Taxes and tariffs combine to ‘drag business sentiment’ April 30, 2025 The double whammy of Rachel Reeves’ taxes and Donald Trump’s tariffs have dragged confidence in business volumes to their lowest level in more than two years, fresh data has found, further clouding prospects for the British economy. The UK has already suffered from lacklustre growth over the last few years as real GDP only expanded [...]
Tony Blair is right to call for ‘reset’ of ludicrous Net Zero debate April 30, 2025 If energy secretary Ed Miliband still believes that critics of his dash to Net Zero are peddlers of “nonsense and lies” he has a new name to add to his list of dangerous misinformation merchants: Tony Blair. I do appreciate that some people believe that his name belongs on exactly that kind of list, but [...]
ONS set to weigh up cost to public purse of British Steel rescue April 29, 2025 The UK’s official statistics body has begun an assessment of the cost of running British Steel since the loss-making business was rescued by the government, City AM can reveal, in what could prove to be another blow to Chancellor Rachel Reeves’ fiscal targets. The UK’s top statistician Professor Sir Ian Diamond said the Office for [...]
Reeves unveils new crypto rules as she promises to back UK fintech April 29, 2025 Chancellor Rachel Reeves pledged to back UK fintech as she unveiled new crypto rules during a landmark address to industry executives on Tuesday. Speaking at Innovate Finance’s 11th global fintech summit, Reeves pledged to support growth and consumers through new “clear” outlines for digital assets. The fresh crypto legislation follows on from the Treasury’s launch [...]
Rate setter calls for market digitalisation and touts Bank of England’s flexibility April 29, 2025 Bank of England rate setter Dave Ramsden has called for bold action on digitalisation in a rebuke of concerns that the Bank’s prescriptive rules were stifling innovation. Speaking at the Innovate Finance Global Summit on Tuesday, the central bank Deputy Governor said widespread innovation in wholesale financial markets from authorities and industry would boost the [...]
Labour ministers urged to be clearer on small pension pot plans April 29, 2025 The UK government needs to be more coherent and take extra care with pension schemes before it consolidates small pension pots, a leading industry group has warned. The Department for Work and Pensions (DWP) last week unveiled plans to ease costs by automatically combining small pots holding less than £1,000 into one scheme. Individuals will [...]
Vinted launches venture capital arm with eye on UK start-ups April 29, 2025 Vinted, the Lithuanian-founded secondhand marketplace, has launched its own venture capital (VC) arm and is eyeing UK start-ups. The move adds new competition to the UK’s fast expanding, re-commerce and resale market, now worth already £7bn, as major platforms look to capitalise on shifting consumer habits driven by inflation and sustainability concerns. Vinted Ventures will [...]
Ed Miliband’s reckless Net Zero ideology April 29, 2025 Rumours persist that Ed Miliband, the energy secretary, could be shunted out of his role when the Prime Minister conducts his first major reshuffle since last summer’s election victory. Keir Starmer has the perfect excuse; the world has changed. He’s fond of saying that, and of course it’s true; huge changes are afoot and the global economy [...]
Bank of England ‘analysing’ end of dollar’s prestige April 29, 2025 The Bank of England’s stability watchdog is assessing the potential impacts of the dollar’s recent slump after President Trump’s tariffs spooked investors. Sam Woods, head of the Prudential Regulation Authority (PRA) and Bank deputy governor, suggested that the first month of Trump’s global trade war had diminished the dollar’s status as a safe haven currency. [...]
HSBC shares jump as lender ups bad loan provisions after tariff chaos April 29, 2025 HSBC shares rose in early trading after the lender increased provisions for loan losses in its first-quarter report. The FTSE 100 giant’s stock jumped two per cent as trade war woes clouded the lender’s results. The bank raised expected credit losses to $876m (£653m), from $202m in a stark indication of firm’s outlook on the [...]