Business

The Welsh first minister has sparked controversy after urging the public to stop watching Netflix and instead go to the pub in order to support struggling hospitality businesses.

Speaking in the Senedd, Eluned Morgan said consumers needed to “get out of their homes” and use pubs, restaurants and cafés if they wanted them to survive, following the Welsh Government’s announcement of a one-year business rates discount for the sector.

Her comments came after ministers confirmed a 15 per cent business rate discount for pubs, restaurants, cafés and live music venues in Wales for the 2026–27 financial year. The measure is intended to help around 4,400 businesses facing rising costs, but the scheme will last for just one year.

England, by contrast, has introduced a longer package of support. Under plans announced by the UK Government, pubs and live music venues in England will receive a 15 per cent discount from April, with business rates frozen for a further two years.

During a heated exchange in the Senedd, Plaid Cymru leader Rhun ap Iorwerth warned that the hospitality sector in Wales was facing an “existential crisis” and called for urgent reform of the business rates system.

In response, Morgan said government support alone could not save the sector.

“If people want to see those businesses succeed, they need to use them,” she said. “They need to stop buying things online. They need to get out of their homes and stop watching Netflix.

“They need to stop buying that bottle of wine at home and go out to the pub. You can’t expect the state to step in and do the work that the public should be doing.”

Opposition parties reacted angrily, accusing the first minister of blaming the public rather than addressing structural pressures on hospitality.

Ap Iorwerth later said Morgan was “completely out of touch” and had a habit of “blaming others instead of taking responsibility for the government’s own failures”.

Welsh Conservative leader Darren Millar said the first minister had previously blamed Brexit and Donald Trump for economic difficulties in Wales and was now “blaming Welsh citizens and Netflix”.

Welsh Liberal Democrat leader Jane Dodds added: “People are not willingly choosing Netflix over the high street. They are being forced indoors because prices keep rising and wages are not.”

The Welsh Government defended the one-year duration of the scheme, saying decisions for 2027-28 and beyond would be for the next Senedd, with Welsh elections due in three months.

Finance secretary Mark Drakeford said ministers recognised hospitality and music venues were “facing real pressures, from rising costs to changing consumer habits”, and argued the rate cut would provide meaningful short-term relief.

Trade body UKHospitality Cymru welcomed the inclusion of restaurants and cafés but said it was “notable” that the relief only runs for a single year. It also warned that hotels, which face some of the largest increases, have been excluded entirely.

The Campaign for Real Ale (CAMRA) in Wales also welcomed the discount but cautioned that rising property valuations could still force pubs to close.

Business rates in Wales are set by the Welsh Government and collected by local authorities, with some firms facing sharp increases following revaluations.

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Stop watching Netflix and go to the pub, Welsh first minister tells public

Timur Yusufov is a business leader whose career sits at the crossroads of real estate, healthcare, and long-term community design. Born in the former Soviet Union, he moved to the United States in 1992. That early experience shaped how he thinks about stability, systems, and opportunity.

He studied Economics and Finance at the University of Maryland, Baltimore County. Rather than follow a traditional finance path, he entered real estate with a clear focus. He chose to work in overlooked neighbourhoods. Through his company, Unique Homes, LLC, he restored distressed properties in Baltimore. Many of these homes were structurally damaged and long abandoned.

“I wanted to work where the need was real, not where the returns looked easy,” he says.

As his real estate work progressed, Yusufov noticed how housing conditions affected health. Poor layouts, unsafe stairs, and limited access created daily challenges for families and older adults. That insight led him into healthcare.

He now serves as Chief Operating Officer of the adult medical day care division at Vital Care Pharmacy. There, he applies real estate thinking to care environments, focusing on accessibility, comfort, and flow.

Sustainability plays a key role in his work. Yusufov uses energy‑efficient systems and durable materials to support long‑term living, not short‑term gains.

Known for his hands‑on leadership style, he remains close to every project. His work reflects a belief that success comes from building systems that support people over time. He continues to explore multi‑generational housing, home‑based care, and integrated community models.

A Conversation with Timur Yusufov on Building Systems That Last

Q: Timur, let’s start at the beginning. How did your career take shape?

I didn’t follow a straight line. I studied Economics and Finance, which taught me how systems work. But I wasn’t interested in abstract models. I wanted to see the results on the ground. Real estate gave me that chance very early.

Q: You chose distressed properties instead of safer projects. Why?

That was intentional. In Baltimore, there were homes that had been empty for years. Some had roofs missing. Some had trees growing inside. Most people saw risk. I saw structure and possibility.

One of my first projects had severe water damage. Everyone said tear it down. We kept the foundation, reinforced it, and rebuilt the home for a family that stayed long‑term. That changed how I thought about value.

Q: When did healthcare enter the picture?

Through the housing work. I noticed patterns. Families were dealing with mobility issues. Older residents struggled with stairs and tight spaces. Poor design was creating health problems before anyone reached a clinic.

That led me to healthcare operations. I joined Vital Care Pharmacy and eventually became COO of the adult medical day care division.

Q: How did your real estate experience help in healthcare?

Design matters. In one centre, we widened hallways and improved lighting. Staff moved more easily. Patients were calmer. Falls decreased. None of that required advanced equipment. It was layout and planning.

“If a space feels chaotic, care becomes harder,” I realised. “If it feels calm, everything works better.”

Q: You often talk about long‑term thinking. What does that mean in practice?

It means building for use, not for show. In housing, that meant insulation, efficient heating, and durable materials. One family saw their monthly energy costs drop from around $300 to under $100. That matters.

In healthcare, it means designing spaces that still work ten years later. Not trends. Not quick fixes.

Q: What challenges did you face blending real estate and healthcare?

Scepticism. People saw them as separate worlds. I had to prove that environment affects outcomes. Over time, results spoke louder than explanations.

Q: How would you describe your leadership style?

Hands‑on and structured. I visit sites. I talk to residents and staff. Reports are useful, but they don’t replace being present.

“You can’t manage from a distance and expect things to work.”

Q: What are you focused on now?

Multi‑generational housing and home‑based care. More families are living together. Housing hasn’t caught up. I’m working on flexible layouts that adapt as families change.

I’m also exploring how smart systems can support ageing at home safely, without turning homes into clinics.

Q: How do you define success today?

Success is when people stay. When homes are still working years later. When care environments reduce stress instead of adding to it. Quiet results matter more than attention.

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Timur Yusufov on Building Systems That Support People

Mohit Seth is a seasoned finance expert and the founder of MAAK Finance Ltd., a mortgage practice known for its clear, client-focused advice.

Based in Canada, Mohit works as a Mortgage Broker, Real Estate Agent, and Insurance Professional, offering a well-rounded perspective on property financing and financial protection.

Originally from Lucknow, India, Mohit earned a Master’s in Mathematics before moving to Delhi to complete a Master’s in Finance. These academic foundations gave him a sharp, analytical approach to decision-making. He began his career at ICICI Bank, where he rose quickly through the ranks. He later moved to Canada and joined TD Canada Trust, where he worked as a Small Business Advisor, earning top-performer honours across the Prairie region.

In 2014, Mohit shifted to mortgage brokering, and by 2022 he launched his own independent firm. His work spans residential and commercial mortgages, and he often helps first-time buyers, property investors, and small business owners find smart, long-term solutions. His knowledge of banking, real estate, and insurance allows him to offer end-to-end advice, tailored to individual needs.

Clients trust Mohit Seth for his calm, methodical approach and his commitment to explaining things clearly. “There’s no such thing as a bad question,” he often says.

Outside of work, he enjoys reading about markets, staying active, and spending time with family. Mohit is also a quiet supporter of community causes and financial education.

Q&A:

What led you into the world of finance?

I’ve always enjoyed problem-solving. I studied mathematics first—it taught me how to approach things logically. Later, I added a Master’s degree in finance to better understand how the world works in real terms. That mix of theory and application was a good fit for banking. I started with ICICI Bank in India and worked my way up.

What were those early years in banking like?

Fast-paced. ICICI taught me a lot. I began as a Loans Manager and eventually became a Cluster Manager. I handled credit, risk, and client relationships across branches. It was very hands-on. I remember once helping a small business owner restructure his loan when his inventory was hit by flooding. It wasn’t just about numbers—it was about listening, finding options, and helping someone stay afloat.

When did you move to Canada?

In 2009. I wanted to broaden my horizons. I joined TD Canada Trust and worked as a Financial Advisor, then a Small Business Advisor. That gave me a chance to understand a whole new market. I learned quickly that trust matters here even more. Clients wanted transparency and someone who could break things down simply.

What did you enjoy most about working with clients directly?

Seeing them succeed. Especially first-time homebuyers or small business owners. When I was at TD, I was lucky to be ranked among the top 20 investment consultants in the Prairie Region. But it was always the client calls later—when someone moved into their new place or expanded their business—that meant the most.

What made you shift into mortgages and self-employment?

By 2014, I wanted to offer more than what the banks allowed. At Mortgage Alliance, and now independently with MAAK Finance, I can source options from across lenders. I’m not tied to one product. That lets me focus on solutions that actually fit the person sitting across from me. A good mortgage isn’t about the rate alone—it’s about the right structure for the life someone’s building.

What does a typical client interaction look like for you now?

First, I listen. I ask a lot of questions. People often come in thinking they know what they need. But sometimes they’re reacting to what a friend said or something they saw online. My job is to get a full picture—income, goals, comfort level—and then build from there.

You’re also licensed in real estate and insurance. Why wear so many hats?

Because life doesn’t happen in silos. Someone buying a home usually needs financing. They might also need mortgage protection or life insurance. Sometimes they’re also selling a property or investing in another. Being able to offer support across all of that makes the process smoother for them—and more complete.

What’s changed in the industry since you started?

Access to information. Clients do a lot of research now, which is great. But it also means more confusion. There are online calculators that aren’t accurate, outdated advice, and one-size-fits-all ideas being treated like rules. My role has shifted toward helping people interpret and apply what actually matters to their case.

What’s something people often overlook when it comes to financing?

Preparation. I always tell clients to review their credit reports, organise documents, and understand their affordability range before falling in love with a home. It saves disappointment. Also, people forget that lending rules vary across lenders—even slightly—so working with someone who understands the full landscape can make a big difference.

What’s a recent professional moment you’re proud of?

Helping a family navigate a complex refinance during a tough time. They were between jobs, had growing children, and needed flexibility. We found a structure that gave them breathing room. Later, they told me it helped them avoid selling the house. That kind of impact sticks with you.

Outside of work, what keeps you grounded?

Reading. I like finance books and global economic trends. I also walk a lot—it clears my head. And spending time with my family. My children help me see things simply again. That’s helpful in this line of work.

You’ve received multiple awards over the years—how do you define success now?

Consistency. Not every deal is big. But if you show up, communicate clearly, and deliver on your word, people remember. Many of my clients have come through referrals or returned after years. That kind of trust is earned day by day.

What advice would you give to someone entering this industry?

Keep learning. Stay humble. And never assume two clients are the same—even if their numbers are. This is a people-first business.

Final Thoughts

Mohit Seth’s approach is built on substance. With over a decade of banking experience, deep academic training, and a multi-licensed practice, he brings both range and rigour to every client interaction. As finance evolves, so does he—always listening, always learning, and always focused on what matters most to the people he serves.

Read more:
Mohit Seth: Mortgage Broker, Real Estate Agent, and Insurance Professional

Aileen Wisell is a Boston-based graphic designer who has built a steady, respected career in visual communication.

Her work focuses on helping businesses clarify their message and express it through thoughtful, well-structured design. She specialises in logos, websites, and marketing materials that support long-term brand growth rather than short-term trends.

Raised in Massachusetts, with formative years spent in Portland and Cape Elizabeth, Maine, Aileen developed an early habit of close observation. The coastal environment shaped her appreciation for balance, restraint, and detail. These qualities later became central to her professional approach.

Over time, Aileen Wisell established herself as a designer who leads through process rather than noise. She begins every project by listening carefully, asking precise questions, and identifying the core idea a business wants to communicate. “Design works best when it’s built on understanding,” she notes. This method has allowed her to translate complex ideas into clear, practical visual systems.

Aileen is known for her consistency and discipline. She favours structured thinking, documentation, and repeatable workflows that support reliable outcomes for clients. Her leadership shows in how she guides projects from early concept to final execution with clarity and focus.

Outside of work, she draws perspective from travel, gardening, and paddleboarding. These activities reinforce patience and adaptability—skills that directly inform her professional decisions.

Through deliberate thinking and steady execution, Aileen Wisell continues to influence how modern businesses approach design as a strategic tool, not just a creative output.

Building a Thoughtful Career in Design: A Q&A with Aileen Wisell

How did your early life shape the way you think about design today?

Growing up in Massachusetts and spending formative years in Portland and Cape Elizabeth had a lasting impact on how I observe the world. Coastal environments teach you to slow down and notice details—light changing on the water, textures in rocks, the balance between openness and structure. I didn’t know it at the time, but those habits of observation became the foundation of how I approach design. Even now, I think a lot about space and restraint, which I associate strongly with those early environments.

When did you begin to see design as a career rather than an interest?

That shift happened gradually. I was always drawn to visual communication, but early on I treated design as something exploratory rather than a defined career path. Once I started working with real clients, I realised how much responsibility design carries. You’re not just creating something visually appealing; you’re helping a business communicate clearly. That understanding changed how seriously I approached the work and pushed me to develop a more disciplined process.

What were some of the challenges you faced early in your career?

One of the biggest challenges was learning when to say no. Early on, I took on a wide range of projects, thinking that volume equalled progress. Over time, I realised that focus mattered more. I also made mistakes. I once delivered a brand identity that looked strong but didn’t connect with the intended audience. It was a turning point. I learned that aesthetics alone aren’t enough. Design has to be rooted in understanding context, audience, and purpose.

How would you describe your design process today?

My process always starts with listening. Before I sketch anything, I spend time asking questions about goals, audience, and values. I want to understand what someone is really trying to say. From there, I move into research and rough sketches. I keep notebooks filled with drawings and notes from travel or everyday life. For example, a tile pattern I noticed while travelling in Lisbon later became the structural grid for a client’s website. Ideas often come from unexpected places when you give yourself room to notice them.

How has your location influenced your career?

Being based in Boston has been valuable because it sits at the intersection of tradition and innovation. There’s a strong respect for craft here, but also an openness to new ideas. That balance suits me. At the same time, I still draw heavily from my Maine roots. The contrast between city energy and quieter coastal environments helps me maintain perspective, especially in an industry that can feel fast and demanding.

How do you maintain creative focus in a busy industry?

I step away regularly. Gardening and paddleboarding aren’t just hobbies for me; they’re part of how I think. Gardening reinforces patience and long-term thinking. Paddleboarding teaches adaptability and presence. Both activities help clear mental clutter. When I return to work, I’m more focused and less reactive. I’ve found that creativity improves when you respect your limits rather than pushing through exhaustion.

What changes are you seeing in the design industry right now?

There’s a growing shift towards what I’d call slower, more intentional design. Clients are becoming less interested in trends and more focused on clarity and longevity. That’s encouraging. Design is being recognised more as a strategic tool rather than a decorative one. It aligns with how I’ve always worked—building systems that support communication over time, not just short-term visual impact.

How do you see your role evolving as your career progresses?

I’m increasingly involved in helping clients think strategically about their brands, not just visually. I also feel drawn to mentoring younger designers. Early in my career, I learned a lot through trial and error. Being able to offer guidance, especially around process and balance, feels like a natural next step.

What advice would you give to someone building a career in design today?

Pay attention. Not just to design trends, but to the world around you. Observe how people interact with spaces, signage, and visuals. Take breaks. Give ideas time to develop. And most importantly, listen. The strongest design comes from understanding, not assumptions.

What continues to motivate you in your work?

Seeing someone gain clarity through design. When a client understands their own message more clearly after a project, that’s meaningful to me. It reminds me that design isn’t just about output. It’s about helping ideas take shape in a way that feels honest and useful.

Read more:
Inside Aileen Wisell’s Approach to Building Meaningful Design Work

The Government has unveiled new guidance to help employers prepare for major changes to employment law, as ministers seek to fix what they describe as a “broken labour market” while supporting business growth.

The guidance follows the passing of the Employment Rights Act 2025, which will introduce a series of reforms from April aimed at establishing a fairer baseline of workplace protections. Ministers argue the changes reflect practices already adopted by many employers and will deliver long-term productivity and staff retention benefits.

As part of the rollout, the Government has launched a new online hub, providing free, practical support for the UK’s estimated 1.4 million employers. The site includes clear timelines, summaries of upcoming changes, actions businesses need to take, and links to further guidance.

From April, statutory sick pay will become payable from the first day of sickness absence, while new “day one” rights will be introduced for parental leave and paternity leave. Further reforms will be phased in gradually over a two-year period, a move the Government says is designed to give employers time to adapt and implement changes correctly.

Employment Rights Minister Kate Dearden said the reforms were central to the Government’s economic strategy.

“Creating a modern, fair and dynamic labour market is central to this Government’s plan for growth,” she said. “We want to make it easier for employers to find the people they need, while ensuring that work pays and feels secure.

“Through clear guidance, we are giving businesses the practical support they need to understand these changes and get things right first time. By improving fairness and security at work, we boost productivity, strengthen retention and support businesses to succeed.”

The Government said it has already held nearly 350 engagements with businesses as part of its Plan to Make Work Pay, with further consultation planned as implementation continues. Officials said this engagement is shaping both the reforms themselves and the guidance being provided to employers.

Additional support will also be available through Acas and sector bodies.

Acas chief executive Niall Mackenzie said: “We are proud to support the Government’s awareness campaign to help businesses understand and prepare for these employment law changes, which will affect all workplaces.

“Acas has advice, webinars and training available to help employers and workers prepare, and we will continue to update our guidance as the new laws are implemented. Being ready for change can help prevent disputes and support healthy working relationships.”

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Government issues new guidance to help businesses prepare for employment law changes

Lucie Macleod, founder and chief executive of Hair Syrup, has unveiled The Hair Syrup Honey Pot, a competition offering one UK entrepreneur £5,000 in cash alongside four hours of personalised, one-to-one mentoring.

The award comes with no equity attached and no commercial strings, with the aim of providing practical support at the earliest stages of building a business.

The initiative invites UK-based founders aged 18 and over to submit a short pitch video on TikTok or Instagram outlining their business idea. Entrants must tag @hairsyrup, use the hashtag #thehairsyruphoneypot and complete an online application form. A shortlist of applicants will then be invited to pitch in person, with one winner selected to receive the funding and mentoring sessions.

Macleod said the scheme was inspired by her own experience of rejection and self-funded growth. “One year ago I appeared on Dragon’s Den and was rejected on national TV,” she said. “That moment became one of the best things that ever happened to me because it pushed me to believe in myself, connect with our community and build something real. I know how hard it feels to start with nothing, so this is my way of giving back.”

Hair Syrup began as a student-kitchen experiment before finding rapid traction on TikTok, where Macleod shared her own hair transformation story. A single viral video helped catapult the brand into national attention, driving strong organic growth and a fast-growing social following. The business has since expanded rapidly into retail, fuelled by community demand rather than external investment.

In 2025, Macleod was named Young Founder of the Year at The Sunday Times 100 Awards, recognised for building one of the UK’s fastest-growing beauty brands from a grassroots start.

The Honey Pot initiative reflects a growing trend of founder-to-founder support, offering early-stage entrepreneurs both capital and hands-on guidance at a point where access to funding and mentorship can be limited.

The competition is open to UK residents aged 18 and over, with terms and conditions applying.

Read more:
Hair Syrup founder launches £5,000 ‘Honey Pot’ fund to back UK entrepreneurs

Around one million people missed the deadline to file their self-assessment tax return, leaving them facing automatic penalties, according to HM Revenue and Customs.

HMRC said 27,456 taxpayers filed in the final hour before the midnight cut-off at the end of Saturday, after the tax authority kept helplines open and extended webchat services over the weekend in a bid to help late filers.

The busiest period for online submissions was between 5pm and 6pm on Saturday. In total, 475,722 people filed on the final day, bringing the overall number of submissions for the 2024–25 tax year to around 11.5 million.

Anyone who failed to file on time now faces an automatic £100 penalty, even if there is no tax to pay or the tax owed has already been settled.

Myrtle Lloyd, HMRC’s chief customer officer, said: “Thank you to the millions of people and agents who filed their self-assessment tax return and paid any tax owed by 31 January. Anyone who missed the deadline should file their return as soon as possible, as penalties and late payment interest may be charged.”

While most employees pay tax automatically through PAYE, self-assessment remains mandatory for people with additional income. This includes those earning more than £1,000 from self-employment, or from renting out property or land during the tax year.

Some individuals were no longer required to submit a return this year, including those whose only previous reason for filing was earning more than £150,000, or parents who now pay the high income child benefit charge through PAYE instead of self-assessment.

A similar number of taxpayers missed the deadline last year. HMRC’s penalty regime escalates the longer a return remains outstanding. In addition to the initial £100 fine, late filers can face daily penalties of £10 after three months, capped at £900, followed by further penalties after six and 12 months.

Separate penalties also apply for paying tax late, with 5% surcharges applied after 30 days, six months and 12 months, alongside interest on unpaid balances.

HMRC said it will consider reasonable excuses for missing the deadline and may cancel penalties where appropriate. However, tax experts warn against delaying action.

Charlene Young, senior pensions and savings expert at AJ Bell, said: “Even if you intend to appeal a penalty, it’s often sensible to pay it upfront to avoid interest being added if the appeal fails. If you owe tax and can’t pay in full, a payment plan may be available — but ignoring the problem will only make it worse.”

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One million miss HMRC tax return deadline as penalties begin

Barnsley has been rebranded as Britain’s first “tech town”, with ministers unveiling plans to use artificial intelligence to improve local schools, healthcare and businesses as part of the government’s push to embed AI across the economy.

The designation was announced by the technology secretary Liz Kendall, who said the South Yorkshire town would act as a national testbed for “how AI can improve everyday life”. Under the initiative, US technology groups including Microsoft, Google, Cisco and Adobe will support the council as it expands the use of AI across public services and the local economy.

The programme will offer residents free AI and digital skills training, provide support for small businesses to adopt AI tools, and pilot new systems in healthcare and education. Plans include testing AI-assisted check-ins, triage and outpatient care at local hospitals, introducing AI tools in GP services, and trialling AI applications in schools and at Barnsley College to improve attainment and reduce teacher workloads.

Barnsley was selected in part because it has already moved faster than many areas in adopting AI. The council has used AI assistants in adult social care and children’s services, while sensor-equipped bin lorries have been deployed to scan roads for potholes. Logistics firm Evri, which operates a major distribution hub in the town, has also trialled robotic technology for deliveries.

Sir Stephen Houghton, Labour leader of Barnsley metropolitan borough council, said the initiative represented the biggest economic opportunity for the area since the decline of coal mining. “The economic basis of Barnsley was destroyed 30 years ago,” he said. “The future of the economy is technology, and being at the centre of that is an incredible opportunity.”

The precise financial arrangements with the technology companies remain unclear. Houghton said the council would not be paying them directly, and that some firms were expected to contribute on a pro bono basis. Microsoft already works with Barnsley College, and Google and Cisco are understood to be offering support without charge.

Kendall said lessons learned in Barnsley would inform a wider national rollout. “If we can show that AI helps young people learn, supports local businesses to be more productive, and improves public services, then we can show what’s possible for the whole country,” she said.

However, the initiative comes amid wider debate about the government’s relationship with big tech. Recent criticism has focused on the content of a new national AI training programme and the frequency of ministerial meetings with technology executives. The Department for Science, Innovation and Technology said hundreds of courses on its AI Skills Hub are free and all offerings are assessed against common quality criteria.

Local opposition figures welcomed the investment but warned of public concern. Hannah Kitching, leader of the council’s Liberal Democrat opposition, said there was anxiety about AI’s potential downsides, particularly among older residents. She added that while new opportunities were welcome, many people wanted the council to focus on basics such as road repairs and bin collections alongside its tech ambitions.

Read more:
Barnsley named UK’s first ‘tech town’ as US giants back AI rollout

The Information Commissioner’s Office has launched formal investigations into X Internet Unlimited Company and X.AI over their handling of personal data in connection with the Grok artificial intelligence system.

The regulator said the probes follow reports that Grok has been used to generate non-consensual sexualised images and videos of individuals, including children. The alleged creation and circulation of such content raises “serious concerns” under UK data protection law and presents a risk of significant harm to the public, the ICO said.

The investigation will examine whether personal data has been processed lawfully, fairly and transparently, and whether adequate safeguards were built into Grok’s design and deployment to prevent the generation of harmful manipulated imagery using personal data. The ICO said failures in such safeguards could lead to individuals losing control of their personal data in ways that expose them to immediate and lasting harm.

The move follows a public statement issued by the regulator on 7 January, when it confirmed it had contacted both companies to seek urgent information about the reports.

William Malcolm, executive director for regulatory risk and innovation at the ICO, said the allegations raised “deeply troubling questions” about the use of people’s personal data without their knowledge or consent.

“Losing control of personal data in this way can cause immediate and significant harm, particularly where children are involved,” he said. “Our investigation will assess whether X Internet Unlimited Company and X.AI have complied with data protection law in the development and deployment of Grok, including whether appropriate safeguards were in place to protect people’s data rights.”

The ICO said it is working closely with Ofcom and international regulators to ensure a coordinated approach to online safety, privacy and data protection as AI technologies are rolled out.

The regulator added that it would take enforcement action if it finds data protection obligations have not been met. It said it would not provide further comment while the investigation is ongoing.

Read more:
ICO opens formal investigation into Grok AI over data protection and harmful imagery concerns

The FTSE 100 closed at a fresh record high on a day of whipsawing global markets, as a strengthening US dollar offset sharp falls in commodities including gold, silver and oil.

London’s blue-chip index finished up 118.02 points, or 1.15 per cent, at 10,341.56, reversing an early European sell-off and setting a new closing peak. Traders bet that the dollar’s recent rally would boost earnings prospects for UK-listed multinationals, around three-quarters of which generate revenues in dollars.

The session was marked by heavy volatility across asset classes:

Gold prices fell a further 1.9 per cent to $4,648.76 an ounce, their lowest closing level since mid-January and more than 13 per cent below last week’s record high. Silver, which had surged earlier this year, also slid 1.9 per cent to $76.78 an ounce, leaving it down more than a third from its recent peak.

Oil prices suffered their worst daily drop in months. Brent crude fell 4.4 per cent to $66.08 a barrel, its sharpest decline since June last year, after Donald Trump signalled a possible easing of tensions with Iran, an Opec member. Despite the fall, Brent remains around 9 per cent higher since the start of the year.

In digital assets, bitcoin rose 1.8 per cent to $78,282 but remains more than 30 per cent below its record intraday high set in October.

The renewed pressure on precious metals began late last week after Trump named Kevin Warsh as his preferred successor to Jerome Powell as chair of the Federal Reserve, when Powell’s term ends in May.

Warsh is seen by markets as more likely to resist political pressure to slash interest rates aggressively, easing concerns over the long-term credibility of US monetary policy and denting demand for traditional safe-haven assets such as gold.

Despite the sharp correction, many analysts argue the sell-off in precious metals may have gone too far. Analysts at Jefferies said the longer-term backdrop still favours commodities, citing continued investor and central-bank interest in real assets amid global macroeconomic uncertainty.

Meanwhile, UBS, which has forecast gold could reach $6,200 an ounce this year, said the market appears to be in the “mid-to-late stage” of its current bull run, with intermittent pullbacks of 5–8 per cent to be expected.

The dollar index, which tracks the US currency against a basket including the euro and yen, rose nearly 0.5 per cent on the day and is up 1.6 per cent over the past week — a move that has helped underpin the FTSE 100’s record-breaking performance, even as commodity markets cool.

Read more:
FTSE 100 hits record high as dollar rallies and gold extends sharp pullback