AI minister hints at Budget measures

Afternoon all,

Britain’s AI minister has hinted at new measures in next week’s Budget to tackle the implications of the frontier technology. Kanishka Narayan told the BBC that the state must “build capability and capacity” rather than just “pulling the lever of regulation”.

Meanwhile, our chief reporter Ali has an analysis piece on the all-important bond market implications from next Wednesday’s big fiscal event. The Chancellor looks to be preparing a “steady as she goes” Budget, but he’s walking an economic tightrope as he attempts to do so…

We’ll be back in your inboxes at 8am on Monday. In the meantime, have a great evening!

Matt

Kanishka Narayan said ministers must go beyond regulating AI and develop domestic technology to give Britain greater influence over how it is used.

“We need to build technology to defend ourselves and to grow ourselves so we have leverage internationally”, he said, warning that Britain was “currently totally reliant on other countries for essential bits of technology”.

Narayan also suggested that discussions with John Healey could lead to an AI announcement in Wednesday’s Budget, although he gave no further details.

John Healey is not expected to rock the boat in his maiden Budget next week. Looking at the combustible bond market, that’s probably just as well, writes Ali Lyon.

Is your AI adoption strategy just driving up software bills? Discover why pure usage is a financial pitfall.

A week before the Budget, questions have emerged about the evidence behind a proposed £458m gambling tax rise, after internal comments revealed doubts among the campaigners that were pushing for the increase.

The Betting and Gaming Council (BGC) told City AM that the comments, which appeared in a draft report by the Social Market Foundation (SMF), raised concerns about whether the impact on jobs and high streets had been properly assessed.

Since entering Downing Street in July, John Healey has faced criticism from some business chiefs over an economic vision that seems similar to Rachel Reeves.

But one aspect of running the Treasury has split Healey from his predecessor more than any other: keeping a lid on Budget rumours. 

After being appointed Chancellor, City AM can reveal, Healey ordered officials to calculate the cost that pre-Budget speculation on taxes and spending had on the British economy and people’s decisions. 

Over 250 films, 33 world premieres, and 88 participating countries… City AM’s culture desk have rounded up the movies we saw at this year’s London Film Festival, which has wrapped for another year.

From legal dramas to terrifyingly prescient films about AI, alternative histories and horrors, here are our thoughts on the releases this year, and when you can see them too, as well as links to the full reviews.

Culture is essential civic infrastructure, but Britain is letting its arts buildings fall into disrepair, writes Southbank Centre chief exec Elaine Bedell.

The move is another nail in the coffin of the bid to oust Infantino over his secret World Cup sell-off plan and leaves European governing body Uefa increasingly isolated in opposition.

Asian Football Confederation president Sheikh Salman bin Ibrahim Al Khalifa told the organisation’s extraordinary congress: “We reaffirm our full commitment to supporting you and your leadership as you seek a new mandate as a Fifa president.

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