to accept coins and banknotes in order to make sure that the UK does not drift into a loss of cash acceptance for those who rely on it.

A report said: “There may come a time in the future where it becomes necessary for HM Treasury to mandate cash acceptance if appropriate safeguards have not been implemented for those who need physical cash, and the level of cash acceptance begins to lead to widespread detriment.

“To ensure that HM Treasury has the information it needs to make this decision, cash acceptance levels in the UK must be monitored to ensure we do not sleepwalk into a loss of cash acceptance for those who need it.

“HM Treasury must provide the Treasury Committee with annual reporting on cash acceptance levels and provide an analysis of HM Treasury’s view of the tolerable level of cash acceptance in society.”