Business Matters

Artificial intelligence will help cure cancer within our lifetimes, according to Rene Haas, chief executive of Arm, the Cambridge-based company whose chip designs sit inside almost every smartphone on Earth. There are more than 350 billion chips using Arm technology have shipped worldwide.Haas says health is the "killer app" for the technology. Drugs can take 20 years to develop and around 95% of research and development efforts fail. He argues AI will shorten both the time it takes to discover new drugs and the time needed to test them, with some human trials eventually supplemented or replaced by AI modelling. "I believe in our lifetime, AI will help cure cancer," he tells BBC Economics editor Faisal Islam.But the ambitions Haas describes run into a physical constraint: the world cannot manufacture enough chips to meet demand. He says the industry is in an "absolutely supply-constrained environment" and expects that pressure to continue. Memory chip prices have risen sharply, smartphones are becoming more

(Episode 52) The chief executive of the world's largest water company has said Veolia would consider running Britain's water infrastructure if it were taken into public ownership, opening the door to a model in which the state owns the assets but private companies operate them.Asked whether that could mean "nationalise the assets, and Veolia comes in to manage them," Estelle Brachlianoff said: "It could be an option, yes."She described what that could look like in practice: Veolia running drinking water facilities, wastewater treatment plants and network management under contract, as it already does in other countries. What she ruled out was buying Thames Water. Pressed on the commercial opportunity, she said the ownership model was for government to decide.Brachlianoff leads a business with around €45 billion in turnover and 220,000 employees worldwide, including 15,000 in the UK. She says drought and water scarcity cost the British economy more than £1 billion this summer, with two-thirds of the country aff

Who should control Britain's biggest water company? Chris Weston, the chief executive of Thames Water, says he "completely agrees" with the Prime Minister that the industry, and Thames Water, needs greater public control. But he draws a clear distinction between stronger public accountability and public ownership, arguing that nationalisation or special administration could delay investment, increase uncertainty and ultimately leave taxpayers carrying the financial risk.Thames spent more than £1bn more than it received last year, with the shortfall currently funded by creditors. Under special administration, Weston says that funding would instead have to come from government while a new owner was sought. Full nationalisation, he argues, would place Thames Water's decade-long infrastructure programme on the public balance sheet alongside defence, health and education. His preferred solution is the proposal from more than 100 creditors to write off around £9bn of debt, inject fresh equity and rebuild the compan

etoro customers are "definitely moving away from crypto," according to the company's founder and chief executive, Yoni Assia. After more than a decade at the forefront of digital assets, Assia says customers are increasingly shifting towards mainstream investing and cash savings, as etoro expands beyond its trading platform into broader financial services. The company, which manages around $20 billion in customer assets for more than 40 million registered users, is pursuing a UK banking licence, launching a Visa debit card and expanding into everyday banking services.Assia also discusses how etoro balances that expansion with its continued offering of cryptocurrency trading. Alongside ISAs and long-term savings products, the platform continues to offer access to crypto assets. Asked whether it is appropriate to offer highly speculative crypto products alongside mainstream savings, Assia said he believes customers should have choice, while acknowledging that the crypto market is "a much less regulated" and "mu

Andria Vidler, the CEO of Allwyn UK - the operator of the National Lottery - has warned the British public risks losing it, unless it innovates. Allwyn took over the running of the National Lottery from Camelot in 2024, and it had pledged to double the amount if gives to good causes from 33 million pounds to 60 million pounds. But Vidler told Felicity Hannah that its future is at stake, if it doesn't continue to change and adapt at speed. Part of this is the UK launch of Powerball, the first time the American lottery has been offered outside the United States. Unlike EuroMillions, its jackpots are uncapped and can rise into the hundreds of millions. The interview also examines whether the National Lottery should be treated differently from other forms of gambling. Vidler rejected suggestions that draw-based games contribute significantly to gambling harm, arguing that waiting for a result removes the cycle of instant gratification associated with more addictive products. She also defended the lottery’s £500 w

The Halifax brand is being retired after more than 180 years — and Charlie Nunn says artificial intelligence is the reason why.The chief executive of Lloyds Banking Group told the Big Boss Interview that the way customers discover financial products has fundamentally changed. Increasingly, people are asking AI tools and large language models to find the best mortgage or savings account, making multiple banking brands less relevant in an increasingly digital world.That shift is also reshaping the debate around bank branches. Nunn challenges one of Britain's most politically sensitive narratives, arguing that physical access to banking has never been greater once post offices, banking hubs, community bankers, ATMs and cash points are taken into account. While he acknowledges that many people feel left behind by branch closures, he says the way banking services are delivered is changing, with thousands of Lloyds colleagues now providing hour-long consultations to vulnerable customers in their own homes. Traditio

AI and drone warfare will force a “complete reimagining” of how conflict risk is calculated and insured, the chief executive of Lloyd’s of London has warned, because traditional assumptions about how wars escalate may no longer hold.Patrick Tiernan, who runs the 337-year-old insurance marketplace, told the Big Boss Interview that autonomous weapons and AI-driven decision-making could remove the warning signs and diplomatic pauses that have historically allowed insurers to adjust cover as conflicts intensify.“When we talk about the way war is insured at the moment, it assumes that it’ll build up, that there’ll be breaks in there, and that you can increase the cover,” he said. “It’s very possible that won’t be the case as there is more drone warfare, more artificial intelligence in the decision-making. So we’re going to have to completely reimagine how we cover that.”His warning comes as governments increase defence spending and NATO allies reassess their military commitments. Tiernan said Lloyd’s must ensure i

Britain should stop taxing workers and start taxing robots, according to the chief executive of one of the country's biggest recruitment firms, who says the UK's tax system is pointing in entirely the wrong direction at the worst possible moment.James Reed, CEO of Reed Recruitment, told the Big Boss Interview that the government is taxing employers who hire young people "to pick up beer glasses in gardens" whilst letting AI and automation — the technologies actively replacing those workers — go entirely untaxed. His mantra: "Back humans, tax robots." And he wants the next prime minister and chancellor to make it the centrepiece of a wholesale redesign of how Britain raises revenue.Reed argues this is not a fringe idea but an inevitability. "Taxation follows wealth," he said. "When you see these companies being valued at over a trillion, that's where the action is. So that's where the taxation should follow." He envisions transaction-based levies on AI services and automation — "rather like VAT" — or surcharge

Mondelēz International, the company behind Cadbury, Oreo, Toblerone and Ritz, has warned that future European investment could bypass the UK if regulatory instability persists.Chief executive Dirk Van de Put says the UK is the company’s second-biggest market globally and contributes more than £2.3 billion to the economy each year, supporting 12,000 jobs and spending £1.3 billion with more than 1,000 UK suppliers. But he is sharply critical of food and drink being left out of the government’s industrial strategy, despite representing around a quarter of industrial turnover. He says the sector is being taken for granted and warns that repeated policy shifts have already cost Mondelēz £40 million in reformulation work that was then superseded by further changes. Asked whether future investment could go elsewhere in Europe because of government policy, he says: “Yes, of course.”Van de Put also defends Mondelēz’s decision to continue operating in Russia, despite acknowledging the company pays taxes there that cont

The next great wave of demand for artificial intelligence chips could come not from chatbots, but from humanoid robots caring for ageing populations. That is the prediction of Wendell Huang, chief financial officer of TSMC, the Taiwanese company that manufactures the world’s most advanced semiconductors. As countries grapple with rapidly ageing societies, Huang sees robot carers and autonomous vehicles as major commercial frontiers beyond the current boom in AI data centres.TSMC is already struggling to keep pace with demand. Huang says the company is expanding as fast as it can across Taiwan, the United States, Japan and Germany, but new fabrication plants take two to three years to build and a further year or two to reach full production. Despite concerns about overinvestment, he rejects the idea that AI is a bubble, describing it as a “multi-year structural megatrend” backed by the financial strength of the world’s biggest cloud and technology companies.The most advanced chips will continue to be ramped up

Debenhams was once one of the biggest names on the British high street. Founded in 1778, it collapsed into administration before being rescued in 2024 and rebuilt as a digital-only marketplace. Now, under chief executive Dan Finley, Debenhams Group is back to growth after reporting a £350 million loss in the year to February 2025. Finley argues the business is now one of the biggest turnarounds in recent UK retail history, with the Debenhams brand generating £654 million in annual revenue and a marketplace model built around 25,000 brands across fashion, home and beauty.But his biggest fight is not just with the legacy of the high street. It is with China's fast fashion giants. Shein and Temu have disrupted the UK market, and Finley says the brands in his group — Boohoo and PrettyLittleThing among them, once the original online fashion disruptors — have taken a hit. He admits they have had a tough time but says the fightback is under way, with the group dusting itself off and competing again. The challenge is

Jackie Jantos, CEO of Hinge, says the cost of living is reshaping dating habits, with daytime meet-ups becoming more common and traditional drinks dates becoming less popular as younger people look for cheaper ways to meet in person.She argues that AI should help users express themselves rather than speak on their behalf, rejecting suggestions that AI is making online dating less authentic. Hinge has introduced a range of AI-powered tools, including features that help users improve profiles, start conversations and reconsider potentially offensive messages before sending them. Jantos defends these interventions, saying they encourage reflection rather than creating a filtered version of users online.Jantos says it "breaks her heart" that some young people are turning to AI chatbots for emotional support instead of confiding in friends, arguing that difficult conversations and human connection remain essential parts of building relationships. She points to research showing high levels of loneliness among Gen Z

David Thomas, the outgoing chief executive of Barratt Redrow, says bricklaying robots are already being deployed on commercial building sites and predicts a revolution in how homes are built over the next decade.Factory-built timber frames, off-site manufacturing and “brick-simulation” cladding are beginning to reshape the construction industry, reducing the amount of labour required on site and changing how developments are assembled. Thomas believes the biggest transformation will come beyond ten years, as automation and factory production become increasingly embedded across housebuilding.The industry has struggled with recruitment for more than two decades, with far fewer young people entering trades such as bricklaying, plumbing and electrical work than in previous generations. Drone technology and AI are also becoming more common across large developments, helping with surveying, infrastructure monitoring and site security — though Thomas sees technology augmenting workers rather than replacing them enti

Lord Wolfson, Chief Executive of Next and a Conservative peer, warns Britain is facing a crisis in entry-level employment. Applicants for every shop vacancy at Next have almost doubled from 10 to 19 in just two years — a trend he describes as “indicative of just how big the crisis is in youth unemployment.” Across retail and the wider economy, he says there has been “a dramatic fall in entry-level employment opportunities” as rising National Insurance and National Living Wage costs push up the cost of hiring younger and less experienced workers. UK youth unemployment has now reached 15%.The crisis, he argues, will deepen under the Employment Rights Bill. Restrictions on flexible part-time working mean retailers risk being locked into permanent contracts when offering extra hours at Christmas or during university holidays. The result, Lord Wolfson says, will be fewer opportunities for students and reduced service for customers — consequences, he says, the government never intended. The legislation was “cobbled

Amazon's UK boss has called for work experience to be made mandatory for everyone aged sixteen and over, describing it as "the most transformative thing" he has seen for young people entering the workforce. John Boumphrey argues that the education system is not producing work-ready school leavers and that the blame should fall on the system rather than on young people themselves.The cost of living crisis and its effect on retail pricing is a constant theme. Just this week the govenment called on supermarkets to cap the price of some goods to help consumers. Boumphrey - who is the UK Country Manager - sets out how Amazon aims to match the lowest price among national competitors and resists the suggestion that government intervention could do a better job than competitive markets. He acknowledges the impact of National Insurance increases and global disruption, including the closure of the Strait of Hormuz, on business costs, while insisting these have not yet fed through to customer prices.Amazon's record as

Eben Upton, founder and chief executive of Raspberry Pi, joins the Big Boss Interview to discuss artificial intelligence, British manufacturing, semiconductors and why he believes there is a growing tendency to overestimate what AI tools can currently do. AI tools are “genuinely incredible”, Upton says, and he uses them regularly himself. But he warns against assuming they remove the need for human judgment, engineering skill or technical understanding. His concern is that the current enthusiasm around AI risks creating the impression that deep technical understanding is becoming less important, when in reality the opposite may be true. Raspberry Pi itself was originally created to reverse collapsing computer science applications at Cambridge University by giving children affordable programmable computers that could encourage them to “accidentally slide into engineering”. Upton’s message to young people is simple: “do more maths”. Despite advances in AI, he argues the world will need more engineers, not fewer

Andy Briggs, chief executive of Standard Life, joins the Big Boss Interview to discuss the war in Iran, pension reform,and the growing risk that millions of people are not putting enough aside for later life.Briggs says pension savers should not panic about the conflict in the Middle East, arguing that most economists expect short-term volatility rather than lasting structural damage to investments. Standard Life, which looks after 12 million customers and manages more than £300 billion in assets, believes pensions should be viewed over decades. Workplace retirement saving continued through COVID, the Ukraine inflation shock and the Liz Truss mini-budget fallout, because contributions are taken from gross pay before workers see their wages.Briggs addresses concerns about a potential AI bubble, noting that much of the funding flowing into artificial intelligence is now debt-based, which could create risks if companies fail to generate sufficient cash to service that debt.The new Pension Schemes Act — the bigge

Sarah Breeden, Deputy Governor of the Bank of England for financial stability, joins Big Boss Interview to discuss risks in the global financial system, the rapid growth of private credit, and whether markets are prepared for the next economic shock.She tells BBC Business Editor, Simon Jack the private credit market has grown to around $2.5 trillion in less than two decades, and says the BoE is watching the sector closely. She warns it has “never been tested at this scale” and that aspects of the market carry echoes of the period leading up to the 2008 financial crisis — including rising leverage, complex interconnections between funds, insurers, pension schemes and banks, and limited transparency compared to traditional lending.There are already signs of strain. Investors have begun pulling money out of some funds, while others have been gated or marked down. Breeden warns this could lead to what she describes as a “private credit crunch”, where companies reliant on this form of financing may struggle to ref

Pano Christou, CEO of Pret, joins Sean Farrington for this episode of Big Boss Interview to discuss fuel volatility, salads, and subscriptions.Pret is starting to see inflation from the war in the Middle East, with fuel price volatility affecting the business. Prices aren’t currently set to rise, but he says they may have to if disruption continues. Some exports into the Middle East business are taking longer, but that’s not hampering Pret’s growth ambitions in the region.He says Pret’s revised £5-a-month drinks subscription has grown by close to 25% over the past year, after the original COVID-era offer had to “evolve”. Its newer large salad range has been a “roaring success”, selling 40% more units than expected, especially in the evening, as consumers move away from bread.He says he never set out to become chief executive, having worked his way up from assistant manager after earlier roles at Pret and McDonald’s, and says career progression comes from focusing on the job in front of you.Presenter: Sean Far

Nathan Coe, CEO of Autotrader, joins Sean Farrington for this episode of Big Boss Interview to discuss how rising fuel prices, the rapid growth of Chinese carmakers and advances in AI are reshaping the UK car market.Coe says the recent spike in petrol prices has triggered an immediate shift towards electric vehicles, with enquiries on Autotrader up 30% month-on-month. He says higher fuel costs are pushing more buyers to reconsider the total cost of ownership, accelerating interest in EVs.He also highlights the rapid rise of Chinese manufacturers in the UK market, describing their growth as “mind-boggling”. Firms such as BYD, he says, have scaled in a year what took Tesla six to seven, helped by competitive pricing and a shift in consumer behaviour - with EV buyers showing less loyalty to traditional brands.Coe is also asked about the Competition and Markets Authority investigation into online reviews, stressing the company’s focus on acting with integrity.On AI, Coe says Autotrader is working with firms inclu