U.K. Turnaround and Restructuring Update: December 2025

2025 has been characterised by significant geopolitical adjustments, which have reinforced how such macroeconomic shifts are now central to business disruption, rather than simply background noise. 

Of course, the impacts of economic policy and overall market conditions ripple through to consumers, too. We expect only a modest increase above inflation in spending in the U.K. in the run-up to Christmas and our 2026 Global Consumer Outlook, released earlier this month, suggests that consumer sentiment – and associated spending – will once again remain constrained for the year ahead. 

In this edition, we hear from some of the firm’s industry leaders, who reflect on November’s U.K. Budget and its potential implications on Retail, Hospitality, and Automotive businesses. We also take a deeper dive into the U.K. altnet market, which is a sector facing into considerable headwinds as operators seek to sharpen their focus on commercialisation amid cooling funding conditions and reassessment of the sector’s potential. We also share a selection of our latest thinking, including a spotlight on disruption and distress in U.K. Higher Education. 

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