Business

UK interest rates more uncertain due to Trump policies, says Bank governor
Posted on Tuesday June 03, 2025

Andrew Bailey tells MPs pattern of trade deals and lower tariffs ‘blown up’ with serious impacts for global economyBusiness live – latest updatesThe Bank of England governor, Andrew Bailey, has told MPs that the future path of interest rates in the UK has become more uncertain because of Donald Trump’s chaotic trade policy.Asked about the impact of on-off tariffs for the Bank’s policymaking by the cross-party Treasury select committee, Bailey said “the path remains downwards, but how far and how quickly is now shrouded in a lot more uncertainty, frankly”. Continue reading...

SFO investigates alleged multimillion-pound fraud at collapsed council
Posted on Tuesday June 03, 2025

Thurrock council invested £100m-plus into solar farms, via a bond scheme sold by Rockfire Investment FinanceBusiness live – latest updatesThe Serious Fraud Office (SFO) has launched an investigation into Rockfire Investment Finance, which became embroiled in a financial scandal over how a UK council invested more than £100m into solar farms.The UK’s anti-corruption agency said it had “issued a series of section 2 notices compelling financial institutions to provide information on its newly opened investigation into alleged fraud committed against Thurrock council”. Continue reading...

Thames Water preferred bidder KKR pulls out of rescue deal
Posted on Tuesday June 03, 2025

Future of troubled supplier in doubt as US private equity group says it cannot proceed with acquiring £4bn stakeWater industry in England and Wales needs ‘fundamental reset’Business live – latest updatesThe US private equity group KKR has pulled out of a deal to inject fresh equity into Thames Water, leaving the troubled supplier’s future in doubt and increasing the prospects of a temporary nationalisation.The UK’s biggest water supplier had picked KKR as its preferred partner, but the company “indicated that it will not be in a position to proceed”, Thames Water said. Continue reading...

Destroying our natural wealth makes us poorer in every sense of the word
Posted on Tuesday June 03, 2025

Partha Dasgupta’s landmark study provided way to put a value on nature – but many fear report has been sidelinedRevealed: 5,000 nature sites at risk under Labour’s growth plansTen top jewels endangered by the billBoris Johnson was prime minister and Kemi Badenoch was a Treasury minister when they gave their support to a groundbreaking study of the economy and its most consistently tortured victim: nature.It was February 2021 and the eminent Cambridge professor Sir Partha Dasgupta had just delivered a 360-page report to the Treasury on the economics of biodiversity, which brought rigour to a subject often governed by emotion. Continue reading...

Sizewell C nuclear power plant ‘could get go-ahead within weeks’
Posted on Tuesday June 03, 2025

Keir Starmer expected to confirm result of 15-year search for investment at UK-France summit next monthBusiness live – latest updatesUK ministers could give the go-ahead to the new Sizewell C nuclear power plant in Suffolk within weeks, according to reports.Keir Starmer is expected to give the final nod to begin construction of Britain’s second new nuclear power project in a generation, alongside the French nuclear developer EDF, at a Franco-British summit next month. Continue reading...

AI pioneer announces non-profit to develop ‘honest’ artificial intelligence
Posted on Tuesday June 03, 2025

Yoshua Bengio’s organisation plans to create system to act as guardrail against AI agents trying to deceive humansAn artificial intelligence pioneer has launched a non-profit dedicated to developing an “honest” AI that will spot rogue systems attempting to deceive humans.Yoshua Bengio, a renowned computer scientist described as one of the “godfathers” of AI, will be president of LawZero, an organisation committed to the safe design of the cutting-edge technology that has sparked a $1tn (£740bn) arms race. Continue reading...

Google working on AI email tool that can ‘answer in your style’
Posted on Tuesday June 03, 2025

Demis Hassabis, head of Google DeepMind, says he wants AI to clear inboxes by making ‘some of the easier decisions’The march of artificial intelligence is predicted to bring monumental changes on a par with the advent of the internet or even the Industrial Revolution. But before all that, one of the technology’s leading figures wants it to solve a more urgent problem – the tyranny of the email inbox.Demis Hassabis, the head of Google DeepMind, has revealed he and his team are working on “next-generation email” that will deal with the daily grind of sorting through emails, replying to the most mundane ones and avoiding the need to apologise profusely for missing an important message. Continue reading...