Key facts
- Al Carns is considering a run for Labour leader.
- Carns is hosting a fundraising dinner with ally Amanda Martin.
- The dinner costs £500 per person.
- Nominations for the Labour leadership open on July 9.
Al Carns, a figure within the Labour Party, is reportedly considering a bid for the party's leadership. He has not ruled out standing when nominations open on July 9. Carns has been posting AI-generated content on social media discussing the qualities required for the country's next leader. He is set to host an "exclusive dinner" with his ally Amanda Martin, with guests paying £500 each for the event, suggesting he is building a war chest for a potential leadership contest.
Separately, Chancellor Rachel Reeves faced skepticism at the British Chambers of Commerce annual conference regarding her economic growth projections. Russell Borthwick, chief executive of Aberdeen & Grampian Chamber of Commerce, challenged her calculation that a 0.6% quarterly growth rate would equate to 2.4% for the year.
In sports news, the City AM football team, led by captain Frank Dalleres, achieved a victory against GLA Athletic with a 4-3 score at the Lord Mayor's Cup Football Tournament. EY ultimately won the tournament.
The Nao Victoria, a replica of the first ship to circumnavigate the globe, is docked at St Katharine Docks and available for public viewing until July 12.
In tax news, a Supreme Court ruling on the tax treatment of LLPs has resulted in significant tax bills for entities like hedge fund BlueCrest (£200 million) and XTX Markets chief Alexander Gerko (£22.5 million). Gerko suggested the government was "trolling him" given a simultaneous announcement of aid to Gaza. The ruling has led to concerns that firms may relocate to jurisdictions with less stringent tax regimes.