10,000 nuclear power jobs joy in "golden age" for sector but unemployment rates hit highest level in four years

Britain’s jobless rate has hit its highest level in nearly four years, now at 4.6 per cent. New figures show wage growth has also slowed more than expected, dropping to 5.2 per cent. That’s still ahead of inflation, but below expert predictions. The rise in unemployment reflects rising costs and business pressures across the UK.

£14.2bn to fund Sizewell C nuclear plant: More Business in Brief

• Chancellor Rachel Reeves has signed off £14.2 billion to fund the new Sizewell C nuclear plant. The project, announced at the GMB Congress, is expected to create 10,000 jobs and boost clean energy. Energy Secretary Ed Miliband says it marks a “golden age” for nuclear power. But critics warn the final cost is still unclear and the project faces delays.

• Avanti West Coast owner FirstGroup has posted better-than-expected results, with revenue up seven per cent to £1.37 billion. Profits rose 18 per cent, driven by strong performance in its Bus division and Open Access services. Passenger numbers also rose two per cent year-on-year across its services, including Avanti West Coast.

• Housebuilder Bellway says trading has been “robust” this spring, with profits set to rise. Customer demand and affordability have improved as interest rates edge lower. Private reservations and future orders are both up. CEO Jason Honeyman says the firm is on track for strong growth this year and next.

• In M&A news, IonQ is buying Oxford Ionics in a 1 billion dollar deal to accelerate breakthroughs in quantum computing. The merger combines cutting-edge chip tech with IonQ’s quantum systems. Oxford will remain a key hub, with its founders staying on and staff numbers set to grow. The deal supports UK–US cooperation in next-gen tech and is expected to close later this year.

• In a not too dissimilar story, Oxford Instruments is selling its quantum business, NanoScience, to US firm Quantum Design for £60 million. The deal includes up to £3 million in future earnings and helps Oxford focus on higher-margin areas. The sale is set to complete later this financial year, pending regulatory approval.

• Frasers Group has confirmed it’s taking part in the sale process for Revolution Beauty. Any potential offer is expected to be all cash, though nothing is guaranteed yet. The group was responding to Revolution’s update from yesterday. More details will be announced when the time is right.