AI minister: UK sets sights on global AI leadership, not Silicon Valley emulation July 15, 2026 AI minister Kanishka Narayan said the UK must build enough domestic AI capability to “shape our own destiny” rather than rely on overseas tech giants as the government accelerates its push to develop sovereign AI infrastructure. Narayan told City AM that AI had become “the defining currency” of geopolitical and economic power, arguing that the [...]
Pension funds pledged a private investment splurge. Three years on, has anything changed? July 15, 2026 When 11 of the UK’s largest pension providers signed a deal to pump billions into unlisted companies in July 2023, the mood at Mansion House in the City was celebratory. Then Chancellor Jeremy Hunt hailed the signing a “great personal triumph” for then Lord Mayor, Sir Nicholas Lyons. If the remainder of the UK defined [...]
OECD sounds alarm on pension triple lock in challenge to Burnham July 15, 2026 The world’s leading independent economic organisation has warned that reform of the triple lock on state pensions is “necessary to reduce fiscal risks”, in a challenge to Andy Burnham as he prepares to take over as Prime Minister. The OECD, the Organisation for Economic Co-operation and Development, described the triple lock guarantee as “unusually generous [...]
Miliband opponents pour cold water on Chancellor hopes July 15, 2026 Opponents of Ed Miliband believe that they have quashed his bid to become Chancellor, according to reports, in a sign of division within Andy Burnham’s camp just days before he is due to take over as Prime Minister. While the former Manchester Mayor has refused to be drawn on his Cabinet picks, Miliband, a key [...]
Bank of England governor opens door to ‘simplifying’ financial rulebook July 14, 2026 Andrew Bailey opened the door to simplifying the UK’s financial rulebook as he joined Rachel Reeves for the Chancellor’s third and final Mansion House speech on Tuesday evening. The Bank of England governor distanced himself from capping taxes on banks and financial institutions, but said existing rules should help “flush out supranormal profits” by “reducing [...]
Tax online businesses more to save Britain’s struggling high streets July 14, 2026 Labour promised to reform business rates to level the playing field between online and physical businesses. It's time to make true.
Bank of England warns Burnham of UK economy’s ‘big issue’ July 14, 2026 The Bank of England has warned Andy Burnham that economic growth remains the “big issue” facing the UK economy as he prepares to take the keys to Number 10. Andrew Bailey, the central bank governor, told policymakers on Tuesday that the UK has had “low growth for the best part of 16 to 17 years”. [...]
Grosvenor casino owner cuts staff after Reeves gambling tax blow July 14, 2026 Grosvenor casino owner Rank Group was forced to trim its headcount in a bid to cut costs, as the company continues to deal with the fallout of Rachel Reeves hiking online gambling tax. The Chancellor’s decision to increase Remote Gaming Duty (RGD) rate from 21 per cent to 40 per cent in the last Autumn [...]
As it happened: FTSE 100 recovers after oil surge dampens mood; Strikes in the Strait of Hormuz July 14, 2026 Welcome back to the City AM liveblog. Oil prices are marching higher after the latest wave of military action in the Middle East following the US reinstating its blockade on imports from Iran. Brent crude – the international benchmark for oil prices – surged above $84 per barrel on Tuesday, bringing gains for the week [...]
The City will bid good riddance to Rachel Reeves July 14, 2026 Rachel Reeves should be remembered: for dissembling, breaking promises and making Brits poorer. Little consolation, then, that her likely successor Ed Miliband will be so much worse, says Alys Denby Rachel Reeves will make what is likely to be her final Mansion House Speech this evening and will encourage Andy Burnham to continue her legacy. [...]