as the branded coffee capital of the world. we find out why. live from london, this is business today. i'm sally bundock. we start here in the uk, where it's the morning after the big day before for the government in its pursuit of international capital. the world's business elite from the likes of energy giant equinor to pension and insurers aviva flocked to london's historic guildhall on monday to be wooed by the new government in its drive for economic growth. sizing up an offer of a new era of stability to return the uk to its former status as an open, outward looking nation at the uk investment summit. here's prime minister sir keir starmer. we have a golden opportunity to use our mandate to end the

culture of chop and change, the policy churn, the sticking plaster politics that makes it so hard for investors. it is time to upgrade the regulatory regime. make it fit for the modern age. harness every opportunity available to britain. we will rip up the bureaucracy that blocks investment. we will march through the institutions and make sure every regulator in this country, especially our economic and competition regulators, take growth as seriously as this room does. that sounds like the sort of thing investors want to hear but the elephant in the room was the upcoming budget. speaking to our business editor simon jack at the conference, chancellor rachel reeves once again refused to rule out imposing national insurance contributions on employer pension contributions — a direct tax rise on business.

we were clear in our manifesto that it we were clear in our manifesto thatitis we were clear in our manifesto that it is working people that bore the burden of higher taxes under the last government so we made that commitment not to increase taxes on working people. increase taxes on working eo - le. �* ., increase taxes on working --eole. ., . , people. but not necessarily their employers? _ people. but not necessarily their employers? those - people. but not necessarily l their employers? those were people. but not necessarily - their employers? those were the commitments — their employers? those were the commitments we _ their employers? those were the commitments we made - their employers? those were the commitments we made in - their employers? those were the commitments we made in our. commitments we made in our manifesto. further detail on what we will be doing will be set out in our budget on the 30th of october. dr roger barker is director of policy at the institute of directors. lets get your reaction to that straightaway. the fact that now, businesses fear in the budget at the end of this month, there could be an increase in a national insurance contributions. that would not — insurance contributions. that would not be _ insurance contributions. that would not be a _ insurance contributions. that would not be a good - insurance contributions. twat would not be a good thing because that would be a tax on jobs. it would make it more expensive for employers to hire someone, which i don't think is what any of us want. i think business is really trying to be positive at the moment. the investment summit yesterday was a success, business liked a lot

of what it's hearing from government, it likes the long—term approach, stable approach, planning reform and a lighter touch approach to regulation so it is seeking for the positive there. but as you say, the concerns about the budget and the fact that to fill this big fiscal hole which rachel reeves has identified is going to be the business sector that has to fill that gap. that is a real concern to business. what you think the impact would be if they raised national insurance contributions on growth? i insurance contributions on . rowth? ~ insurance contributions on urowth?

going to be a concern for those smaller businesses who were not present at the investment summit yesterday. they are going to find this much more difficult to cope with and it is going to hit business confidence, which is already at a low level. confidence, which is already at a low level-— confidence, which is already at a low level. the prime minister talked about _ a low level. the prime minister talked about unleashing - a low level. the prime minister talked about unleashing the - talked about unleashing the shock and awe investment in britain. some very strong language, powerfularguments. language, powerful arguments. the question language, powerfularguments. the question is will the deals be done? we know some announcements were made in clean energy but what are your thoughts on what we could see in terms of investment in the uk? ., ., ., , uk? the amount of investment that was pledged _ uk? the amount of investment that was pledged yesterday - uk? the amount of investment| that was pledged yesterday was very strong. it was much greater than what was achieved at a similar greater than what was achieved ata similarsummit greater than what was achieved at a similar summit a year ago. the government really does need overseas investments to come through. that is going to be essential if the uk is going to meet its growth objectives. i think what the government has to do now is to follow through on a lot of the commitments it

is been making. has the political stability built in given its political mandate, it now needs to follow through on things like planning reform and it has to tread lightly in terms of imposing additional tax burdens on businesses in the budget. tax burdens on businesses in the budget-— the budget. give “oining us from the h the budget. give joining us from the institute - the budget. give joining us from the institute of - from the institute of directors. let's stay with the uk economy because we will get the pulse of the labour market in a few hours. two big sets of data out in the next hour or so giving the latestjobs and wage numbers. key information for the bank of england, weighing up its next big interest rate call. toby fowlston is chief executive of recruiters robert walters. good morning. iam good morning. i am going to talk to you about national insurance contributions in a moment and whether you think that will hit the labour market but first of all, what do we expect today for the labour numbers and the wage numbers?

normally, i would say september is a strong month in the employment sector so i would traditionally say we are expecting some positive numbers but to quote the phrase you just used, the elephant in the room, of course it is the budget so that creates a bit of uncertainty moving into quarter four. �* , uncertainty moving into quarter four. 3 uncertainty moving into quarter four. �*, ., ., uncertainty moving into quarter four. �*, ., , four. let's look ahead because the labour— four. let's look ahead because the labour market _ four. let's look ahead because the labour market has - four. let's look ahead because the labour market has been i the labour market has been resilient and actually wage growth has been a concern for the bank of england. if that were to be in the budget, an increase in national insurance contribution, what do you think it would do to the labour market? it it would do to the labour market?— it would do to the labour market? , ., , ., . market? it is not 'ust that. we have the market? it is notjust that. we have the employment - market? it is notjust that. we have the employment rights i have the employment rights bill, the minimum wage increases well. there is quite a lot of stuff that has gone in in terms of thinking about the employer. clearly there are some positive moves forward with the employment rights bill, all about striking the right balance with organisations, particularly some of the smaller medium enterprises which have obviously got to put these measures in place, autumn 2026, there is going to be compliance

challenges around that as well. you have got the minimum wage increases well at io%, probably more of an impact again with smaller businesses and the cost impact of that and that means you are seeing wage compression now further up the employment chain. that is going to be in interesting challenge to come forward and finally what we see forward and finally what we see for the budget, we see, if we see the national insurance fees increase it will add struggles to an already weak employment market. �* , ,, , to an already weak employment market. , ,, , ., ., to an already weak employment market. �* , ,, , ., ., ., market. businesses have got a lot to take _ market. businesses have got a lot to take on _ market. businesses have got a lot to take on in _ market. businesses have got a lot to take on in terms - market. businesses have got a lot to take on in terms of- lot to take on in terms of change. and increased cost when it comes to their human capital. does that mean, therefore, they will reduce recruitment possibly? i don't know. recruitment possibly? i don't know the — recruitment possibly? i don't know. the reality _ recruitment possibly? i don't know. the reality is - recruitment possibly? i don't know. the reality is we - recruitment possibly? i don't know. the reality is we have| recruitment possibly? i don't l know. the reality is we have to remember this striking the right balance is so important. the consultation period the government will go through now, the employment rights bill in

particular, is critical because we have a lot of progressive organisations that have already done a huge amount in terms of making it a more employee friendly organisation. we got to remember that and there will be an increase in cost with some of these measures. we might start to see more of a shift towards flexible labour, temporary labour particularly as we work out what it means over the next few months, next year, in terms of hiring permanent staff.- year, in terms of hiring permanent staff. 0k, we appreciate _ permanent staff. 0k, we appreciate your - permanent staff. 0k, we appreciate your thoughts permanent staff. 0k, we i appreciate your thoughts on that. just to say that when we get the numbers on the ukjobs market, on wages, we will update you on bbc news. to tech now, as google has signed the world's first corporate agreement to buy power from multiple small modular nuclear reactors. this as the search giant looks to meet its burgeoning electricity demand from artificial intelligence and data centres. tech companies are increasingly turning to nuclear power as a way to fulfil the growing energy demands.

ritika gupta has the details. in the first of its kind deal, google has committed to buying power generated by nuclear energy start—up kairos power. google will back the construction of seven small modular reactors in the us. the agreement targets adding 500 megawatts to the grid starting at the end of the decade. advocates of smaller actors point to lower costs, faster completion times and location flexibility. data centres need 24/7 reliable power and right now nuclear is the only source of emissions free baseload power. the announcement is yet another example of the growing partnership between tech companies and nuclear power. last month consolation energy and microsoft struck a deal to restart the reactor at pennsylvania's three mile island, the site of the country's worst nuclear power accident, and earlier this year amazon purchased a data centre at another pennsylvania nuclear plant. ritika gupta there.

staying in the us now, where it's been another record—breaking day on wall street, with both the s&p 500 and the dowjones notching up fresh high finishes. and it's been tech and ai once again firmly in the driving seat. nvidia, the ai chip—making giant, led the pack, closing at a record high with its market capital now standing at $3.1; trillion, which sees it once again knocking at the door of apple to become the world's most valuable company. joshua mahony is chief market analyst at scope markets. good morning to you. for those who have nvidia in their portfolio, they are rubbing their hands once again. how long will the bull run last for? ., , long will the bull run last for? . , ., , for? ultimately, the reason why we have seen — for? ultimately, the reason why we have seen such _ for? ultimately, the reason why we have seen such incredible i we have seen such incredible gains is it is an incredible

business but at the same time, we can't put our finger on it when this run is going to come to an end so it allows you to dream of a never—ending bull run for this company. we don't necessarily know when the big tech names are going to stop spending billions on these chips and we don't necessarily know when we're going to transition to see other businesses ramping up their spending in a bid to be able to compete on the ai front. all that we know is that every time around the company seems to be on earnings and revenues and therefore we are coming into earnings season. once again are relatively positive footing. that is not always the case, sometimes there are jitters of the beginning of earning season as people worry about skyhigh valuations. we seen record highs coming in this time around and it points to relative confidence despite the fact that you do have plenty of question marks in the middle east in terms of the us election ahead and markets seem willing to be bullish, with all

the s&p 500 at a record high as well. it the s&p 500 at a record high as well. , , , u, , well. it is interesting because as ou well. it is interesting because as you say. — well. it is interesting because as you say. we _ well. it is interesting because as you say, we have - well. it is interesting because as you say, we have earnings| as you say, we have earnings season so we will get a sense of how these companies are doing, their performance. tsmc is coming out in the near future and it will be very interesting to see what the demand is like for its chips, won't it?— demand is like for its chips, won't it? , ., won't it? exactly. the waiter markets generally _ won't it? exactly. the waiter markets generally work i won't it? exactly. the waiter markets generally work is i won't it? exactly. the waiter. markets generally work is you see the first one or two companies announced from each sector, people try to glean information from that to tell us what they think the other companies in that sector will do. the same kind of thing for financials and big banks at the beginning of the