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The Guardian - UK
The Guardian - UK
Business
Larry Elliott

A simple solution to Rachel Reeves’ spending cuts? Stop subsidising the banks

Rachel Reeves Bank of England Interest Rates Threadneedle Street
Japan's Fugaku supercomputer in luminous green hues lights up the Riken Center for Computational Science in Kobe, Hyogo prefecture
Spending cuts means the £800m of state investment earmarked for a UK supercomputer has been axed. Photograph: JIJI PRESS/AFP/Getty Images

Well that didn’t take long. Less than a month after becoming chancellor Rachel Reeves has gone native at the Treasury, putting a red pencil to plans for new hospitals, roads and rail projects that the government says it can’t afford.

The latest to bite the dust is the £800m for an exascale supercomputer at the University of Edinburgh and a further £500m for the AI Research Resource, which funds computing power for AI.

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