Labour’s Mansion House will be lift-off or letdown for banks July 9, 2025 Britain’s banking sector will be keeping a close eye on Rachel Reeves’ Mansion House speech on July 15 in which the Chancellor will lay out Labour’s roadmap for financial services. Banks are set to take centre stage in the Treasury’s Financial Services Growth & Competitiveness Strategy as Reeves looks to harness the sector to power [...]
Sir Robert Chote to leave UK Statistics Authority July 8, 2025 Sir Robert Chote has resigned as chairman of the UK Statistics Authority, which oversees official data published by a range of bodies including the Office for National Statistics. The UK Statistics Authority, an arms-length government body, has been involved in scrutinising the ONS’s troubles. Chote, who joined the UK Statistics Authority in 2022, will become [...]
Rachel Reeves to face fresh blow with sluggish growth data July 8, 2025 The UK economy is expected to have grown by a miserly 0.1 per cent in May, consensus among City economists suggests, undermining Chancellor Rachel Reeves’ commitment to deliver higher growth. The government’s difficult two weeks could get a whole lot worse on Friday morning when the Office for National Statistics (ONS) publishes data on GDP [...]
Brits back spending cuts over tax rises July 8, 2025 Voters prefer spending cuts over tax rises, fresh polling has found, putting Chancellor Rachel Reeves at odds with an electorate that has become frustrated with her economic policies. Rachel Reeves set spending pledges in stone in June when she confirmed Labour would boost day-to-day departmental and capital spending, with the NHS receiving a fresh three-year [...]
Post Office and Fujitsu chiefs ‘maintained fiction’ on faulty Horizon system July 8, 2025 Post Office and Fujitsu managers were aware the Horizon IT system was flawed and “maintained a fiction” that the accounting data it produced was accurate. In his report on the first part of an inquiry into the Post Office scandal, chair Sir Wyn Williams said dozens of postmaster victims of “wholly unacceptable behaviour” by business [...]
Rishi Sunak will donate Goldman Sachs salary to charity July 8, 2025 Former Prime Minister Rishi Sunak has rejoined Goldman Sachs as a senior adviser, adding to post-government roles he holds while still sitting as an MP, though his salary from the investment banking giant will be donated to a maths charity. Sunak worked at Goldman Sachs as a summer intern in 2000 and as an analyst [...]
Wealth tax: City bosses warn Labour of entrepreneur exodus July 8, 2025 A wealth tax would spark a fresh exodus of entrepreneurs from the UK, according to City grandees as calls mount from within Labour to explore the policy. Sir Martin Sorrell, Sir Rocco Forte and Sir Philip Hampton warned in The Telegraph that business owners could flee Britain en masse. Hotelier Sir Rocco said: “Labour has [...]
UK cannot afford triple lock pension, OBR says July 8, 2025 The UK government cannot afford to keep the triple lock pension, the Office for Budget Responsibility (OBR) has warned. Chancellor Rachel Reeves has faced staunch opposition from within her own party and seemingly from the wider electorate over cuts to welfare spending as she bids to meet fiscal rules that prevent high borrowing from further [...]
Rachel Reeves warned against piling on small business tax pain July 8, 2025 As Rachel Reeves circles new avenues to boost tax receipts, the Chancellor has faced a fresh warning to ease the pain for small businesses. Businesses have called for Reeves to reverse her Autumn Budget tax hikes and ease the burden for firms as they suffer the crunch of economic uncertainty. One in five small- and [...]
Rachel Reeves’ Cash ISA plans will punish Brits who just want stability July 8, 2025 The Chancellor isn't wrong to try and get Brits investing, but Cash ISA reform won't work, writes Antonia Medlicott.