Updated Oct 19, 2026 – 5.28pm, first published at 12.00pm
On London’s eastern fringe in Essex, data centre operator Nscale plans to build its £2 billion ($3.8 billion) flagship UK facility across the road from where the Bank of England produces bank notes.
It’s a symbolic site. The heady rush for artificial intelligence had created a sense that data centres were a licence to print money for the likes of its owner, Josh Payne, a former Hunter Valley coal miner.
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