Category: 3. Business

• With its technology reaching more than 50 million customers, Metropolis manages more than 4,200 parking locations and has aviation services in over 350 locations across North America
• Companies will work together to incorporate vertiports into new and existing facilities featuring Metropolis’ seamless AI recognition technology – streamlining the customer journey
• Integrated mobility hubs to offer air travel as a seamless extension of ground transportation
• In the near-term, Joby’s Blade Urban Air Mobility to leverage Metropolis’ Bags VIP services in NYC area

SANTA CRUZ, Calif. & LOS ANGELES–(BUSINESS WIRE)–
Joby Aviation, Inc. (NYSE:JOBY), a company developing electric air taxis for commercial passenger service, today announced a partnership with Metropolis Technologies, Inc., a leader in applied AI for the real world, to develop 25 vertiports across the United States utilizing Metropolis’ extensive network of parking locations. The partnership will incorporate Metropolis’ AI-based recognition technology, as well the company’s extensive footprint across aviation and baggage services.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20251218861385/en/

Following its $1.5 billion acquisition of SP+, and $1.6 billion Series D financing, Metropolis is the largest parking network and operator in North America, operating more than 4,200 parking locations, as well as aviation services in over 350 locations. The planned vertiports will be strategically selected across Metropolis’ portfolio in early electric air taxi markets and use Metropolis’ computer vision technology; the companies will be evaluating both new and existing facilities for the integration of vertiports.

“For air taxis to deliver on their promise of seamless urban travel, they must connect directly with the existing ground transportation ecosystem,” said JoeBen Bevirt, CEO and founder of Joby. “By leveraging existing parking infrastructure to create mobility hubs, we can deliver on our vision of seamless connectivity for our customers and also maximize the value of those sites without needing to build infrastructure from scratch.”

The companies plan to leverage Metropolis’ world-class technology, including biometrics, broader computer vision and services like baggage handling, to accelerate Joby’s efforts to integrate its air taxi service directly into existing ground transportation hubs and deploy compact, high-throughput vertiport designs that satisfy safety and regulatory standards. Under its Bags Inc. subsidiary, Metropolis will initially bring its Bags VIP service to Joby’s Blade Urban Air Mobility, which provides flights between Manhattan and JFK or Newark airports in five minutes, bypassing up to two hours of traffic and eliminating common airport pain points. By providing baggage handling to Blade passengers in the New York City area, this partnership will remove friction and allow more people to take advantage of Blade’s service without needing to worry about luggage requirements. Metropolis already operates parking, advanced luggage logistics, remote check-in and in-terminal guest services that streamline the traveler experience across more than 350 airports in North America.

Metropolis CEO, Alex Israel, commented on the partnership, “The real world is the next frontier for AI, and our partnership with Joby marks a critical first step in expanding the Metropolis platform into true mobility hubs to deliver remarkable value for Members and partners alike. This transformational partnership is the very definition of Applied AI in the physical world. We are taking the data and recognition capabilities we’ve built in our network and extending it to air travel, creating the seamless, personalized, and magical experience that is the foundation of the Recognition Economy.”

About Joby

Joby Aviation, Inc. (NYSE:JOBY) is a California-based transportation company developing an all-electric, vertical take-off and landing air taxi. Joby intends to both operate its fast, quiet, and convenient air taxi service in cities around the world and sell its aircraft to other operators and partners. To learn more, visit www.jobyaviation.com.

About Metropolis

Metropolis is an artificial intelligence company for the real world. Its Computer Vision platform eliminates friction from daily life, powers checkout-free payments and unlocks seamless, predictive and personalized experiences everywhere consumers transact.

Metropolis is pioneering the Recognition Economy, transforming physical spaces into responsive environments with an Intelligence Layer that understands presence, anticipates needs and personalizes moments. Leveraging AI, Metropolis’ platform understands, adapts and responds to Members in real time.

Adding more than 1 million Members each month, it is one of the fastest-growing technology companies in the United States and envisions a future where transacting in the real world is even easier than online. Following its take-private acquisition of SP+, Metropolis is now the largest parking network in the United States, with 4,200+ locations and operations in 40 countries worldwide. Its proprietary AI technology touches 50 million customers and processes over $5 billion in payments annually.

To learn more, please visit www.metropolis.io.

Forward-Looking Statements ​​

This release contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995, including but not limited to, statements regarding our business plan, objectives, goals and market opportunity; plans for, and potential benefits of, our strategic partnerships, including our partnership with Metropolis, our plan to develop 25 vertiports across the US and the planned partnership between our Blade Urban Air Mobility subsidiary and Bags VIP; and our current expectations relating to our business, financial condition, results of operations, prospects, capital needs and growth of our operations. You can identify forward-looking statements by the fact that they do not relate strictly to historical or current facts. These statements may include words such as “anticipate”, “estimate”, “expect”, “project”, “plan”, “intend”, “believe”, “may”, “will”, “should”, “can have”, “likely” and other words and terms of similar meaning in connection with any discussion of the timing or nature of future operating or financial performance or other events. All forward looking statements are subject to risks and uncertainties that may cause actual results to differ materially, including: our ability to launch our air taxi service and the growth of the urban air mobility market generally; our ability to produce aircraft that meet our performance expectations in the volumes and on the timelines that we project; the competitive environment in which we operate; our future capital needs; our ability to adequately protect and enforce our intellectual property rights; our ability to effectively respond to evolving regulations and standards relating to our aircraft; our reliance on third-party suppliers and service partners; uncertainties related to our estimates of the size of the market for our service and future revenue opportunities; and other important factors discussed in the section titled “Risk Factors” in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission (the “SEC”) on February 27, 2025, our Quarterly Reports on Form 10-Q filed with the SEC on May 8, 2025 and August 7, 2025, and in future filings and other reports we file with or furnish to the SEC. Any such forward-looking statements represent management’s estimates and beliefs as of the date of this release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.

View source version on businesswire.com: https://www.businesswire.com/news/home/20251218861385/en/

Metropolis Media Contact

Lizzy Levitan

Metropolis@hunt-gather.com

Joby Media Contact

Charles Stewart

press@jobyaviation.com

Joby Investor Contact

investors@jobyaviation.com

Source: Joby Aviation, Inc

Released December 18, 2025

With the holiday season approaching, and often more garbage accumulation than usual, the City of Saint John will be allowing two (2) extra bags of garbage per household during the two weeks after Christmas.

Residents on a weekly pickup schedule can place two extra bags of garbage at the curb without a bag tag starting Friday, December 26 and ending Wednesday, December 31.

Residents with a bi-weekly pickup schedule can place two extra bags of garbage at the curb without a bag tag on their regular pickup day, starting Friday, December 26 and ending Wednesday, January 7.

While the holiday season tends to generate more waste, residents and households are encouraged to continue to reduce what they throw in the garbage. A few ways to reduce waste include reusing gift bags, using recyclable gift wrap, composting food scraps and recycling cardboard and plastic packaging when possible.

Styrofoam, crinkly wrappers and bags, and other flexible packaging can be recycled at three redemption centers in the city: Golden Mile Redemption, Pubs Redemption, and Fundy Redemption Centre. For more information on recycling, visit Circular Materials website.

All Waste Wise program details can be found on the City’s website including an FAQ, bag tag vendor locations and sorting guides. 

Here to help – For inquiries related to municipal services, contact the City of Saint John Customer Service Centre at (506) 658-4455, email [email protected] or visit us in person on the Ground Floor of City Hall, 15 Market Square, Monday to Friday (excluding holidays), 8:30 a.m. to 4:30 p.m.

The Biotech Act has been surrounded by much mystique, with no impact assessment being conducted, a rushed interservice consultation, and diverging rumors about its content (see Sidley’s “Will the EU Become the Most Attractive Place for Life Sciences? How the EU Woos Biotech” here). Now, after months of anticipation, the publication of the Proposal for the European Biotech Act (Biotech Act I) provides the clearest signal yet of the EU’s determination to strengthen biopharmaceutical innovation, clinical research, and manufacturing in Europe. Together with the Pharmaceutical Package, on which the European Council and Parliament recently reached a provisional agreement (see Sidley Update of December 2025) and the proposed Critical Medicines Act (see Sidley Update of July 2025), Biotech Act I forms part of a broader effort to boost EU competitiveness, security of supply, and resilience in the life sciences sector. Biotech Act I now enters the ordinary legislative procedure in the European Parliament and Council, and final adoption is not expected before end 2026 at the (very) earliest.

This Update discusses the key elements of Biotech Act I that are most relevant for life sciences companies, and explains how the proposal seeks to address existing regulatory and structural bottlenecks and what to expect next.

Biotech Act I and its impact on life sciences companies

The proposed Biotech Act I combines industrial‑policy measures with targeted amendments to existing EU life sciences legislation. Key aspects of the proposed Biotech Act I:

1. Clinical trials: a major overhaul of the Clinical Trials Regulation (CTR). 
   Although the CTR harmonized the EU rules for clinical trials, it has not delivered the speed and predictability initially expected. Sponsors continue to face long and variable timelines, parallel ethics committee reviews and limited flexibility to adapt trials during their lifecycle.
   
   To address these issues, Biotech Act I proposes the following:

   Shorter and more predictable timelines.
   (i) Multinational clinical trials: Overall authorization timelines would be reduced from ~106 to 75 days, and from 75 to 47 days where no request for information is issued. (ii) Advanced therapy medicinal product (ATMP) trials: The additional 50‑day extension currently applicable to ATMPs would be abolished, reflecting the increased regulatory experience. (iii) Substantial modifications: Timelines would be more than halved (from 96 to 47 days), and parallel substantial modifications would be possible where they concern independent aspects of the dossier.

   Enhanced role for reporting Member State (rMS) and coordinated ethics committee review.
   The rMS’ role would be strengthened and become the central lead for scientific, ethical, and regulatory assessment of Part I of the dossier. Other Member States concerned (MSc) would be able to raise objections only on limited and clearly defined grounds. Another novel aspect would be stronger coordination among national ethics committees, including the involvement of the rMS’ ethics committee in the Part I assessment.

   New risk-proportionate trial categories. 
   In addition to the existing concept of low‑intervention trials, the proposal would introduce “minimal‑intervention clinical trials.” The approval of these trials, which use authorized medicines in accordance with the marketing authorisation, would be limited to an ethical review.

   Lifecycle flexibility. 
   The proposal introduces the novel concept of an EU‑level investigational medicinal product core dossier, aiming to reduce duplication for clinical trials using the same investigational medicine. An MSc would assume the role of the core dossier’s depositary and be responsible for verifying completeness and suitability and managing requests for updates. A core dossier would help streamline data collection, improve oversight and support efficient assessment.

   Digitalization, AI, and data protection.
   The proposal provides an explicit legal basis for General Data Protection Regulation–compliant processing of clinical trial data. It also anticipates that the European Medicines Agency (EMA) issues guidance on the use of AI in trial design, conduct, and analysis in coordination with the EU AI Office.
   Overall, if adopted, these changes would represent the most significant recalibration of the EU clinical trials framework since 2014, with the potential to materially improve the EU’s attractiveness for multinational and ATMP trials.

2. ATMPs, GMOs, and SoHO: targeted but impactful simplifications.
   Developers of ATMPs often face overlapping and duplicative requirements under pharmaceutical, genetically modified organism (GMO), and substances‑of‑human‑origin (SoHO) legislation, leading to delays without commensurate safety benefits.

   Biotech Act I introduces targeted, risk‑proportionate adjustments to address these frictions.

   ATMP-GMO interface.
   The proposal would introduce a risk‑proportionate exemption from the GMO environmental risk assessment for clearly defined categories of investigational ATMPs that present no or negligible risk, for example, replication‑deficient viral vectors without resistance genes. The corresponding GMO related requirements for manufacturing and import would be lifted during the trial. This would be a significant simplification for gene and cell therapy developers conducting multinational trials.
   
   Future-proofing the ATMP framework.
   The Commission would be empowered to update ATMP definitions by delegated acts to reflect scientific advances, without expanding the scope of the framework.Biotech Act I proposes a more integrated approach by introducing a single‑application pathway for combined studies in which a clinical trial is combined with a performance study of an in vitro diagnostic or clinical investigation of a medical device. In response to current challenges, the proposal anticipates that there can be multiple sponsors for combination studies. 

3. Medicines–devices combinations: from coordination to integration.
   Combination products frequently face parallel and poorly aligned assessment pathways under medicines and medical‑device legislation.
   
   Biotech Act I proposes a more integrated approach by introducing a single‑application pathway for combined studies in which a clinical trial is combined with a performance study of an in vitro diagnostic or clinical investigation of a medical device. In response to current challenges, the proposal anticipates that there can be multiple sponsors for combination studies.
4. Novel biotechnology: support and increased coordination.
   The proposal also establishes a number of support and coordinating tools. These include establishment of an EU Health Biotechnology Support Network, which shall support biotechnology developers, in particular small and medium-size enterprises (SMEs), startups, and scale-ups, in identifying, for example, applicable rules, regulatory pathways, and funding opportunities. The Commission shall also create a Union‑wide “regulatory status repository,” that is, a central database of regulatory classification and borderline decisions for medicines, medical devices, and combination products, to improve transparency, predictability, and consistency across the Member States. Moreover, the proposal would establish a Foresight Panel for Emerging Health Innovations, formalizing cross‑framework consultation among EMA, the Medical Device Coordination Group, the SoHO Coordination Board, and the Coordination Group on Health Technology Assessment.
5. Strategic projects, funding, and industrial scale-up.
   EU biotech SMEs and scale‑ups often struggle to secure late‑stage financing and to navigate slow authorization processes for manufacturing and infrastructure projects. To address this, Biotech Act I introduces the concepts of (a) health biotechnology strategic projects and (b) high-impact health biotechnology strategic projects. The goal is to support projects aimed at strengthening the EU’s industrial biomanufacturing capacity by, for example, providing access to funding, priority access to administrative support, and fast-tracked procedures at Member State level.

   To improve such access to funding, the Biotech Act I proposal envisages an investment pilot to be established by the European Commission and the European Investment Bank Group (EIBG) for an initial two-year period. The pilot will make a variety of financial products available to biotech firms and projects across the business lifecycle, including by mobilizing private investment, and providing advisory support.

   In advance of that pilot and emphasising the EU’s commitment to the industry, the European Commission and EIBG have announced a joint project “BioTechEU”, by which they aim to mobilize €10 billion in investment in 2026-27 into the biotech and life sciences sector, building on the EIBG’s existing €3.5 billion life sciences debt portfolio. The Commission and EIBG indicate that this project may lay the foundation for the Biotech Act I investment pilot.

6. New Supplementary Protection Certificate (SPC) incentive.
   A targeted but powerful incentive would be the introduction of a 12‑month SPC extension for certain best‑in‑class biotechnology medicines and ATMPs, subject to genuine therapeutic innovation, multinational EU clinical trials, and at least one manufacturing step in the EU.

Next Steps and Outlook

Biotech Act I now enters the ordinary legislative procedure in the European Parliament and Council. Stakeholders have an early opportunity to engage with policymakers as the text is debated and amended. According to the Commission, a Biotech Act II is expected in 2026, which will shift the focus to the “wider biotech ecosystem beyond health to ensure a competitive internal market for all areas of biotechnology.”

By tackling clinical trials, ATMPs, digital tools, ethics, SME support, and supply resilience in one package, it looks like Biotech Act I may facilitate a more coherent and supportive framework for biopharmaceutical innovation in the EU. Coupled with strategic support, funding opportunities and scale-up backing, European health biotechnology has a real opportunity towards a pro-innovation framework that accelerates transformation. Together with the upcoming Biotech Act II, the Pharma Package, the proposed Critical Medicines Act, and the Life Sciences Strategy, the EU is taking steps to move toward a clearer, long-term approach to strengthening its biopharmaceutical ecosystem.

Sidley’s Global Life Sciences and Global Finance teams continue to closely monitor the Biotech Act, and we are available to assist companies in anticipating and managing related opportunities and challenges.

We have begun work on the first phase of the Lisburn City Centre Wayfinding Project, a new initiative designed to make it easier and more accessible for residents and visitors to navigate the city centre on foot. 

The project focuses on inclusive design and aims to improve how people of all ages and abilities move around Lisburn City Centre. By providing clearer pedestrian signage, the scheme will support greater independence, encourage active travel, and help to drive footfall for local businesses. 

A total of 18 new and replacement fingerpost signs will be installed at key decision points across the city centre. The signs will direct people to shopping areas, bus and train stations, parks, and public toilet facilities, working alongside existing signage to create a clearer and more connected wayfinding network. 

Accessibility has been central to the design of the signs, with estimated walking distances and times displayed, along with universal symbols, clear text, and strong colour contrast to ensure the signage is easy to read and understand. 

The first phase of the project will be completed by the end of December 2025 with installations planned around Bow Street, Bridge Street, Castle Street and Market Square North and Bridge Street area. The remaining signage will be installed during the first quarter of 2026. 

Welcoming the installation, Cllr Claire Kemp, Chair of the Regeneration and Growth Committee, said: “I am delighted to see this project get underway. At its heart, this investment is about making Lisburn City Centre more accessible for everyone, while also supporting increased footfall and a more welcoming experience for residents and visitors.” 

The project is jointly funded by Lisburn & Castlereagh City Council and the Department for Communities. 

Communities Minister Gordon Lyons said “I welcome the commencement of works on this project which will make a real difference to Lisburn City Centre. By improving the walkability and helping visitors to easily navigate the city centre, it will create a better experience for shoppers and visitors.”

Homes England has appointed five experienced leaders to deepen local collaboration and drive forward the Agency’s new regional operating model, which will come into effect in April 2026. 

The move will strengthen collaboration with Mayors, local leaders and partners, ensuring tailored solutions for housing and regeneration that reflect local priorities. Regional teams will work hand-in-hand with national programmes to make it easier for partners to engage and deliver homes and places communities need. 

Each executive director brings extensive experience in housing, regeneration and place-making. The appointments, made following an open competition interview process, are as follows: 

• Danielle Gillespie as Executive Regional Director for the North West. Danielle is currently Director of Regeneration, Partnerships and Major Projects at Homes England. 

• Tom Bridges as Executive Regional Director for the North East, Yorkshire and Humber. Tom joins the Agency from Arup, where he is a Director and UK Government Business Leader. 

• Jo Nugent as Executive Regional Director for the Midlands. Jo is currently Acting Executive Director of Markets, Partners and Places at Homes England. 

• Vicky Savage as Executive Regional Director for London and East. Vicky joins the Agency from the London Borough of Camden. 

• Kate McBride as Executive Regional Director for the South. Kate is currently Regional Development Director for the South at Home England. 

It is anticipated the executive regional directors will take up their new roles from March 2026. They will own their respective region’s development pipeline and sub-regional programmes, from large-scale placemaking and growth partnerships to affordable housing initiatives.  

The teams will also draw from a nationally managed technical hub, ensuring extra specialist expertise can be deployed flexibly to the regions when needed. 

The appointments represent the latest milestone for the Agency as it continues swift and sustained progress towards enacting its new regional operating model and new Strategic Plan, which was published last week (11 December), alongside an Investment Roadmap, and has collaboration at its core. 

Pat Ritchie CBE, Chair of Homes England, said: 

I am encouraged by the strength of regional leadership we have secured, which will empower our teams to better connect investment and land with local priorities.  Executive regional directors will bring the full breadth of the Agency’s offer, including our subsidiary the National Housing Bank, to partners and ensure support is tailored to local needs.   

This approach positions us to plan confidently for the long term and deepen relationships with Mayors, local leaders, housing associations, and developers, building on the 10 Strategic Place Partnerships already in place. From my own experience in local government, I know that when national and local partners work together with clear, shared leadership, we achieve the very best outcomes for local people and places.

Amy Rees CB, Chief Executive of Homes England, said: 

I am delighted that positive momentum continues at pace towards delivering our regional operating model for April 2026 – alongside major national programmes including the National Housing Bank (NHB), National Housing Delivery Fund (NHDF) and Social and Affordable Housing Programme. I would like to thank existing colleagues for their continued dedication and welcome our new executive directors to the team. 

Collaboration is vital to creating the new homes and thriving places that communities want and need. This is not a hollow statement; I stand by these words with absolute conviction and commitment. I want Homes England to be in full step with regional leaders and partners to deliver a shared endeavour of more homes, regenerated communities and local economic growth across England.

ENDS 

Notes to editors  

• Homes England is the government’s housing and regeneration Agency, and we’re here to drive the creation of more affordable, quality homes and thriving places so that everyone has a place to live and grow.  We make this happen by working in partnership with thousands of organisations of all sizes, using our powers, expertise, land, capital and influence to bring investment to communities and get more quality homes built.  View our explainer animation: Homes England 2025 Animation 

Biographies:

• Danielle Gillespie, Executive Regional Director for the North West. Danielle has over 20 years of development and regeneration experience and is a trusted and experienced leader at Homes England, having previously led teams at both the regional and national level.  In her current role as Director of Regeneration, Partnerships and Major Projects, she has played a key role in establishing and delivering the new tools and approaches needed to work in partnership with localities and unlock large-scale, transformative delivery. This including the Strategic Place Partnership model with Mayoral Strategic Authorities, the £1bn Brownfield Infrastructure Land Fund, ATLAS capacity offer and as an advisor to the New Towns Taskforce. 

• Tom Bridges, Executive  Regional Director for the North East, Yorkshire and Humber. Tom brings extensive experience spanning 29 years in town planning, regeneration, economic development, master planning, and transport. He joins the Agency from Arup, where he is a Director and UK Government Business Leader. From 2012 to 2017 he was Chief Officer Economy and Regeneration at Leeds City Council. 

• Jo Nugent, Executive Regional Director for the Midlands. Jo has more than 20 years’ experience in planning, regeneration and development and is Acting Executive Director of Markets, Partners and Places (MPP) at Homes England. Currently she is leading on work to operationalise the Agency’s role in devolved areas through Strategic Place Partnerships and establishing its new funding programme – the National Housing Delivery Fund. Previously she was MPP Director for the Midlands. 

• Vicky Savage, Executive Regional Director for London and East. Currently working in the Community Investment Programme Team at the London Borough of Camden, Vicky has a proven track record built over decades in strategic place-shaping, partnership led development and regeneration,  and inclusive motivational leadership. Up to August 2025 she was Executive Director of Development and Sales at L&Q. 

• Kate McBride, Executive Regional Director for the South. Kate has more than 25 years’ experience leading and delivering on residential-led, large-scale, high-profile, complex projects, and a proven track record of unlocking land and delivering new homes across a wide range of markets. She is currently Regional Development Director for the South at Homes England. 

• Read the Strategic Plan 2025 – 2035:  Strategic Plan 

• Learn more about the Agency’s Strategic Place Partnerships (SPPs): SPP Animation 

• For media enquiries please contact: media@homesengland.gov.uk  or 0207 874 826

Output price inflation

Firms in the Decision Maker Panel (DMP) reported that their own price growth rose slightly in the latest data after declining over the past year. In the three months to November, annual output price growth was 3.8%, up from 3.7% in the three months to August (Chart 1). This refers to prices charged by businesses across the whole economy, rather than just those selling directly to consumers. Expected price growth over the next year was 3.7% in the three months to November, unchanged from the three months to August; firms therefore expect own-price inflation to decrease by 0.1 percentage points over the next 12 months.

Price inflation remains higher for services than for goods. In the three months to November, own-price growth in the service sector was 4.2% (up from 4.0% in the three months to August), while in the goods sector it was 3.1% (down from 3.2%). Over the next year, firms in the service sector expect a slight fall in own-price inflation to 3.9%, whereas goods firms anticipate a small rise to 3.2%.

Chart 1: Firms expect little change in their own price inflation over the next 12 months

Realised and expected annual price inflation and change in inflation expected over the next year ^(a)

Footnotes

• (a) Realised price growth results are based on the question: ‘Looking back, from 12 months ago to now, what was the approximate % change in the average price you charge, considering all products and services?’. Expected price growth results are based on the question: ‘Looking ahead, from now to 12 months from now, what approximate % change in your average price would you expect in each of the following scenarios: lowest, low, middle, high and highest?’ and respondents were asked to assign a probability to each scenario. The purple bars correspond to the difference between the orange and aqua lines. The chart shows three-month average data.

Employment growth

Annual employment growth among firms in the DMP has continued to decline and has turned negative in the most recent data. On a three-month average basis, firms reported that employment levels had fallen by 0.7% in November relative to a year ago, compared to a fall of 0.4% over the year to August (Chart 2). Annual employment growth is now the lowest it has been since the Covid pandemic.

Year-ahead firm employment growth expectations have also declined from 0.2% to -0.2% between the three months to August and the three months to November. Firms therefore expect little or no recovery in employment over the next 12 months.

Chart 2: Firms expect employment growth to remain weak

Realised and expected annual employment growth and change in employment growth over the next year ^(a)

Footnotes

• (a) The results on employment growth are based on the questions: ‘How many people does your business currently employ (including part time), and how many people did you employ 12 months ago?’; and ‘Looking ahead, 12 months from now, how many employees would your business have in each of the following scenarios: lowest, low, middle, high, highest?’. For the questions on year-ahead expectations, respondents were then asked to assign a probability to each scenario. A point estimate is constructed by combining the five scenarios with the probabilities attached to them. The purple bars correspond to the difference between the orange and aqua lines. The chart shows three-month average data.

Wage growth

Annual wage growth has continued to decline. In the three months to November, firms reported average wage growth per employee of 4.5% (Chart 3). In the three months to October, official statistics reported by the Office for National Statistics showed that the annual growth in weekly regular pay (excluding bonuses and pay arrears) was 4.6% across the whole economy and 3.9% in the private sector. Wage growth in the DMP has now fallen by over 2 percentage points since its peak in 2023. In the three months to November, year-ahead expected wage growth among firms in the DMP was 3.8%, an increase of 0.2 percentage points relative to the three months to August. Firms therefore expect wage growth to decline by 0.7 percentage points over the next year.

Looking across industries, wage growth remained highest among providers of consumer-facing services (eg, accommodation and food, health, and recreational services). In the three months to November, wage growth in consumer-facing services was reported to be 5.5%, a fall of 0.1 percentage points from the three months to August. Over the year ahead, wage growth for firms in this sector was expected to fall to 4.3%. Goods firms reported wage growth of 4.1%, down 0.2 percentage points from August, and they expect a further fall of 0.6 percentage points to 3.5% over the next year. Reported wage growth for business-facing services (eg, finance and insurance) declined by 0.2 percentage points from 4.3% to 4.1%, with an expected drop of 0.5 percentage points to 3.6% in the year ahead.

Chart 3: Firms continue to expect a fall in wage growth over the year ahead

Annual and expected year-ahead wage growth ^(a)

Footnotes

• (a) The results on wage growth are based on the questions: ‘Looking back, from 12 months ago to now, what was the approximate % change in your average wage per employee?’; and ‘Looking ahead, from now to 12 months from now, what approximate % change in your average wage per employee would you assign to each of the following scenarios: lowest, low, middle, high, highest?’. For the questions on year-ahead expectations, respondents were then asked to assign a probability to each scenario. A point estimate is constructed by combining the five scenarios with the probabilities attached to them. The purple bars correspond to the difference between the orange and aqua lines. The chart shows three-month average data.

Firms’ responses to increases in employer NICs and NLW

As announced in the 2024 Autumn Budget, in April 2025 the employer National Insurance contribution (NIC) rate was increased from 13.8% to 15%. Other changes lowered the secondary threshold to £5,000 per year from £9,100. Alongside these changes, the National Living Wage (NLW) for workers aged 21 and over increased to £12.21 per hour from April 2025, a 6.7% rise, alongside larger increases for younger age bands.

Between August and October, firms in the DMP were asked how they had responded to these changes to employer NICs, with respondents able to select multiple options (Chart 4). This question is a follow-up to a similar question about how firms expected to respond, asked between November 2024 and January 2025, soon after the changes were first announced.

Results from the August–October survey show how firms actually responded to the changes to NICs in April, compared with what they had anticipated between November 2024 and January 2025. Lowering profit margins remained the most common adjustment, reported by 64% of firms and broadly in line with earlier expectations of 62%. By contrast, fewer firms raised prices or reduced employee numbers than expected, with only 37% reporting price increases and 44% reducing staff compared with forecasts of 56% and 53%. The biggest difference was in wages. While 38% of firms had expected to lower wages, only 17% did so, suggesting that paying lower wages was far less common than originally predicted.

In addition, firms were asked about their margins of adjustment in response to the compulsory increases in NLW which came into effect in April 2025. Firms were again allowed to select more than one option. In contrast to firms’ responses to NICs, the most common margin of adjustment in response to the NLW increase was higher wages, which was reported by 49% of firms. 48% reported that profit margins were lower, 31% reported raising prices, and 29% said they had lowered employment.

Chart 4: Lower profit margins remain the most common adjustment to NICs changes

Firms’ expected responses to NICs increase (2024 Autumn Budget) versus reported responses to April 2025 NICs changes ^(a)

Footnotes

• (a) The results on NICs margins of adjustment are based on the questions: ‘How do you expect your business to respond to the changes to employer National Insurance contributions announced in the November 2024 Budget?’ and ‘How has your business responded to the changes to employer National Insurance contributions that were implemented in April 2025?’. For these questions, respondents were asked to select all that applied from the following options: (i) Lower profit margins; (ii) Higher prices; (iii) Lower employees; (iv) Lower wages; (v) Other; (vi) None of the above. Firms were asked to answer relative to what they expect would otherwise have happened.

Wage growth by firms’ share of workers on NLW

Firms with greater NLW exposure have continued to report stronger wage growth than those that are less exposed. In the analysis that follows, firms are defined as having lower exposure to the NLW if 15% or fewer of their employees were paid at the NLW in 2024 (which was around a quarter of firms). Realised wage growth (measured as a three‑month moving average) peaked at 7.3% for high-exposure firms in December 2023, compared to a 6.9% peak for low‑exposure firms in July 2023. Since then, wage growth has slowed across both groups, but the differential has remained persistent. In the three months to November, realised wage growth stood at 5.1% for high-exposure firms: 1 percentage point higher than the 4.1% recorded for firms with lower exposure (Chart 5).

Expectations for wage growth over the next year show a similar trend, though the difference has narrowed. High-exposure firms expect wage growth of 4.3%, compared to 3.6% for low-exposure firms. The 2025 Autumn Budget subsequently confirmed that NLW will rise by 4.1% in April 2026, with larger increases for younger age bands, although the data presented in this box were collected before that announcement was officially made.

Chart 5: Firms with greater NLW exposure have continued to report stronger wage growth than those less exposed

Realised and expected annual wage growth by NLW exposure ^(a)

Footnotes

• (a) The results on wage growth are based on the questions: ‘Looking back, from 12 months ago to now, what was the approximate % change in your average wage per employee?’; and ‘Looking ahead, from now to 12 months from now, what approximate % change in your average wage per employee would you assign to each of the following scenarios: lowest, low, middle, high, highest?’. For the questions on year-ahead expectations, respondents were then asked to assign a probability to each scenario. Breaking down into NLW, the firms, the following question was used: ‘Approximately, what percentage of your employees were paid at the compulsory National Living Wage/National Minimum Wage in 2024?’. The chart shows three-month average data.

Employment growth by firms adjusting workforce in response to NICs increase

While increases in the NLW have supported wage growth, employment has by contrast weakened. Some firms report that they have lowered employment in response to the increase in the NLW, but a larger proportion of firms report reducing employment as a response to changes in employer NICs which came into effect in April 2025. Chart 6 shows that employment growth has weakened notably for firms that cut staff in response to April’s rise in NICs, while firms that did not adjust employment have seen relatively stable growth. Realised employment growth has remained steady at around 2.1% in the three months to November for firms who report that they did not reduce employee numbers as a response to the NICs increase. In contrast, employment growth has fallen sharply for firms that did select this option, with employment growth declining to -4.5% over the same period (Chart 6). The gap between these two groups has therefore widened to 6.6 percentage points, up from 2.9 percentage points in November 2024. This suggests that the increase in employer NICs is an important explanation for the slowing in overall employment growth, although NICs may also not be the only explanation for these differences.

There may also be some further adjustment of employment still to come. A gap exists in year-ahead employment growth expectations between the two groups, although it is narrower than for realised employment growth. Firms that have not adjusted their workforce in response to NICs anticipate employment growth of around 1.3% over the next year, whereas those that have reduced staff expect employment to fall by a further 2.4%.

Chart 6: Employment growth has weakened notably for firms that cut staff in response to April’s rise in employer NICs

Realised and expected year-ahead employment growth by lower employment selected/not selected ^(a)

Footnotes

• (a) The results on employment growth are based on the questions: ‘How many people does your business currently employ (including part-time), and how many people did you employ 12 months ago?’; and ‘Looking ahead, 12 months from now, how many employees would your business have in each of the following scenarios: lowest, low, middle, high, highest?’. Breaking down into NICs, the following question was used: ‘How has your business responded to the changes to employer National Insurance contributions that were implemented in April 2025?’. For these questions, respondents were asked to select all that applied from the following options: (i) Lower profit margins; (ii) Higher prices; (iii) Lower employees; (iv) Lower wages; (v) Other; (vi) None of the above. Firms were asked to answer relative to what they expect would otherwise have happened.

Methodology

The DMP consists of the chief financial officers of small, medium, and large UK businesses operating in a broad range of industries.

We survey panel members to monitor developments in the UK economy and to track businesses’ views on them. This work complements the intelligence gathered by our Agents.

This note is a summary of surveys conducted with DMP members up to November 2025. The November survey was in the field between 7 and 21 November. The November survey received 2,142 responses.

Monthly data from the November survey for a limited number of DMP series was published on 4 December 2025. Aggregate level data for all survey questions are published on a quarterly basis. Data from the August to October surveys were released on 6 November. More information can also be found on the DMP website.

The panel was set up in August 2016. It is run by the Bank of England in collaboration with King’s College London and the University of Nottingham. It was designed to be representative of the population of UK businesses. All results are weighted using employment data. Refer to Bunn et al (2024) for more details.

The DMP receives funding from the Economic and Social Research Council.

The opening arrangements for Aberdeenshire Council over the festive fortnight of 2025/26 have been confirmed, with essential services continuing throughout. 

Key service-specific information is as follows: 

Customer Services 

Aberdeenshire Council’s telephone lines and face-to-face offices will be closed during the public holidays on Thursday 25 and Friday 26 December as well as on Thursday and Friday 2 January. Phone lines and face-to-face offices will also close at 4pm on Wednesday 24 December and Wednesday 31 December. 

Normal opening hours for our Customer Services Team are from 8.45am to 5pm, Monday to Friday. Phone numbers and office details for our services can be found at the following link: www.aberdeenshire.gov.uk/contact-us/contact-by-phone/   

You can always check opening times of council offices before making a trip www.aberdeenshire.gov.uk/contact-us/reach-a-council-office/   

Emergency Contact Information 

In the event of an emergency, please call the numbers below.  

Our out-of-hours emergency service is available 5pm to 8.45am weekdays and all weekend: 

Housing repairs and dangerous buildings – 03456 081203

Homelessness – 03456 081206 

Social work – 03456 081206 

If the emergency or crisis is life threatening, call 999. If you are worried about someone who is ill, call NHS 24 on 111. 

For more emergency contact details visit www.aberdeenshire.gov.uk/contact-us/emergency-contacts/  

Recycling and waste 

Festive bin collections are as follows:  

• Bins scheduled for collection on Thursday 25 December will be collected on Sunday 28 December, marking the first Christmas season of special Sunday collections by our staff
• Friday 26 December bins will be collected on Monday 29 December
• Thursday 1 January bins will be collected Sunday 4 January
• Friday 2 January bins will be collected on Monday 5 January

On your bin collection day for the festive period only (Monday 22 December to Monday 5 January): 

• If your bin is not emptied by 4.45pm, please take it back in
• If a black lid bin is presented and missed, we will collect up to two extra black bags of excess waste on its next scheduled collection day
• If a recycling bin is presented, missed, and not tagged, we will collect extra recycling of the same type on its next scheduled collection day

Details of missed collections will appear on our website www.aberdeenshire.gov.uk/binsdisruptions 

We ask that all visitors to our household recycling centres check the website prior to travelling in case of a change in opening times, a need to book, a closure, to see what can be recycled, and the type of vehicles that are welcomed. When visiting, please arrive early enough to unload the vehicle before the lunchtime or end-of-day close.  

Booking is required for all vehicles visiting Inverurie and Westhill household recycling centres. Only commercial-type vehicles and vehicles with a trailer must book at all other recycling centres.  

If you do need to book, please arrive on time as entry may be refused to anyone arriving outside of their given time slot. 

Booking slots for bulky uplifts are closed from Monday 22 December to Friday 9 January.

Get the latest updates on waste collections along with an array of other council information by downloading the MyAberdeenshire app: www.aberdeenshire.gov.uk/my/mobile-app/  

Live Life Aberdeenshire 

Please note that planned opening hours may be subject to change at short notice due to adverse weather.

Sports and Leisure Facilities
All sports centres will be closed on 25 and 26 December 2025, as well as 1 and 2 January 2026. Normal opening hours will resume from Sunday, 4 January 2026.

Ski Centres
Both ski centres will be closed on 25 and 26 December 2025, and 1 and 2 January 2026. Normal opening hours will resume from Sunday, 4 January 2026.

Libraries
Libraries across Aberdeenshire will be closed on 25 and 26 December 2025, and 1 and 2 January 2026.

During this period, customers can contact sites directly or use our online contact form:
https://www.livelifeaberdeenshire.org.uk/contact/ 

For full festive opening details, please visit:
https://www.livelifeaberdeenshire.org.uk/sport-and-physical-activity/festive-opening-hours/ 

Customers should contact sites on their direct number or send an email enquiry to llacustomerservice@aberdeenshire.gov.uk   

Live Life Aberdeenshire also offers access to warm and welcoming spaces where you can have a free shower, use Wi-Fi, and charge your device.  

More details about cost of-living support and other warm spaces are available on Aberdeenshire Council’s website: www.aberdeenshire.gov.uk/communities-and-events/cost-of-living/  

New York – Dec. 17, 2025 – Wolters Kluwer today announced that its CCH Tagetik Intelligent Platform has obtained the IBM Cloud for Financial Services Validated designation. The IBM Cloud for Financial Services framework is designed to help institutions mitigate risk and accelerate innovation by ensuring solutions adhere to stringent regulatory and security standards.

By earning this validation, CCH Tagetik demonstrates its ability to deliver trusted, cloud-based performance management (CPM) capabilities that support financial institutions in achieving operational resilience, regulatory compliance, and data protection while enabling faster transformation and innovation on the cloud.

Madhur Aggarwal, EVP & General Manager, Corporate Performance Management said:
“Earning the IBM Cloud for Financial Services Validated designation underscores our unwavering commitment to security and compliance. Financial institutions can now leverage CCH Tagetik with confidence, knowing it meets the highest standards for data protection while delivering cutting-edge AI-powered capabilities.” 

Why this matters for financial institutions

Financial services organizations operate under intense regulatory scrutiny, evolving privacy requirements, and heightened cyber risk. The IBM Cloud for Financial Services Validated designation signals that CCH Tagetik aligns with industry-leading controls and best practices, helping banks, insurers, and capital markets firms modernize their finance operations without compromising compliance or security.

What was validated

The validation process included a comprehensive review of CCH Tagetik’s controls and practices, culminating in the successful completion of IBM’s Financial Services Cloud Framework requirements. This milestone positions CCH Tagetik as the first corporate performance management (CPM) solution meeting IBM’s stringent standards for data protection and regulatory adherence.

As an IBM Cloud for Financial Services Validated solution, CCH Tagetik is now authorized to use the Financial Services Validated mark, signaling its alignment with industry-leading standards for security and compliance.

Customer impact: trusted innovation for modern finance

With IBM validation, financial institutions can confidently accelerate cloud adoption of the CCH® Tagetik Intelligent Platform and strengthen risk and compliance while modernizing finance operations. The platform streamlines end-to-end performance management, from planning and budgeting to close, consolidation, regulatory reporting, profitability analysis, and ESG tracking, while leveraging AI-driven forecasting, anomaly detection, and scenario modeling to improve decision speed and accuracy. Validated controls and prescriptive architecture guidance on IBM Cloud further reduce implementation friction, enabling secure, efficient transformation.