Carmakers say Rachel Reeves’ plan to tax employee vehicle ownership schemes will backfire — cutting sales, jobs and Treasury revenue. Britain’s leading carmakers have warned that a Treasury plan to impose company car tax on employee car ownership schemes (Ecos) could cost the Exchequer £500 million in lost revenue and threaten thousands of manufacturing jobs. The Society of Motor Manufacturers and Traders (SMMT) said the proposed tax changes, due to take effect in October 2026,...
Michael Burry, the investor famed for predicting the 2007 subprime mortgage collapse and inspiring The Big Short, has wagered $1.1 billion against two of the world’s most prominent artificial intelligence stocks — Nvidia and Palantir Technologies. Regulatory filings show that Burry’s hedge fund, Scion Asset Management, has bought put options — which profit when prices fall — on one million Nvidia shares worth around $187 million, and five million Palantir shares valued at $912 million...
Judgment in Getty Images v Stability AI seen as a setback for copyright owners as calls grow for new UK rules on AI training data A London-based artificial intelligence company has won a closely watched High Court case that tested whether AI developers can lawfully train their models using vast libraries of copyrighted material. Stability AI, whose board includes Avatar film-maker James Cameron, successfully defended a lawsuit brought by Getty Images, which alleged that the...
Officials and liquidators are pursuing businesses behind 21 movies that sought nearly £16 million in incentives from a joint HMRC and British Film Institute scheme. Businesses controlled by prolific film producer Alan Latham — whose films have featured stars including Elizabeth Hurley, Kelsey Grammer, and Bill Nighy — are being investigated by HM Revenue & Customs (HMRC) amid questions over how taxpayer funds were used to finance dozens of little-known productions. Liquidators are examining the...
Phoebe Gormley, founder of Savile Row’s first women’s tailoring house, launches Fit Collective — an AI-powered platform aiming to cut billions in clothing returns. The entrepreneur behind Gormley & Gamble, the first women’s tailoring business on London’s Savile Row, has raised £3 million for her new venture Fit Collective, a technology start-up using artificial intelligence to fix one of fashion’s most expensive challenges — inconsistent sizing. Phoebe Gormley, 31, said inaccurate sizing was costing the...
The number of Bitcoin millionaires has surged in the year since Donald Trump was confirmed as winner of the 2024 US presidential election, according to new on-chain data analysed by Finbold Research. Between November 2024 and November 2025, the number of Bitcoin (BTC) wallet addresses holding at least $1 million in BTC rose by 44,783, marking a 33.8 per cent increase. On average, that equates to around 3,700 new millionaire-tier wallets every month. As of...
Calculus Capital, the London-based growth investor specialising in technology, healthcare, and creative sectors, has completed the sale of its stake in Mo (Thanksbox Limited), the award-winning employee engagement and recognition platform, following its acquisition by US software group UKG. Calculus first backed Mo in 2020 through its EIS and VCT funds, alongside existing investor Mercia Ventures. The company’s proprietary platform helps organisations strengthen workplace culture, reduce staff turnover, and boost engagement. Its flagship product, Moments,...
What was once a rather niche segment of entertainment has, in the past years, grown into one of the most lucrative industries in the digital economy. Recently, UK investors have shown a keen interest in this growing market, recognizing in it a mix of creativity and technology that brings stable long-term growth. As the industry continues to grow across platforms-from consoles and PCs to mobile and cloud gaming-one trend becomes increasingly evident: outsourcing plays a...
Chancellor Rachel Reeves used a rare Downing Street address to lay the groundwork for her upcoming Budget, signalling that tough tax decisions lie ahead — but sought to pre-empt backlash by insisting the pressure on public finances “wasn’t our fault”. In the speech, she said the UK economy was struggling not because of Labour’s policies but because of “longer-term factors” such as Brexit, decades of Tory austerity and rising global borrowing costs. “We must deal...
OpenAI has signed a landmark $38 billion agreement with Amazon Web Services (AWS) to secure the immense computing power required to train and deploy its next generation of artificial intelligence systems — marking one of the biggest technology infrastructure deals ever struck. The partnership, announced this week, will give the maker of ChatGPT access to vast fleets of graphics processors — including hundreds of thousands of Nvidia chips — hosted within Amazon’s cloud network. OpenAI...
