UK government borrowing costs rise as pressure mounts on Starmer, and oil price jumps – business live

Good morning, and welcome to our rolling coverage of business, the financial markets and the world economy.The economic woes caused by the Iran war are expected to cost the British economy jobs this year.With no sign of an end to the conflict, the latest regional outlook from the Item Club shows the UK economy is expected to shed 163,000 jobs this year.It warns that lower income regions – such as South Wales and the Humber – will be hit hardest by the economic shock from the Middle East.Both areas are heavily reliant on manufacturing and construction industries, which are suffering from higher energy costs and supply disruption

UK households bracing for new cost of living crisis, report finds

British households are bracing for a new cost of living crisis, as the impact of the Middle East conflict dampens confidence in the economy and personal finances, a survey has suggested.Consumer confidence in the UK has dipped over the last three months at the fastest rate since June 2022, when inflation in the UK was soaring as a result of Russia’s invasion of Ukraine and the spike in commodity prices.The quarterly survey from the accountancy firm PwC, which measures factors such as consumers’ spending intentions and how well off they feel, recorded a score of -13 in April, a sharp fall from -1 in January and the lowest level since autumn 2023.PwC said confidence about household finances was down across all age groups, although young people were still more optimistic than older people, despite there being a 20% fall in those under 35 who feel financially healthy and a 9% increase in those who are struggling or in trouble with their bills and finances.Almost 90% of 2,068 consumers surveyed by PwC said they were concerned about the cost of living, and almost 80% plan to cut back on their spending in the next three months

Mistaking AI behaviour for conscious being | Letter

Richard Dawkins’ reflections on AI consciousness are striking – not because they show that machines have crossed some hidden threshold into inner life, but because they reveal how readily we can be persuaded that they have (Richard Dawkins concludes AI is conscious, even if it doesn’t know it, 5 May).Many will recognise the experience: a system that responds with fluency, humour and apparent understanding. At some point, simulation starts to feel like presence. But that shift tells us more about human cognition than machine consciousness. The error is a category one

What I saw at the Musk-OpenAI trial: petty billionaires, protests and a stern judge

For the past couple of weeks, on the fourth floor of a courthouse on a quiet street in downtown Oakland, the world’s richest man and one of the world’s most valuable startups have been at war over the future of artificial intelligence.Being one of the reporters in the room has felt like watching an updated, opposite-coast version of Tom Wolfe’s The Bonfire of the Vanities – ambition, ego, greed and the spectrum of social class on full display. The supporting cast has included Elon Musk fanboys, a stern judge and a who’s-who of Silicon Valley’s most influential people.All courtroom battles are theatre, but this one has proved to be a unique spectacle, with the judge chastising the lawyers for leading the witness, raising meritless objections and even too much coughing. With Musk on the stand, he griped that an opposing attorney had asked a leading question, to which the judge told him to “tell the jury you’re not a lawyer”

Dubois rewrites quitter narrative in strangely uplifting night for boxing

New heavyweight champion climbed off the canvas twice before overwhelming Fabio Wardley in a battle that finally silenced his doubters“I was in there with a live dog and I loved it,” Daniel Dubois said in the early hours of Sunday morning as, looking suitably gladiatorial without a shirt, the new WBO world heavyweight champion reflected on the monumental battle he had just shared with the valiant Fabio Wardley in Manchester. “He came to win and it was a real crowd-pleaser. We had a great fight.”At ringside it had been a sobering privilege to see the courage and resolve of both men in a contest that captured the glory and the damage of boxing in equal measure. Dubois rose from the canvas twice, with the first knockdown coming a mere 10 seconds after the opening bell, but Wardley endured a sustained form of punishment which became increasingly worrying

Scotland’s Six Nations slump raises questions for new era under Sione Fukofuka | Sarah Rendell

The Scots could collect the wooden spoon a year after their historic World Cup run. Why has progress stalled so dramatically?Is it a World Cup hangover? Or a growing injury list? Or something else? These are the questions Scotland supporters are asking themselves in the midst of a disappointing Women’s Six Nations. This was a tournament where legends such as Donna Kennedy were hoping for a third-place finish; the fact the team could end up with the wooden spoon is staggering, especially considering their historic World Cup run last year.Scotland reached the last eight for the first time since 2002 and did so in convincing fashion. They defeated Fiji, their win over Wales was dominant and they challenged Canada, the eventual runners-up, in their final pool match