SMEs received only 5% or £100m of the £2bn in tax breaks claimed last year that are intended to encourage businesses to file more patents, says intellectual property (IP) law firm Mathys & Squire. The UK’s patent box tax relief can save companies tens of millions of pounds by reducing corporation tax on profits from patented inventions to 10%, down from the standard 25%. It was introduced to encourage business to invest in R&D and then patent their inventions and bring them to market. 

SMEs are estimated to generate 52% of the turnover of all UK businesses. Mathys & Squire says SMEs face higher barriers to claiming the tax break because of high compliance costs and uncertainty over whether their claims will be approved by HMRC. This can even deter them from investing in R&D in the first place. Andrea McShane, partner at Mathys & Squire, says: “Patent box can save businesses very significant amounts of corporation tax but in our experience only few smaller companies pursue this tax break. For many SMEs the costs and uncertainties of getting into the patent box regime simply outweigh the benefits.
“Some SMEs develop genuinely exciting inventions but give up on protecting them, potentially making it easy for competitors to imitate them, but also losing out on their patent box opportunity.”

McShane says patent box claims can be very complex, making it disproportionately costly for SMEs to pursue them. “Patent box claims can be challenging to prepare, which puts smaller businesses at a clear disadvantage compared to larger ones,” she explains. “Larger companies can afford more extensive protection of their IP, more sophisticated tax advice and accountancy tools to set up systems to track income relating to relevant patent rights. Small businesses working on tight budgets may not be able to afford that.”

McShane says the government must do more to help smaller companies benefit from the relief if it wants to improve the UK’s low level of R&D spend. Currently, spending on R&D in the UK is estimated to be 2.9% of GDP and behind countries such as the US (3.6%), Japan (3.4%) and Germany (3.1%). This could be achieved by removing requirements on SMEs specifically. It can also be more generous, for example through subsidies. SMEs could receive help in covering the costs of patenting inventions so smaller innovators are not discouraged by the expense of developing and protecting inventions.

Gold prices have reached the $4,000 (£2979) per ounce mark for the first time on Tuesday as investors seek a “safe haven” amidst the ongoing US government shutdown.

The price of gold at the New York Stock Exchange soared past the $4,000 threshold just after the stock market opened that morning. The closing price for New York spot gold was previously reported at $3,960.60 per troy ounce, the standard measure for precious metals, on Monday.

Gold prices typically surge when investors, driven by anxiety about the economy, look for secure investments. Prior to Tuesday, this asset, along with other metals like silver, had seen significant gains over the past year, largely due to President Donald Trump‘s imposition of tariffs, which has caused global economic uncertainty.

Since the start of 2025, gold futures have risen about 50 per cent, trading at a new high of around $4,003 per troy ounce by around 9.30am on Tuesday. This represents a substantial increase from the roughly $2,670 (£1,989) seen at the start of January.

Much of this can be attributed to uncertainty. Interest in purchasing metals like gold typically spikes when investors become anxious.

The recent economic upheaval has largely been attributed to Trump’s trade wars. Since the beginning of 2025, the president’s hefty new tariffs on goods entering the U.S. from around the globe have put a strain on businesses and consumers alike – driving up costs and weakening the job market.

Consequently, hiring has plummeted while inflation continues to creep back up. Increasingly, consumers are voicing their pessimism about the future.

The ongoing US shutdown is exacerbating these anxieties. Crucial economic data has been delayed, and countless federal employees are already experiencing the impact of furloughs and working without pay for the duration of the shutdown, which has no immediate end in sight.

Trump has also threatened to use the shutdown to carry out mass redundancies and potentially permanently close offices in an attempt to penalise Democrats for rejecting GOP legislation.

The extent of the impact could depend on how long the deadlock lasts. Wall Street, meanwhile, has so far remained largely unaffected by the shutdown – but Treasury yields fell following disappointing hiring data from ADP Research on Wednesday.

Investments in gold have also been influenced by other factors over time. Analysts have previously highlighted strong gold demand from central banks worldwide – including amid escalating geopolitical tensions, such as the ongoing conflicts in Gaza and Ukraine.

Advocates of investing in gold label it a “safe haven” – arguing that the commodity can diversify and balance your investment portfolio, as well as mitigate potential risks down the line. Some also find solace in purchasing something tangible that has the potential to appreciate over time.

However, experts warn against putting all your eggs in one basket. And not everyone concurs that gold is a sound investment.

Critics argue that gold isn’t always the inflation hedge many claim it is – and that there are more efficient methods to safeguard against potential capital loss, such as derivative-based investments.

The Commodity Futures Trade Commission has also previously cautioned individuals to be sceptical of investing in gold. Precious metals can be highly volatile, the commission stated, and prices escalate as demand increases – meaning “when economic anxiety or instability is high, the people who typically profit from precious metals are the sellers.”

And even gold’s current rally has experienced some volatility. While still up significantly overall since the beginning of the year, there have been a few short periods with losses.

For instance, gold prices dipped for several days following Trump’s sweeping “Liberation Day” announcement on 2 April.

If you decide to invest in gold, the commission advises, it’s crucial to educate yourself on safe trading practices and be wary of potential scams and counterfeits on the market.

Just Eat Takeaway said it planned to delist from the London Stock Exchange by the end of this year, blaming the administrative burden of being dual listed in Amsterdam and London.

Just Eat Takeaway.com was created in 2020 between a merger of the London-based Just Eat and Amsterdam-listed Takeaway.com.

It decision follows a slew of other companies who have already quit the LSE, claiming a London listing is not worth it and that other financial centres, such as New York, are more business friendly.

Cambridge-based microchip designer ARM Holdings was once listed in London but moved to the New York stock exchange as has the owner of Paddy Power, Flutter. Shell has also warned it may quit London for New York.

Reeves and her predecesor Jeremy Hunt have expressed a determination to lure more companies to list in the UK, and both have held summits with business leaders.

Susannah Streeter, head of money and markets at Hargreaves Lansdown, said Just Eat’s decision was a blow to the City and a setback for the government especially given its efforts to encourage more firms to list in London.

“Just Eat cited a litany of reasons for withdrawing from the London Stock Exchange, showing just how much work still needs to be done to simplify rules to help retention and lure more firms in.

“Management described the administrative burden, complexity and costs associated with regulatory requirements, but also low trading volumes on the London market.”

Streeter said investors were enthusiastically buying up UK equities, around 35 per cent hold UK equities directly with around 75 per cent of trades by value taking place on the London market.

She added:”The government’s commitment to support increased retail participation is welcome, and proposals should be accelerated into concrete action. Too many people are sat on excess cash savings which could be deployed in the stock market, delivering longer term returns and supporting the UK economy.

“There is untapped demand to invest in UK listings. The Raspberry Pi IPO was significantly oversubscribed by retail investors, so there are still supply side issues to fix. All too often retail investors are cut out of IPOs and secondary capital raising rounds.

“The Financial Conduct Authority’s recent publications on the Public Offers and Admission to Trading Regulations regime, which aims to reduces barriers for retail investors as a desired outcome, is welcome and needs to be enacted.’’