UK News Roundup: Crypto Ads Banned, Meta Boosts AI Spending, and Rising Water Bills
London - Several significant developments emerged across the UK business and technology sectors. A ban on cryptocurrency advertisements, increased investment in artificial intelligence, emergency loans for civil servants, bank branch closures, and rising water bills all made headlines.
The UK's Advertising Standards Authority (ASA) banned advertisements from cryptocurrency firm Coinbase, stating that they implied crypto could ease cost of living concerns. The ASA upheld complaints against a series of Coinbase ads from August that depicted the UK in disrepair alongside a satirical slogan and the exchange's logo. The watchdog found the ads "trivialised the risks of cryptocurrency," which is largely unregulated in the UK. Coinbase disagreed with the decision, but respected it.
Meanwhile, Meta, the parent company of Facebook, plans to nearly double its spending on artificial intelligence (AI) projects this year. According to Meta, the company expects to spend up to $35 billion this year, primarily on AI-related infrastructure. This is nearly twice the $16 billion Meta spent last year on AI projects and infrastructure. Over the past three years, the technology giant has invested roughly $140 billion in an attempt to get ahead of the AI boom. Meta boss Mark Zuckerberg said he is expecting "2026 to be the year that AI dramatically changes the way we."
In other news, civil servants experiencing financial hardship due to pension delays are being offered interest-free loans of up to £10,000. Cabinet Office Minister Nick Thomas-Symonds told MPs that the waits faced by retired civil servants were "completely and utterly unacceptable." The government stated that around 8,500 people have experienced issues with pension payments since Capita took over the administration of the Civil Service Pension Scheme in December. Capita has apologized to those affected, saying it inherited a backlog of 86,000 cases.
The banking sector also saw changes, with Santander announcing the closure of 44 branches, putting 291 jobs at risk. The Spanish-owned bank, like others on the high street, is closing physical stores as customers increasingly move online. Last year, Santander announced plans to close 95 branches, a quarter of its total, affecting 750 workers. Lloyds Bank is also planning to shut more than 100 branches by March under a scheme of closures announced last year. Ministers have criticized the closure of bank branches, arguing it restricts access to cash for elderly and vulnerable people. Santander said that 96% of its transactions are now done digitally.
Finally, households will see an increase in their water bills. Water bills will rise by £2.70 a month on average from April, a year on from hefty increases for households in many parts of the country. The average annual bill in England and Wales will increase by £33 to £639, prompting calls for a "stronger safety net" for those unable to pay. The size of the increase and the cost of the average bill both vary widely across different regions, with one water-only supplier raising prices by 13%. Water UK, the industry trade body, said bill increases were needed to fund vital upgrades to the system and tackle spillages that have caused a public outcry. The figures come a few days after it was announced water bills in Scotland would also rise.
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