Reeves on growth ‘hell slide’ after welfare U-turn as rebels call for wealth tax July 2, 2025 Rachel Reeves faces a “hell slide” in her ambition to balance economic growth with her “iron clad” fiscal rules following Labour’s U-turn on welfare. The Chancellor had hoped government plans for welfare reform would shed £5bn in spending as they targeted restrictions on personal independence payments (PIP) and limited the sickness-related element of universal credit. The [...]
Labour urged to scrap state pension triple lock July 2, 2025 The government should scrap the £145bn triple lock on the state pension and employers should automatically contribute to private pensions, the Institute for Fiscal Studies (IFS) has said. Labour’s election manifesto last year said it would commit to keeping the state pension, while the Conservative Party pitched a ‘triple lock plus’ pension that would increase [...]
Keir Starmer urged to slash number of graduate visas July 2, 2025 Prime Minister Keir Starmer has been urged to scrap the graduate visa for thousands of international students as universities have provided “backdoor access” for longer-term settlement, according to a leading think tank. The government unveiled its immigration white paper aimed at getting net migration levels down, with the period during which graduates are able to [...]
National Wealth Fund boss calls for public finance consolidation July 1, 2025 The boss of Labour’s National Wealth Fund has urged the government to remain open to consolidation of public finance institutions in a bid to ease confusion for the private sector. In a hearing on Tuesday, the chief executive of the National Wealth Fund (NWF) John Flint told MPs he would “encourage” the Treasury “not to [...]
Manufacturers fear Labour government will ‘derail growth’ July 1, 2025 Manufacturers continued to see output decline in June, fresh data has shown, as most business owners are now looking at how they can grow under the Labour government. The UK government last week unveiled its industrial strategy aimed at giving high-growth sectors such as advanced manufacturing confidence over the next ten years. But fresh research [...]
Andrew Bailey warns investment delays hitting UK growth July 1, 2025 Bank of England Governor Andrew Bailey has warned firms are delaying investment plans due to global turmoil, damaging the UK’s economic growth prospects. Markets have restabilised since April when President Trump’s sweeping tariffs threatened to damage international trade while oil prices have fallen since a short-lived conflict between Iran and Israel. But Bailey has warned [...]
National wealth fund boss slams banking industry’s risk appetite June 30, 2025 The boss of the National Wealth Fund has blasted the banking industry’s risk appetite and cited the lack of risk-taking as the reason for waning growth figures. Speaking at City Week on Monday, John Flint, the chief executive of the newly-established government body, said: “The banking system is very heavily regulated and in the best [...]
City minister doubles down on green finance as firms turn sour June 30, 2025 The City minister has reaffirmed the government’s ambition for a green transition across the financial services sector, despite the industry pivoting on climate priorities. Speaking at City Week on Monday, Emma Reynolds said: “The UK has a world leading financial and related professional services ecosystem and the research that is needed to integrate sustainable finance.” [...]
Disposable income per head slumps despite economic growth June 30, 2025 The Office for National Statistics left growth figures for the UK economy at 0.7 per cent in the first three months of the year unrevised on Monday. Official data from the ONS showed quarter one’s growth was led by a 1.3 per cent increase in the production sector. Services and construction jumped 0.7 per cent [...]
Reeves told Lifetime ISAs rules are ‘nonsensical’ and costing savers June 30, 2025 Lifetime ISAs require deep reform, as strict rules on cash withdrawals mean customers are left with less money than they initially deposited, leading Britons to make worse investment decisions, while the government sets aside too much spending for bonuses, senior MPs have told Chancellor Rachel Reeves. Reeves is a fortnight away from her flagship Mansion [...]