OpenAI has paused its Stargate UK data centre investment, citing sky-high British energy prices and copyright uncertainty, in a blow to Labour’s AI superpower ambitions.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
JLR battery plant lands £380m as government unveils £700m EV package
Jaguar Land Rover’s Somerset gigafactory secures £380m as part of a £700m government package backing British EV manufacturing, R&D and SME supply chain firms.
Mortgage defaults hit two-year high as Iran crisis drives borrowing costs sharply higher
Bank of England Credit Conditions Survey shows mortgage defaults at a two-year high as the Iran crisis drives borrowing costs up, squeezing homeowners and SMEs.
Oil price surges towards $100 as Middle East ceasefire begins to unravel
Brent crude jumps 4% towards $100 a barrel after Iran closes the Strait of Hormuz in response to Israeli strikes, threatening 20% of global oil and gas supplies.
Vinted breaks the billion-euro barrier as thrifty shoppers embrace second-hand fashion
Vinted revenues rose 38 per cent to €1.1bn as cash-strapped consumers turn to second-hand fashion, with the UK now its second-largest market boasting 16 million users.
Britain smashes solar records as ministers greenlight country’s largest solar farm
Britain set new solar generation records on consecutive days this week, hitting 14.4GW, as the government approved the Springwell solar farm in Lincolnshire — the UK’s largest.
John Lewis chairman’s pay climbs 21% to £1.2m as 3,300 roles disappear across the partnership
John Lewis Partnership chairman Jason Tarry received a 21% pay rise to £1.2m while the retailer shed 3,300 jobs across its department stores and Waitrose supermarkets.
The spectre of stagflation returns as Britain’s private sector grinds to a near-halt
Britain’s private sector barely grew in March as the Middle East conflict drives up costs and dampens confidence, raising the spectre of stagflation for SMEs already under pressure.
SpaceX woos the small investor as Musk eyes the biggest flotation in stock market history
SpaceX is planning the largest IPO in history, targeting a $2tn valuation with up to 30% of shares reserved for retail investors. Here’s what UK investors need to know.
UK petrol prices approach 155p a litre as Iran conflict drives fuel costs to highest level in over two years
UK petrol prices have surged to nearly 155p a litre amid the Iran conflict, with diesel at its highest since late 2022. Experts weigh in on whether a new ceasefire could signal the peak.
Oil price surges past $111 as Strait of Hormuz deadline looms
Brent crude climbs above $111 a barrel as fears grow that US-Iran negotiations may collapse before President Trump’s Wednesday deadline, threatening further disruption to global energy supplies.
Higher defence spending could unlock £30bn annual boost for UK economy
EY analysis reveals that raising UK defence expenditure to up to 5% of GDP by 2035 could generate £30bn a year in additional economic output and support domestic manufacturing and R&D.
Vince calls on Miliband to halt North Sea oil exports as Iran war rattles supply
Labour donor Dale Vince tells Ed Miliband to halt North Sea oil exports and shield Britain from Iran-driven fuel shortages, as crude tops $109 a barrel.
Easter and Eid collision sends British lamb prices to a record high
British lamb prices surge to record highs as Easter and Eid drive demand, with supermarket legs topping £16/kg and the UK flock at its lowest in living memory.
OpenAI’s flagship UK data centre hits the buffers in blow to Starmer’s AI ambitions
OpenAI’s flagship Stargate data centre in Tyneside has stalled with no updated timeline, casting doubt over the government’s AI infrastructure ambitions and Keir Starmer’s growth agenda.
