The UK government’s ChipStart programme has enabled semiconductor start-ups to secure over £10 million in private investment and grants, with nearly £20 million in total commitments. This initiative is fostering innovation in various fields, from AI efficiency to advanced healthcare technologies. Eleven semiconductor start-ups have joined the second cohort of ChipStart, a programme launched in […]
The government has announced that from January 1, VAT will be charged on private school fees, and parents will not be able to avoid the tax by paying in advance. The new tax will apply immediately to any fees for the school term beginning January 2025, preventing parents from circumventing the additional cost by paying […]
Hundreds of postmasters who were wrongfully prosecuted based on faulty information from the Horizon IT system will be entitled to unlimited compensation, as announced on Tuesday. Approximately 900 Post Office branch owners will receive financial redress of at least £600,000 under a new scheme following legislation that quashed their convictions earlier this year. The government […]
Rachel Reeves will eliminate winter fuel payments for 10 million pensioners to help fund substantial public sector pay increases. The Chancellor announced plans to save £5.5bn this year, addressing a £22bn shortfall in public finances left by the previous government. The majority of the savings will fund a £9.4bn pay settlement for public sector workers, […]
The North Sea is approaching “game over territory” after Rachel Reeves pushed forward with an expanded tax raid on oil and gas companies. On Monday, the Chancellor followed through on Labour’s election pledge to impose harsher taxes on oil companies by increasing the energy profits levy. Reeves announced that the levy, initially introduced by the […]
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 […]