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“Despite the gains, Kathleen Brooks, research director at XTB, said that “beneath the surface calm” there is growing concern about the “plumbing” in financial markets, everything from the cost of capital to the sustainability of the AI trade.”

“The latest UK gross domestic product (GDP) figures showed the AI spending boom was a key driver of growth in July, with many of the businesses recording the largest turnover identified as being involved in activities relating to AI and cloud computing.”

“The FTSE 250 fell 178.58 points, 0.7%, to 24,036.75, and the Aim all-share shed 7.64 points, 1.0%, to 775.98.”

“Companies using new technology including artificial intelligence (AI) reported it as a reason for not needing to replace workers when they leave.”

“Slough’s facilities are used for everything from cloud computing to financial transactions and boring old corporate IT to generative AI.”

“The FTSE 250 fell 396.78 points, 1.6%, to 24,143.21, and the AIM all-share slid 5.36 points, 0.7%, to 782.04.”

“Recent figures also revealed the UK economy recorded surprise growth of 0.4% in July as the AI spending boom helped deliver a boost, showing a more resilient than expected to start to the third quarter.”

“…jor risk is that he looks too “trad Labour” in undistinguished new thinking on growth and innovation to avoid the trap of turning fast into Labour-as-usual — many schemes and dreams and too few answers which would reassure the markets and stem borrowing…”

“Markets in London perked up mid-afternoon after a report showed US business activity growth accelerated for a fourth successive month in September to reach the fastest rate in more than five years.”

“The FTSE 100 index ended down 30.68 points, 0.3%, at 10,708.33, the FTSE 250 rose 35.08 points, 0.1%, to 24,526.45, and the AIM all-share rose 0.44 of a point, 0.1%, to 795.84.”

“Young people are increasingly showing interest in “AI-proof” trade jobs while employers are placing more weight on interpersonal skills, bosses said.”