The NHS is in 'critical condition', report finds

📍Top line: A major government-commissioned review of the NHS has revealed it is in a "critical condition" and that the nation's health has "declined" over the past 15 years. The investigation, led by Lord Darzi, highlights alarming issues, including long delays for children's mental health treatment and the UK's poor performance in cancer and cardiovascular care compared to other countries.

💷 Funding gap: Capital investment in the UK fell short by £37 billion during the 2010s compared to other European and global peers, according to the report. This has caused missed opportunities to adopt digital technologies, leaving the NHS significantly behind in key resources such as CT and MRI scanners compared to other nations.

📉Financial toll: Rising illness is hampering economic productivity, with 2.8 million people unable to work due to poor health, while escalating waiting times are leading to preventable deaths.

In a speech later today, the prime minister will address the findings of the report and is expected to offer solutions to the healthcare service’s crisis. He has vowed to develop a 10-year plan emphasising digital innovation, community care, and preventative measures. 

New Starbucks CEO pledges to make coffee chain great again

📍 Top line: Starbucks’ new CEO Brian Niccol has criticised the chain’s slow service and vowed to revamp operations after a rocky year for the American company. In an open letter he stated that customer experience at Starbucks' stores “can feel transactional”. Niccol highlighted issues like inconsistent products, long waits, and chaotic hand-offs, but framed the criticisms as opportunities for Starbucks to become a “community coffeehouse” again.

🌶️ Known for his successful turnaround at Chipotle, Niccol became the coffee chain’s CEO last month. His appointment made headlines as the deal included a pay package worth up to £88 million - one of the largest deals in corporate history.

Elsewhere in business:

⚽ Manchester United’s losses soared to £113 million over the 2023-24 season due to significant investment in players and new costs arising from Sir Jim Ratcliffe’s purchase of a minority stake in the club. This compares to a loss of £28.7 million the previous season. Despite the hefty loss, the club are bullish that they have complied with financial fair play rules.

🚗 Ford has filed a patent for technology that listens to in-car conversations in order to serve drivers and passengers hyper-targeted ads. The system can identify occupants using cameras or microphones, learn which ads annoy them, and adjust accordingly. While it’s only a patent for now, the idea reflects a trend towards personalised advertising in vehicles.

UK Chancellor warns of tough decisions in Budget

📍Top line: UK Chancellor Rachel Reeves has warned that next month’s Budget will involve “difficult decisions” on tax, spending, and welfare as the government addresses the reported £22 billion gap in public finances.

🗣️ Reeves stressed the importance of restoring investment to achieve long-term growth and improve wages across the UK. Highlighting Amazon’s recent £8 billion investment in UK data centres, she noted the potential to “rebuild Britain” and create opportunities nationwide despite the current economic challenges.

However, speculation is already growing over potential tax hikes for both individuals and corporations. The interview followed the news that the UK economy flatlined in July for the second consecutive month, defying expectations of 0.2% GDP growth. The data came as a shock to the City, which had anticipated a bounce-back as Labour came into power.

Elsewhere in the economy:

🏠 The UK government is pushing forward a ban on "no-fault" evictions in England, with hopes of implementing the measure by next summer. This change is part of the Renters' Rights Bill, which also seeks to prevent "bidding wars" and ensure landlords do not discriminate against tenants on benefits or with children.

🇺🇸 US inflation fell to its lowest level in three years to 2.5% in August, raising hopes for an interest rate cut next week. The decline from July’s 2.9% suggests inflation is edging closer to the Federal Reserve’s 2% target.

Arctic Lake, a London-based tech company that builds electronic trading systems for fintech, has opened applications for its Graduate Software Developer position. The role is open to anyone who is completing or has completed a degree in Computer Science or Informatics. The firm is offering an annual salary of £55,000 as well as potential equity options. If you’ve got passion for coding, apply now here!

Open AI striving for valuation of $150 billion

📍 Top line: OpenAI is seeking to raise at least $5 billion in a new funding round, targeting a valuation of $150 billion. Investors in this round include tech giants like Apple, Nvidia, Microsoft, and venture capital firm Thrive Capital.

This fundraising effort is aimed at supporting OpenAI's ambitious plans to further develop advanced AI models, potentially surpassing human intelligence. Despite its rapid growth and a projected $2 billion in annual revenue, OpenAI remains unprofitable due to high research and development costs.

The push for new funding comes as the AI space becomes increasingly competitive, with OpenAI rivalling companies like Anthropic, Google, and Meta.

Elsewhere in tech

📱 Australia plans to introduce a minimum age for social media access, with Prime Minister Anthony Albanese set to trial age verification technology before enforcing the ban later this year. Likely targeting ages 14-16, the move aims to reduce social media's negative impact on youth and encourage kids to have “real experiences with real people”.

💉 AstraZeneca’s new AI tool, MILTON, can detect early signs of over 1,000 diseases years before symptoms appear, according to new research. By analysing patient test results, the algorithm predicts disease diagnoses with high confidence.

🫡 The bearskin caps worn by soldiers outside Buckingham Palace now cost over £2,000 each, according to Ministry of Defence data. The price of these ceremonial caps, made from black bear fur, has risen by 30% in the past year.

🎶 Pop sensation Taylor Swift has announced she’ll vote for Kamala Harris in the US election, sparking a fierce reaction from Donald Trump, who warned she’ll “probably pay a price for it”.

🖼️ London’s National Gallery is hosting a “once in a century” exhibition of Vincent Van Gogh’s masterpieces, featuring 60 of his iconic works. “Poets and Lovers” has already received rave reviews from critics and opens to the public on September 14.