Stock markets have retreated again over worries of further US interest rate rises after the Federal Reserve defied Donald Trump to increase rates for the fourth time this year.

The EU has confirmed it is “actively investigating” a potential breach of its diplomatic communications network, following reports that secret cables had been stolen by hackers.

The Bank of England has welcomed a “crucial and positive” move by the EU to help keep a key part of the financial system functioning in the event of a “no-deal” Brexit.

A handful of banks will be forced to write multimillion pound cheques to buy shares in the construction giant Kier Group after some of its biggest investors snubbed the chance to take part in a £250m fundraising.

GlaxoSmithKline (GSK) is to merge its consumer healthcare unit with that of rival Pfizer, to create a new market leader with almost £10bn in annual sales.


Santander has been fined more than £30m for “serious failings” in processing the accounts of dead customers, the Financial Conduct Authority (FCA) says.


UK considers social media levy to fund its digital literacy education

UK considers social media levy to fund its digital literacy education

The UK government may introduce a levy on social media firms to fund educational programmes that teach young people digital literacy skills and train them to spot fake news, according to the Culture Secretary

Jeremy Wright stated to MPs investigating online disinformation that firms like Facebook had admitted that the current ‘status quo’ was not working and there was need for action.

The new plans follow a series of recommendations from the Commons’ Digital, Culture, Media and Sport Committee where they have called for a levy in addition to greater transparency for users presented with online political advertising and updates to the UK’s electoral policies.

“Digital literacy should be the fourth pillar of education, alongside reading, writing and maths,” state the recommendations.

“The social media educational levy should be used, in part, by the government, to finance this additional part of the curriculum.”

Wright stated to the committee that a white paper due to be released in the winter would look at a wide range of actions to be taken.

“I do think that it is important that it (a levy) is one of the options that we look at,” he stated.

“Of course we can look at a levy to fund a number of things. We can look at it to fund education, we can also look at it to fund a regulator if we considered a regulator is necessary.” He added.

Wright was responding to questions regarding the intrusive actions of Russia and other nations around elections in the UK and abroad.

Asked by chairman Damian Collins whether he agreed that it “shouldn’t be down to the taxpayer to fund this”, he added: “If we are still talking about the threat to our democracy, to our national security, via hostile foreign states then there is a dimension of that where the cost needs to be borne by the taxpayer because that is part of the job of the state defending itself.

“If, on the other hand, we are talking about online harms more broadly then I think there is a role for us to think about for social media companies and other online presences to work out how this extra activity should be funded.”

“It’s one of the options worth considering, and in the end if there is more activity it has got to be paid for somehow.”

He further stated that the white paper would be inclusive of proposals for legislation to be introduced to Parliament to beef up the powers of an existing regulator, or even create a new one—if that was deemed necessary.

Facebook had said earlier this month that it would require various UK political parties and interest groups to verify their identity and location in order to place adverts on its site –so as to crack down on ‘dark ads’.

Last week, tech giants Google, Facebook and Twitter told MPs that they were not opposed to the introduction of a regulator to monitor their platforms.

Karim Palant, Facebook’s public policy manager in the UK, told the Commons’ Science and Technology Committee: “Our chief executives have talked about the fact that some regulations are going to be inevitable.”


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