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The Latest Breaking News from Rachel Reeves

UK Treasury chief will slash financial red tape to boost investment

Reeves set out the changes in her annual Mansion House speech to finance bigwigs in London, saying she was “rolling back regulation that has gone too far in seeking to eliminate risk”.

Euronews

UK inflation rises unexpectedly to 3.6% driven by food and fuel prices

Annual increase in June follows warnings about increase in employment taxes leading to job cuts and higher prices

The Guardian - UK

Diageo CEO Debra Crew steps down; UK inflation rises to 18-month high of 3.6% – as it happened

Crew leaves after investor disquiet over company’s lacklustre performance; UK food prices rise most since February 2024 but economists still expect August rate cut

The Guardian - UK

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Wednesday briefing: Why Labour wants to cut financial red tape – and why critics fear that risks a new crisis

In today’s newsletter: Rachel Reeves has announced the ‘biggest financial regulation reforms in a decade’ – but are they enough to spark the economy?

The Guardian - UK

HMRC criticised by watchdog for failing to track billionaires’ tax

Report comes as government faces growing demands for wealth tax to improve health of public finances after welfare U-turn earlier this month

The Guardian - UK

How much tax do Britain’s billionaires pay? HMRC has no idea, damning report finds

The finding comes amid growing calls for a wealth tax among Labour MPs

The Independent UK

Tread carefully with reform of bank ringfencing, chancellor

Ditching the regulation in its entirety risks another financial crisis. Stamp duty on shares remains the background drag

The Guardian - UK

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‘Urgent’ need for digital reform of banking payments, says Bank of England boss

Governor Andrew Bailey said he remained sceptical over the need for a digital pound, stressing that innovation in payments should be a priority.

Evening Standard

Britain cannot grow without ‘fighting fit’ finance sector, Rachel Reeves says

Ms Reeves, delivering her annual Mansion House speech to the financial services sector, said changes were needed for the UK to stay competitive.

Evening Standard

Watchdogs insist reducing regulation will not increase risk of financial crisis

MPs raised concerns that a move to cut red tape typically comes before major financial turmoil.

The Independent UK

Reeves says rules and red tape are ‘boot on the neck’ of business

At the Mansion House dinner she calls for regulators to allow more risk to clear the way for economic growth

The Guardian - UK

Rachel Reeves vows to take ‘the boot of regulation off the throat of businesses’ in red tape bonfire

After announcing reforms to the mortgage market, the chancellor hopes to spur economic growth with a bonfire of regulations for the City

The Independent UK

Savers to be offered deals that could see them more than quadruple their wealth

The move is part of Rachel Reeves’ plan to get more people investing

The Independent UK

Rachel Reeves should end national insurance loophole for law firms

Letter: It’s time to change the rules for partners in some of our top law firms, says David Reed

The Guardian - UK

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The Independent UK

Voices: Will Rachel Reeves’ mortgage bombshell do more harm than good?

COMMENT: The chancellor is right to woo the City – she can’t risk alienating them when she needs their support, writes James Moore. But I’m not convinced her plan to win them over will work

The Independent UK

Voices: Kemi Badenoch is ‘wrong and strong’ – particularly when it comes to the two-child benefit cap

COMMENT: First it was maternity leave, then the gender pay gap – does the Leader of the Opposition actually care about women and families at all, asks Ava Vidal

Evening Standard

Key points from Rachel Reeves’s Leeds reforms

The measures include reforming key banking rules, cutting red tape in the City, and encouraging more retail investing.

The Independent UK

Voices: Labour wants us to live like working people and do whatever working people do – but what exactly is that?

COMMENT: In the lead-up to the election, the definition was purposely rubbery in order to secure votes, writes Sean O’Grady. Now it’s just as vague, to avoid alienating a nation full of cakeists

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The National (Scotland)

Rachel Reeves eyeing VAT hikes on energy bills, SNP claim

LABOUR have “left the door open” to hiking VAT on energy bills and food, the SNP have warned.

Evening Standard

OBR boss denies forecast drove welfare cut proposals

Richard Hughes, facing the Commons Treasury Committee, rejected the suggestion the Office for Budget Responsibility’s forecast was now driving policy.

The Guardian - UK

Reeves unveils City strategy aimed at cutting red tape and fuelling UK growth

‘Leeds Reforms’ include streamlined accountability for senior bankers and a campaign to get more consumers investing in stock market

Evening Standard

Biggest financial reforms ‘in a decade’ to bring risk-taking back into City

Changes include reforming the bank ring-fencing regime and reducing burdensome regulation in the City.

Evening Standard

FTSE 100 touches above 9,000 for the first time

The FTSE 100 Index briefly rose above the record high, hitting 9,016.98 at one stage in morning trading on Tuesday.

Evening Standard

Reeves sets out sweeping reforms to financial sector in search for growth

The changes are ‘freeing up firms to take risks and to drive growth’, Chancellor Rachel Reeves said.

The Independent UK

Rachel Reeves ripping up the rule book on home loans

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