Key events
Today’s conference will focus on “The active and strategic State”, suggests the screen in the lecture hall.
There is a great Treasury team here to support Rachel Reevesincluding Torsten Bell, Dan Tomlinson, Lord Livermore and Lucy Rigby.
Reeves will soon give a lecture at Mais
Here at Bayes Business School in the City of London, Rachel Reeves is about to deliver the annual But, with a big focus on Europe, AI and regional growth is expected.
The Mais Conference is a city institution, established in 1978 in honor of Lord Mais, former Lord Mayor of the City of London.
The Mais lecture is usually given by a leading politician, central banker or economist, to an audience of senior city officials, academics, alumni, students and the media.
Over the years, Sir Geoffroy How spoke about “The fight against inflation” in 1981, Tony Blair presented “The Economic Framework for New Work” in 1995, the Governor of the Bank of England Eddie George featured on “Monetary Policy in Britain and Europe” in 1997, and French President Valéry Giscard d’Estaing discussed “The New European Debate: The Eurozone and Greater Europe” in 2001.
Reeves is the first person to give two lectures But, having also been here in 2024.
Photography: Graeme Wearden
At Bayes Business School in the City of London, guests arrive for Rachel Reeves’ Mais lecture, which is due to start in 45 minutes.
They mingle around sushi, pastries, slices of meat, fruit and cheese.
MPs ask Lloyds how customers saw other users’ data
Parliament’s Treasury committee is demanding answers from Lloyds Banking Group over the computer glitch that allowed some Lloyds, Halifax and Bank of Scotland customers to view other users’ transactions.
Lady Meg Hillierthe committee chair says the incident appears to be an “alarming breach of confidentiality” (indeed!) and seeks further clarity on what happened.
In a letter to Lloyds, Lady Meg wants to know how many customers were affected by last week’s incident, what information was revealed and what compensation will be paid.
She asks:
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Can you provide the Committee with an overview of the incident, including the channels (e.g. app, online banking) and brands that were impacted by this incident. This should include a timeline for your response;
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A description of the information that was incorrectly presented to persons other than the account holder, including whether it was limited to simple transaction information or whether other personal information, including National Insurance numbers, was disclosed;
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Whether it is possible to identify those whose information has been incorrectly passed on to others, and if so, how you will communicate with these customers;
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The number of customers who were affected by the incident. If possible, separate the number of people who saw other people’s information and the number of people whose information was provided to others in error;
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What steps are you taking to encourage those who may have made copies of data to which they were not entitled to delete them;
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The amount of compensation Lloyds Banking Group has paid so far is linked to this incident and the number of people, and whether Lloyds Banking Group will be proactive in providing compensation to those who are currently unaware that they have been victims of this data breach;
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When Lloyds Banking Group first informed the Financial Conduct Authority and the Information Commissioner of this breach;
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Your first explanation of the reason for this data protection failure.
Dr Eleonore Craneassistant professor at Quantum computing King’s College Londonwelcomed Government’s £2.5 billion commitment for AI and quantum technologiessaying:
“This investment will provide an incredible boost to quantum research and enable the UK to maintain its long-standing role at the forefront of quantum computing.”
But…. challenges need to be overcome to pilot quantum computing in the UK, Doctor Crane adds:
“The challenges to promoting quantum computing in the UK include creating attractive positions for lecturer and professorships in the field of quantum computing. computer science for internationally renowned scientists (in addition to existing positions in quantum sensing and communications) and find ways to enable widespread collaboration with leading European countries in the quantum field that have an aligned vision of the future, such as France, Germany, Spain, Finland and Austria.
Here is the Chancellor’s message on AI:
This Government will make the UK the best place in the world for quantum and AI companies to start, scale and stay.
In a changing world, our economic plan is the right one.https://t.co/CnW6Kw7sA1
– Rachel Reeves (@RachelReevesMP) March 17, 2026
Many mid-sized UK businesses have already turned to AI, according to a new study.
AI adoption among mid-sized businesses has increased from 35% to 55% over the past two years, according to a survey conducted by the Center of Economy and commercial research (Cebr) in the name of HSBC UNITED KINGDOM found.
This increase is driven by the arrival of AI offerings such as large language models, advanced analytics and workflow automation, according to CEBR.
Nina Skéro, general director of Cebr, explain :
“Our results show that AI is starting to significantly influence productivity outcomes in the UK mid-market.
“However, productive adopters remain a minority within the mid-market. This suggests that there is still significant room for improvement in the sector. If more businesses move from initial adoption to deeper integration, the overall impact on UK productivity and domestic output could be substantial by the end of the decade.”
HSBC UK has launched a program called AI and Productivity Funding Initiativewhich will provide £5bn of loans to help UK businesses invest in “critical, future-ready capabilities”.
In Germany, investor sentiment plummeted as conflict in the Middle East threatened to drive up inflation and derail the country’s economic recovery.
THE ZEW The economic research institute’s monthly indicator fell to just -0.5 points in March, compared to 58.3 points in February.
Economists expected a more modest drop, to 39 points.