Borrowing costs jump after Burnham ‘fiscal flexibility’ remarks July 20, 2026 The government’s borrowing costs climbed sharply on Monday afternoon after Andy Burnham said he planned to juice government borrowing by taking advantage of “flexibility” in the current fiscal rules. The new Prime Minister told reporters that his administration would use all potential room within the self-imposed spending straitjacket, which he had promised not to loosen [...]
Big Yellow slashes staff and turns to automation after Reeves’ business rates blow July 20, 2026 Big Yellow continued to trim its headcount and hike investment into automation in a bid to cut staff costs, as the company continues to deal with the fallout of Reeves’ decision to hike business rates. The Chancellor’s decision to increase both national insurance and minimum wage in the 2024 Autumn Budget, caused the group to [...]
As it happened: John Healey named Chancellor as Burnham shakes-up cabinet July 20, 2026 Welcome back to the City AM liveblog. Andy Burnham has become the UK’s newest Prime Minister, succeeding Sir Keir Starmer just two years after his landslide win at the 2024 general election. Starmer visited the King this morning to give him his resignation. In his farewell speech outside Number 10, the outgoing Prime Minister said [...]
Mahmood called for banker bonus tax to fix youth unemployment July 17, 2026 Shabana Mahmood has previously called for a tax on banker bonuses to fix youth unemployment in a move that will renew fears the sector could be targeted for a cash grab. The front-runner to be Andy Burnham’s Chancellor was a staunch supporter of a bill set out by Labour in opposition that sought to levy [...]
As it happened: Stocks rise despite IEA warning of ‘critical’ oil issue July 17, 2026 Welcome back to the City AM liveblog. Oil is on track to gain around 12 per cent for the week after the continued escalation of strikes between the US and Iran. Brent crude – the international benchmark for oil – is holding steady around the $85 per barrel mark after US’ multiple strike offensives against [...]
City sizes up mystery Mahmood July 17, 2026 Executives and business groups have begun sizing up Shabana Mahmood and her past policy positions as they search for ways to engage the woman tipped to become Andy Burnham’s Chancellor next week. The emergence of Mahmood, who hails from the right of the party and cracked down on immigration in her role as home secretary, [...]
Burnham set for crunch decision on JP Morgan’s £10bn tower July 16, 2026 Andy Burnham’s government will face a crunch decision on the future of JP Morgan’s flagship tower in Canary Wharf as it weighs whether to uphold a major tax break for the project despite opposition from industry groups. The next Chancellor will serve as the final arbiter on the framework of a business rates exemption for [...]
The Capitalist: A Reeves speech or swan song? Dispatch from Mansion House July 16, 2026 Summer evenings with Rachel Reeves, Geoff Hurst and Keval Joshi; catch up on the latest gossip in this week's The Capitalist.
We should all get behind this wealth tax July 16, 2026 A wealth tax is once again rising up the agenda as Andy Burnham prepares to enter Downing Street. The tax is remarkably popular. YouGov polling last year found 75 per cent of Brits would be in favour of the introduction of a wealth tax, with only 13 per cent opposed. There are three clear reasons [...]
The pensions triple lock is a travesty. Our politicians must fess up July 16, 2026 We report this week that the OECD has added itself to a growing list of institutions warning over the sustainability of Britain’s triple lock pensions system, the policy that guarantees the state pension rises annually by the highest of inflation, earnings growth or 2.5 per cent. The triple lock, the Paris-based OECD warns, is “unusually [...]