Leading law firm cuts London back-office staff as it embraces AI

An increase in property down valuations, particularly in London and the south-east, is causing significant disruptions in the housing market, with some homes being valued at 10% or more below the agreed sale price. Mortgage experts warn that this trend is 'turning deals and lives upside down.'

PwC has indicated that the rise of artificial intelligence (AI) will likely result in a reduction of entry-level job opportunities within the firm. The accountancy giant's leadership has expressed concerns about the long-term implications of AI on employment in the sector.

The Serious Fraud Office (SFO) has arrested two men in connection with a suspected £20 million cryptocurrency fraud. The agency conducted raids at two locations in West Yorkshire and London while seeking information regarding £21.4 million invested in a cryptocurrency scheme known as Basis Markets.

Chancellor Rachel Reeves is set to announce a £1.7 billion plan for the extension of the Docklands Light Railway (DLR) to Thamesmead, one of London's most deprived areas. This funding aims to improve connectivity and is expected to facilitate the development of thousands of new homes in the region. The announcement is anticipated during the upcoming budget presentation next week.

Critics have described the current council tax system as chaotic, with some households in Blackpool facing higher bills than those in affluent areas of London. The potential changes to council tax are raising concerns as they could significantly increase annual costs for many families. Following the abandonment of a plan to raise income tax, Chancellor Rachel Reeves is expected to implement smaller tax measures to address public finance issues.

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At the 2025 Bloomberg New Economy Forum in Singapore, Mohamed Kande, Global Chairman of PwC, Forrest Li, Founder & CEO of Sea Limited, and Rishi Sunak, Former UK Prime Minister, discussed the tangible economic benefits generated by artificial intelligence. The conversation highlighted the significant impact AI has had on various sectors and the potential for future growth.