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Britain Shuns $34 Billion Morocco-UK Subsea Power Project

The UK government has rejected the 25 billion ($34.39 billion) pound Morocco-UK Power Project, citing a preference for domestic renewable initiatives that offer greater economic and strategic benefits. The project aimed to supply solar and wind energy from the Sahara to power up to seven million UK homes. Reuters reports: "The government has concluded that it is not in the UK national interest at this time to continue further consideration of support for the Morocco-UK Power Project," energy department minister Michael Shanks said in a written statement to parliament. He also said the project did not clearly align strategically with the government's mission to build homegrown power in the UK. Xlinks' Morocco-UK power project would have tapped Moroccan renewable energy via what would have been the world's longest subsea power cable. The plan involved building 3,800 kilometers (2,361 miles) of high-voltage direct current subsea cables from Morocco to southwest England. The company had been seeking a guaranteed minimum price for the electricity supplied, known as contract for difference, from Britain's government.

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Big Accounting Firms Fail To Track AI Impact on Audit Quality, Says Regulator

The six largest UK accounting firms do not formally monitor how automated tools and AI impact the quality of their audits, the regulator has found, even as the technology becomes embedded across the sector. From a report: The Financial Reporting Council on Thursday published its first AI guide alongside a review of the way firms were using automated tools and technology, which found "no formal monitoring performed by the firms to quantify the audit quality impact of using" them. The watchdog found that audit teams in the Big Four firms -- Deloitte, EY, KPMG and PwC -- as well as BDO and Forvis Mazars were increasingly using this technology to perform risk assessments and obtain evidence. But it said that the firms primarily monitored the tools to understand how many teams were using them for audits, "typically for licensing purposes," rather than to assess their impact on audit quality.

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