UK City firms report fastest turnaround in fortunes in 30 years

Britain’s financial services companies have reported a strong recovery in activity at the start of the year, in a surprise boost to the government after a gloomy end to 2025.Banks, insurers and investment managers said their businesses were growing, with a positive balance of nearly two-thirds noting an expansion, according to a long-running survey by the Confederation of British Industry (CBI), a lobby group. That contrasted with the negative balance of 38% in December, despite the start of the US-Israel war on Iran.It was the fastest turnaround in the sector’s fortunes in 30 years, since December 1996, the group said.Financial services companies such as banks, insurers and investors have been performing well in recent quarters

UK manufacturers ‘will pay £940m a year more in business rates due to Reeves changes’

British manufacturers have said they will have to pay an extra £940m a year in business rates because of changes by Rachel Reeves that come into effect this month.Manufacturers face a disproportionate business rates bill because they often have large factory floors, according to analysis by MakeUK, an industry lobby group. It said that factories accounted for a fifth of England and Wales’s property by rateable value, despite manufacturers only accounting for a 10th of economic output.The chancellor increased business rates at the budget in November. That included companies paying an additional surcharge on buildings of a rateable value of more than £500,000

UK’s leading AI research institute told to make ‘significant’ changes

The UK’s leading AI research institute has been told to make “significant” changes by its main source of taxpayer funding.The Guardian revealed last week that the board of the Alan Turing Institute was reminded of its legal duties by the charity watchdog after a whistleblower complaint.The UK Research and Innovation (UKRI) body, which awarded the ATI a five-year, £100m funding package in 2024 and is its largest single source of funds, said it had conducted a review of the institute and found it underperforming in terms of strategy and delivering value for money.“The review concluded that overall strategic alignment and value for money are not yet satisfactory,” the UKRI said.Last summer, the government made clear that it expected a strategic overhaul at the nominally independent organisation and indicated the need for management changes, adding that its funding could be reviewed

Google to tap into gas plant for AI datacenter in sharp turn from climate goals

Google’s plan for a partnership with a natural gas power plant that could provide energy for one of its datacenters in Texas was unearthed by new research and confirmed by the company. The move is part of an ongoing about-face for the tech giant, which once pledged to be carbon neutral by 2030 and has long been seen as a pioneer in clean energy.The gas power plant is slated to be built in Armstrong county, a sparsely populated area in the Texas panhandle. According to a report by the research organization Cleanview, the project is being led by Crusoe Energy, which partnered with Google to develop the datacenter campus known as “Goodnight”, named after a nearby town.Crusoe filed for a permit in January to build the 933-megawatt power plant on the site of the Goodnight campus, which showed the facility would operate off the grid and provide energy to at least two buildings on the campus, according to Cleanview

‘You have to have a bit of heartache’: Justin Rose on his bid to avoid being Masters nearly man

Squint and you will see Justin Rose’s name twice on the tournament record boards at Augusta National. It’s there on the big bronze winner’s list at the water fountain by the entrance, beneath the entries marking Sergio García’s victory in 2017 and Rory McIlroy’s eight years later, both, as it says in the small print underneath, won in a playoff that Rose lost. Only one other player in Masters history lost two playoffs, and that was Ben Hogan, who had the consolation of winning it twice outright, in 1951 and 1953, in between finishing second in 1942, 1946, 1954 and 1955.Throw in Rose’s second-place finish behind Jordan Spieth in 2015, when he finished four shots back, and he has come just about as close as any man can to the greatest prize in the game. The only player who finished second more often without actually winning the thing was Tom Weiskopf, who was runner-up four times in the space of seven years

Sir Craig Reedie, key London 2012 Olympics figure and former BOA chair, dies aged 84

Sir Craig Reedie, a giant of the Olympic movement, who served as chair of the British Olympic Association for more than a decade and was instrumental in bringing the Games to London in 2012, has died at the age of 84.Tributes have poured in for the Scots-born Reedie, who was also president of the World Anti-Doping Agency (Wada) when Russia was found guilty of state-sponsored doping across “a vast majority” of winter and summer sports, including at the 2014 Sochi Olympics. During this tumultuous period, Reedie and Wada recommended that Russia be banned from the 2016 Rio Games – a call that was ultimately rejected by the International Olympic Committee.Reedie was vice-president of the IOC during part of his Wada tenure and a former badminton competitor who led the campaign for its Olympic inclusion starting at Barcelona ‘92.Sebastian Coe, the World Athletics president, who led the organising committee for the London Games on whose board Reedie sat, said: “I am devastated for his family