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 [...]
Thames Water to run out of money by end of the year July 15, 2026 Thames Water is set to run out of cash by the end of the year as the UK’s largest private utility company struggles to secure a finalised rescue deal. The embattled water firm – which serves around 16m customers, mostly in London and the South East – said in its latest financial report that it [...]
FRC Chair-in-waiting grilled over holding seven other board roles July 15, 2026 MPs have raised concerns over whether the former chief executive of Virgin Money can realistically juggle her role as Chair of the Financial Reporting Council (FRC) alongside seven other board and chair positions. Dame Jayne-Anne Gadhia was named by the government on Monday as the next Chair of the accounting watchdog, set to take over [...]
As it happened: Stocks reverse losses after Trump threatens harder strikes on Iran; Oil at four-week high July 15, 2026 Welcome back to the City AM liveblog. Oil prices have reached a four-week high after the Strait of Hormuz became too unsafe for ships travel through following the exchange of strikes between the US and Iran. Brent crude – the international benchmark for oil prices – tipped over the $87 per barrel mark on Tuesday [...]
Government accelerates social media crackdown with midnight curfews July 14, 2026 Teenagers will face a default midnight social media curfew and stripped-back social media feeds under the government’s latest crackdown on addictive online features – but they will be able to switch the restrictions off themselves. Tech secretary Liz Kendall has announced social media platforms will disable auto-play and infinite scroll-style recommendations and restrict overnight access [...]
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 [...]
Tom Kerridge: No good restaurant has ever been run by accountants July 14, 2026 No good restaurant or pub has ever been run by accountants, celebrity chef Tom Kerridge told City AM as he pushes for a VAT cut for hospitality firms. The TV personality and restaurateur has spearheaded lobbying efforts for the government to slash VAT for hospitality companies, a move which he says would offer the struggling [...]
Sadiq Khan urges tougher Ofcom action as UK prepares social media ban rules July 14, 2026 Sadiq Khan has called on social media companies to change algorithms that promote violent and misogynistic material, as London launches a £5m programme to tackle the effect of online harms on young people. The mayor of London also believes the state should be ready to intervene where platforms cannot or will not change their recommendation [...]
City watchdog eyes rules overhaul for UK asset managers July 14, 2026 The UK’s financial watchdog has proposed a host of reforms aimed at simplifying reporting for asset managers and end industry confusion over complicated regulations. The Financial Conduct Authority (FCA) said the modernisation of the rules will tailor requirements for asset managers, cut costs for firms and provide better data for the sector, saving managers £128m [...]