The Rundown: Edition 63 – The Labour Party Conference, AI delays, and educating the children
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Bank of England Governor issues AI warning
Andrew Bailey, the Governor of the Bank of England, has cautioned that time is running out for society to keep control of increasingly autonomous AI models. The warning comes following growing concerns around self-improving AI models going rogue. Times
Airtel Money set for largest UK listing in 5 years
Indian payment firm Airtel Money is set to become London’s largest IPO in 5 years and raise £529 million in the process. The company operates across Africa, and this listing would value Airtel Money at £5.3 billion, lower than the $8-9 billion range previously reported. Bloomberg
Trump’s ‘tremendous’ AI Accord
US President Donald Trump has created a voluntary accord of “tremendous self-policing” for AI powerhouses. This morally binding agreement will act “almost like a constitution, in a way”. BBC
Public spending to back British innovation
The Chancellor pledged to direct more public procurement spending towards British businesses, jobs and innovation. He also highlighted the National Wealth Fund’s role in attracting private investment into AI, technology, defence and clean energy. Times
British tech bosses call for £20bn sovereign AI boost
Amid mounting fears that the UK risks becoming dependent on foreign technology, industry leaders have called on the Government to commit more than £20 billion to sovereign AI infrastructure. City AM
ElevenLabs doubles valuation to $22bn
AI voice technology developer ElevenLabs has reached a valuation of $22 billion following a share sale by employees and existing investors. It means the London-based company is now among the top 10 most valuable AI labs outside China. FT
Dig Ventures raises $120m fund
London’s Dig Ventures has raised its third fund at £120 million to back around 30 European Pre-Seed and Seed companies, focusing on areas including data, identity, compliance and AI orchestration. Sifted
Metaview secures £45m Series C
Metaview, a recruitment firm which deploys AI agents to source candidates, has raised its Series C funding round led by Insight Partners, with participation from GV, Intrepid Growth Partners, Seedcamp, Vertex Ventures US, Plural and Garuda Ventures. Soapbox.vc
Lifesaver Power charges up with £335k
Lifesaver Power, which sells and rents battery packs to charge phones or other devices from vending machines at sporting events such as Wimbledon, has raised £335,000 to expand its business. The investment came from Middleton Enterprises. Times
Goodbye pension, hello tension?
Sir Nigel Wilson, Chair of Cambridge Innovation Capital, claims that scrapping the state pension triple lock is a mere rounding error that won’t impact the nation’s broader fiscal trajectory. He also argues that cash ISAs should be scrapped, with funds channelled into science and technology. Times Radio
Game, set, AI match
Rhea Loucas, CEO of Worldmodeldata, believes that harvesting 3D gameplay data as training datasets can create the “GPT moment” for world models and physical robotics – offering a glimpse into the post-LLM AI era. WIRED
The proof is in the Budget pudding
Speaking on ‘Squawk Box Europe’, Steve Rigby, CEO of Rigby Group, noted that despite positive political rhetoric, businesses are waiting for the Budget to really understand the impact on the economy. He emphasised that companies are ready to move forward, but need political and fiscal stability to really get going. CNBC
Who’s in charge of the Scale-Up Fund?
The UK’s new £1 billion fund, backed by the British Business Bank (BBB), is looking for an investment manager to channel pension capital into high-growth science and tech startups. Pension providers such as Railpen and Nest have thrown their hat into the ring for the role, as have VCs such as Northern Gritstone and Octopus Ventures. Sifted
OpenAI: Apologies for the delay
OpenAI has halted the release of its GPT-6.1 Astra after internal safety evaluations revealed that the system fell short of its alignment and security standards. This has left the AI giant at a “threshold where they’re not sure they can test or release these models reliably”, according to Calum Chace, Co-Founder of Conscium. WIRED
This week’s Labour Party Conference put growth, devolution and public service reform at the centre of its “Hope Again” message. Prime Minister Andy Burnham outlined plans for a National Care Service and faster grid connections, while Chancellor John Healey pledged to back British industry and innovation through public procurement. Attention now turns to the Budget and how the Government will fund its ambitions.
Here are some announcements from the Conference that could shape the outlook for UK technology, investment and business:
A new route to faster grid connections
Burnham announced plans for Great British Grid, a publicly owned branch of Great British Energy intended to increase competition and speed up connections for businesses. He also called for a national energy plan and a stronger role for mayors and local leaders in the system.
Turning British ideas into British industry
Business, Innovation, Science and Trade Secretary Jonathan Reynolds set out an ambition to turn UK research into products manufactured and scaled at home, from semiconductors and AI chips to new healthcare treatments. He highlighted the role of the Industrial Strategy, university innovation and regional investment in creating jobs across the country.
Helping workers keep pace with AI
Healey announced the return of the Union Learning Fund, with a new focus on helping workers develop the skills to use AI. The commitment places workplace training alongside the government’s ambition to grow British AI companies and increase adoption across the economy.
If you aren’t all “Labour Party Conference-d out”, it’s time for some boots-on-the-ground journalism, as The Rundown was there this week. We’re going up in the world. 210 miles north, to be exact. The mood in Liverpool veered between jubilation from a party faithful delighted with their choice of new leader and a cautiously optimistic business community. There was some realism too, with the Chancellor delivering a “stern lecture” on the need for fiscal discipline. Let’s see how that one pans out over the next month. Startups and innovation were not exactly top of the agenda, but certainly had a voice on the fringes. Andy Burnham’s speech was so full of mega announcements that news outlets struggled to decide on a headline – social care, pensions, his refusal to wear a tie – but perhaps the most significant news for founders and investors is the “clear path” laid out for a closer relationship with the EU, with the possibility of rejoining very much left on the table. What could possibly go wrong?
This edition has been very Britain-focused, and we’re going to double down. If last week’s readership report is anything to go by, we hope our 60% US-based audience is still with us. As the [insert suitable adjective] Kim Kardashian once said, “It seems like nobody wants to work these days”. Which obviously isn’t true. Though, is she on to something? Probably not, but former Labour Minister Alan Milburn believes children as young as four should be taught about different careers. Forget ‘Paw Patrol’ and ‘Cocomelon’ – see, we’re down with the kids – it’s time to learn about what the next 65-odd years have in store. Milburn also suggests that 14- to 16-year-olds have mandated work experience placements. It wasn’t like that back in our day, that’s for sure. Yes, we know we’re really showing our age here. Do you know who else is showing us up? This 13-year-old who spent his summer building a computer game. Despite AI doing most of the heavy lifting, the teen has mastered prompting the tech and is running it like a “particularly unsympathetic CEO”. This knowledge from a young age could mean the difference in job opportunities and salaries when the time comes. For now, his dad is paying for him to come for our job. And yours. At least none of us will be adhering to VC Harry Stebbings’ infamous “996” work culture.