Sam Altman ‘looking forward’ to return to OpenAI; Jeremy Hunt expected to cut taxes – business live

We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. We are collaborating to figure out the details. Thank you so much for your patience through this.

We are collaborating to figure out the details. Thank you so much for your patience through this.

OpenAI has also agreed in principle to partly reconstitute the board of directors that had dismissed Altman. Former Salesforce co-CEO Bret Taylor and former US Treasury Secretary Larry Summers will join Quora CEO and current director Adam D’Angelo on the board.

Altman’s return follows a staff revolt , with hundreds of OpenAI’s staff threatening to move to major investor Microsoft, which had offered Altman a new position running its AI division.

Sam Altman, who was ousted as OpenAI’s chief last Friday, is now poised to return to run the company.

The turmoil at artificial intelligence firm OpenAi has taken another dramatic twist this morning.

Altman: i’m looking forward to returning to OpenAI, and building on strong partnership with Microsoft

i love openai, and everything i’ve done over the past few days has been in service of keeping this team and its mission together. when i decided to join msft on sun evening, it was clear that was the best path for me and the team. with the new board and w satya’s support, i’m...

Altman says he loves the company, and wants to build on its “strong partnership with Microsoft”.

Sam Altman has posted that he’s looking forward to returning to OpenAI, following the deal announced by the company a few minutes ago .

We have reached an agreement in principle for Sam Altman to return to OpenAI as CEO with a new initial board of Bret Taylor (Chair), Larry Summers, and Adam D'Angelo. We are collaborating to figure out the details. Thank you so much for your patience through this.

We are collaborating to figure out the details. Thank you so much for your patience through this.

OpenAI has also agreed in principle to partly reconstitute the board of directors that had dismissed Altman. Former Salesforce co-CEO Bret Taylor and former US Treasury Secretary Larry Summers will join Quora CEO and current director Adam D’Angelo on the board.

Altman’s return follows a staff revolt , with hundreds of OpenAI’s staff threatening to move to major investor Microsoft, which had offered Altman a new position running its AI division.

Sam Altman, who was ousted as OpenAI’s chief last Friday, is now poised to return to run the company.

The turmoil at artificial intelligence firm OpenAi has taken another dramatic twist this morning.

“Under Keir Starmer’s leadership, the Labour Party has changed. Labour is now the party of fiscal responsibility, we are the party of business and we are the only party with a plan to make working people better off.”

“The 25 Tory tax rises since 2019 are the clearest sign of economic failure, with households paying £4,000 more in tax each year than they did in 2010. The Conservatives have become the party of high tax because they are the party of low growth. Nothing the Chancellor says or does in his Autumn Statement can change their appalling record.

“After thirteen years of economic failure under the Conservatives, working people are worse off. Prices are still rising in the shops, energy bills are up and mortgage payments are higher after the Conservatives crashed the economy.

Rachel Reeves, Labour’s Shadow Chancellor, has declared that the Conservative Party have become the “party of high tax”.

What to expect in the autumn statement 2023

Here’s a breakdown of what to expect from Jeremy Hunt today:

Introduction: Tax cuts expected in autumn statementGood morning, and welcome to our rolling coverage of business, the world economy and the financial markets.

A year is a long time at the Treasury. A year ago, Jeremy Hunt was announcing a punishing package of £30bn of delayed spending cuts and £25bn of backdated tax increases , as he tried to mend the damage from the calamatious mini-budget a few weeks before.

Today, though, Hunt will deliver another autumn statement, and this time he’s expected to announce cuts to national insurance, benefiting millions of workers.

The chancellor is also likely to be a splurge of help for companies, with predictions of over 100 business-friendly measures. That could include extending the current, temporary “full expensing” system that lets companies offset investment from their tax bills.

Hunt’s message is expected to be that the government wants to “turbo charge” growth.

He does have more fiscal firepower, as borrowing so far this financial year is almost £17bn below expectations.

The chancellor is expected to say:

“After a global pandemic and energy crisis, we have taken difficult decisions to put our economy back on track,

We have supported families with rising bills, cut borrowing and halved inflation. The economy has grown. Real incomes have risen. Our plan for the British economy is working.

“But the work is not done ... Conservatives know that a dynamic economy depends less on the decisions and diktats of ministers than on the energy and enterprise of the British people.”

Lower-paid workers received a boost last ight, when Hunt announced that the national living wage will rise to £11.44 per hour from April, an increase of almost 10%.

He’s accepting the recommendation from the Low Pay Commission for an increase of £1.02 from the current rate of £10.42.

It’s important to remember that any tax cuts today will only make a small dent in the squeeze on incomes. Millions of households have been dragged into high tax bands by the freeze on thresholds, which have not risen in line with inflation.

We’ll also receive an update from the Office for Budget Responsibility today, which will give its assessment of the UK economy and the impact of Hunt’s plans.

City economists predict the OBR will lower their forecasts for growth.

Mohit Kumar, Chief European Economist at Jefferies, says:

Current OBR forecasts look a bit optimistic and are likely to be revised lower. Our view is more in line with BoE which sees no growth until 2025.

The agenda