Connect with us

Business

UK will legislate against AI risks in next year, pledges Kyle

Published

on

Stay informed with free updates

The UK will bring in legislation to safeguard against the risks of artificial intelligence in the next year, technology secretary Peter Kyle has said, as he pledged to invest in the infrastructure that will underpin the sector’s growth.

Kyle told the Financial Times’ Future of AI summit on Wednesday that Britain’s voluntary agreement on AI testing was “working, it’s a good code” but that the long-awaited AI bill would be focused on making such accords with leading developers legally binding.

Advertisement

The legislation, which Kyle said would be presented to MPs in the current parliament, will also turn the UK’s AI Safety Institute into an arms-length government body, giving it “the independence to act fully in the interests of British citizens”. At present, the body is a directorate of the Department for Science, Innovation and Technology.

At the UK-organised AI safety summit last November, companies including OpenAI, Google DeepMind and Anthropic signed a “landmark” but non-binding agreement allowing partner governments to test their forthcoming large language models for risks and vulnerabilities before they were released to consumers.

Kyle said that while he was “not fatalistic” about advancements in AI, “citizens need to know that we are mitigating the potential risks”.

The legislation will focus exclusively on ChatGPT-style “frontier” models: the most-advanced systems, made by just a small cluster of companies, which are capable of generating text, images, and video.

Advertisement

Kyle also pledged to invest in the advanced computing power needed to enable Britain to train its own sovereign AI models and LLMs, after ministers came under fire in August for scrapping funding for an “exascale” supercomputer project at Edinburgh university. It had been promised £800mn by the previous Conservative government.

Exascale supercomputing — defined as the ability to produce a billion billion operations a second — is widely seen as a crucial step to unlocking the widespread adoption of AI.

There are two known fully functional exascale computers in the world, both in the US. Experts believe that China also has at least one, although it has not submitted to international leader boards on compute capacity.

Kyle said the decision to scrap the existing Edinburgh exascale project was a “painful” consequence of Labour’s fiscal inheritance from the Tories.

Advertisement

“I didn’t cut anything because you can’t cut something that doesn’t exist,” he said of the previous government’s failure to hand over any money to the programme despite promises to do so.

While the government would not be able to stump up £100bn to invest in compute infrastructure by itself, it would partner with private companies and investors to “unlock that kind of money going forward”, he said.

Kyle also suggested that the commitments inherited from the previous government were not adequately suited to the needs of the LLM sector today, saying: “If we’d planned for this two years ago, we would have got it wrong.”

“I will make statements specifically on compute, relating to sovereign compute capacity, but also general compute capacity that’s needed right across the economy and society for researchers and businesses alike,” he said. “But when I make an announcement . . . it will be funded, it will be costed and it will be delivered.”

Separately Sarah Cardell, chief executive of the Competition and Markets Authority, said the UK could become a leader in AI innovation and that the antitrust watchdog’s “unique” approach to digital regulation, through its new Digital Markets Unit, would enable a “very targeted, proportionate” approach to Big Tech.

The CMA’s proposed regulation was not “going to deter or chill investment”, Cardell told the FT summit. “There’s a huge opportunity here for this to be a platform for growth for the UK tech sector.”

Source link

Advertisement
Continue Reading
Advertisement
Click to comment

You must be logged in to post a comment Login

Leave a Reply

Business

Harris calls Trump to concede US presidential election

Published

on

Harris calls Trump to concede US presidential election

Democratic vice-president expected to speak publicly in Washington later on Wednesday

Source link

Continue Reading

Money

Pensions and Protection Podcast: Why Income Protection Matters for Clients

Published

on

Pensions and Protection Podcast: Why Income Protection Matters for Clients

Join Digital Content Manager Kimberley Dondo as she speaks with Shelley Read, Senior Protection Technical Manager at Royal London, on everything income protection (IP). Shelley answers key questions: What exactly is IP? Why is it critical for financial resilience? And how can advisers ensure clients are properly covered? From navigating underwriting to understanding client needs, this episode covers practical guidance for advisers on IP and reducing the risk of unpaid claims. In association with Royal London, tune in to explore how IP can safeguard lifestyles against income loss.

And if you’d like any further resources or support to help grow your business and deliver value for your clients, visit: adviser.royallondon.com/PeoplePowered

Source link

Advertisement
Continue Reading

Business

German chancellor Olaf Scholz sacks his finance minister

Published

on

German chancellor Olaf Scholz sacks his finance minister

Departure of Christian Lindner marks the end of the country’s unpopular coalition government

Source link

Continue Reading

Money

Four cash-saving ways to stop household essentials from cleaning out your wallet

Published

on

Four cash-saving ways to stop household essentials from cleaning out your wallet

IT’S a real chore parting with hard-earned cash for everyday household essentials.

But there are ways to stop these items from cleaning out your wallet.

Four cash-saving ways to stop household essentials from cleaning out your wallet

6

Four cash-saving ways to stop household essentials from cleaning out your walletCredit: Shutterstock

Here’s how to save on life’s more mundane purchases . . . 

Advertisement

BULK UP: It is usually the case that buying more of an item will reduce the overall cost per unit creating savings for you. For example, a 16-pack of toilet roll usually has a lower cost per roll than when you buy a four-pack.

Get into the practice of looking at the unit cost of an item rather than the price to help compare the true value of pack sizes. You can also save five per cent by buying in bulk at Wilko.

Selected toiletries, sanitary and cleaning products are included in the offer but the amount you need to buy varies by item. In some cases you need to buy six-packs to qualify whereas others it can be eight.

READ MORE MONEY SAVING TIPS

REFILL: If you buy cleaning products that come in spray bottles, look to keep the original packaging and buy a cheaper refill when finished.

Advertisement

For example, Tesco’s antibacterial cleaner refill is 75p which can be used to fill any old spray bottle you have.

SUBSCRIBE AND SAVE: You can save by signing up for repeat deliveries through Amazon.

This is also a useful way of squeezing out extra value if you’re too short on space to bulk buy. To unlock up to 15 per cent off prices of items you will need to schedule five or more deliveries or you can get ten per cent off with up to four repeat orders.

The service is available on a wide range of items including pet food and fizzy drinks, as well as household essentials.

Advertisement

THE PRICE IS RIGHT: It can be worth buying more of an item when it’s on a special offer and keeping it stored away, rather than buying simply when you run out, especially if it is an item that is rarely discounted.

  • All prices on page correct at time of going to press. Deals and offers subject to availability.

Deal of the day

Sausage dog mid-wellies, £25 at The Original Factory Shop

6

Sausage dog mid-wellies, £25 at The Original Factory ShopCredit: tofs.com

MAKE a splash with these sausage dog mid-wellies, down from £45 to £25 at The Original Factory Shop (tofs.com).

SAVE: £20

Advertisement

Cheap treat

Holy Moly’s new range of sauces and dressings, £1.50 at Sainsbury's with a Nectar card

6

Holy Moly’s new range of sauces and dressings, £1.50 at Sainsbury’s with a Nectar cardCredit: Sainsburys

TRY Holy Moly’s new range of sauces and dressings, including peanut satay and smoky chipotle. They are £1.50 at Sainsbury’s with a Nectar card, down from £2.20.

What’s new?

BLACK forest hot chocolate and frappe are available in Costa from today as part of the chain’s Christmas menu which includes new snacks and treats too.

Advertisement

Top swap

Sheepskin mittens, £45 from John Lewis

6

Sheepskin mittens, £45 from John LewisCredit: John Lewis
Primark mitts, £5.50

6

Primark mitts, £5.50Credit: Primark

KEEP your hands toasty with these sheepskin mittens, £45 from John Lewis. Or let less cash slip through your fingers by buying the Primark mitts, £5.50.

SAVE: £39.50

Advertisement

Little helper

GIVE your household reminders, or even motivation messages, with this wooden letter board, £6 from Flying Tiger.

PLAY NOW TO WIN £200

Join thousands of readers taking part in The Sun Raffle

6

Join thousands of readers taking part in The Sun Raffle

JOIN thousands of readers taking part in The Sun Raffle.

Advertisement

Every month we’re giving away £100 to 250 lucky readers – whether you’re saving up or just in need of some extra cash, The Sun could have you covered.

Every Sun Savers code entered equals one Raffle ticket.

The more codes you enter, the more tickets you’ll earn and the more chance you will have of winning!

Source link

Advertisement
Continue Reading

Business

Silver Lake and Shore Capital deal creates large chain of US petcare clinics

Published

on

Silver Lake and Shore Capital deal creates large chain of US petcare clinics

Merger of Southern Veterinary and Mission Veterinary sets up group valued at $8.6bn

Source link

Continue Reading

Money

The Morning Briefing: One Four Nine makes 10th acquisition; MM meets Karen Barrett

Published

on

The Morning Briefing: Phoenix Group scraps plans to sell protection business; advisers tweak processes

Good morning and welcome to your Morning Briefing for Wednesday 6 November 2024. To get this in your inbox every morning click here.


One Four Nine makes 10th acquisition

Financial advice and investment management firm One Four Nine Group has acquired Nottingham-based Castlegate Capital, marking a “crucial step” in its growth journey.

The deal is the 10th acquisition for One Four Nine Group and the first of 2024 following a significant period of focus to integrate all firms into the business fully.

Advertisement

The launch in late 2023 of One Four Nine Wealth was an important moment for the evolution of the business.


MM Meets… Unbiased founder and chief executive Karen Barrett

When I enquire of Karen Barrett what she likes doing outside work, her answer is somewhat surprising: “I love knocking down walls,” writes MM editor Tom Browne.

This, it turns out, is part of a wider interest in property renovation, but her response makes a change from ‘socialising with friends’ or ‘going to the cinema’. Then again, there’s a lot about Barrett that makes her stand out.

Advertisement

The founder and chief executive of Unbiased, the UK’s leading platform connecting people to financial advisers, oversees a business that works with more than 27,000 advisers and manages over £80bn in assets.


Why income protection matters for clients

Join digital content manager Kimberley Dondo as she speaks with Shelley Read, senior protection technical manager at Royal London, on everything income protection (IP).

Read answers key questions: What exactly is IP? Why is it critical for financial resilience? And how can advisers ensure clients are properly covered?

Advertisement

From navigating underwriting to understanding client needs, this episode covers practical guidance for advisers on IP and reducing the risk of unpaid claims.



Quote Of The Day

While over the long-term US elections have had a minimal impact on stock markets, investors will likely see a Trump presidency as a positive for the share prices of many of America’s companies.

Lindsay James, investment strategist at Quilter Investors, comments on the news that Donald Trump has been elected as President of the US.



Stat Attack

Advertisement

Families are coming together following the government’s decision to add VAT on independent school fees from 1 January next year, new research from Premium Credit’s School Fee Plan has revealed.

54%

of relatives including grandparents, aunts and uncles and siblings who currently help pay for private school fees say they have offered to increase the amount they contribute.

 36%

Advertisement

say they could afford to but have not been asked.

 40%

who have grandchildren, nieces, nephews or siblings at private school but who do not currently contribute to fees say they would be willing to do so.

23%

Advertisement

of private school parents receive financial help from relatives.

58%

of them say they are helped by grandparents.

34%

Advertisement

said they are helped by aunts or uncles.

86%

of private school parents questioned say they will be able to continue paying fees after VAT is added.

11%

Advertisement

of parents say they are considering moving jobs for higher pay.

17%

are looking to take on more work or second jobs.

12%

Advertisement

Around one in eight say they will look to get their children into less expensive private schools

11%

have asked grandparents and other relatives to start helping.

14%

Advertisement

have asked grandparents and other relatives to increase the amount they already give.

Source: Premium Credit



In Other News

A two-decade long freeze on the inheritance tax (IHT) allowance could cost families almost £250,000 by the end of the end of the chancellor’s tax threshold freeze, analysis from AJ Bell shows.

Advertisement

The main IHT exemption, the ‘nil rate band’, has been frozen at £325,000 since 2009. Amounting to £650,000 for a married couple, assets under this threshold incur no IHT.

However, the limit last increased in 2009 and isn’t due to be lifted until April 2030, with Rachel Reeves extending the IHT threshold freeze at last week’s Budget.

Although a new exemption, the ‘residence nil rate band’ (RNRB), introduced from 2017 means a married couple can leave a combined total £1m tax free if they leave a property to their ‘direct descendants’, AJ Bell’s figures show that the overall IHT threshold would actually be higher had the main nil rate band simply been linked to inflation and the RNRB were never introduced.

The nil rate band indexed to inflation would stand at almost £555,000 by 2029/30, meaning a couple could pass on an additional £110,000 tax free. It means tax bills could be £44,000 higher per family as a result.

Advertisement

But if both the nil rate band and residence nil rate band were indexed to inflation the combined total would stand at nearly £1.6m, knocking up to £234,000 off IHT bills.


Tesla and US bank stocks jump and renewables slump (Financial Times)

Brazil set to double pace of interest rate hikes amid fiscal woes (Bloomberg)

UniCredit CEO pushes merger credentials as it outperforms Commerzbank (Reuters)

Advertisement

Did You See?

Advisers have expressed concerns over insurer service levels – with 28% believing they have worsened in the last two years.

The results were revealed in the Association of Mortgage Intermediaries’ latest protection report.

It found that the speed of underwriting is advisers biggest problem, with 58% raising this as an issue.

Advertisement

Source link

Continue Reading

Trending

Copyright © 2024 WordupNews.com