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  • Bank of England handed powers to regulate key tech firms including Amazon and Google

    Direct oversight of ‘critical third parties’ such as Oracle and Microsoft given to ensure resilient cyber-defences and help safeguard UK economy The Bank of England has been handed powers to regulate important tech firms including Amazon and Google from next week, amid fears that system failures could threaten financial stability and harm consumers. From Monday,…

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  • Farage trying to block ‘Britcoin’ plans that could be costly for billionaire donor

    Reform UK leader used private meeting at Bank of England to urge governor to drop plans for state-run cryptocurrency Nigel Farage has been trying to block a Bank of England cryptocurrency plan that could be costly for the billionaire bankrolling his party. The Reform UK leader has said Christopher Harborne wants nothing in exchange for…

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  • UK exposed to ‘serious harm’ by failure to tackle AI risks, MPs warn

    Government, Bank of England and FCA criticised for taking ‘wait-and-see’ approach to AI use in financial sector Consumers and the UK financial system are being exposed to “serious harm” by the failure of government and the Bank of England to get a grip on the risks posed by artificial intelligence, an influential parliamentary committee has…

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  • ‘We could hit a wall’: why trillions of dollars of risk is no guarantee of AI reward

    Progress of artificial general intelligence could stall, which may lead to a financial crash, says Yoshua Bengio, one of the ‘godfathers’ of modern AI Will the race to artificial general intelligence (AGI) lead us to a land of financial plenty – or will it end in a 2008-style bust? Trillions of dollars rest on the…

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  • Bank of England warns of growing risk that AI bubble could burst

    Possibility of ‘sharp market correction has increased’, says Bank’s financial policy committee Business live – latest updates The Bank of England has warned there is a growing risk of a “sudden correction” in global markets as it raised concerns about soaring valuations of leading AI tech companies. Policymakers said there were also threats of a…

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  • George Osborne says UK has been left behind in cryptocurrency boom

    Ex-chancellor criticises hesitant approach to crypto and warns country in danger of missing next surge in market Business live – latest updates The UK has been left behind in the cryptocurrency boom and is in danger of missing a second wave of demand, according to the former chancellor George Osborne. Osborne, who has an advisory…

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