Morning briefing Thursday 14th August

0:00This episode of the Times Radio News Briefing is sponsored by PwCWC. Staying competitive means getting ahead, not just keeping up. So how do business leaders cut through the noise and focus on what really matters. PwC takes you further with tech, from optimising the systems that put your data to work, to scaling AI from proof of concept to competitive edge. PwC helps you meet tomorrow's tech demands so you can compete at a speed that rewrites the rules. Discover more at pwc.co.uk. This is your Times Morning Briefing for Thursday the 14th of August. It's understood Donald Trump won't discuss land divisions with Vladimir Putin when the pair meet tomorrow.

0:45It comes after the US president held talks with European leaders yesterday. He was urged to keep Ukraine in mind during the pair's discussions. And Donald Trump has said there'll be severe consequences if Mr Putin doesn't agree to a ceasefire. Karl Bildt is the former prime minister of Sweden. He spoke to Times Radio about what those consequences could be. Would it really make the difference would be if he was prepared to go back on military support for Ukraine. That is really the thing that would send a message to Mr Putin. He has cut almost all of the military support to Ukraine, coming directly from the United States.

1:20If he were really able to stop all Indian and all Chinese buying of oil, I even think that is going to be less significant than if he were prepared to go back on his cutting back on the military support to Ukraine. 2 ,000 jobs are at risk after the UK arm of accessories chain Claire's has entered administration. The retailer, which is known for ear piercing and accessories, will continue to trade as it seeks a future. Consumer journalist Harry Kind says you can get a bigger range of accessories online for less money now. And he also told Times Radio why people probably aren't picking Claire's to have their ears pierced like they used to.

1:57I think that there's probably a lot more teenagers now who are tempted to go and get their ears pierced in those kind of independent stores rather than going to a dead mall, which has seen better days, to go and have that emotional connection there. Actually, maybe they're getting something of a more authentic experience in these independent tattoo parlours and piercing clinics. So I think that probably doesn't help compensate for the loss of online sales. Tax experts are warning that proposals by the Treasury to stop parents from making unlimited tax-free gifts to their children would make the UK a dangerous place for wealthy people to live in.

2:35Government officials are said to be looking at tightening the rules on the gifting of money and assets in an attempt to close the black hole in government finances at the autumn budget. James Quarmbi, a lawyer and tax partner at the law firm Stevenson Harwood, told Times Radio he doesn't think the Chancellor, Rachel Reeves, would raise much money from the move. Taxes on wealth are paid by a very small proportion of our society. It's highly susceptible to behavioural response. So if she brings in a tax on lifetime gifts, I can predict that most people will stop making gifts. That will mean that the parents and older people will hoard the wealth until they die.

3:14And it is likely they will die long after this government is no longer in office. And people who live in Venice are furious after tourists have discovered they can go on what's been called secret gondola rides, costing just two euros. Social media influencers have been blamed for directing visitors to boats usually used by locals to travel the Grand Canal. For more stories like these, listen to Times Radio throughout the day.

3:45This episode of the Times Radio News Briefing is sponsored by PwC. AI is everywhere. In the news, in our hands, but return on investment, not so much. So how do you get beyond the hype and deliver AI that powers reinvention and growth across your business? Strong foundations unlock AI's potential. That's why PwC takes you further with tech, strengthening the data quality, processes and workflows that shape how well AI performs. PwC turns innovation into implementation so you can accelerate from experiment to scale. Discover more at pwc.co.uk.