UK inflation eased more sharply than expected in November, falling to a ten-month low and increasing the likelihood that the Bank of England will deliver a fourth interest rate cut of the year. Official figures from the Office for National Statistics (ONS) showed the consumer price index (CPI) rose by 3.2 per cent in the year to November, down from 3.6 per cent in October. The reading was below the Bank of England’s forecast of...
The UK is set to rejoin the Erasmus programme, restoring access for British students to the EU-funded study, training and volunteering scheme five years after the country ended its participation following Brexit. Ministers are expected to confirm the move this week, with UK students understood to be able to take part in Erasmus placements from January 2027. The government has declined to comment on the detail of ongoing talks with the European Union. The decision...
Rishi Sunak has defended the government’s Covid-era Bounce Back Loan (BBL) scheme against claims that it was plagued by excessive fraud, telling the Covid-19 Inquiry that the need to act quickly outweighed the risks. The former chancellor said he was fully aware of the scheme’s vulnerabilities when it was launched in May 2020, but insisted that delaying it to introduce additional checks would have put hundreds of thousands of small businesses at risk of collapse....
Britain’s largest chemical plant will remain open after Ineos secured more than £120 million in government support in a deal designed to safeguard around 500 jobs at its Grangemouth petrochemicals site. The rescue package will keep the Ineos Olefins & Polymers facility operating after the future of the strategically important site was thrown into doubt earlier this year. The government and Ineos will together invest around £150 million into the plant, which ministers have designated...
The European Commission has watered down its flagship plan to end the sale of new petrol and diesel cars by 2035, following intense lobbying from carmakers concerned about slowing demand for electric vehicles. Under existing rules, all new cars sold in the EU from 2035 were required to be “zero emission”. However, the Commission’s revised proposal would require only 90 per cent of new vehicles sold from that date to meet the zero-emissions standard, rather...
OpenAI has appointed George Osborne as managing director and head of its OpenAI for Countries initiative, tasking the former chancellor with leading the company’s global push to work with governments on national artificial intelligence strategies. Osborne, 54, who served as Conservative chancellor from 2010 to 2016, will take up the London-based role in January. He will oversee the international expansion of OpenAI’s “Stargate” initiative, which aims to support the development of AI infrastructure while promoting...
