Andrew Bailey warns AI is likely to displace jobs in a way similar to the Industrial Revolution, urging urgent investment in skills, training and education.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Michelle Mone-linked PPE Medpro wound up after being ordered to repay £148m
PPE Medpro, linked to Baroness Michelle Mone, has been wound up after being ordered to repay £148m to the government over a failed Covid PPE contract.
MPs warn UK agreements with Donald Trump are ‘built on sand’
Senior MPs warn that UK agreements with Donald Trump lack legal substance, raising fears over fragile pharma, tech and farming deals with the US.
Amazon in talks over $10bn investment in OpenAI as AI arms race accelerates
Amazon is reportedly in talks to invest up to $10bn in OpenAI, potentially valuing the ChatGPT maker at more than $500bn and deepening its AI partnership.
Sotheby’s and Christie’s hail recovery in global art market
Sotheby’s and Christie’s have reported a return to growth in the global art market, with rising sales in 2025 after several years of falling demand.
UK interest rates cut to 3.75% as Bank signals inflation nearing target
The Bank of England has cut interest rates to 3.75% after a 5–4 vote, its fourth cut this year, as it forecasts inflation will fall close to the 2% target by spring.
UK inflation slows more than expected to 3.2%, boosting case for rate cut
UK inflation fell to a ten-month low of 3.2% in November, below expectations, strengthening the case for the Bank of England to cut interest rates this week.
Sunak defends Covid bounce back loans amid claims of excessive fraud
Former chancellor Rishi Sunak has defended the Covid-era Bounce Back Loan scheme, saying speed was essential and he would make the same decision again despite fraud concerns.
EU waters down plans to end new petrol and diesel car sales by 2035
The European Commission has diluted plans to ban new petrol and diesel car sales by 2035, allowing 10% of vehicles to still use combustion engines amid pressure from carmakers.
Grangemouth chemical plant saved in £120m government-backed rescue
Britain’s largest chemical plant at Grangemouth will remain open after Ineos secured more than £120m in government support, safeguarding around 500 jobs.
OpenAI hires George Osborne to lead global Stargate initiative
OpenAI has appointed former chancellor George Osborne to lead its OpenAI for Countries initiative, expanding its Stargate programme to promote democratic AI worldwide.
Employment Rights Bill clears final parliamentary hurdle and set to become law
Labour’s flagship Employment Rights Bill has cleared its final parliamentary hurdle and is expected to become law before Christmas, extending key worker protections across Great Britain.
AA explores £5bn sale as RAC weighs London stock market listing
The AA has appointed advisers to explore a £5bn sale or flotation, while private equity-backed rival RAC is considering a London IPO as early as next year.
Crypto ownership falls in UK as FCA prepares new digital asset rules
The proportion of UK adults owning cryptocurrencies has fallen to 8%, FCA research shows, as the regulator sets out plans for a comprehensive digital assets regime.
Britain can compete with the US as a global crypto hub, insists City minister
Britain can compete with the US as a global crypto hub, says City minister Lucy Rigby, as the government unveils long-awaited legislation to regulate digital assets.
