The Top 2 Artificial Intelligence (AI) Companies Revolutionizing the … – The Motley Fool

Artificial intelligence (AI) and machine learning (ML) are more than just buzzworthy terms for some cutting-edge companies. They are the foundations on which incredible businesses have been built. Even better, some of these companies make hay in industries essential to the economy.

Cybersecurity is top of mind for C-suite executives in all industries, government agencies, school districts, and even nonprofits. Cybercriminals are always on the prowl, costing organizations billions each year. IBM notes that up to 90% of cyberattacks and 70% of breaches come through endpoint devices.

AI-powered CrowdStrike Holdings (CRWD 0.30%) is the leader in endpoint security with a comprehensive, entirely cloud-based platform. The company's results are on fire, as I'll discuss below.

Meanwhile, data centers are crucial for cloud applications, data storage, computing power, and (definitely) complex AI and ML software that require massive computing power. Nvidia (NVDA -2.46%) is light-years ahead of its competition, and its data center software and hardware are mission critical. This is why its data center revenue rose 171% year over year last quarter to $10.32 billion.

CrowdStrike provides comprehensive security with its Falcon platform. The advantages are several: Falcon is cloud-native (no on-premises hardware required), customizable, and uses AI to analyze data and provide real-time protection.

The platform is modular, so customers can choose which modules they want or need. This plays into CrowdStrike's land-and-expand strategy: It gains a customer, proves the platform's worth, and then the customer adds more modules -- creating more revenue.

This shows up in the company's dollar-based net retention rate (DBNR), which has been above 120% dating back to the first quarter of fiscal 2019. DBNR measures the year-over-year increase in sales from an average customer. Above 100% is good, and above 120% is excellent.

You can probably guess how the chart of annual recurring revenue (ARR) growth looks:

Source: CrowdStrike.

The meteoric rise to $2.9 billion in ARR has enabled CrowdStrike to generate $416 million in free cash flow through the second quarter of this 2024 fiscal year and stack up $3.2 billion in cash against $742 million in long-term debt. Having cash on hand to fund growth is crucial in this environment, and the company likely won't have to borrow money at unfavorable interest rates.

CrowdStrike has a market cap near $50 billion, about 16 times Wall Street estimates for sales this fiscal year (which ends Jan. 31, 2024), and 13 times Wall Street estimates for the next fiscal year. That's not necessarily cheap (great companies usually aren't), but it is less than other growth companies like Snowflake and Palantir Technologies. In short, it's a great company, but consider dollar-cost averaging to take advantage of dips in the stock price along the way.

Nvidia is top of mind as investors await Tuesday's 2024 third-quarter earnings report. The stock is near another all-time high after a brief pullback recently. It has risen 237% so far in 2023 for a simple reason: Business is absolutely booming.

At the top, I mentioned the rise in data center sales, and this demand gives it pricing power in the industry. So profits and margins are soaring alongside revenue, as shown below.

NVDA operating income (quarterly) data by YCharts.

The company more than doubled operating revenue from the first quarter to the second this year, and its 50% margin is spectacular. Unfortunately, the secret is out, and the stock isn't cheap. Nvidia needs to continue raising Wall Street's estimate to maintain its valuation.

Nvidia's current price-to-earnings (P/E) ratio is 119, ridiculous on the surface. But the P/E is backward-looking -- it uses earnings that have already happened, while Wall Street is about the future. Based on the market's estimates for next year, the P/E falls to 45, then to 29 the following year. This is nearly identical to Microsoft's current valuation, as shown below.

NVDA PE ratio (forward 1 year) data by YCharts.

This tells me that the stock isn't tremendously expensive; however, Nvidia must push the envelope to give investors more juicy gains.

Bradley Guichard has positions in CrowdStrike and Nvidia and has the following options: long September 2024 $630 calls on Nvidia. The Motley Fool has positions in and recommends CrowdStrike, Nvidia, Palantir Technologies, and Snowflake. The Motley Fool recommends International Business Machines. The Motley Fool has a disclosure policy.

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The Top 2 Artificial Intelligence (AI) Companies Revolutionizing the ... - The Motley Fool

Robo Global Artificial Intelligence ETF: A Diversified AI Play (THNQ) – Seeking Alpha

BlackJack3D

There's more to AI than Nvidia. This is why the Robo Global Artificial Intelligence ETF (NYSEARCA:THNQ) is an interesting way for investors to access artificial intelligence and robotics. What I like about the fund is that it's very well diversified, making it a pure thematic play beyond the idiosyncratic aspect of just a select number of stocks in the space.

THNQ seeks to track the ROBO Global Artificial Intelligence Index. This index aims to track companies that generate a significant portion of their revenues from the AI market. THNQ offers a diversified strategy for investors, providing exposure to the very best public companies from around the globe, irrespective of their size and location. The fund serves as an excellent platform for investors to capitalize on the expected growth in AI and robotics, sectors that are transforming virtually every industry across the globe.

THNQ strives for a balance between growth and value, focusing on companies with strong business models and positive cash flows. The fund is rebalanced on a quarterly basis to ensure it consistently holds the most innovative and promising companies in the AI and robotics sectors. The ETF is not limited to technology companies; it also includes firms from the consumer cyclical, communication, and healthcare sectors, among others. Geographically, THNQ's holdings are diverse, with significant exposure to non-U.S. markets, particularly in Europe and East Asia.

ycharts.com

I mentioned at the start of the writing that this is a well-diversified fund. No holding currently makes up more than 2.71% of the fund, and crowd favorite Nvidia is currently ranked 8 in the top 10. Again - I very much like this. It makes this a far more nuanced and diversified way of playing AI than other products where Nvidia is the biggest holding.

roboglobaletfs.com

The sector composition of THNQ is diverse, ensuring that investors gain exposure to various segments of the economy. As you'd expect, the majority of the fund is in the Technology space, but it's not a pure tech fund in that it does have stocks from non-tech groups.

ycharts.com

When comparing THNQ to its peers, it's important to note that it outperformed the TrueShares Technology, AI & Deep Learning ETF (LRNZ) which is another fund in the space. LRNZ is considerably less diversified with top holdings having more concentration risk than THNQ.

stockcharts.com

Investing in AI and robotics comes with its share of advantages and potential risks.

On the positive side, these sectors are experiencing unprecedented growth due to advancements in technology and increasing adoption across different industries worldwide. Furthermore, AI and robotics offer substantial potential for innovation, making them attractive sectors for forward-thinking investors.

On the flip side, investing in AI and robotics also carries risks. These include regulatory uncertainties, privacy concerns, and potential job displacements due to automation. Moreover, these sectors are highly competitive, requiring constant innovation and substantial capital expenditure.

Personally, I think THNQ is a solid avenue for investors looking to gain exposure to the rapidly growing fields of AI and robotics. It's well diversified, and if you believe that AI is unstoppable, despite relatively weak performance as of late, this becomes a good fund to access the trend.

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Robo Global Artificial Intelligence ETF: A Diversified AI Play (THNQ) - Seeking Alpha

Artificial intelligence finds ways to develop new drugs – Mirage News

One activation method that opens up a great many possibilities for different functional groups, at least on paper, is borylation. In this process, a chemical group containing the element boron is bonded to a carbon atom in the scaffold. The boron group can then simply be replaced by a whole range of medically effective groups.

"Although borylation has great potential, the reaction is difficult to control in the lab. That's why our comprehensive search of the worldwide literature only turned up just over 1,700 scientific papers on the subject," Atz says, describing the starting point for his work.

The idea was to take the reactions described in the scientific literature and use them to train an AI model, which the research team could then use to consider new molecules and identify as many sites as possible on them where borylation would be feasible. However, the researchers ultimately fed their model only a fraction of the literature they found. To ensure that the model wasn't misled by false results from careless research, the team limited itself to 38 particularly trustworthy papers. These described a total of 1,380 borylation reactions.

To expand the training dataset, the team supplemented the literature results with evaluations of 1,000 reactions carried out in the automated laboratory operated by Roche's medicinal chemistry research department. This allows many chemical reactions to be carried out at the milligram scale and analysed simultaneously. "Combining laboratory automation with AI has enormous potential to greatly increase efficiency in chemical synthesis and improve sustainability at the same time," says David Nippa, a doctoral student from Roche who accomplished the project together with Atz.

The predictive capabilities of the model generated from this data pool were verified using six known drug molecules. In five out of six cases, experimental testing in the laboratory confirmed the predicted additional sites. The model was just as reliable when it came to identifying sites on the scaffold where activation isn't possible. What's more, it determined the optimum conditions for the activation reactions.

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Artificial intelligence finds ways to develop new drugs - Mirage News

JPMorgan’s George Gatch says artificial intelligence gives them firm … – The Australian Financial Review

JPMorgans asset management division employs 1300 portfolio managers and research analysts globally across stocks, bonds, derivatives and alternative asset classes, with $US400 million a year invested into technology to leverage AI and machine learning models.

That hasnt stopped JPMorgans rivals from also investing, with a PwC global asset management survey showing that more than 90 per cent of investment firms are already using disruptive technology such as AI within their business.

On AI, we decided a long time ago to build our own tech and not rent someone elses, Mr Gatch said. I think thats now a competitive advantage for our portfolio managers and clients.

The global market for AI in asset management is estimated to be worth about $US2.6 billion in 2022 and is expected to expand at a compound annual growth rate of 24.5 per cent over the next seven years, according to one estimate by US firm Grand View Research.

Earlier this year BlackRock, the worlds largest asset manager, described AI in its mid-year investment outlook as a mega force trend that would help unlock the value of the data gold mine some companies may be sitting on.

Elsewhere, JPMorgan is among a slew of investment banks, including Macquarie, that are launching more ETF products into the Australian market to challenge the dominance of BlackRock, Vanguard and State Street.

Mr Gatch said the global ETF industry had attracted $US1.4 trillion of funds in 2022, versus $US700 billion for traditional investment funds unlisted on exchanges.

In Australia, data from Betashares shows the local ETF industry recorded $13.5 billion of net inflows last year, versus outflows of $26.8 billion from unlisted managed funds.

JPMorgans strategy to grab market share is to offer so-called active ETFs that may outperform the traditional index-tracking products. The firm forecasts active ETF inflows to grow at a 40 per cent annual rate for the next five years, compared to 17 per cent for indexed ETFs.

That has big implications for how we run our business and whats happening is fairly astonishing, Mr Gatch added.

The story is no longer about indexing, we think that [active] will drive a wave of dramatic growth into the industry.

The JPMorgan Equity Premium Income Product is said to have attracted more inflows than any other ETF in 2023, with net assets of around $US29 billion in November. Much of its popularity is due to an active strategy of selling call options that provide extra income if the market falls or tracks sideways.

On fees, the CEO said asset managers, including the ETF sector, remained under pressure, but JPMorgans investment in digital currency and blockchain technology could eventually bring costs down.

Were doing a bunch of stuff on blockchain, he said. We have working groups looking at tokenisation for private markets, how to improve liquidity between institutions for private credit. Its going to take time, but weve got smart people, and operational efficiency is important.

As for JPMorgan launching a bitcoin ETF, its not on the agenda anytime soon. No, weve not done [regulatory] filings.

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JPMorgan's George Gatch says artificial intelligence gives them firm ... - The Australian Financial Review

How an ‘internet of AIs’ will take artificial intelligence to the next level – Cointelegraph

HyperCycle is a decentralized network that connects AI machines to make them smarter and more profitable. It enables companies of all sizes to participate in the emerging AI computing economy.

Artificial intelligence (AI) is a rapidly evolving field that seems likely to fall into the hands of major companies or organizations with nationally driven budgets. One might think that only these have the massive financial resources to generate the computing power to train and ultimately own AI.

Recent events at OpenAI, a developer of the AI chatbot ChatGPT, highlight the challenges of centralized AI development. The firing of CEO Sam Altman and the resignation of co-founder Greg Brockman raise questions about governance and decision-making in centralized AI entities and highlight the need for a more decentralized approach. Srinivasan Balaji, a former chief technology officer at Coinbase, has become a staunch proponent for increased transparency in the realm of AI, advocating for the adoption of decentralized AI systems.

In addition to centralization, theres a lot of fragmentation in the AI space, meaning cutting-edge systems are unable to communicate with one another. Moreover, a high degree of centralization brings considerable security risks and reliability issues. Plus, given the vast amounts of computing power needed, efficiency and speed are key.

To achieve the full potential of AI that answers to all of humanity, we need a different approach one that decentralizes AI and allows AI systems to communicate with each other, eliminating the need for intermediaries. This would increase AI systems time to market, intelligence and profitability. While many systems are currently specialized in specific tasks, such as voice or facial recognition, a future shift to artificial general intelligence could allow one system to undertake a wide range of tasks simultaneously by delegating those tasks to multiple AIs.

As mentioned above, currently, the AI industry is dominated by large corporations and institutional investors, making it difficult for individuals to participate. HyperCycle, a novel ledgerless blockchain architecture, emerges as a transformative solution, aiming to democratize AI by establishing a fast and secure network that empowers everyone, from large enterprises to individuals, to contribute to AI computing.

HyperCycle is powered by a layer 0++ blockchain technology that enables rapid, cost-effective microtransactions between diverse AI agents interconnected to each other, and collectively solving problems.

This internet of AIs allows systems to interact and collaborate directly without intermediaries. It addresses the challenges of overcoming the slow, costly processes of the siloed AI landscape.

This is particularly timely, as the number of machine-to-machine (M2M) connections globally is increasing rapidly.

For instance, existing companies could interact with HyperCycles AIs specializing in IoT, blockchain, and supply chain management to optimize logistics for clients, predict maintenance before breakdowns occur, and ensure seamless data integrity. By enabling this interconnected ecosystem of decentralized A Is, HyperCycle can lead to operational efficiency and innovation in service offerings.

HyperCycle has also partnered with Penguin Digital to create HyperPG, a service that connects all the network beneficiaries together. HyperPG uses Paraguays abundant hydropower to provide a green and efficient source of energy for AI computing.

One of HyperCycles key features is the HyperAiBox, a plug-and-play device that allows individuals and organizations to perform AI computations at home and reduces their reliance on large corporations with vast data centers. The compact box is about the size of a modem, has a touchscreen, and allows nodes to be operated from home and network participants to be compensated for the resources they provide to the network. It is also a low-power solution.

The launch of HyperCycles mainnet, ahead of schedule, highlights the networks rapid growth. Currently, over 59,000 initial nodes are providing Uptime to the network by covering operational expenses. An additional 230,000 single licenses will soon join the ecosystem. This expansion indicates a strong demand for over 295 million HyPC tokens, reflecting the networks engagement and growth.

The three key metrics of Uptime, Computation, and Reputation incentivize node operators to maintain high standards, ensuring a stable, secure, and decentralized network environment.

Since June 2023, HyperCycles network has been operational, scaling up as demand increases. Source: HyperCycle

AI remains at a nascent stage, but HyperCycles goal is to anticipate the challenges that might stand in this technologys way and break down barriers to entry, making AI more accessible and affordable to everyone.

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you with all important information that we could obtain in this sponsored article, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor can this article be considered as investment advice.

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How an 'internet of AIs' will take artificial intelligence to the next level - Cointelegraph

Artificial Intelligence and Automation in Engineering – Drishti IAS

Artificial Intelligence (AI) and automation have had a profound impact on the field of engineering. These technologies have the potential to revolutionise the way engineers design, analyse, and optimise systems and processes. However, it's important to note that while AI and automation offer tremendous benefits, they also come with challenges, including ethical considerations, job displacement concerns, and the need for robust cyber security. Engineers and organisations need to carefully plan and implement these technologies to maximise their advantages while addressing potential drawbacks.

The emergence of Artificial Intelligence (AI) in engineering has been a transformative development that has significantly impacted various engineering fields. AI technologies, such as machine learning and deep learning, have been applied to engineering tasks to enhance efficiency, accuracy, and innovation. Machine learning will be among the top engineering talents in demand in 2022. Learning how to incorporate AI into processes is already in demand due to engineers' extraordinary capacity for solving complicated challenges.

90% of major corporations are thought to have made some kind of investment in artificial intelligence (AI) technologies. Less than 15% of these firms, however, are currently using AI in their working environment. AI is one of the technologies with the quickest growth in the engineering industry. Even while there has always been some worry that AI may eliminate some occupations, the current state of affairs is that new technology is creating a variety of chances for engineering skills.

AI is used in manufacturing at many phases of the production process to increase productivity, accuracy, and automation. It uses machine learning, data analysis, and algorithms to let robots do tasks that once required direct human interaction. Utilising characteristics like predictive maintenance, quality control, process enhancement, and others, this technology boosts output and decreases downtime. By analysing vast amounts of data in real-time, AI-driven systems can make sensible decisions, optimise processes, and identify trendspeople would miss.

AI and automation have significant advantages for businesses since they can increase production, efficiency, and financial performance. Enhanced Productivity Enhanced Efficiency, Improved Data Analysis and More favourable bottom-line results are some major advantages. However,there are also many challenges in developing and using AI for automotive electronics, including complexity, dependability, security, and regulation.

AI algorithms can be used to analyse sensor data from structures, such as temperature and vibration data, to forecast when maintenance is necessary,and to spot warning indications of structural breakdown before they materialise. AI-powered cameras are used for inspection and surveillance. Artificial intelligence-driven structural analysis systems may simulate and assess complicated structural behaviour, assisting engineers in locating possible weak points, foretelling failure modes, and improving structural performance. By quickly adapting to user preferences, AI-powered optimisation attempts to improve the personalisation, cost-effectiveness, and utility of digital experiences. With the help of this technology, organisations can make data-driven decisions that enhance the functionality of their websites, user engagement, and rates of conversion.

Machine Learning (ML) optimises energy efficiency models, predicting the consumption of energy tools. Over the last five years, ML techniques gained traction in designing energy-efficient systems amid rising demand for technologies like smart buildings and IOTs (Internet of Things). Sustainable growth in smart cities relies on technological advancements, merging sustainability with energy efficiency. Artificial Intelligence (AI) plays a vital role in managing, coordinating, and forecasting electricity supply. The global push for a low-carbon transition amplifies the significance of AI in achieving energy goals. AI-driven "smart consumption" transforms energy usage patterns, enabling decentralised power grids for balanced energy flows.

Systems with artificial intelligence (AI) can be used to identify and detect traffic events such asaccidents, wrong-way driving, speeding, or roadblocks. Real-time traffic data is analysed using AI from a variety of cameras and IoT devices, including cars, buses, and even trains. As over 90% of accidents are the result of human error, it is anticipated to drastically reduce the number of accidents. AVs (Autonomous Vehicles) can lower the cost of travel. For instance, AVs will save labour expenses when used in public transportation. With smart carpooling, costs can be further reduced. By removing the need for human drivers, a driverless car might significantly ease traffic congestion. This may lead to a significant increase in car sharing, which would reduce the number of vehicles on the road and the overall carbon footprint compared to more conventional modes of transportation.

Integrating AI and automation into engineering processes offers numerous benefits, such as increased efficiency, improved accuracy, and cost reduction. However, it also presents several challenges and ethical considerations like safety and reliability, Algorithm Complexity, Human-AI Collaboration, Integration with Existing Systems and Ethical Considerations (data collection, privacy, and decision-making). Concerns about job displacement and human-AI collaboration have been growing as artificial intelligence and automation technologies continue to advance. These concerns centre on the potential for AI and automation to replace human workers in various industries, leading to job loss and economic disruption. However, it's important to note that these concerns are not without nuance, and there are also opportunities for collaboration between humans and AI that can lead to more productive and fulfilling work environments.

Digital twins, virtual replicas of physical entities, leverage real-time data, simulation, analytics, and visualisation. Enhancing decision-making, they cut costs and boost efficiency. Manufacturers benefit by integrating digital twins seamlessly, reducing expenses and accelerating value. Architects and engineers employ digital twins in building design, incorporating details on use, materials, and maintenance. This streamlines construction oversight and communication, ensuring better quality.

AI-driven maintenance prediction is transforming asset management, using historical data and real-time analysis to predict equipment failures and facilitate proactive maintenance. By identifying flaws and analysing behavioural patterns, AI recommends optimal times for replacements or repairs, reducing emergency repairs. In various industries, AI enhances data analytics, offering valuable insights into market trends, client preferences, and business strategies. AI-generated maintenance schedules prevent over-maintenance and minimise breakdowns, conserving resources. For example, AI monitors machinery spindles in milling operations, reducing the need for costly repairs. This innovative approach optimises efficiency and minimises wasteful spending.

AI systems face risks such as adversarial machine learning attacks, where attackers manipulate input data to alter the model's output, potentially leading to poor decision-making and security vulnerabilities. Privacy concerns revolve around the increased likelihood of data breaches and unauthorized access to personal information. With the vast amount of data being collected, there's a risk of misuse through hacking or security flaws. Organizations must regularly assess their infrastructure's security, identify vulnerabilities, and prioritize corrections to safeguard against cyber threats. This involves timely application of security patches, software and hardware updates, and implementation of robust security configurations.

Designing AI systems with human factors in mind is crucial to ensure usability, safety, and user acceptance. User experience considerations play a pivotal role in AI-integrated engineering solutions, as they directly impact how users interact with and perceive AI technologies. It not only improves the usability, safety, and acceptance of AI but also helps avoid potential pitfalls and negative consequences associated with poorly designed systems. By prioritising user experience considerations, AI engineers can create solutions that are not only technically proficient but also genuinely beneficial and user-friendly. Designing AI systems that complement human capabilities rather than replace them is very significant. When users see AI as a helpful tool that enhances their work, they are more likely to accept and use it.

In the past, it was believed that AI would eventually displace workers. Organisations observe that AI is expanding export opportunities and building a highly qualified workforce. Additionally, as automation and AI can now finish the fundamental and monotonous duties, engineering roles can concentrate more on activities that bring value, making engineering employment much more dynamic and fulfilling.

The future advancements of AI and automation in engineering hold immense promise, with several exciting trends and developments on the horizon like aerospace, electronics, energy storage, etc. Quantum algorithms can also be used for tasks like molecular modelling, optimising supply chains, and solving complex equations in real time. Generative design, powered by AI, is transforming how engineers approach product design. This can lead to highly efficient and innovative designs in various industries, including automotive and architecture. We can expect to see more autonomous drones, self-driving vehicles, and robotic systems in manufacturing and logistics. These technologies will improve efficiency, safety, and precision in various engineering applications.

It's important to note that while these advancements offer numerous benefits, they also come with challenges, including ethical concerns, cyber security risks, and the need for up-skilling the workforce. Engineers and organisations should stay informed and adapt to these emerging technologies to harness their full potential while addressing associated challenges.

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Artificial Intelligence and Automation in Engineering - Drishti IAS

Big brother: Democrat-led NTSB pushes for artificial intelligence … – Must Read Alaska

A National Transportation Safety Board investigation into a 2022 fatal crash inNorth Las Vegas, Nevada, that resulted in nine fatalities has given the board an excuse to recommend a new requirement for intelligent speed assistance technology in all new cars.

The board issued the recommendations earlier this month at a public meeting after determining the crash was caused by high speed, drug-impaired driving, and Nevadas failure to deter one drivers speeding recidivism due to systemic deficiencies, despite numerous speeding citations.

Intelligent speed assistance technology, or ISA, uses a cars GPS location compared with a database of posted speed limits and its onboard cameras to either issue a warning to drivers or to throttle back speed.

Passive ISA systems warn a driver when the vehicle exceeds the speed limit through visual, sound, or haptic alerts, and the driver is responsible for slowing the car.

Active systems include mechanisms that make it more difficult, but not impossible, to increase the speed of a vehicle above the posted speed limit and those that electronically limit the speed of the vehicle to fully prevent drivers from exceeding the speed limit.

This crash is the latest in a long line of tragedies weve investigated where speeding and impairment led to catastrophe, but it doesnt have to be this way, said NTSB Chair Jennifer Homendy. We know the key to saving lives is redundancy, which can protect all of us from human error that occurs on our roads. What we lack is the collective will to act on NTSB safety recommendations.

Homendy is a Democrat who served more than 14 years as Democratic staff director for the Subcommittee on Railroads, Pipelines, and Hazardous Materials of the Committee on Transportation and Infrastructure in the U.S. House of Representatives. She worked for the International Brotherhood of Teamsters, AFL-CIO, and American Iron and Steel Institute.

Eliminating speeding through the use of federally mandated speed limiters built into cars is a priority for the NTSB, which seeks to Develop performance standards for advanced speed-limiting technology, such as variable speed limiters and intelligent speed adaptation devices, for heavy vehicles, including trucks, buses, and motorcoaches. Then require that all newly manufactured heavy vehicles be equipped with such devices.

In 2021, speeding-related crashes resulted in 12,330 fatalitiesabout one-third of all traffic fatalities in the United States, the NTSB said.

However, according to the latest figures from AAA, 245 million drivers made a total of 229 billion driving trips, spent 91 billion hours driving, and drove 2.92 trillion miles in 2021. That means out of every 91 million hours of driving, there are 12,330 fatalities, or one fatality for every 7.3 million hours of driving.

According to the National Safety Council, the rates of fatal car accidents has greatly improved over the decades. This is due, in part, to the numerous safety features now required in cars, such as seatbelts, air bags, and backup cameras, which were mandated in 2018.

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Big brother: Democrat-led NTSB pushes for artificial intelligence ... - Must Read Alaska

Artificial Intelligence May Predict Ovarian Cancer Therapy Outcomes – Curetoday.com

An artificial intelligence model showed promise in predicting ovarian cancer outcomes.

An artificial intelligence model called IRON (Integrated Radiogenomics for Ovarian Neoadjuvant therapy) shows an 80% accuracy rate in the prediction of therapy outcomes for patients with ovarian cancer. The artificial intelligence model focuses specifically on the volumetric reduction of tumor lesions within this patient population, according to a press release.

This tool surpassed the efficiency of present clinical methods, as IRON uses an approach that focuses on a patients liquid biopsy (cancer-specific information that can be observed via blood tests), overall health characteristics such as age, health status, tumor markers and disease images that were captured during CT scan images.

A recent research study, which was featured in Nature Communications, focused on 134 patients who had been diagnosed with high-grade ovarian cancer. Dr. Evis Sala, chair of Diagnostic Imaging and Radiotherapy at the Faculty of Medicine and Surgery of the Catholic University and Director of the Advanced Radiology Center at the Policlinico Universitario A. Gemelli IRCCS ran the study and the AI model was created by Professor Salas team at the University of Cambridge.

"We compiled two independent datasets with a total of 134 patients (92 cases in the first dataset, 42 in the second independent test set)," Sala and Dr. Mireia Crispin Ortuzar from Cambridge said in the press release.

When it comes to a precise accuracy rate in high-grade ovarian carcinoma, therapy response predictions result to about 50% accuracy. As there were a few significant biomarkers used for this type of cancer, the IRON model was able to predict chemotherapy responders more accurately.

Notably, this is not the first study showing that artificial intelligence has the potential to predict cancer outcomes. Earlier this year, research found that artificial intelligence may help determine which patients with prostate cancer were more likely to benefit from hormone therapy plus radiation. Additionally, another group of researchers also showed that artificially intelligence may play a role in diagnosing sarcopenia in patients with head and neck cancer.

Within the study, demographic information, treatment details, blood biomarkers (CA-125, which could indicate the growth of ovarian cancer) and circulating tumor DNA (ctDNA, which is bits of cancer DNA that can be observed on a blood test) were collected from patients. CT scans were also found and characteristics of the tumor were obtained throughout the CT scans.

Where disease spread in the initial stage was investigated within omental and pelvic/ovarian regions. Omental deposits showed more of a response compared to pelvic disease when it came to neoadjuvant (presurgical) therapy. Before and after therapy responses, tumor mutations and CA-125 had correlation to the overall disease burden, according to the press release.

Analyzation of CT scans showed that six patient subgroups, classified by biological and clinical characteristics became indicators of therapy responses. The efficiency of the model was shown throughout the independent patient sample shown within the study.

"From a clinical perspective, the proposed framework addresses the unmet need to early identify patients unlikely to respond to neoadjuvant therapy and may be directed to immediate surgical intervention," Sala emphasized. "The tool could be applied to stratify the risk of each individual patient in future clinical research...

For more news on cancer updates, research and education, dont forget tosubscribe to CUREs newsletters here.

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Artificial Intelligence May Predict Ovarian Cancer Therapy Outcomes - Curetoday.com

Brexit backer Dyson says hypocrisy claim over HQ move abroad ‘incredibly harmful’ – Yahoo News UK

By Paul Sandle

LONDON (Reuters) - James Dyson, the billionaire inventor of the bagless vacuum cleaner, told London's High Court a 2022 newspaper column that branded him a hypocrite who had "screwed" Britain was "not only wrong but incredibly harmful" to his reputation.

Dyson is suing Daily Mirror publisher MGN over print and online articles by Brian Reade that lambasted him for moving the global head office of his company from Britain to Singapore after championing the economic benefits of Brexit.

Under the headline: "Message to young folks today is that cheats do prosper", Reade included Dyson in a rogues' gallery of people whom it was alleged had acted illegally or dishonestly, the 76-year-old said in a witness statement published on Tuesday.

Dyson said that, as someone who had invested heavily in Britain and its young people, he found the criticism "particularly damaging and distressing".

MGN argued in its defence that an honest person could hold the opinion that Dyson was a hypocrite, given he had publicly supported the benefits of Britain leaving the European Union and then moved his company's global head office abroad after Brexit.

Dyson's approach to the lawsuit was "wholly disproportionate and abusive" and MGN would seek to have the case thrown out of court at the end of the trial, MGN's lawyer Adrienne Page said in court filings.

Dyson's company, which makes vacuum cleaners, air purifiers and other appliances, said in January 2019 it was moving its corporate office to Singapore to be closer to its Asian markets.

It said at the time the move was not driven by Brexit or by tax, with much of its product development remaining in south west England.

Dyson said on Tuesday that Asia was "logically" the right place for the company, giving its manufacturing and much of its sales were there.

"The decision to establish the global headquarters had nothing to do with Brexit at all, nor did it conflict with or render hypocritical my previous statements, let alone amount to me screwing the country or setting a poor moral example to young people," he said in his statement.

"It simply reflected the long-term commercial reality of Dyson's global business operations."

(Reporting by Paul Sandle; Additional reporting by Sam Tobin; Editing by Mark Potter)

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Brexit backer Dyson says hypocrisy claim over HQ move abroad 'incredibly harmful' - Yahoo News UK

Cliff Taylor: Post-Brexit, the UK’s different economic direction to Ireland’s is underlined – The Irish Times

The UK government put a political spin on its autumn statement on Wednesday, promising to lower the national insurance bill on employees and boost business investment. But after Brexit the UKs growth remains sluggish and its public finances are under pressure.

The reality is that despite the national insurance cut, the tax burden is set to rise to its highest level for many years while public spending forecasts point to real cuts in departmental spending which look near-impossible to achieve on the forecast scale and lower state investment.

The next UK government, likely to be Labour, will be left with some difficult decisions. And the divergence between Britain and the Republic where State investment and spending are on the rise will be underlined. The UK could change course under Labour, of course, but promising higher spending would mean raising taxes, too this is the political trap created by the Tories.

The UKs public finances were a bit better than expected in advance of the autumn statement, but remain under long-term pressure due to low growth and a relatively high national debt.

The impact of inflation, which has pushed up tax revenues as price and wage increases, gave the chancellor of the exchequer, Jeremy Hunt, some room for manoeuvre.

He chose to direct this almost exclusively to cutting taxes, meaning he had little additional cash to provide to government departments. Borrowing is forecast to fall from 5 per cent of Gross Domestic Product (GDP) this year to 1.1 per cent by 2028-2029.

The UK spends more than 10 per cent of tax revenue on debt repayment while in the Republic it is less than 3 per cent

However, the Office of Budget Responsibility (OBR) Britains budget watchdog points out this is based on a 19 billion fall in the real value of government spending by 2027-2028. Previously, it says, spending has tended to be topped up by day-to-day spending as pressures emerge. If this happens, future borrowing levels will go higher, unless taxes rise to compensate.

Comparison with Ireland: Strong growth and surging corporate finance receipts have helped to push the Irish public finances into surplus. Irelands national debt is also less vulnerable to higher interest as the vast bulk of outstanding debt is at fixed interest rates, unlike the UK where a quarter of national debt is in index-linked bonds and so repayments have shot up due to higher inflation.

The UK spends more than 10 per cent of tax revenue on debt repayment while in the Republic it is less than 3 per cent.

The States budget surplus was forecast in the recent budget to be 2.7 per cent of GNI* (the aggregate which excluded the distortions caused by multinationals) and 4.4 per cent in 2025 and 2026.

However, the recent shortfalls in corporation tax and pressures on health spending are likely to reduce these forecasts and it is worth noting the Department of Finance estimates that were all the excess corporation tax to disappear, the exchequer would be in deficit.

The UK tax burden will rise towards 37.7 per cent of GDP over the coming years. Photograph: Getty Images

The headline-grabbing part of the autumn statement for the public was a cut in the main national insurance rate by 2 percentage points from January to 10 per cent.

This will benefit taxpayers. However, it will be more than offset by the impact of the classic budget stealth tax the impact of non-indexation of tax bands and credits which will increase the tax burden on those in work.

If these are not adjusted for inflation, then the tax take rises as wages increase in response to inflation. Economists call this fiscal drag. The impact varies across different income levels.

But taxes on income are set to rise with 4 million additional workers paying income tax by 2028/29 and 3 million more moving to the higher rate. So despite the national insurance cut, the tax burden is set to rise to a post-war high of 37.7 per cent of GDP by 2029-29.

The Resolution Foundation, a think tank, has worked out that because of the interplay of the social insurance and tax systems, the only groups who will be better off will be those earning between 11,000 and 13,000 and between 42,000 and 52,000.

Comparison with the Republic: The Irish income tax system is not adjusted automatically for inflation either, so taxpayers are reliant on ministers for finance increasing them each year if they are not to move into higher tax brackets and see the real value of credits eroded. This year credits and the standard band were increased and the USC was cut.

But this stealth tax has also acted as a quiet collector for Ireland over the years and a key question for parties in the forthcoming general election campaign is whether they would index the income tax system for inflation each year. Meanwhile, some modest PRSI increases have been flagged here to keep the social insurance fund in surplus.

The OBR calculates that the UK tax burden will rise towards 37.7 per cent of GDP over the coming years. From having a significantly lower tax burden over the years, this would move it up towards Irish-style overall tax levels. However, bodies such as the fiscal council have warned that the Irish tax take will have to rise in the years ahead to pay for the costs of ageing and the climate transition.

[Brexit negotiator Michel Barnier: The EU is not the same one the UK left]

An interesting point is that Irelands tax take is boosted by corporation tax, much of it based on activity outside the country. Excluding corporation tax, the overall taxation burden in the UK has now, on some calculations, edged above Ireland.

Spending in the UK is forecast to fall as a share of the economy from 44.8 per cent to 42.7 per cent of GDP, but to remain around 3 per cent of GDP above its pre-pandemic level.

However, serious questions have been raised about the likelihood of achieving planned reductions in spending by government departments and local authorities, many already squeezed for cash.

The OBR says that if service levels to the public are not to decline, then big and unlikely increases in public sector productivity are going to be needed. The likelihood is that services will remain under pressure.

Meanwhile, capital spending is to remain where it is in cash terms, implying a real decline. Instead, the government is trying to encourage private sector investment through an extension of a tax write-off for investment spending beyond its previous end date of 2026 the other costly measure in addition to the national insurance cut.

The key question for Irish policymakers is whether spending can keep heading higher if tax revenue growth slows.

This will have some impact on investment and growth and on the long-term potential of the economy to expand but the OBR judges it will be marginal enough.

Comparison with the Republic: Government spending is expected to continue heading higher in Ireland and forecasts for this year and next are already under pressure due to higher health expenditure.

State capital spending is also budgeted to keep rising from 17 billion this year to over 23 billion by 2026. The key question for Irish policymakers is whether spending can keep heading higher if tax revenue growth slows.

One figure stands out in the OBR assessment. It is that living standards as measured by real household disposable income per capita are forecast to be 3.5 per cent lower in 2024-25 than their pre-pandemic level. This would be the largest fall since records began in the 1950s.

It would be 2027/2028 when living standards per capita get back to their pre-pandemic level. So despite the headline measures in the autumn statement, slow growth and a rising tax burden will hold down British living standards. The next government will also face an almost-immediate choice between cutting spending or hiking taxes, given the unrealistic spending figures in the latest document. This could be a more difficult job if corporation tax growth stalls.

Overall UK growth is sluggish, with GDP forecast by the OBR to rise by just 0.7 per cent next year and 1.4 per cent in 2025. The Irish domestic economy is expected to grow by 2.2 per cent next year, according to the Department of Finance.

[DUP will not get all it wants in post-Brexit trade talks, says former leader]

Here, household living standards have been rising, but mainly due to the fact that more people are at work, as inflation has eaten into the spending power of workers.

The prospects for the next Irish government look better than their UK counterparts, but it may see the forecast budget surpluses from 2025 on reduce sharply if the corporation tax fall-off evident in recent months continues. The UK experience shows how difficult a negative public finance cycle can be to break.

A key goal for Irish policymakers is to make sure that the current positive position of the public finances is maintained.

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Cliff Taylor: Post-Brexit, the UK's different economic direction to Ireland's is underlined - The Irish Times

Cognitive Skills Linked to Brexit Votes – Neuroscience News

Summary: A new study suggests a correlation between higher cognitive abilities and voting Remain in the 2016 Brexit referendum.

Analyzing data from 3,183 UK couples, the study found that individuals with higher cognitive skills, as well as those with spouses possessing higher cognitive abilities, were more likely to vote Remain.

The research, which controlled for various socioeconomic and personality traits, adds to the evidence that higher cognitive abilities may help in recognizing and resisting misinformation.

This study highlights the potential impact of cognitive skills on political decisions and susceptibility to misinformation.

Key Facts:

Source: PLOS

A new analysis suggests that a person with higher cognitive ability may have been more likely to vote Remain in the 2016 Brexit referendum, and that a spouses cognitive skills may also be linked to Brexit voting decisions.

Chris Dawson and Paul Baker of the University of Bath, UK, present these findings in the open-access journalPLOS ONEon November 22, 2023.

Having higher cognitive ability has previously been associated with a greater tendency to recognize and resist misinformation. Studies have also shown that the UK public received a large volume of misinformation about the referendum prior to voting for the UK to withdraw from the EU (Brexit).

However, while a growing body of research has investigated potential links between peoples Brexit votes and socioeconomic, sociodemographic, and psychological factors, less research has addressed the potential role of cognitive ability in their decisions.

Dawson and Baker analyzed data on 3,183 heterosexual UK couples collected as part of a large survey study called Understanding Society. They examined whether there were any links between participants reporting that they had voted Leave or Remain and their cognitive abilityas measured by their performance on a variety of tasks.

The researchers statistically accounted for other factors that could also be linked to voting decisions, such as socioeconomic and sociodemographic traits, political preferences, and a widely studied set of personality traits known as the Big Five.

The analysis revealed a strong statistical link between higher cognitive ability and having voted Remain. In addition, people whose spouse had higher cognitive ability were significantly more likely to vote Remain. In cases where one spouse voted Remain and the other Leave, having significantly higher cognitive ability than ones spouse was associated with an even higher chance of voting to Remain.

The researchers note possible underlying explanations for their findings. For instance, misinformation about the referendum could have complicated decision making for people with low cognitive ability. They also suggest the need for ways to avoid such complications in the face of increasing amounts of misinformation.

The authors add: This study adds to existing academic evidence showing that low cognitive ability makes people more susceptible to misinformation and disinformation. People with lower cognitive ability and analytical thinking skills find it harder to detect and discount this type of information.

Author: Hanna Abdallah Source: PLOS Contact: Hanna Abdallah PLOS Image: The image is credited to Neuroscience News

Original Research: Open access. Cognitive ability and voting behaviour in the 2016 UK referendum on European Union membership by Chris Dawson et al. PLOS ONE

Abstract

Cognitive ability and voting behaviour in the 2016 UK referendum on European Union membership

On June 23rd2016 the UK voted to leave the European Union. The period leading up to the referendum was characterized by a significant volume of misinformation and disinformation.

Existing literature has established the importance of cognitive ability in processing and discounting (mis/dis) information in decision making.

We use a dataset of couples within households from a nationally representative UK survey to investigate the relationship between cognitive ability and the propensity to vote Leave / Remain in the 2016 UK referendum on European Union membership.

We find that a one standard deviation increase in cognitive ability, all else being equal, increases the likelihood of a Remain vote by 9.7%. Similarly, we find that an increase in partners cognitive ability further increases the respondents likelihood of a Remain vote (7.6%).

In a final test, restricting our analysis to couples who voted in a conflicting manner, we find that having a cognitive ability advantage over ones partner increases the likelihood of voting Remain (10.9%).

An important question then becomes how to improve individual and household decision making in the face of increasing amounts of (mis/dis) information.

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Cognitive Skills Linked to Brexit Votes - Neuroscience News

Higher Cognitive Ability Linked to Voting Against Brexit, Study Finds – Technology Networks

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People with higher cognitive ability may have been more likely to vote to Remain during the Brexit referendum a vote that decided whether the United Kingdom (UK) should leave or remain a member of the European Union according to a new study published in PLOS.

In June 2016, the UK held a referendum on whether it should remain in or leave the European Union, culminating in a close vote in which 51.9% of voters opted to leave, with 48.1% voting to remain.

The referendum campaign was fraught with controversy and was incredibly polarizing among the British public. The results were a shock to the economy, causing one of the largest single-day losses in the FTSE markets and the value of the British Pound Sterling.

Since the vote, academic studies have been trying to understand the results by studying voters socioeconomic, sociodemographic and psychological characteristics, seeking to draw associations between voting either Leave or Remain. However, the potential role of voters cognitive abilities has not been thoroughly explored.

The link between cognitive ability and voting behavior in the referendum has always featured in an anecdotal type of way in the UK, mainly on social media platforms, said Dr. Chris Dawson, lead author of the study and associate professor of management, marketing, business and society at the University of Bath, in an interview with PLOS. Given this narrative, we thought it would be interesting to see if there was any empirical evidence to support it.

The researchers analyzed data from Understanding Society a large survey of over 3,000 heterosexual couples from the UK. This is a nationally representative sample so it can speak to these sorts of sensitive research questions with validity, said Dawson.

In one part of Understanding Society, cognitive function was measured using five tasks that assessed factors such as working memory, verbal fluency and fluid reasoning. In another part, respondents were asked to record whether they voted Leave or Remain in the EU referendum.

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The teams analysis revealed a strong link between higher cognitive ability test results and voting Remain. Our main finding is that for those lowest on cognitive ability, only 40% voted Remain, whereas 73% of those highest on cognitive ability voted Remain, Dawson explained.

We also showed that this difference, while smaller, still emerged when we controlled for individual differences in income, personality, age, gender, education, political views, newspaper readership and a variety of other socioeconomic and sociodemographic factors, he continued.

Additionally, they found that couples within households were highly interdependent; respondents whose spouses had higher cognitive ability were significantly more likely to have voted Remain. Meanwhile, for couples in which one partner voted Remain and the other voted Leave, having a higher cognitive ability than ones spouse was linked to an even higher likelihood of voting Remain.

Nonetheless, Dawson acknowledges that there are possible underlying explanations for their findings, such as dis- and misinformation: We hope people take note of our research findings. Media outlets have always circulated some misleading information, but the rise of social media and the internet has sharply increased the scale and accessibility of misinformation and disinformation and of increasingly divisive messages.

It is important to understand that our findings are based on average differences: there exists a huge amount of overlap between the distributions of Remain and Leave cognitive abilities. We calculated that approximately 36% of Leave voters had higher cognitive ability than the average (mean) Remain voter, Dawson explained. But what our results do imply is that misinformation about the referendum could have complicated decision-making, especially for people with low cognitive ability.

Reference: Dawson C, Baker PL. Cognitive ability and voting behavior in the 2016 UK referendum on European Union membership. PLOS. 2023. doi:10.1371/journal.pone.0289312

This article is a rework of a press release issued by PLOS. Material has been edited for length and content.

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Higher Cognitive Ability Linked to Voting Against Brexit, Study Finds - Technology Networks

The British businesses being strangled by Brexit red tape – The New European

Brexiteers pledged that leaving the bloc would cut unnecessary bureaucracy for British businesses. But, according to a new report commissioned by the European Movement UK, companies are now getting strangled by red tape.

Nearly three-quarters of respondents to the Business Impact Report 74% said that leaving the EU had affected their business very negatively and more than half stated that new red tape had made trading with the EU increasingly difficult, arguing that it had become the single biggest obstacle to doing business with Europe. Meanwhile, 40% highlighted issues with finding staff since losing freedom of movement

The research by European Movement UK shows just how much ongoing damage is still being done by Brexit. Devastating barriers to trading with the EU have forced some companies out of business. Red tape, lack of workers, huge hikes in overheads Britains small and medium enterprises have sustained a disproportionate amount of the damage, said Sir Vince Cable, the former Lib Dem leader who is now president of European Movement UK.

Almost 2000 businesses responded to the survey, out of which a staggering 94% said leaving the single market and customs union had harmed their operations. To tackle this, hundreds of companies said that they were forced to reduce their workforce hours or even make staff redundant. In some cases, they were forced to close entirely and a woman named in the report only as Carol was one of them.

She owned a bespoke lingerie business in the South West but had to shut it down because of red tape. She said in the report: I did everything I could to prepare for Brexit. The reality of sending garments to the EU was a nightmare. I had goods that spent ages in transit and were then returned for incorrect customs information. The business was losing money, so I decided to close. Brexit was the final nail in the coffin.

The damage has been felt across all sectors, including engineering, agriculture, hospitality and finance with owners also reporting that they had lost business in the EU and new red tape had made them uncompetitive.

Hugh Chapman, who runs Long Mynd Cider in Bishops Castle, Shropshire, was another respondent damaged by Brexit. Chapman said a Europe-wide organisation was interested in buying and distributing his products, however, the life-changing deal then fell through. The administration around Brexit meant they were no longer interested. Its economically impossible to trade with Europe at present, he said.

Darren Farrell, who runs DARJAC Engineering in Essex and specialises in servicing high-end cars, said trade had vanished for his business because of Brexit. Within nine months of the UK government signing the Trade and Co-operation Agreement with the EU, seven out of ten EU suppliers said that they could no longer support third country shipping & warranty, he said. We cant move our customers vehicles to race events on the EU mainland without huge cost, including temporary export permits that take many hours. Two years on, we could no longer support the losses. Our business is finished.

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The British businesses being strangled by Brexit red tape - The New European

Changes to data protection laws to unlock post-Brexit opportunity – GOV.UK

A raft of common-sense changes to the Data Protection and Digital Information Bill will build an innovative data protection regime in the UK, crack down on benefit fraud cheats, and allow the country to realise new post-Brexit freedoms while delivering new economic opportunities to the tune of 5.9 billion.

The changes include new powers to require data from third parties, particularly banks and financial organisations, to help the UK government reduce benefit fraud and save the taxpayer up to 600 million over the next five years. Currently, Department for Work and Pensions (DWP) can only undertake fraud checks on a claimant on an individual basis, where there is already a suspicion of fraud.

The new proposals would allow regular checks to be carried out on the bank accounts held by benefit claimants to spot increases in their savings which push them over the benefit eligibility threshold, or when people send more time overseas than the benefit rules allow for. This will help identify fraud take action more quickly. To make sure that privacy concerns are at the heart of these new measures, only a minimum amount of data will be accessed and only in instances which show a potential risk of fraud and error.

Another measure offers vital reassurance and support to families as they grieve the loss of a child. In cases where a child has died through suicide, a proposed data preservation process would require social media companies to keep any relevant personal data which could then be used in subsequent investigations or inquests.

Current rules mean that social media companies arent obliged to hold onto this data for longer than is needed, meaning that data which could prove vital to coroner investigations could be deleted as part of a platforms routine maintenance. The change tabled today represents an important step for families coming to terms with the loss of a loved one, and takes further steps to help ensure harmful content has no place online.

The use of biometric data, such as fingerprints, to strengthen national security is also covered by the amendments, with the ability of Counter Terrorism Police to hold onto the biometrics of individuals who pose a potential threat, and which are supplied by organisations such as Interpol, being bolstered.

This would see officers being able to retain biometric data for as long as an INTERPOL notice is in force, matching this process up with INTERPOLs own retention rules. The amendments will also ensure that where an individual has a foreign conviction, their biometrics will be able to be retained indefinitely in the same way as is already possible for individuals with UK convictions this is particularly important where foreign nationals may have existing convictions for serious offences, including terrorist offences.

Maintaining the UKs high standards of data protection is central to both the wider Bill and the proposed amendments which have been laid today.

Secretary of State for Science, Innovation and Technology, Michelle Donelan, said:

Britain has seized a key Brexit opportunity boosting small businesses, protecting consumers and cracking down on criminal enterprises like nuisance calling and benefit fraud.

These changes protect our privacy and data while also injecting common sense into the system - whether it is cracking down on cookies, scrapping pointless paperwork which stifles productivity, tackling benefit fraud or making it easier to protect our citizens from criminals.

These changes help to establish the UK as a world-leading data economy; one that puts consumers and businesses at the centre and removes the one-size-fits-all barriers that have held many British businesses back.

The Bills focus is to create an innovative and flexible data protection regime which will maintain the UKs high standards of data protection, streamline processes for companies, strengthen national security, and support grieving families. Making it easier to use personal data which will improve efficiency, lead to better public services, and enable new innovations across science, innovation, and technology.

Secretary of State for Work and Pensions, Mel Stride MP, said:

These new powers send a very clear message to benefit fraudsters we wont stand for it. These people are taking the taxpayer for a ride and it is right that we do all we can to bring them to justice.

These powers will be used proportionately, ensuring claimants data is safely protected while rooting out fraudsters at the earliest possible opportunity.

Home Secretary, James Cleverly, said:

My priority is to continue cutting crime and ensuring the public is protected from security threats. Law enforcement and our security partners must have access to the best possible tools and data, including biometrics, to continue to keep us safe.

This Bill will improve the efficiency of data protection for our security and policing partnersencouraging better use of personal information and ensuring appropriate safeguards for privacy.

The amendments tabled today show the practical steps being taken by the UK government to improve how the nation uses and accesses personal data, capitalising on the UKs departure from the European Union to introduce measures which will protect the public purse, strengthen national security, and offer important support to grieving families.

These amendments will also help the Bill realise its ambition of bulldozing burdens for businesses and removing restrictions for researchers, ensuring new advances in science, innovation, and technology can be fuelled by more practical ways to access data.

Full list of amendments tabled can be found here.

These amendments will be considered by the House of Commons at Report next Wednesday (29 November).

Further information on the Data Protection and Digital Information Bill can be found here.

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Changes to data protection laws to unlock post-Brexit opportunity - GOV.UK

Brexit backer Dyson says hypocrisy claim over HQ move abroad … – Reuters

James Dyson arrives at the High Court in London, Britain, November 21, 2023. REUTERS/Hollie Adams Acquire Licensing Rights

LONDON, Nov 21 (Reuters) - James Dyson, the billionaire inventor of the bagless vacuum cleaner, told London's High Court a 2022 newspaper column that branded him a hypocrite who had "screwed" Britain was "not only wrong but incredibly harmful" to his reputation.

Dyson is suing Daily Mirror publisher MGN over print and online articles by Brian Reade that lambasted him for moving the global head office of his company from Britain to Singapore after championing the economic benefits of Brexit.

Under the headline: "Message to young folks today is that cheats do prosper", Reade included Dyson in a rogues' gallery of people whom it was alleged had acted illegally or dishonestly, the 76-year-old said in a witness statement published on Tuesday.

Dyson said that, as someone who had invested heavily in Britain and its young people, he found the criticism "particularly damaging and distressing".

MGN argued in its defence that an honest person could hold the opinion that Dyson was a hypocrite, given he had publicly supported the benefits of Britain leaving the European Union and then moved his company's global head office abroad after Brexit.

Dyson's approach to the lawsuit was "wholly disproportionate and abusive" and MGN would seek to have the case thrown out of court at the end of the trial, MGN's lawyer Adrienne Page said in court filings.

Dyson's company, which makes vacuum cleaners, air purifiers and other appliances, said in January 2019 it was moving its corporate office to Singapore to be closer to its Asian markets.

It said at the time the move was not driven by Brexit or by tax, with much of its product development remaining in south west England.

Dyson said on Tuesday that Asia was "logically" the right place for the company, giving its manufacturing and much of its sales were there.

"The decision to establish the global headquarters had nothing to do with Brexit at all, nor did it conflict with or render hypocritical my previous statements, let alone amount to me screwing the country or setting a poor moral example to young people," he said in his statement.

"It simply reflected the long-term commercial reality of Dyson's global business operations."

Reporting by Paul Sandle Additional reporting by Sam Tobin Editing by Mark Potter

Our Standards: The Thomson Reuters Trust Principles.

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Brexit backer Dyson says hypocrisy claim over HQ move abroad ... - Reuters

Confidence in UK economy lower than at Brexit referendum – Proactive Investors UK

About Jessica Davies

Jessica has spent 15 years covering private and public markets, business, law and investment in the transition to cleaner energy.She spent several years as an editor at Dow Jones, covering private equity and private markets, where she led the team that broke the news of alleged misuse of funds at Abraaj Group. During her time at the company, she sat on the Women @ Dow Jones committee.She also spent four years as an editor and journalist at Centaur Media PLC covering investment in... Read more

Proactive financial news and online broadcast teams provide fast, accessible, informative and actionable business and finance news content to a global investment audience. All our content is produced independently by our experienced and qualified teams of news journalists.

Proactive news team spans the worlds key finance and investing hubs with bureaus and studios in London, New York, Toronto, Vancouver, Sydney and Perth.

We are experts in medium and small-cap markets, we also keep our community up to date with blue-chip companies, commodities and broader investment stories. This is content that excites and engages motivated private investors.

The team delivers news and unique insights across the market including but not confined to: biotech and pharma, mining and natural resources, battery metals, oil and gas, crypto and emerging digital and EV technologies.

Proactive has always been a forward looking and enthusiastic technology adopter.

Our human content creators are equipped with many decades of valuable expertise and experience. The team also has access to and use technologies to assist and enhance workflows.

Proactive will on occasion use automation and software tools, including generative AI. Nevertheless, all content published by Proactive is edited and authored by humans, in line with best practice in regard to content production and search engine optimisation.

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Confidence in UK economy lower than at Brexit referendum - Proactive Investors UK

Brexit-hating Manfred Weber launches WAR of words on Spain as … – Montana Right Now

Europhile and Brexit hating Manfred Weber has hit out at Spain and its dealing with Catalan separatists for power. Wading into the domestic policies of the country, Weber raged: "When corruption, violence and even terrorism go unpunished, it breaks the rule of law. "When people in Spain are no longer equal before the law, it breaks Rule of Law. We will not be silent about what is happening in Spain."Spain is currently in the throes of political turmoil which is threatening to spill into the EU. Prime Minister Pedro Sanchez has been attacked by European conservatives, including Weber accusing him of undermining the rule of law of the EU by offering an amnesty to Catalan separatists for political support. Following months of a political statement since a chaotic July election, Sanchez announced a deal with the Catalan separatists. Sanchez is seeking to form a minority government with their backing. But the deal has not gone down well in the EU with some suggesting that the deal would set a dangerous precedent. Weber said: "Spanish civil society, lawyers organizations, the highest court, they are all worried about the breakdown of the rule of law in Spain following the government agreement. "This is not a party issue, it's a rule of law issue. The left is silent in this House, but Europe is not."The EU has been accused of meddling in domestic politics by socialist allies of the Prime Minister. Socialist lawmaker Iratxe Garca, who leads the Socialists group in the Parliament, told reporters over the weekend during a party gathering in Mlaga, Spain. Citizens voted and the majority in Spain say that they dont want a government between conservatives and the far-right.Yesterday, the new cabinet of Prime Minister Pedro Sanchez take office and attend first meeting after forming new government. Sanchez, who won a vote in parliament to clinch another term last week after months of negotiations, added nine new faces to the 22-person cabinet.Spain's King Felipe swore in the new cabinet in which most of the senior ministers retain their positions.

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Brexit-hating Manfred Weber launches WAR of words on Spain as ... - Montana Right Now

The autumn statement shows Britain can’t afford Brexit – The New European

After weeks of leaks, Jeremy Hunts autumn statement held few surprises. Nor is it particularly shocking that the chancellor will attempt to keep Brexits impact on the UK economy out of the debate in the days to come.

No amount of personal or business tax cuts will undo the damage that Brexit has done and continues to do to our economy, said the European Movement UK after Hunts speech. The true extent of the economic damage of Brexit will take 15 years to fully materialise. The National Institute of Economic and Social Research predicts that by 2035 the economy will be between 5-6% smaller than it would be if we had not left the European Union. This means that if it were not for Brexit our economy would be much stronger than the economic picture presented by the chancellor in the autumn statement.

According to the group, Brexit is already costing each person in the UK about 850 a year and the situation is only going to worsen. The cost is set to reach 2300 per person, per year over the next decade. In a report released last week, the National Institute of Economic and Social Research (NIESR) estimated that this will increase to 5 to 6% of GDP a year (around 115-135 billion at todays prices) by 2035.

Britain cannot afford Brexit. Budget tinkering cannot hide that elephant in the room, said Sir Nick Harvey, CEO of European Movement UK. He added: If Jeremy Hunt wants to set the UK back on a path to growth and put more money in British pockets, he should announce a clear medium-term plan to get the UK back in the single market and invite other parties to sign up to it. That plan would take time to deliver. But it would start to restore investor confidence overnight.

Last week, the European Movement UK published its Business Impact Report detailing the post-Brexit experiences of over 1700 businesses. Just over 93% of businesses surveyed said that Brexit has affected them negatively, while 95.5% said that they would benefit from regaining access to the EU Single Market.

According to the EM UK, if the UK was still a member of the European Union todays autumn statement could have addressed the cost-of-living crisis, the impact of Covid on our economy and the inflation crisis. Instead, there was a Brexit-shaped elephant in the room.

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The autumn statement shows Britain can't afford Brexit - The New European

Brexit is not the problem, Europe’s lack of liquidity is – The TRADE – The TRADE News

The UK and the European Union must stop focusing on post-Brexit divergence and convergence and re-align their interests to tackle stagnant flows in Europe in comparison with the US and Asia.

That was the key takeaway from the FIX conference that took place in Paris earlier this week. Since their split at the start of 2020, Europe and the UK have been focused on emerging as the victor of Brexit with home of the European financial hub to be in either the City of London or Paris.

However, at what cost? As noted by panellists and audience members on Tuesday, the more important conversation to be had is how to boost volumes and liquidity in Europe. In a live poll asking whether regulatory change could devastate Paris or favour London in the coming years, around 72% of the audience voted no. In other words, its not a zero-sum game to be won.

The thing that will likely devastate Europe if not taken in hand is the level of fragmentation in the region made worse by Brexit and the stunted growth it has seen in the last few years. Unlike the US and Asia, Europe has produced stagnant volumes year on year, driven by several macroeconomic factors and a suffering IPO market.

Contributing to this lack of liquidity is the fact that a growing list of firms are now competing for a portion of a pie that itself is not growing alongside said list. Market structure in the US and Europe is starkly different. Europe has three times the number of exchanges, 10 times the number of listing venues and 20 times as many post-trade providers.

Speaking to this, Simon Dove, managing director, head of liquidity at Instinet, said: The challenge in Europe is that while competition has been positive it has also driven fragmentation which can make us less attractive versus the US and Asia. At the moment were all talking about volume how do we get more volume?

Brexit has created additional frictional cost for a market that is already struggling. And the EU and UK firms must create a game plan as to how to grow the region together as opposed to continue fighting over the remaining scraps.

Its a big world, Simon Gallagher, head of global sales at Euronext and chief executive of Euronext London, told The TRADE. There is interest in the UK and Europe as neighbours as we compete against the US and Asia. Its a realisation on both sides that we need each other and need to get creative with a symbiotic relationship. Its the last thing Europe needs, putting extra frictional cost into the system.

Brexit the good and the bad

The UKs departure from the European Union, while costly thanks to the need for duplicated services to support European clients, has also had some relatively positive impacts on the way that firms on either side of the channel operate. The conclusion its not been as bad as everyone thought it was going to be from a trading perspective.

From a trading perspective, the markets were well equipped [for Brexit], said one individual who wished to remain anonymous. The situation is less drastic than we expected. Not much has changed, apart from perhaps the way some firms communicate with the sell-side.

While many predicted the impacts of Brexit could have been catastrophic, the reality is that financial services in Europe were previously skewed too heavily towards the City. Many participants have subsequently suggested that the spreading of volumes to new centres such as Paris and Amsterdam have in fact future-proofed the resilience of the markets.

The benefit for the overall industry is that were more resilient. We have two financial centres instead of one, said one panellist.

Also noted during the Paris FIX conference, was the suggestion that many European firms were appreciative of the increased on the ground and local coverage that Brexit had enforced. Some individuals called it the natural next step for markets.

Financial services were over-centred in London. Clients appreciate that firms have more local coverage, said another panellist. Having an extra step between Paris and London is another link in the chain. The way the desk is set up you have the same methods of communication whether youre in a different room or different city. Nothing has really changed; there hasnt been a duplication of roles.

That is not to say of course that Brexit has been all roses. Thanks to the requirement for European firms to be serviced by European entities, institutions have been forced to duplicate their operations on the either side of the channel. While this hasnt necessarily resulted in the duplication of personnel and roles it has meant a duplication of implementation costs, a moving of infrastructure into the Bloc and increased cost around connectivity and compliance with regulation.

This unsurprisingly has proved to be an expensive and arduous process and has created an environment where larger firms that can shoulder the cost more easily have thrived, perhaps even sparking some of the consolidation seen in the last few years.

It is also likely to encourage further outsourcing. Noted during a panel exploring consolidation and competition during FIX Paris, was a recent piece of research that found that 20% of firms in Europe had outsourced part of their dealing activities and a further 20-25% were exploring doing so.

Brexit created unnecessary costs for end investors. There is a cost attached to implementation decisions made post-Brexit and this favours larger players, said one individual.

Read more Carrot or stick? How the EU plans to reduce reliance on UK CCPs for derivatives clearing

One part of the post-Brexit tussle that does have the potential to hamper institutions is the proposed active clearing account mandates suggested by EU regulators at the end of 2022. In December, the European Commission published a proposal as part of Emir 3.0 regulation that would require all participants to hold active accounts at European CCPs for clearing at least a portion of certain derivative contracts.

The decision has been argued against by many institutions and trading associations who claim the move will hamper competition in Euro-denominated products by encouraging participants to take certain uncompetitive prices just to meet a minimum threshold of activity.

The mandate to clear on EU houses will bifurcate liquidity in cleared swaps, said one individual at FIX Paris on Tuesday. Thats an attention point for us and we will be watching it carefully. It could increase costs and decrease liquidity.

This is certainly true and something to watch. However, FIX panellists and speakers were united in their stance that further splitting liquidity between the two regions is not the answer to the problem. Brexit is not, and should not, be the problem. The issue is adding new growth and liquidity to the region. And as close neighbours, the UK and the European Union should be facing issues around global volumes as one.

See the rest here:

Brexit is not the problem, Europe's lack of liquidity is - The TRADE - The TRADE News

A house divided against itself cannot stand: chaos over Brexit – North East Bylines

Part 1 Part 2 Part 3

A House divided against itself Cannot Stand is a famous speech by Abraham Lincoln in 1858. For a country to be prosperous and successful it must cohere and find common ground. Countries that choose confrontation and wedge issues are less successful, especially over the long term. America was descending into chaos at the time, and the American Civil War started a few years later. Once the War was over, the US cohered, entered a period of unprecedented growth, becoming the worlds dominant power some decades later.

This piece will not only look at how chaos/coherence played out over Brexit, but look over a longer period and makes one major recommendation.

As weve seen, the referendum was incredibly divisive. Could the UK cohere and form cross-party or even Tory Party consensus after the shock of a Leave victory? Sadly no. The chaotic period after the Brexit referendum has been comprehensively covered in The Parliamentary Battle over Brexit by Meg Russel and Lisa James, with a good summary on Raf Behrs pod Politics on the Couch and also in the TV series: Laura Kuenssberg: State of Chaos. The ongoing Covid Enquiry also paints a view of utter chaos in Downing St. when Johnson was PM, which had significant implications for Brexit (See Prof Chris Greys Brexit Blog What the Covid Inquiry tells us about Brexit).

Britain was about to enter its most difficult challenge since WWII: negotiating Brexit to gain the best deal possible for the UK against a much stronger adversary, the EU. Did Britain understand its relative negotiating strength or the battle lines? It seems not. The road to a successful Brexit went as much through Dublin as Brussels. Yet there was minimal understanding of this in London, particularly in Brexit Circles. The wicked problem was always going to be Northern Ireland and how to protect the Good Friday Agreement after Brexit. It was almost totally ignored during the referendum campaign.

An excellent early book on Brexit is Chris Cooks Defeated by Brexit (serialised in Tortoise Media). The very first lines are: The Brexit negotiations are not really about the UK and 27 other countries they are about Britains long and troubled relationship with Ireland. And while Dublin was prepared for that, it took London completely by surprise.

Irish politics has always been more consensus-driven, and British politics more confrontational. This is partly cultural, but is primarily driven by the difference between the voting systems: FPTP in the UKs case and STV in Irelands case. The Brexit challenge, however, drove both countries towards extremes. The UK descended into chaos. Ireland was never more coherent and united. Ireland was well prepared and had near unanimity across government, all political parties, the civil and foreign service and broader society. The polar opposite of the UK, coherence rather than chaos.

It was difficult to see how Brexit would work if the EU held together. There was a Brexiter belief that Ireland could be the first to peel off. Unquestionably, Ireland would believe in Brexit, and surely Irexit would follow? The first domino, possibly followed by the Netherlands or Denmark? Surely a world-leading G7 country which held all the cards, would prevail over Ireland, totally dependent on Britain. Ireland, according to Brexiters, was a backwater which survived on exporting agricultural products to Britain. 90% of Irelands exports according to prominent Brexiter Digby Jones went to the UK.

Ten days after the referendum, I flew over to Dublin and could take the temperature. Would Irexit be on the cards? Apparently not, it seemed. In fact, the exact opposite. Brexit was considered a catastrophic mistake, but the UK was a sovereign country and could do as it wished (though there was deep disquiet about England bullying Scotland and Northern Ireland, which voted Remain).

Ireland being sucked back into the UKs orbit filled people with horror.

Later at a meeting at UCD there was unanimous agreement on the following

The only disagreement was the motivation of the DUP in supporting Brexit. It was entirely logical that Republicans would support Brexit, as discussed in post#3, but bizarre that Unionists would. Some argued the DUP never thought Leave would win, and that an orgy of British Nationalist flag-shagging was both irresistible and risk-free. Others that they secretly wanted a land border and destroy the GFA, which they hoped Brexit would deliver. Others thought it pointless to try to comprehend their 17th-century mindset.

There is a myth that the Irish are embittered and hate the English, but that is totally untrue. The Irish and English get along very well. Its only the Tories we dislike, and even then, there is understanding that for a functional democracy, there is a need for a centre-right party, in European terms, an European Peoples Party (EPP) party. We have our own one in Fine Gael. We could agree to disagree with the One Nation faction, people like Rory Stewart, Dominic Grieve Davids Gauke and Liddington, for example, but the swing of the Tory party to the far right was frightening and repellant. What little appetite there ever was for rejoining the UK vanished long ago. There is, of course, a lot of history, some in my piece here, but it is increasingly driven by pragmatism rather than emotion. A quick comparison will reinforce this point.

Comparing countries can be difficult. Fortunately, there are many well-respected international league tables. Economy, health, education and lack of inequality are clearly important. But there are other areas, such as the quality of democracy, freedom, press freedom, and lack of corruption. Given both Ireland and the UK consider themselves as trading nations (and the UK a great one), a trade comparison is also useful.

One standard measure for the economy is Gross Domestic Product (GDP) per capita, but that is not a good measure for Ireland. Gross national Income (GNI) is far less distorting.

On economy, health, education and lack of inequality, there is an international benchmark that uses GNI, the UN Human Development Index (HDI) and the Inequality-adjusted version the IHDI. On the HDI ranking the UK is 18th and Ireland 8th. On the IHDI ranking, the UK is 16th and Ireland 6th.

On democracy, the most respected measure is probably the Democracy Index produced by the Economist Intelligence Unit. This ranks the UK as 18th and Ireland 8th.

On freedom, possibly the best measure is the Human Freedom Index (HFI), produced by the Cato Institute, the Fraser Institute, and the Liberales Institut at the Friedrich Naumann Foundation. This ranks the UK 14th and Ireland as 5th.

On press freedom, Reporters without Borders produces an annual report: the World Press Freedom Index, which ranks the UK 26th and Ireland 2nd.

On corruption, a respected measure is the Corruption Perception Index produced by Transparency International, which ranks the UK 18th and Ireland 10th.

On trade, a straightforward measure is the export ratio. There are a number of trade databases; two of the best are the Atlas of Economic Complexity (Harvard) and the Observatory of Economic Complexity (MIT). I would recommend both, but for the latest data (2022) Ireland exports 50% of the UK in goods and 70% of the UK in goods and services.

Another measure is balance of trade. Ireland runs a major surplus and the UK a major deficit. Macrotends has Ireland with the 3rd largest trade surplus in 2022 and the UK the 3rd largest trade deficit. (+$198bn/-$107bn).

Ireland is a clear winner, consistently in the top 10 with the UK in the top 20, apart from the Press Freedom Index, which is troubling for the UK. The UK exports considerably more than Ireland, but with 13x the population. Per capita, Ireland exports about 6.5x the UK in goods and 9x as much in goods and services. Perhaps the UK is not the great trading nation it thinks it is? Particularly given the stark difference in balance of trade.

For a lot of the time, the chaos in Westminster was all-consuming, but the important battle was external rather than internal.

The battle was fought on two fronts: Brussels and Washington. Luck was on Irelands side, with the appointment of Barnier as chief EU negotiator. The European Peoples Party (EPP) was the dominant force in the European Parliament. Barnier was an EPP member, as was Fine Gael, the government party of Leo Varadkar and Simon Coveney. Barnier was also very familiar with Northern Ireland, so could hit the ground running. Networking was used to the full. The Tory party had foolishly left the EPP and gone to the Eurosceptic right. They were unplugged. The EU also managed to cohere over Brexit. Keeping the 27 together was Barniers main task. Leaving his brilliant deputy Sabine Weyand to manage technical details. The UK was totally outgunned, even worse, as Chris Kendall says in his blog From the outset, the UK has burned through goodwill as if it were an inexhaustible, ever-renewable resource.

Washington was the other front. Never underestimate the power of the Irish-American lobby (my analysis here). The Irish effort was coherent and compelling. The Brexiter one, the opposite. The Lead envoy for Brexit in the British Embassy in Washington Alex Hall Hall, resigned over the impossibility of her job. She related that Liz Truss as Foreign Secretary claimed in Washington a no-deal Brexit on Ireland would only affect a few farmers with turnips in the back of their trucks. The Americans were utterly unimpressed.

In the chaos, two deals were struck. I was pleasantly surprised by the May/Robbins deal, particularly in terms of defusing issues over the Irish Sea Border. It was a much harder Brexit than many Remainers liked and not enough for hard-line Brexiters. The DUP opposed it, much to Mays bewilderment (the suspicion they wanted a land border in violation of the GFA was reinforced), and the agreement failed to pass in parliament, leading to Mays resignation. The May/Robbins deal kept the entire UK inside the Single Market for goods until the UK wanted to diverge (probably never), in which case the NI Backstop would kick in. This meant no Sea Border. Given that May had ruled out FoM, this arguably split the Four Freedoms and was a significant concession from the EU. Many member states were unhappy. In any event, May could not get the Deal through. May fell, and Johnson became PM.

Enter the Johnson/Frost tag team, high on Get Brexit Done! and machismo bravado to show those foreigners Whats What!. This proved utterly ineffective and counterproductive. The oven-ready deal that was produced was hailed as a triumph and gave Johnson an 80-seat majority in the 2019 GE on 43.6% of the vote. Fatigue had set in, and many just wanted the Brexit nightmare to end.

Sadly, the Johnson/Frost deal was considerably worse for the UK than the May/Robbins deal and a very hard Brexit. Many EU capitals breathed a sigh of relief. It was highly asymmetric in the EUs favour, prioritising goods rather than services. It came with the NI Protocol. A front-stop rather than a backstop and the DUP were predictably extremely unhappy.

Ireland had succeeded in keeping its place fully in the EU and preventing a land border. The Johnson/Frost deal was so poor that no one got what they wanted apart from some Irish Republicans who voted for it. Since the Brexit Referendum the Irish economy has done very well, in contrast to the UK. Ireland achieved its goals of damage limitation but would have far preferred if Brexit had never happened.

A recent book from the EU perspective, and one of the best, is Stefaan de Ryncks, Inside the Deal: How the EU got Brexit Done (video here). There is a lot of detail, and it is much as keen observers might have expected. I survived mainly on a diet of anything produced by Tony Connolly (RTE), Chris Greys Blogspot, and Cakewatch (very good from the Brussels perspective). If, however, your information came from the right-wing press or even the BBC, the book will come as a revelation. The main takeaway is that London was so tied up in internal chaos (and, in the Frost era, delusional exceptionalism), that it never understood the rules of the game and was simply outplayed.

Brexit is the worst systemic failure of UK over the past 50 years. There is, however, a bigger picture and it is worth further exploring why Ireland has been so much more successful than the UK over that period.

After gaining my PhD, I moved from UCD to Sheffield University in 1981. At the time S. Yorkshire alone had a greater industrial output than Ireland, and Yorkshire a greater GDP. Now Ireland has an industrial output 75% of the entire UK and a GDP greater than Yorkshire and Humberside, the North East of England and Scotland combined.

Within the first week at Sheffield, I met an economist in the common room, who said all this heavy industry (coal and steel) would be gone within a decade, and the retraining costs would be astronomical. Ireland is in a perfect position to move to 21st century industries and could easily overtake the UK. Very perceptive, but the former miners and steel workers were not retrained, but left to rot, as indeed were much of the North of England and industrial parts of Wales, Scotland and Northern Ireland. Many areas have never really recovered.

The Economist Russell Jones in the Tyranny of Nostalgia, describes the lure of former economic greatness and examines the increasingly desperate search for a panacea over the past 50 years, with erratic changes in direction, of which Brexit was only the latest example (video here), that could arrest the nations relative decline and return the country to its supposed former glories. The Thatcher revolution was another major change in direction.

Ireland had a different path and the respected American economist Noah Smith has recently blogged How Ireland got so rich: Once an underdog, the Emerald Isle is now on top. The true picture is complex, but is there a silver bullet? In the simple Brexiter mind, the answer is obvious Ireland is a Tax haven (ignoring the fact that Ireland is not even in the top 10 and the UK, with its crown dependencies, is peerless, rated by Transparency International as the number 1 tax haven in the world).

Irelands success is down to coherence; instead of moving chaotically, it has made stable progress and has had consensual governance over the period. It is not without its problems, housing is a real issue, partially because the population is rising so rapidly via inward FoM. In 2016 for example, there were 122,515 Poles in Ireland; this per capita was about 70% more than the UK.

This coherence is due to a number of factors, but the silver bullet is probably the electoral system. Not only does the Irish system produce more proportional representation, with candidates needing broad appeal to get transfers. Running on wedge issues does not work.

The current Irish coalition government was elected with votes of about 70% of the electorate. Quite a contrast with the UK, where large parliamentary majorities can be obtained with a much lower share of the vote. The impetus for consensus is also testified to by the fact that the two largest coalition parties are bitter historical rivals who have set aside their differences to share power.

Irish constituencies have between three and five seats. STV maximises choice, voters mark their ballot papers 1,2,3 etc., in order of preference, between as many candidates (and implicitly parties) as they like.

In combination with relatively small constituencies, STVs focus on candidates additionally ensures that a strong constituency link is maintained and most voters have a choice of government and opposition representatives when it comes to raising issues. Indeed, a 1997 study found that Irish TDs (MPs) dedicate more time to constituency work than their British counterparts. This ability to mix proportionality and solid local links keeps the constituency element missing in some other forms of PR.

There are few safe seats and many strong local connections. Many of the big names did not get in on the first count in the most recent GE (2020): Leo Varadkar 5th count, Michel Martin 6th count, Simon Coveney 8th count and Neale Richmond 8th count. All needed broader appeal to get elected. Elections are far more competitive than in the UK FPTP system.

This series started with the GE of 2015 with a narrow Tory majority with 36.8% of the vote, leading to Brexit (part 1). The 2019 GE led to an 80 seat Tory majority on 43.6% of the vote and a hard Brexit. In neither case, a majority of the electorate. 2019 may have been exceptional, but appealing to one section of the population to the exclusion of the majority is democratically unsound.

Wedge issues and culture wars sadly work in the UK. The Tories are increasingly desperate. Wedge issues and culture wars seem to be all they have left. Polarization appears to be getting worse. Rwanda seems deliberately designed to throw red meat to the very worst instincts of many people and is bitterly divisive.

It does seem likely that Labour will win the next GE. That will be an improvement but will not solve the coherence problem. Britain has been left in such a mess after 13 years of Tory government that Labour could become unpopular very quickly and may only serve one term.

If there is a silver bullet, it must be Proportional Representation (PR) and ideally with the Single Transferrable Vote (STV), or what is sometimes known as ranked preference voting. Without the more consensual politics it engenders, Britain seems doomed to eternal division and continuing relative decline.

The series finishes with Part 5, How do We Fix this Brexit Mess?

This article was first published atProgressive Pulse.

Original post:

A house divided against itself cannot stand: chaos over Brexit - North East Bylines