In Can We Be Rich Again? the former chancellor delivers a refreshingly self-aware diagnosis of what has gone wrong with the British economy, and a costed prescription that SMEs, in particular, ought to read with interest.

He could so easily have phoned it in. A bulky political memoir, a couple of nicely judged knives slipped between the shoulder blades of former Cabinet colleagues, an amusing yarn or two from Davos and the IMF spring meetings, and a discreet bit of humble-bragging about steadying the ship after the Truss-Kwarteng mini-Budget. Sir Jeremy Hunt, now liberated from the red box and with rather more time on his hands, could have produced precisely the sort of worthy but unreadable volume that gathers dust on the shelves of every Westminster bookshop.

To his very considerable credit, he has not. In Can We Be Rich Again?, the former chancellor has instead set himself the rather harder task of working out, with disarming honesty about his own role in the muddle, what has gone so badly wrong with the British economy, and how it might still be put right.

A question that should not feel provocative

That the title itself reads as slightly cheeky is, in truth, a damning indictment of where we have arrived. Rich? In an economy where output per person has barely shifted since the eve of the pandemic, the Office for Budget Responsibility’s March 2026 outlook puts real GDP per head growth at an average of just 1.1 per cent a year between now and 2030, against the 2 per cent enjoyed before the financial crisis, the average voter has long since lowered the bar to “not visibly poorer than last year.”

Sir Jeremy will have none of it. “We still have a lot going for us,” he writes, with the breezy confidence of a man who has just remembered he is no longer responsible. Britain, he reminds the reader, retains the integrity of its institutions, robust property rights and a serious legal system. It is the most open of the major economies and houses the third-largest technology ecosystem on the planet, behind only the United States and China. Harness those advantages, he argues, and the British economy can grow again. The diagnosis chimes neatly with the IMF’s own 2026 Article IV concluding statement, which praised the broad direction of the government’s investment-and-reform agenda while warning that “credibility will ultimately hinge on sustained implementation.”

The eight-point plan, costed

What lifts the book above the standard centrist-Tory lament is that Sir Jeremy has done his homework. Each of his prescriptions is tested against an estimated effect on GDP, lending the manifesto a refreshing absence of magical thinking.

The two opening shots are familiar enough: bring taxes down, and adopt a new fiscal rule that compels debt to grow more slowly than output. Then come the supply-side reforms, eight of them, that form the spine of the book. Fix a welfare system that has parked too many working-age adults on long-term sickness benefit. Relax planning rules so that Britain can build something, anything, again. Drive public-sector productivity higher. Hand local mayors the powers and budgets to rebuild their regions. Embrace artificial intelligence rather than regulating it into irrelevance. Restart oil and gas production in the North Sea. Repair an education system that has spent decades failing the 50 per cent of school-leavers who do not go to university. And, perhaps closest to the heart of this magazine’s readership, properly encourage entrepreneurship.

Put the whole package to work, Sir Jeremy reckons, and Britain could add three percentage points a year to its growth rate, a compounded gain of around 20 per cent over a decade. That is not loose change. It is the difference between managed decline and a recognisably advanced economy. For founders and owner-managers, it is the difference between scaling and surviving, a tension Business Matters has chronicled at length in its coverage of SME expansion plans.

Quibbles, mostly minor

It is not difficult to pick at the detail. AI may, in time, prove less revolutionary than its loudest evangelists promise, although the early productivity numbers, Business Matters recently reported research suggesting SMEs deploying AI can unlock productivity gains of between 27 and 133 per cent, argue otherwise. Politicians have been promising to fix vocational training for the best part of a century, generally without troubling the outcomes.

More seriously, Sir Jeremy remains, in temperament, a pragmatic centrist. He instinctively underplays the ferocity of the resistance any reforming chancellor will encounter from what Liz Truss memorably christened “the anti-growth coalition”, that diffuse weave of judges, quangos, NGOs and Whitehall lifers known to its critics as “the Blob”. After five years of a Labour administration that has fed and watered that ecosystem with some enthusiasm, it will be denser, better funded and considerably more confident than it was when he occupied 11 Downing Street.

The book Hunt wishes he had been handed

These, though, are quibbles. Sir Jeremy is unlikely to return to office, and the book never pretends to be a Treasury-ready blueprint. Its real virtue is in marshalling, in one place and with proper analytical rigour, every credible lever available to revive British growth, and in making the unfashionable case that none of this is especially difficult. Read in the context of the optimism filtering back through Britain’s small business community, the message lands harder still: the country wants to grow; it just needs a government that lets it.

By the close of this decade, he warns, Britain will look less like an advanced economy than a developing one. The flipside, he points out with a wry smile audible in the prose, is that emerging economies have spent decades demonstrating that catch-up growth is largely a matter of copying what works elsewhere. “My analysis shows that delivering it may not be easy, but it is not impossible either,” he writes. “All the solutions have been tried in other countries with similar democratic constraints to ourselves.”

The most uncomfortable passage in the book is also the most revealing. “If that’s the answer, why on earth didn’t you do it when you had the chance?” Sir Jeremy asks himself, with the directness of a man who knows the question is coming. “The truth is that no one starting a job can ever know all the answers. In some ways, I wish I had been given this book on the day I became chancellor.”

Whoever inherits the Treasury in 2028 or 2029, and the polling suggests it will not be a Conservative, would do well to take him at his word. Can We Be Rich Again? is, despite itself, the most useful piece of economic writing produced by a former British chancellor in a generation. It deserves to be read, argued with, and, on most counts, acted upon.

Can We Be Rich Again? by Sir Jeremy Hunt is published by Swift at £25.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

It aims to half Wales’s productivity gap with the UK as a whole

The new Plaid Cymru Welsh Government has set a key economic target of halving Wales’ productivity gap with the UK average within a decade.

Latest figures from the ONS show that output per head in Wales is around 85% of the UK level.

The productivity target is seen by the administration as achievable, given that some of the key levers needed to improve output, such as skills and education, are devolved.

However, it will still be a challenge as other nations and regions of the UK will also be seeking to improve their respective productivity rates, with AI a key driver.

Adam Price, Cabinet Minister for Enterprise, Connectivity and Energy, confirmed the target in a statement in the Senedd, saying the new administration of Rhun ap Iorwerth is committed to adopting a different approach, with a goal of bringing to an end generations of low productivity.

The national productivity goal will be delivered in partnership with businesses, trade unions, regional stakeholders and the UK Government, with a specific focus on supporting firms to scale and helping to unlock the “full potential of the Welsh economy.”

Mr Price said: “For too long, Wales has struggled to close the gap with the rest of the UK when it comes to productivity. This target shows our clear commitment to improving the lives of people living in Wales. By focusing on productivity, we will deliver higher pay, stronger businesses and thriving communities.

This goal will give direction to our new Welsh innovation and development agency, shaping how we support businesses, develop skills and invest in the foundations of a stronger, more competitive Welsh economy.

“We are determined to turn ambition into action, creating a stronger, more productive economy that delivers for people in every part of Wales.”

The last Welsh Government economic target, which was later described as only being an aspiration, was set by the former Labour Cardiff Bay administration of Rhodri Morgan, in 2000. It aimed to improved the gross value added per head gap to 90% of the UK average by 2010. However, like today it never improved and continues to languish at around 73%.

To support its productivity drive, the Welsh Government is also committed to conducting an across Wales and sector skills audit, to ensure that its support is meeting the requirements of firms seeking to expand. It is also establishing a new at arm’s length of government national development agency, which will oversee Welsh Government support and inward investment efforts. Mr Price said the precise remit and structure of the organisation is currently being worked , although it will take on business support and inward investment functions. He said it was too early to say when it could become operational. However, it is likely to based on the Transport for Wales model, which as a company of the Welsh Government, has been able to bring to expertise from the private sector.

Details of how the productivity target will be measured and monitored will be announced later in the year with a role for the proposed economic and fiscal commission.

DALLAS — Shares of ChronoScale Corporation surged more than 15% in morning trading Tuesday, climbing to $19.55 as investors continued to embrace the newly independent artificial intelligence cloud computing company’s focused strategy and leadership additions in the fast-growing AI infrastructure sector.

The sharp gain came on solid volume for the small-cap name, reflecting renewed enthusiasm for dedicated AI compute providers amid broader sector tailwinds. As of 11:34 a.m. EDT, ChronoScale shares had risen $2.58, or 15.20%, on the Nasdaq Capital Market. The move pushed the company’s market capitalization toward $70 million.

ChronoScale, which began trading independently in early May 2026 after a spin-off from Applied Digital Corp., has seen significant volatility but strong overall momentum since its debut as a pure-play accelerated compute platform for demanding AI workloads.

Strategic Spin-Off and AI Focus

The company emerged from Applied Digital’s separation of its cloud business, with Applied Digital retaining approximately 97% ownership after investing $15.75 million through a private investment in public equity (PIPE) transaction. The move created a dedicated entity focused exclusively on high-performance AI computing infrastructure.

ChronoScale operates data centers and provides accelerated compute solutions optimized for large-scale AI training and inference. Its transition into an independent public company has allowed it to sharpen its focus on GPU-based platforms and next-generation AI infrastructure demands.

The recent leadership appointment of Cenly Chen as chief executive officer and board member has been a key catalyst. Chen, who previously served as chief growth officer at Super Micro Computer, brings extensive experience in scaling AI server and compute infrastructure businesses. His appointment in early May signaled the company’s ambition to capture a larger share of the exploding AI data center market.

Market Reaction and Performance

Since gaining independence, ChronoScale shares have experienced substantial swings typical of small-cap technology companies tied to AI themes. The stock has climbed significantly from its post-spin levels, though it remains well below some earlier highs reached in late May. Year-to-date performance reflects investor bets on AI infrastructure growth despite ongoing operational challenges.

Tuesday’s trading activity aligns with positive sentiment across AI-related stocks. Peers in data center and compute spaces have also seen gains as hyperscalers and technology giants continue expanding capacity for artificial intelligence applications. ChronoScale’s positioning as a specialized provider has drawn attention from retail and institutional investors seeking exposure to this high-growth area.

Operational Background and Challenges

ChronoScale’s roots trace back to a business combination involving Applied Digital’s cloud assets and legacy operations from what was previously Ekso Bionics before the strategic pivot. The company now emphasizes sustainable, high-density compute solutions designed to handle the intensive power and cooling requirements of modern AI models.

Financial results remain in investment mode, with recent quarters showing losses as the company ramps capacity and invests in technology infrastructure. Analysts note that execution on customer contracts and utilization rates will be critical for long-term profitability. The firm benefits from Applied Digital’s continued significant ownership and strategic support.

Broader AI Infrastructure Landscape

The surge in ChronoScale shares underscores the market’s appetite for companies enabling AI expansion. Data center demand has accelerated as major technology firms race to build out capacity for training increasingly sophisticated models. Silicon carbide, advanced cooling, and high-performance networking solutions are all seeing heightened interest.

ChronoScale aims to differentiate through its accelerated compute platforms purpose-built for AI. Management has highlighted potential revenue opportunities from long-term contracts with hyperscalers and AI developers seeking specialized infrastructure.

Analyst Perspectives and Outlook

Coverage of the newly public entity remains limited, but early commentary has highlighted both opportunity and risk. Some analysts point to the strong AI tailwinds and experienced leadership as reasons for optimism, while others caution about the capital-intensive nature of the business and competition from larger players.

The company’s small float and recent spin-off status contribute to elevated volatility. Short interest and options activity have been notable, typical for names with high retail investor interest in the AI space.

Near-term catalysts could include updates on capacity utilization, new customer wins, or further details on expansion plans. Fiscal year-end shifts and upcoming earnings will provide greater visibility into operational progress.

Risk Factors

Despite the positive trading session, challenges remain. ChronoScale operates in a competitive environment where larger established data center operators hold advantages in scale and capital access. Execution risks around infrastructure buildouts, energy costs, and technology integration are significant.

Macroeconomic factors, including interest rates and technology spending cycles, could influence growth. The company’s history as a smaller entity transitioning focus also introduces integration and operational uncertainties.

Path Forward

As ChronoScale builds its independent track record, investor attention will center on its ability to convert AI market demand into sustainable revenue and margins. The recent CEO appointment and spin-off structure position the company to move quickly in a dynamic sector.

Tuesday’s gains reflect confidence in the AI compute story, but sustained performance will depend on fundamental delivery. Market participants will monitor volume, news flow, and any analyst initiations for additional signals.

With the broader technology sector remaining sensitive to AI developments, ChronoScale’s trajectory offers a microcosm of investor sentiment toward specialized infrastructure plays. The coming months will test whether the company can capitalize on its repositioning and leadership expertise amid intense industry competition.

GENEVA — Shares of STMicroelectronics N.V. climbed more than 15% in morning trading Tuesday, reaching $79.69 as investors responded to the chipmaker’s strengthened position in artificial intelligence infrastructure and recovering demand across automotive and industrial markets.

The sharp rise came on elevated volume, extending recent gains for the European semiconductor company. As of 11:45 a.m. EDT, STMicroelectronics shares had risen $10.67, or 15.46%, on the New York Stock Exchange. The move pushed the company’s market capitalization higher, reflecting renewed confidence in its growth trajectory amid the global AI expansion.

AI and Data Center Momentum

STMicroelectronics has significantly raised its revenue ambitions in the data center segment, now targeting well above $500 million for 2026 and more than $1 billion in 2027. This upward revision underscores the company’s growing role in supplying components for AI infrastructure, including power management and connectivity solutions essential for high-performance computing clusters.

The company’s strategic pivot toward AI-driven applications has resonated with investors seeking exposure to the semiconductor supply chain supporting hyperscale data centers. Management highlighted strong bookings and engaged customer programs in personal electronics and communications as additional tailwinds during its first-quarter earnings update.

Recent Financial Performance

In the first quarter of 2026, STMicroelectronics reported net revenues of $3.1 billion, exceeding expectations and marking a solid year-over-year increase. The results benefited from improving demand and contributions from strategic acquisitions, including the NXP MEMS sensor business.

For the second quarter, the company guided for revenues around $3.45 billion at the midpoint, representing sequential growth of 11.6% and year-over-year expansion of nearly 25%. Gross margin is projected at 34.8% on a GAAP basis, with management anticipating sequential improvement throughout the year as utilization rates rise.

CEO Jean-Marc Chery noted signs of broader market recovery, with pricing trends stabilizing and selective increases implemented across product lines. The company also pointed to positive developments in automotive and industrial segments, where inventory normalization has supported renewed ordering.

Automotive and Edge AI Innovations

STMicroelectronics continues advancing in the automotive sector with innovations like the Stellar P3E microcontroller, the industry’s first with integrated neural network acceleration for edge AI applications. This technology targets software-defined vehicles, enabling real-time intelligence for powertrain, advanced driver assistance systems and electrification.

The automotive and discrete group remains a core pillar, with silicon carbide power devices gaining traction for electric vehicles. Broader industrial and personal electronics segments also show resilience, supported by the company’s diversified portfolio spanning microcontrollers, sensors and power solutions.

Space and Emerging Markets

The company has set ambitious targets in the space semiconductor business, projecting more than $3 billion in cumulative revenue from 2026 through 2028. This growth is driven by demand for components in low-Earth-orbit satellite constellations, where STMicroelectronics supplies radiation-hardened and high-reliability solutions.

New product introductions, such as gallium nitride converters for efficient power applications, further expand the company’s addressable market in energy-conscious sectors including appliances and renewable energy systems.

Market Context and Analyst Views

The semiconductor industry has shown signs of stabilization after a period of inventory correction. STMicroelectronics, as a major supplier to automotive, industrial and consumer electronics markets, is well-positioned to benefit from this rebound while capturing new opportunities in AI.

Analysts have responded positively to recent earnings revisions, with consensus estimates for full-year 2026 showing upward movement. Several firms have highlighted the company’s improved margin trajectory and exposure to high-growth areas as reasons for optimism.

However, challenges persist. The company continues managing unused capacity charges and restructuring costs related to manufacturing optimization. Geopolitical tensions, trade dynamics and fluctuating end-market demand remain key variables.

Strategic Outlook

STMicroelectronics operates a vertically integrated model with significant manufacturing capabilities in Europe and Asia. Its focus on specialized technologies — including wide-bandgap semiconductors like silicon carbide and gallium nitride — provides differentiation in an increasingly competitive landscape.

Management expects full-year 2026 revenue to achieve double-digit growth, with further margin expansion as revenues scale above $4 billion per quarter. The company’s pipeline of engaged programs and new design wins supports this confidence.

Investors appear to be pricing in sustained AI momentum and automotive recovery. The stock’s performance Tuesday stands out against a mixed broader market, highlighting selective enthusiasm for semiconductor names with clear growth narratives.

Broader Industry Implications

The surge in STMicroelectronics shares reflects the market’s focus on companies bridging traditional semiconductor applications with emerging AI and electrification trends. As data centers consume more power and vehicles become smarter, suppliers of efficient power and intelligent processing solutions stand to gain.

For STMicroelectronics, Tuesday’s trading activity caps a period of positive momentum following its April earnings report. With the second quarter underway, attention will shift to execution on guidance and any incremental updates on major customer engagements.

Market participants will monitor upcoming industry events and potential commentary from major clients in automotive and technology sectors. While volatility remains a feature of the semiconductor cycle, current indicators suggest a constructive backdrop for well-positioned players like STMicroelectronics.

The company’s ability to balance near-term operational improvements with long-term strategic investments will determine whether today’s enthusiasm translates into sustained shareholder value. As global demand for semiconductors evolves, STMicroelectronics’ diversified approach and innovation pipeline position it as a notable contender in the AI-enabled future.

Nearly one in five young Britons could be out of work within little more than a year, as higher payroll taxes, a sharply rising minimum wage and the relentless march of artificial intelligence combine to shut school and university leavers out of the jobs market.

In a sobering update to its quarterly economic outlook, the British Chambers of Commerce (BCC), one of the country’s most influential business lobby groups, forecasts that the unemployment rate among 16 to 24-year-olds will climb to 17.8 per cent in 2027, up from an already uncomfortable 16.9 per cent this year. The deterioration would push youth joblessness to its highest level in well over a decade and lend fresh weight to warnings of a “lost generation” of workers.

The BCC singled out the rapid take-up of AI tools by employers, typically to handle the kind of routine, entry-level tasks that have traditionally given young people a foot on the ladder, as a leading culprit. A separate Business Matters investigation has shown how the big four accountancy firms are already slashing graduate hiring as AI replaces entry-level roles, a pattern now spreading rapidly across financial services, legal, marketing and back-office functions.

Government policy is doing little to soften the blow. The BCC believes ministers’ decisions to lift employer national insurance contributions and push through one of the largest minimum wage increases on record have made younger, less experienced staff disproportionately expensive to hire, a point business owners and payroll specialists have made repeatedly since the Treasury signalled the increased cost burden facing employers.

The findings reinforce a warning issued last week by Alan Milburn, the former Labour cabinet minister, who told ministers that without urgent intervention as many as 1.25 million young people could be classed as not in employment, education or training (NEET) by the early 2030s. Business Matters has previously reported that the NEET cohort is already nudging one million, with Office for National Statistics figures showing the share of economically inactive young people at its highest level since records began in 1992.

David Bharier, deputy director of economics and insights at the BCC, said the picture pointed to a structural, not merely cyclical, problem. “The UK is not in recession, but the economy remains trapped in a cycle where each recovery is interrupted before gaining traction, and firms go back on the defensive,” he said. “With youth unemployment approaching 18 per cent by mid-2027, the UK risks weakening the skills pipeline it needs for the next economy.”

Overall joblessness is forecast to reach 5.5 per cent next year, up from the current 5 per cent. Gross domestic product, the BCC said, will grow by just 0.9 per cent this year, 1 per cent in 2027 and 1.3 per cent in 2028, with the services sector, which now accounts for around 80 per cent of national output, doing most of the heavy lifting.

Inflation, meanwhile, is being given an unwelcome boost by surging global energy prices linked to the war in the Middle East. The BCC now sees the consumer prices index peaking at 3.8 per cent by the end of 2026, well above its previous forecast of 2.7 per cent, before easing back to 2.3 per cent next year and returning to the Bank of England’s 2 per cent target in 2028. The latest ONS data put inflation at 2.8 per cent in April, down from 3.3 per cent in March.

Faced with that mix of weak growth, rising joblessness and stubborn price pressures, the BCC expects the Bank’s Monetary Policy Committee to hold the base rate at 3.75 per cent for the remainder of the year, with its next decision due on 18 June. At its April meeting the Bank said it “stands ready to act” if inflation proves sticky, but officials are clearly mindful of the damage a further squeeze would do to a fragile labour market.

“Much hinges on the course of the Middle East conflict,” Bharier said. “Inflation is likely to edge towards 4 per cent this year, but the Bank of England faces a different scenario compared with the 2022 crisis. Weaker growth, rising unemployment and already restrictive monetary policy mean the Bank could seek to manage this without raising the interest rate and risking further damage.”

For SMEs, long the proving ground for first jobs, apprenticeships and on-the-job training, the cocktail of higher employment costs, geopolitical uncertainty and falling investment is becoming hard to swallow. The BCC expects business investment to fall by 2.2 per cent this year and a further 0.1 per cent in 2027 before recovering by 2.3 per cent in 2028. Without a meaningful shift in policy, the danger is that today’s hiring freeze becomes tomorrow’s lost decade for Britain’s young workers.

Jamie Young

Jamie is Senior Reporter at Business Matters, bringing over a decade of experience in UK SME business reporting.
Jamie holds a degree in Business Administration and regularly participates in industry conferences and workshops.

When not reporting on the latest business developments, Jamie is passionate about mentoring up-and-coming journalists and entrepreneurs to inspire the next generation of business leaders.

The Oxford Properties executive is expected to join the FTSE 100 landlord by the end of November

British Land has appointed Joanne McNamara from Oxford Properties as its next chief executive.

Ms McNamara currently serves as executive vice-president of the real estate company operated by major Canadian pension fund, the Ontario Municipal Employees Retirement System.

The appointment follows five months after the FTSE 100 property owner informed shareholders that long-serving chief executive Simon Carter was departing.

Mr Carter is leaving the business to lead warehouse developer P3 Logistics Parks.

His replacement brings more than two decades’ experience in the industry and joined Oxford in 2010, leading substantial investment and development deals throughout her tenure at the company.

She is anticipated to commence at British Land by the end of November.

Ms McNamara said: “British Land is a business that I have always admired, with an impressive track record of delivering and managing best in class places across the UK and an expert team at its helm.

“I am very much looking forward to working with the board, executive committee and all of my new colleagues as we work together to build on what is already a fantastic platform for growth.”

William Rucker, chairman of British Land, said: “Joanne is one of Europe’s most respected real estate professionals.

“With her deep expertise of real estate, valuable experience in the world of private capital and a strong reputation for decisive leadership, she is exceptionally well placed to drive the business forward.” Aarin Chiekrie, equity analyst at Hargreaves Lansdown, said: “Looking ahead, British Land looks well-positioned, with occupancy rates sitting high and good exposure to the science and technology sector, where strong demand from AI companies has been a big tailwind.

“The group’s finances remain strong, with sufficient funding to support future growth as developments make a comeback and to maintain a respectable 6.2% dividend yield for income-focused investors.”

British Land’s share price climbed 1.9% on Tuesday.

The company owns properties across the UK, including Meadowhall shopping centre in Sheffield, the New Mersey retail park in Liverpool, Crown Point Shopping Park in Greater Manchester, Orbital Retail Park in Cannock, Teesside Park in Stockton-on-Tees and Southgate shopping centre in Bath.

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