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Big Stories

Tech leaders AI plea

Over 1,000 notable tech leaders, including Elon Musk and Apple co-founder Steve Wozniak, have signed an open letter calling for a six-month pause on training AI systems more powerful than GPT-4, the latest tech from the sector’s leader OpenAI. The signatories want to delay AI development until a set of shared safety standards exist, that can be audited and overseen by outside experts. The concern is that the recent rapid advancement in AI that can do everything from pass exams and write poetry to generate misinformation and fake images without ethical considerations could harm society. In the UK the government wants to adopt 'light touch' regulations around AI to avoid stifling innovation and claims the sector was worth £3.7bn to the economy last year.

Pension age change delayed

The government has confirmed that the decision on when it will increase the state pension age to 68 will be delayed. At present the state pension age is 66, rising to 67 from 2026. It had been due to gradually rise to 68 between 2044 and 2046, but ministers had been considering bringing that forward to between 2037 to 2039 under plans first announced in 2017, that timing will now be confirmed in 2026. The government has to reassess changes to the pension system every six years. Since the last review the life expectancy for retiring Brits has fallen by two years. Currently, the age limit is based on ensuring nobody spends more than one third of their adult life in retirement.

UK joins trade bloc

The UK is set to join an Asia-Pacific trade bloc snappily called the Comprehensive and Progressive Agreement for Trans-Pacific Partnership, or the CPTPP. The country will be the 12th member of the CPTPP and second largest economy in a group which already includes Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore and Vietnam. Together the CPTPP represent 13% of the global economy with 500m people. But the economic benefits of joining will be minimal for the UK - the government estimates it will boost British GDP by just 0.08% over the long term. In contrast leaving the EU is estimated to cost the UK a 4% drop in GDP. But joining the CPTPP is part of the government’s key aim of creating "Global Britain" since Brexit and the bloc could prove more beneficial as more countries join.

Elsewhere...

Shutting down: NatWest and Lloyds are to axe a further 81 bank branches as both announced fresh cuts to their high street networks.

Jetting off: More private jets took off from the UK than any other country in Europe in 2022 - with one leaving every six minutes, according to research commissioned by Greenpeace.

Cost cutting: Morrisons has said it plans to cut £700m in costs over the next three years to allow it to reduce prices amid a squeeze on consumer spending.

On the brink: Upmarket grocery chain Planet Organic has put administrators on standby as it races to find new backers in a bid to survive.

Upping pay: Primark is boosting the hourly pay by 12% for around 26,000 of its retail assistants.

Grounded: British billionaire Sir Richard Branson's rocket company Virgin Orbit says it will lay off 85% of staff after failing to secure new investment.

Bonus cuts: The average Wall Street banker bonuses fell 26% last year, leaving the average bonus at $176,700.

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Number Of The Day

£21 billion

Amount of fraud against the UK taxpayer in the two years of the coronavirus pandemic, quadruple the period beforehand.

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