AI minister warned UK risks becoming ‘high-value AI customer’ October 19, 2026 Britain risks becoming a “high value AI customer” rather than developing its own tech unless ministers urgently invest in domestic firms, the government’s top science advisory body has warned. In a letter to AI minister Kanishka Narayan, the Council for Science and Technology (CST) called for a national AI sovereignty plan to reduce Britain’s reliance [...]
Higher taxes will ‘kick UK fintech when it is down’, Healey warned October 19, 2026 Venture capital investors have warned that higher taxes on financial services would have trickle-down effects and “clip the wings” of Britain’s already capital-starved fintech sector. Start-up investors that fund the UK’s financial technology industry told City AM the sector’s struggles to access cash would be amplified by a tax hike on top banks and increases [...]
Healey plots Budget raid on family businesses October 19, 2026 John Healey has reportedly drawn up plans for a tax raid on family businesses ahead of his first Budget, as he scrambles to avoid spending cuts. The Chancellor is considering proposals to levy income tax when business owners hand their company down to their children, potentially almost doubling the tax bill, according to a report [...]
As it happened: European stocks slump as bond yields spike after France riots October 19, 2026 Welcome back to the City AM FTSE 100 liveblog. European bond markets have been left in the red following the shifting pressures on global markets. The 10-year yield on French bonds – a direct reflection of the government’s cost to borrow – spiked some 13 basis points to 4.9 per cent. The spread between French [...]
UK company profit warnings surge as Iran war drives up costs October 19, 2026 Profit warnings from London listed businesses reached the highest levels in nearly two years over the summer, as an energy shock brought on by the Iran war fuelled inflation. Businesses issued 65 profit warnings during the period, up from 59 in the second quarter, according to the latest analysis from EY. It also marked the [...]
MPs press competition watchdog to probe live music industry’s ‘dominant’ firms October 18, 2026 A government committee has urged the competition watchdog to launch a probe into the UK’s live music industry and the most “dominant firms”. The Business, Innovation, Science and Trade Committee said on 18 October it is “pressing” the Competition and Markets Authority (CMA) to launch a full market investigation into the live music industry in [...]
Tories call for urgent action on youth unemployment in Budget October 18, 2026 Shadow work and pensions secretary Helen Whately has said the government needs to “take action in the Budget” to “back businesses to employ more young people”, referring the one million young people who are not in employment, education or training (Neets). Talking to the BBC’s Laura Kuenssberg on Sunday, Whately said the Labour party have [...]
Post Office weighs bid for ATM operator in cashpoint expansion October 16, 2026 The Post Office is weighing a bid for one of the UK’s largest independent ATM operators in a move that would expand its cashpoint empire, City AM can reveal. The group, which facilitates the largest branch-based access-to-cash network in the United Kingdom, is exploring a deal for Notemachine after it was put up for sale [...]
Omaze in court over tax dispute on luxury house prize draws October 16, 2026 Luxury house prize draw platform Omaze has appealed against HMRC over whether paid entries in its prize draws are subject to standard-rate VAT. An Omaze spokesperson told City AM the platform “has been paying VAT in the UK since 2021.” Omaze lists itself on its website as “not a charity raffle, house or cash raffle [...]
What could a bank tax raid mean for JP Morgan’s Canary Wharf mega-tower? October 16, 2026 When Jamie Dimon and John Healey first exchanged remarks, the world’s most influential banker told the Chancellor how important it was to get public policy right. The Wall Street chief is understood to have said the right public policy was the key to solving the issues facing global economies, according to those close to the [...]