Nvidia’s Jensen Huang says China is poised to overtake the US in AI, citing cheaper energy, quicker permitting and looser rules. He warns western cynicism and high power costs are slowing data centre expansion, urging major investment in computing to stay competitive.

Rachel Reeves signalled she may drop the pledge not to raise income tax, citing rising debt costs. She told MPs the “broadest shoulders” should pay more, preparing ground for Budget moves likely to target higher earners and reliefs to help stabilise the public finances.

The PM signalled a “tough but fair” Budget, favouring significant tax rises over austerity to repair the public finances. The NHS will be protected. No 10 has warned MPs to expect big increases as the government seeks to lower debt and reassure markets.

City leaders warn the rising minimum wage is converging with graduate starting pay, deterring applicants for junior office roles and pushing steeper “pyramid” pay structures that reward the top more. With Reeves eyeing a further uplift, firms fear higher costs and a weaker pipeline of young talent.