Business & Technology
UK sets out Bill to speed AI regulation & sandboxes
KAREN JOY BACUDO
Finance Editor
The UK government has set out a new Regulating for Growth Bill as part of the legislative agenda in the latest King’s Speech.
The Bill aims to reshape how regulators oversee fast-moving sectors, including artificial intelligence and other digital technologies. Ministers have presented it as a response to concerns that existing rules and agencies are not adapting quickly enough to innovation.
Under the plans, departments would gain new powers to revise or repeal regulations deemed outdated or burdensome. The package would also expand the use of regulatory sandboxes, allowing companies and public bodies to test new products and services under supervision.
Legal and technology sector figures broadly welcomed the proposals, while warning that wider economic reforms must match them. Commentators pointed to pressures on smaller firms, as well as the need for strong data governance and international coordination on AI.
Edward Garston, a partner at Spencer West, said the Bill could improve the UK’s appeal to high-growth technology ventures.
“It was encouraging to hear the announcement of the ‘Regulating for Growth Bill’, which seeks to streamline and update the regulatory environment. Even the government admits our regulatory environment has failed to keep pace with a world of accelerating change, and if this Bill is successfully adopted, then it could enhance the UK’s standing on the world stage in attracting AI and other emerging technology startups.”
He also warned that broader economic pressures continue to weigh heavily on SMEs across the UK economy.
“But this initiative alone is unlikely to be the shot of adrenaline that SME businesses so desperately need, as they battle the many headwinds of increased employment costs and employment rights, business rates, and some of the highest industrial energy costs across the developed world,” said Garston.
Technology executives focused on the role of regulatory sandboxes in the government’s plans, arguing that controlled testing environments could help speed the move of AI systems from pilots into mainstream use.
“Businesses will welcome the Regulating for Growth Bill and its recognition that regulation must evolve alongside technological innovation. The right regulatory framework can protect consumers and give organisations the confidence to innovate, invest and scale emerging technologies such as AI. Regulatory sandboxes have the potential to become one of the UK’s most important tools for turning AI ambition into economic impact,” said Greg Hanson, Group Vice President and Head of EMEA North at Informatica.
Hanson said regulatory sandbox environments could help businesses and public services accelerate AI innovation by enabling real-world experimentation, but stressed that organisations also need trusted, high-quality data to scale AI systems beyond the testing phase confidently.
“Giving businesses and public services sandbox environments to test and experiment with AI in real-world conditions will help drive innovation. However, organisations can only test and scale AI confidently if they have trusted context around the data feeding their AI systems.”
“That means understanding where data has come from, how it’s connected, if it’s complete, and whether it can be trusted. Without that, they lose confidence in AI outputs, leaving organisations stuck in experimentation rather than delivering real value at scale,” said Hanson.
Harshul Asani, President and Head of UK and Europe at Tech Mahindra, said the debate around AI regulation was shifting.
“The conversation around AI is now moving away from ambition to accountability. The Regulating for Growth Bill reinforces the importance of creating the right frameworks to support that shift.”
Asani said the UK’s proposed regulatory reforms could help accelerate AI adoption by creating more flexible environments for experimentation while still maintaining safeguards around trust, accountability and oversight.
“Measures such as regulatory sandboxes are an important step. The ability to innovate faster while maintaining public trust is especially important for the public sector, and striking the right balance between innovation and assurance will be critical if the UK is to realise AI’s long-term economic and societal value.”
“But effective AI governance cannot happen in isolation. AI is a global technology; its long-term success will depend on the UK’s ability to collaborate across borders, industry and regulators to establish standards, shared safeguards and consistent oversight. That collective approach will be essential to turning AI’s potential into meaningful, sustainable impact.”
Industry leaders said the UK’s proposed regulatory reforms could help accelerate AI adoption by creating more flexible environments for experimentation while still maintaining safeguards around trust, accountability and oversight.
“Measures such as regulatory sandboxes are an important step. The ability to innovate faster while maintaining public trust is especially important for the public sector, and striking the right balance between innovation and assurance will be critical if the UK is to realise AI’s long-term economic and societal value.
“But effective AI governance cannot happen in isolation. AI is a global technology; its long-term success will depend on the UK’s ability to collaborate across borders, industry and regulators to establish standards, shared safeguards and consistent oversight. That collective approach will be essential to turning AI’s potential into meaningful, sustainable impact.”
The comments reflect broader industry calls for internationally aligned AI governance frameworks as governments and regulators race to support innovation without weakening transparency, consumer protections or operational resilience.
Business & Technology
Oxfordshire antiques company dissolved after 26 years
Vine Antiques Ltd, a company registered to Baynards Green Business Park in Bicester since 2016, was officially struck from the register and dissolved on February 17, 2026.
The company, which was involved in the retail sale of antiques including antique books in stores, had been running for 26 years since it was incorporated in January 2000.
Baynards Green trading estate near Bicester, when the company was registered (Image: Google)
READ MORE: Oxfordshire village pub to reopen under new management
When it was incorporated, the company’s memorandum of association said it’s object was to ‘carry on the business of purchase and resale of Georgian and Victorian silverware and other antiques’.
The last accounts made up to December 2023 showed the company owed more than £273,000 to creditors within the year, against just £8,500 in assets.
It faced a compulsory strike-off last December which was completed in February this year.
Business & Technology
Government review as Santander, NatWest and Lloyds close branches
The Government says it is increasingly concerned that elderly customers, vulnerable people and those living in rural areas could be left struggling to access essential banking services as more people move online.
Treasury minister Lucy Rigby has now commissioned an independent review into face-to-face banking access amid fears some towns are being “left behind”.
The move comes as several major banks continue shutting branches across Britain at a rapid pace.
According to TotallyMoney chief executive Alastair Douglas, Santander is set to close 44 branches this year, while NatWest plans to shut 32.
He also warned Lloyds Banking Group – including Lloyds Bank, Halifax and Bank of Scotland – is expected to close at least 168 branches over the next two years.
Douglas said: “Banks have a duty of care to support their customers, and even though digital services are becoming increasingly popular, the real concern is for the elderly and vulnerable – many of who rely on both cash and real-life support.”
The independent review will examine the real-world consequences of branch closures, identify which groups are hardest hit and consider whether ministers should intervene with new laws to protect in-person banking services.
It follows the announcement of the new Financial Services and Markets Bill in the King’s Speech, which could hand ministers fresh powers to step in where communities are losing access to banking.
Rigby said banking services remained “a really important part of lives and communities”.
She added: “We are supporting industry’s roll out of banking hubs, but we also need a clear picture of where communities are still losing out.”
The Government is already backing the expansion of so-called banking hubs – shared spaces where customers from multiple banks can access cash and basic face-to-face services.
More than 230 hubs have already opened nationwide, with over 275 announced as part of plans to reach 350 before the end of Parliament.
According to Cash Access UK, which oversees the hubs, 95 per cent of customer needs are met through the service.
But critics argue hubs are not always enough to replace full-service branches – particularly in isolated areas where residents may already struggle with transport links and digital access.
Richard Lloyd, who will chair the review, said it was essential to understand the impact the “big shift to digital services” was having on communities across the UK.
Meanwhile, Douglas urged customers worried about losing their local branch to check alternatives or consider switching banks altogether.
“If you’re worried about your branch closing, then visit your bank’s website – they’ll have details about the closest available branch, or local banking hubs,” he said.
“Now might also be a good time to think about switching to a different provider.”
Douglas also pointed to cash incentives currently being offered by banks to attract new customers.
“Loyalty doesn’t pay, but six banks are offering up to £250 for you to switch, with added bonuses of cashback, 0% overdrafts, and inflation-beating savings accounts,” he added.
“And moving might be easier than you think – with the Current Account Switch Service automatically shifting your regular payments and balance within seven working days.”
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The Government also confirmed plans to make it easier for credit unions to expand, saying the changes would help more people access affordable loans and safe savings services during a time of continued financial pressure.
Industry groups welcomed the review, with the Building Societies Association warning many consumers still rely heavily on local banking services despite the rise of digital banking.
The review is expected to gather evidence from consumers, banks, businesses and local communities before delivering recommendations next year.
Business & Technology
Clarkson’s Farm star Gerald Cooper opens new Specsavers
Chipping Norton’s new Specsavers store, the 1,010th in the UK, was officially opened on May 8 with a launch event featuring Gerald Cooper of Clarkson’s Farm and Instagram gardening sensation Gerald Stratford famed for his giant veg.
Guests were treated to sweet and savoury refreshments, including slices of a celebratory cake.
Sundeep Rana, optical director at Specsavers Chipping Norton, said: “We were overwhelmed with the support we received as part of the official opening.
“It was fantastic to celebrate all of the hard work that has gone into getting the store ready to open.
“Making sure we are supporting and playing a part in the local community is something that is extremely important to us.
“Yes, we want to provide the very best eye and ear care service, but making sure we are giving back is also part of who we are as a business.”
The team at Specsavers Chipping Norton (Image: Specsavers)
The new store is operated by optical directors Mr Rana, Trevor Robinson, and Cathy Mullen, alongside audiology director Sebastian de Scarfo.
The store team has close community ties and sponsors Chipping Norton & District Cricket Club and Chipping Norton Swifts FC.
Representatives from both clubs, as well as charity partner Age UK, were invited to the launch event.
To mark the opening, the team donated £2,000 to Prostate Cancer UK.
Mr Rana, Ms Mullen, and Mr Robinson also run Specsavers Witney and collectively have more than 80 years’ experience in optical care.
Mr Robinson, optical director, said: “It was wonderful to welcome so many people to our launch.
“It felt like the culmination of lots of work behind the scenes, and to have so much support shown to us and the whole team was just brilliant.
“Now we’re looking forward to making sure we look after all the eye and ear care needs of the community as well as continuing to support the local causes and initiatives that are important to us.”
The store offers audiology appointments seven days a week in addition to its full range of eyecare services.
It also hosts a monthly ‘Chatterbox’ event at Lower Town Hall on the second Tuesday of each month in partnership with Age UK.
Specsavers Chipping Norton at 19 High Street, is open from 9am to 5.30pm Monday to Saturday and from 10am to 4pm on Sundays.
Appointments can be booked by calling 01608 691280, visiting www.specasvers.co.uk/stores/chippingnorton, or by popping into the store in person.
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