The Farnborough International Airshow 2024 has announced deals worth at least £13 billion to the UK, according to the ADS Group, the UK trade association for the aerospace, defence, security, and space sectors. By Thursday evening, the total value of deals, estimated by the ADS Group to be £81.5 billion, highlights the industry’s “confidence, resilience, […]
Chancellor Rachel Reeves is preparing to disclose a £19bn shortfall in the public finances, laying the groundwork for an anticipated autumn tax increase. This announcement comes as she assesses the fiscal challenges inherited from the previous Conservative administration. According to Whitehall sources, an early audit has identified approximately £19bn in “excess pressures” for the 2024-25 […]
On the fourth day of the Farnborough International Airshow (FIA), Airbus announced a landmark deal with flynas, Saudi Arabia’s leading low-cost carrier, involving a Memorandum of Understanding (MoU) for 75 A320neo family aircraft and 15 A330-900s. This 90-aircraft order is the largest of the week by number. The new additions will join flynas’ all-Airbus fleet, […]
Britain’s accounting watchdog, the Financial Reporting Council (FRC), has imposed a record £48.2 million in fines over the past year, concluding several high-profile investigations, including audits of Carillion and London Capital & Finance. The FRC, responsible for overseeing the nation’s audit and accounting firms, surpassed its previous record of £46.5 million set in the 2021-22 […]
Microsoft-backed OpenAI has announced the launch of SearchGPT, an innovative AI-powered search engine poised to rival Google’s stronghold on the multibillion-dollar search market. The creator of ChatGPT revealed this prototype on Thursday night, showcasing its blend of conversational AI with real-time internet data. OpenAI, headquartered in California, has opened sign-ups for SearchGPT, currently being tested […]
UK car production has experienced a 7.6 per cent drop in the first half of 2024 as manufacturers shift their focus towards electric vehicle (EV) production. The Society of Motor Manufacturers and Traders (SMMT) reported that 416,074 new cars were produced, marking a decrease of 34,094 units compared to the same period in 2023. This […]
Rachel Reeves, the Chancellor of the Exchequer, may use an upcoming review of public finances to introduce up to £25 billion in tax increases, according to Michael Saunders, a former member of the Bank of England’s monetary policy committee and current adviser to Oxford Economics. In her inaugural speech as chancellor, Reeves announced a comprehensive […]
Shoplifting in England and Wales has soared to its highest level since records began, with criminals seemingly operating “without fear of apprehension.” The Office for National Statistics (ONS) reported a 30% increase in shoplifting offences compared to last year, with 443,995 incidents recorded in the year to March 2024. This surge in theft has coincided […]
Ed Miliband, the energy security and net-zero secretary, is set to announce an ambitious plan for state-owned Great British Energy (GBE) to partner with the Crown Estate in a drive to significantly expand the UK’s offshore wind capacity. This initiative aims to rejuvenate public ownership in the energy sector, focusing on the development of thousands […]
Huw Edwards emerged as the BBC’s highest-paid journalist last year, earning £480,000 despite being suspended for nine months. The annual report reveals that Edwards received a £40,000 pay rise, making him the corporation’s third-highest earner. Suspended in July 2023 over allegations of paying a young man for explicit images, Edwards did not resign until April, […]