Bank bosses get huge pay rises in sign top City salaries back to pre-crash highs

A trio of bank bosses have been given huge pay packets in the latest sign that the vast salaries and bonuses handed to Wall Street and City of London executives in the run-up to the 2008 financial crisis have started to return.NatWest on Friday revealed a £6.6m pay package for its boss Paul Thwaite, marking the largest payout for a chief executive of the banking group since his disgraced predecessor Fred Goodwin took home £7.7m in 2006.That was 33% higher than his £4

Shares in trucking and logistics firms plunge after AI freight tool launch

Shares in trucking and logistics companies have plunged as the sector became the latest to be targeted by investors fearful that new artificial intelligence tools could slash demand.A new tool launched by Algorhythm Holdings, a former maker of in-car karaoke systems turned AI company with a market capitalisation of just $6m (£4.4m), sparked a sell-off on Thursday that made the logistics industry the latest victim of AI jitters that have already rocked listed companies operating in the software and real estate sectors.The announcement about the performance capability of Algorhythm’s SemiCab platform, which it claimed was helping customers scale freight volumes by 300% to 400% without having to increase headcount, sparked an almost 30% surge in the company’s share price on Thursday.However, the impact of the announcement sent the Russell 3000 Trucking Index – which tracks shares in the US trucking sector – down 6

Tony Blair’s oil lobbying is a misleading rehash of fossil fuel industry spin

Ex-PM’s thinktank urges more drilling and fewer renewables, ignoring evidence that clean energy is cheaper and better for billsA thinktank with close ties to Saudi Arabia and substantial funding from a Donald Trump ally needs to present a particularly robust analysis to earn the right to be listened to on the climate crisis. On that measure, Tony Blair’s latest report fails on almost every point.The Tony Blair Institute for Global Change (TBI) received money from the Saudi government, has advised the United Arab Emirates petrostate, and counts as a main donor Larry Ellison, the founder of Oracle, friend of Trump and advocate of AI.The latest TBI report calls for an expansion of oil and gas production in the North Sea, despite the additional greenhouse gas emissions this would generate, and abandoning the UK government’s target to largely decarbonise the electricity sector by 2030, arguing that doing so is necessary to power AI datacentres.The report claims renewable energy is too expensive

UK economy grows by only 0.1% amid falling business investment

The UK economy expanded by only 0.1% in the final three months of last year, according to official data, as falling business investment and weak consumer spending led to little momentum going into 2026.Figures from the Office for National Statistics (ONS) show that the economy grew at the same rate of 0.1% as the previous three months. This was less than a 0

Jim Ratcliffe apologises for ‘choice of language’ after saying immigrants ‘colonising’ UK

Monaco-based billionaire Jim Ratcliffe faced implicit criticism from the football club he co-owns, after widespread condemnation of his claims that the UK is being “colonised” by immigrants.The Manchester United co-owner was forced to issue a heavily qualified apology on Thursday after citing inaccurate immigration statisticsin comments labelled hypocritical and reminiscent of “far-right narratives”. Following a day of censure from the prime minister, football fans, union leaders and anti-racism campaigners, Ratcliffe said he was sorry his “choice of language has offended some people in the UK and Europe”.Just hours after Ratcliffe’s apology, United took the extraordinary step of publicly asserting their “inclusive and welcoming”. In statement that did not name Ratcliffe but clearly referred to his claims that the UK is being “colonised” by immigrants, United affirmed their commitment to “equality, diversity and inclusion”, adding: “Our diverse group of players, staff and global community of supporters reflect the history and heritage of Manchester; a city that anyone can call home

To revive manufacturing we must first change attitudes towards labour | Letter

Re Larry Elliott’s article (How can Britain regain its manufacturing power?, 5 February), the basis for the revival of our manufacturing industry requires first a shift in attitude that brainwork is superior to manual labour.Changes to the curriculum are needed so that technically oriented students can pursue courses that are a first option rather than second best. Part of my training as a designer-pattern cutter involved a placement in a factory, an experience now rarely available to fashion students. In the 1980s, the government set up the Enterprise Allowance Scheme to encourage innovation, but there was no follow-on support to encourage production; successful entrepreneurs had to apply for personal loans from banks, limited to the value of their houses.I wanted to be part of a trade mission to Germany so I could follow up export inquiries, but I was told my business was too small