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- $125M Powers Tokamak’s Clean Energy Quest
$125M Powers Tokamak’s Clean Energy Quest
Santander’s £295m Crash Into Car Loan Chaos
This is Cliff Equity, the UK’s business newsletter that keeps you informed on what’s important in tech, business and finance in less than 5 minutes
In today’s stories:
$125M Powers Tokamak’s Clean Energy Quest
Santander’s £295m Crash Into Car Loan Chaos
Music Industry’s £7.6bn Victory Needs Safeguards
The summary: Tokamak Energy’s fusion breakthroughs, backed by £8M from British Patient Capital, are propelling the UK to the forefront of clean, limitless energy innovation, tackling climate change and securing a brighter, fossil-free future.
The details:
Fusion Energy Revolution: Backed by a hefty $125M funding round, including £8M from British Patient Capital, Tokamak Energy is poised to bring limitless, clean fusion power closer to reality.
High-Tech British Innovation: Born from the UK Atomic Energy Authority, Tokamak Energy’s spherical tokamak design and HTS technology are leading the charge in solving energy security and climate challenges.
Powering Progress: Funds will drive groundbreaking experiments near Oxford, with Tokamak Energy’s record-breaking ST40 paving the way for fusion pilot plants and advancements in renewable energy.
A UK Beacon for Global Fusion: With $335M raised to date and a team of 260 experts, Tokamak Energy positions Britain as a trailblazer in the race for sustainable, game-changing energy solutions.
Why it matters: Fusion energy is the ultimate power source—clean, limitless, and capable of banishing fossil fuels to the history books. With British ingenuity at the helm, Tokamak Energy’s breakthroughs could secure the UK’s spot as a global leader in the energy revolution while tackling climate change head-on. Plus, with millions pouring in, it’s proof that even the toughest science gets a standing ovation when it promises to light up the future (literally).
The summary: Santander and fellow lenders are facing a financial grilling over secret car loan commissions, with billions at stake and regulators revving up to overhaul the industry for a fairer ride.
The details:
Santander UK has braced itself with a hefty £295m provision for potential payouts tied to the car loan mis-selling scandal, as its third-quarter profits nosedived to £143m from £413m.
A recent court ruling, branding secret commissions to car dealers unlawful, has thrown motor loan providers like Santander, Lloyds, and Barclays into turmoil, with some scrambling to halt business or ban commissions outright.
With analysts pegging Santander's potential total bill at a staggering £1.4bn, the scandal could redefine the rules of the road for UK car finance—far beyond the FCA's initial crackdown.
The FCA and Supreme Court are now in the hot seat, with Santander and its peers rallying for clarity on what’s legal, as the sector braces for seismic shifts in customer protection norms.
Why it matters: Car loan customers might finally get their moment of justice (and perhaps a cheque), as lenders scramble to clean up their act after years of dodgy dealer commissions. For the banks, it's a financial headache that could turn into a billion-pound migraine, reshaping how they profit from your motor dreams. And for regulators, it’s a chance to prove they can park the legal chaos and keep the wheels turning smoothly for consumers.
The summary: The UK music industry smashed records in 2023 with a £7.6 billion contribution to the economy, but faces big challenges from global competition and AI chaos that need urgent action to keep the tunes playing.
The details:
Hitting the high notes: The UK music industry hit a record-breaking crescendo in 2023, contributing a hefty £7.6 billion to the economy and sending exports soaring to £4.6 billion – a 15% leap. Even employment danced to a new record, hitting 216,000 jobs.
Challenges behind the curtain: Beneath the glitz, the industry faces daunting foes: fierce global competition, rising financial pressures, and the unchecked chaos of generative AI – enough to make any musician’s hair stand on end.
The must-fix playlist: UK Music’s Tom Kiehl is clear on what’s needed: rein in rogue AI, ensure free music access for kids, cap cheeky secondary ticket prices, and sort out visa-free touring for artists and crews.
Why it matters: Beyond the catchy stats, this is a call for policymakers to step up and protect an industry that’s not just cultural gold but also an economic powerhouse. After all, you can’t put a price on a good tune – or can you?
Why it matters: The UK music industry is pulling its weight, contributing billions to the economy and creating thousands of jobs, proving it's more than just a good night out – it's a financial powerhouse. But with rising global competition and the wild frontier of AI, the sector’s future could be in jeopardy unless it gets the support it deserves. So, if policymakers want to keep Britain’s music scene at the top of the charts, they’d better tune into these issues before they hit a sour note.
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