A decision by Jaguar Land Rover (JLR) to invest in electric vehicle battery production in the UK is “very welcome”, a Labour MP has said. Darren Jones, chair of the cross-party Business and Trade Committee, was responding to reports that Tata will establish a battery gigafactory in Somerset for its JLR operation, potentially creating thousands
Business
The UK’s gas storage is “materially behind” Europe, the chief executive of British Gas owner Centrica has said. Chris O’Shea said there was a need to expand gas storage and his company was seeking to bring the UK’s largest gas facility to full capacity, but the efforts did not have government regulatory agreement. While the
Young adults and renters are some of the groups of people worst hit by rising prices as official figures show around 1 in 20 said they’d run out of food in the past 2 weeks and couldn’t afford more. Those aged 25 to 34 were at greater risk of financial vulnerability than those over the
The UK’s national debt could hit 300% of GDP by the 2070s because of the string of major challenges still facing national governments after a “rapid succession of shocks”, according to a report for the Treasury. The independent Office for Budget Responsibility laid out how climate change, defence and the fact people were living longer
The economy contracted in May as the additional public holiday for the King’s coronation weighed on output, according to official figures. Data from the Office for National Statistics (ONS) showed negative growth of 0.1% during the month, better than economists had predicted but continuing the yo-yo pattern seen throughout the last year that has left
Elon Musk has launched his long-awaited artificial intelligence start-up xAI in a bid to build an alternative to ChatGPT. The Twitter owner has brought in a team of engineers from other tech firms he is hoping to challenge in the artificial intelligence sphere. Musk has warned for months about AI’s potential for “civilisational destruction”, arguing
Artificial intelligence produces misinformation when asked to answer medical questions, but there is scope for it to be fine tuned to assist doctors, a new study has found. Researchers at Google tested the performance of a large language model, similar to that which powers ChatGPT, on its responses to multiple choice polls and commonly asked
The Bank of England is reiterating its forecast that inflation will fall over the rest of the year, with governor Andrew Bailey saying it will fall “markedly”. The rate of price increases will come down due to lower energy costs, which should result in falling food bills for shoppers, Mr Bailey’s Mansion House speech is
An Artificial Intelligence show in China is like a glimpse into the future. Indeed, Shanghai has been inundated this week with the industry’s brightest and best for the annual World Artificial Intelligence Conference. The expo is a seriously impressive display. Lots of things here are fun and for the crowds – for instance, a basketball
Money markets have begun to price in a Bank of England interest rate of 6.5%. The interest rate on ten year government bonds (the gilt yield as it’s sometimes called) exceeded the peak it hit after the mini-budget of September last year – that one which provoked a crisis in many parts of the bond
The gloves are (about to be) off: Elon Musk and Mark Zuckerberg show no signs of backing down from their commitment to a supposed cage fight. Rumours of a fight between the Twitter owner and the boss of Meta have been swirling for weeks. But how did the idea start, is the fight actually going
Food inflation is “starting to fall”, Sainsbury’s has said, as the retailer saw sales boosted by bank holidays and warmer weather. The UK’s second largest supermarket said on Tuesday it expects pre-tax profits of between £640m and £700m for 2023 as grocery sales grew due to lower prices, but fuel sales sharply fell. It said
The energy regulator has threatened action against household suppliers if they put investors before hard-pressed households. Ofgem’s chief executive Jonathan Brearley warned that financial practices seen before the energy crisis would not be tolerated. New rules were brought in last November to bolster the resilience of business models after the collapse of more than 20
Drivers have been paying more for fuel since 2019 due to weakening competition between retailers, a regulator has said. They said that increased supermarket fuel margins led to drivers paying an extra 6p per litre. Asda has also been fined £60,000 for a failure to provide information when required, the regulator added. It comes in
Electric car company Tesla has delivered a record number of cars in the second quarter – as its strategy to lower prices paid off and US consumers took advantage of tax credits. The carmaker beat market expectations and delivered 466,140 cars in the three months to the end of June, up 83.5% on a year
One of Britain’s most senior boardroom figures is to replace John Allan at the helm of Tesco. Sky News can exclusively reveal that Gerry Murphy, the chairman of Burberry and Tate & Lyle, has been chosen to replace Mr Allan, whose recent departure was hastened by a series of personal misconduct allegations. Sources said Dr
Households will pay less for their gas and electricity from today but bills will still be almost double what they were before the energy crisis. The average household energy bill will fall by £426 a year from 1 July after Ofgem dropped its price cap following tumbling wholesale prices. People had been advised to submit
Apple has entered the history books as the first public company to be valued at $3trn. The 47-year-old technology juggernaut, co-founded by Silicon Valley legend, the late Steve Jobs in 1966, officially closed up 2.3% at $193.97 per share at the end of trading on Friday. This brought its market value to $3.04trn – equivalent
Energy giant Centrica has increased capacity at the UK’s largest gas storage facility to boost resilience in the coming winter. The Rough site, located 18 miles off the East Yorkshire coast in the North Sea, had been mothballed in 2017 but reopened last year, when it was able to store around 30 billion cubic feet
Rising mortgage rates have yet to hit the housing market but threaten to be a “significant drag” in the short-term, Nationwide has said. However, the high street lender said “a relatively soft landing is still possible” against a backdrop of income growth and modest falls in property prices. The building society also said while typical
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