Connect with us

Published

on

The prime minister is lining up a technology entrepreneur who co-founded the music industry business Songkick to spearhead a £100m government taskforce set up to forge Britain’s future artificial intelligence capability.

Sky News has learnt that Ian Hogarth, who is now an investor in dozens of start-ups, is a leading candidate to chair the Foundation Models Taskforce (FMT), which was unveiled by Rishi Sunak in April.

One Whitehall source said Mr Hogarth had emerged as the frontrunner for the post in recent days.

The Foundation Models Taskforce is being established to accelerate the UK’s adoption of safe AI models in areas such as the ‘large language’ platforms – like ChatGPT and Google’s Bard – which have become the subject of intense scrutiny in recent months.

The government intends that it is modelled on the COVID Vaccines Taskforce, and is likely to allocate additional funding to it in future, according to the source.

“The taskforce will play a crucial role in ensuring the major, multi-year funding announced at the budget for compute is strategically invested to prioritise and strengthen the UK’s capability in foundation models,” the government said in April.

Last week, Mr Sunak held talks with the US President, Joe Biden, to discuss the future opportunities and threats posed by AI.

More on Artificial Intelligence

The government subsequently announced that Britain would host a global summit in the autumn to debate the regulatory “guardrails” that will mitigate future risks from the technology.

The prime minister is determined to establish the UK as a global hub for the development of AI technology, and also for its oversight, as he seeks to demonstrate that post-Brexit Britain can be an international destination for major tech investment.

At the time of the FMT’s unveiling, Mr Sunak said: “Harnessing the potential of AI provides enormous opportunities to grow our economy, create better-paid jobs, and build a better future through advances in healthcare and security.

“By investing in emerging technologies through our new expert taskforce, we can continue to lead the way in developing safe and trustworthy AI as part of shaping a more innovative UK economy.”

In the past month, he has met the bosses of tech giants including OpenAI and Google’s parent, Alphabet, to discuss the sudden explosion of AI adoption across the economy.

Last week, another entrepreneur, Matt Clifford, who chairs the government’s Advanced Research and Innovation Agency, issued another warning about the technology.

“If we try and create artificial intelligence that is more intelligent than humans and we don’t know how to control it, then that’s going to create a potential for all sorts of risks now and in the future… it’s right that it should be very high on the policymakers’ agendas,” he said.

Mr Clifford is also advising on the establishment of the FMT, according to the government’s announcement in April.

A government insider said Mr Hogarth’s appointment could yet fall through, but that it was expected to be finalised shortly, with London Tech Week being staged this week.

Mr Hogarth is a visiting professor of practice at the UCL Institute for Innovation and Public Purpose (IIPP), and an investor in more than 40 start-ups, according to an online biography.

He is also a partner at Plural Platforms, a venture capital firm.

He orchestrated the sale of Songkick, following an anti-trust case which resulted in Ticketmaster paying a $130m settlement.

A government spokesperson said: “The recruitment process for the chair of the Foundation Models Taskforce remains ongoing.”

Continue Reading

Business

Hundreds of jobs at risk as The Original Factory Shop launches survival plan

Published

on

By

Hundreds of jobs at risk as The Original Factory Shop launches survival plan

Nearly 1,000 jobs could be under threat at The Original Factory Shop (TOFS), one of Britain’s largest discount retailers, as part of a survival plan which centres on plans for swingeing rent cuts.

Sky News has learnt that Modella Capital, the new owner of TOFS, has drawn up plans to renegotiate rents at 88 of the company’s 178 stores.

The proposals are contained in a company voluntary arrangement (CVA), a last-ditch restructuring process, which was launched on Thursday.

TOFS employees are said to have been briefed on the plans.

The chain sells beauty brands such as L’Oreal, the sportswear label Adidas and DIY tools made by Black & Decker.

It employs about 2,000 people, with a proportion of its 176 head office and warehouse employees understood to be facing redundancy.

Creditors will be asked to vote on the plans at a meeting in mid-May.

More on Retail

The CVA is being handled by Interpath Advisory.

Although there are no definite store closures, people familiar with the plans said half of TOFS’ estate was at risk if landlords did not agree to the rent demands.

It is the second such brutal restructuring to be launched by a Modella Capital-owned retailer this week.

Sky News revealed on Tuesday that Hobbycraft, which the investor also owns, is also launching a CVA which would entail the closure of nine shops.

Hundreds of jobs could be at risk there too if rent cuts are not acceded to.

The blueprint risks becoming a controversial one for Modella and for WH Smith, which has just agreed the sale of its high street arm to the investment firm.

Retail insiders believe a similar restructuring is inevitable at WH Smith, which Modella has said will be renamed in town centres as TG Jones.

“In response to the challenging retail environment of the last year, The Original Factory Shop (TOFS) has today announced a proposed Company Voluntary Arrangement (CVA) in order to protect the future of TOFS as a business and to allow it to flourish in the future,” a statement from the company said.

“Under TOFS’ plan, which will be subject to a vote by the company’s creditors on May 14, TOFS will adjust its store estate (by, where possible, renegotiating the leases on a number of its stores that are loss-making), return to the deal-centric stock and purchasing strategy it is famous for, invest in online channels, and re-align its support centre and logistics operations.

“All employees have been informed of the CVA proposal.

“A redundancy consultation will begin with employees in those TOFS stores where the company is seeking to renegotiate the lease, in the event that those negotiations are not successful.

“There will also be a reduction in the number of employees in the company’s Head Office and Warehouse in Burnley.

“There will be no change in the day-to-day running of the business while this plan is implemented, and management will keep all TOFS colleagues updated as the process continues.

“While these changes are necessary, TOFS remains committed to serving our loyal customers across the UK.

“Our plan aims to put the business on sustainable footing, protecting as many jobs as possible, and allowing us to return to offering the exceptional value and deals our customers expect from us.”

TOFS, which was founded in 1969, was bought by the private equity firm Duke Street in 2007.

Duke Street had tried to sell the business before, having supported it through the COVID-19 pandemic with a cash injection of more than £10m.

Continue Reading

Business

Nandy to sign off appointment of Kogan as top football referee

Published

on

By

Nandy to sign off appointment of Kogan as top football referee

Lisa Nandy, the culture secretary, is to sign off the appointment of a chair of English football’s new referee within days.

Sky News has learnt that David Kogan, a media industry veteran who has helped negotiate a string of television rights deals across the sport in recent decades, is to be formally approved as chair of the Independent Football Regulator (IFR).

Whitehall sources said an announcement could be made by the Department for Culture, Media and Sport (DCMS) as soon as this week, although they added that the timetable could slip by a few days.

Money latest: Octopus Energy responds after being forced to ditch advert

Once approved, Mr Kogan is expected to face a committee of MPs for a confirmation hearing early next month, the sources added.

Sky News revealed last weekend that Mr Kogan had emerged as the frontrunner for the post after an earlier shortlist of three candidates was passed over.

The new regulator has the firm backing of Sir Keir Starmer, and is a key element of legislation currently passing through Parliament.

More on Football

Mr Kogan, whose boardroom roles have included a directorship at state-owned Channel 4, was initially approached during a previous recruitment process launched under the last Conservative administration.

He has some links to Labour, having in the past donated money to a number of individual parliamentary candidates, chairing LabourList, the independent news site, and writing two books about the party.

Mr Kogan has had extensive experience at the top of English football, having advised clients including the Premier League, English Football League, Scottish Premier League and UEFA on television rights contracts.

Last year, he acted as the lead negotiator for the Women’s Super League and Championship on their latest five-year broadcasting deals with Sky – the immediate parent company of Sky News – and the BBC.

His current roles include advising the chief executives of CNN, the American broadcast news network, and The New York Times Company on talks with digital platforms about the growing influence of artificial intelligence on their industries.

In recent months, Sky News has disclosed the identities of the shortlisted candidates for the role, with former Aston Villa FC and Liverpool FC chief executive Christian Purslow one of three candidates who made it to a supposedly final group of contenders.

Secretary of State for Culture, Media and Sport Lisa Nandy attends a roundtable meeting with British Prime Minister Kier Starmer at Number 10 Downing Street on March 31, 2025. Prime Minister Keir Starmer is hosting a roundtable on adolescent safety with the creators of the television show 'Adolescence,' in discussion with charities and young people about issues raised in the show. Jack Taylor/Pool via REUTERS
Image:
Secretary of State for Culture, Media and Sport Lisa Nandy. File pic: Reuters

The others were Sanjay Bhandari, who chairs the anti-racism football charity Kick It Out, and Professor Sir Ian Kennedy, who chaired the new parliamentary watchdog established after the MPs expenses scandal.

The apparent hiatus in the appointment of the IFR’s £130,000-a-year chair threatened to reignite speculation that Sir Keir was seeking to diminish its powers amid a broader clampdown on Britain’s economic watchdogs.

Both 10 Downing Street and the Department for Culture, Media and Sport (DCMS) have sought to dismiss those suggestions, with insiders insisting that the IFR will be established largely as originally envisaged.

Read more from Sky News:
UK car exporter’s shares slump to four-year low
Audio technology group Waves hello to £300m London flat

The creation of the IFR, which will be based in Manchester, is among the principal elements of legislation now progressing through parliament, with Royal Assent expected before the summer recess.

The Football Governance Bill has completed its journey through the House of Lords and will be introduced in the Commons shortly, according to the DCMS.

The regulator was conceived by the Tories in the wake of the furore over the failed European Super League project, but has triggered deep unrest in parts of English football.

Its creation forms part of a process that represents the most fundamental shake-up in the oversight of English football in the game’s history.

The establishment of the body comes with the top tier of the professional game gripped by civil war, with Abu Dhabi-owned Manchester City at the centre of a number of legal cases with the Premier League over its financial dealings.

The Premier League is also keen to agree a long-delayed financial redistribution deal with the EFL before the regulator is formally launched, although there has been little progress towards that in the last year.

“We do not comment on speculation,” a DCMS spokesperson said when asked about the impending announcement of Mr Kogan as the IFR chair.

“No appointment has been made and the recruitment process for [IFR] chair is ongoing.”

Continue Reading

Business

Trade war: UK car exporter’s shares slump to four-year low

Published

on

By

Trade war: UK car exporter's shares slump to four-year low

A UK-based car distributor has seen its shares hit a four-year low after reporting a fall in sales and warning of hits ahead from Donald Trump’s trade war.

Inchcape, which exports cars for manufacturers across more than 40 countries globally, saw its stock lose up to 16.9% in early trading on Wednesday after its first quarter trading update.

It told investors that while it was not currently experiencing damage from the Trump administration’s 25% tariffs on all US car imports, revenue fell by 5% over the three months to March to £2.1bn.

Money latest: Octopus Energy responds after being forced to ditch advert

Inchcape reported a resilient performance from its Americas division but struggles in its Asia-Pacific and European markets.

The period was dominated by trade war fears generally as the US president’s second term got under way and was marked by a surge in demand for goods in the US in a bid to beat any tariffs he threatened to impose.

Inchcape blamed the revenue decline on a strong comparable period in 2024 and “mixed market momentum”, led by that dash for shipments to the US to beat the imposition of any additional US duties.

More on Tariffs

They were universally imposed earlier this month, but Mr Trump has since signalled that some exemptions may soon be applied.

Please use Chrome browser for a more accessible video player

Jobs fears as Jaguar halts shipments

There are fears that a prolonged period of trade disruption could result in job losses within the UK car industry and its supply chain.

Inchcape reaffirmed its 2025 guidance but said that excluded any impacts from tariffs.

Its actions to mitigate the effects included a focus on costs and inventory.

Read more:
UK to be among those worst hit by trade war, IMF warns
US trade deal talks may be impossible task for the chancellor

Chief executive Duncan Tait said: “Demand is not currently being impacted by the tariff situation, although we do expect to see potential impacts on supply from our OEMs (original equipment manufacturers), the competitive environment, and market demand.

“We are taking proactive steps to support our key stakeholders, including taking a conservative approach to managing inventory levels, ensuring we remain disciplined on costs, focusing on cash generation and maintaining our strong balance sheet.”

Shares had recovered some poise by mid-morning, trading down by just over 7% following the initial slump.

Continue Reading

Trending