Reeves says that she's 'commited' to 'our non-negotiable rules'
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Rachel Reeves fails to commit to ￡28 billion Green plan
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Rachel Reeves came under fire from the Tories over tax hikes after she delivered a major speech tonight. In her Mansion House address, the Chancellor said Britain cannot meet its growth ambitions without it being "fighting fit and thriving" financial services sector.
She said: "Today, I have placed financial services at the heart of the Government's growth mission, recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving."
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Her speech came as a series of reforms were announced aimed at boosting economic growth.
But Shadow Chancellor Sir Mel Stride said: "Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.
"For months, major forecasters have warned that Labour’s botched tax hikes would damage economic growth, but now despite saying she would not have to come back for more it's clear this failing Chancellor is planning to do just that.
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"Conservatives know we will only grow the economy by backing the makers, the people who work hard, create wealth and jobs, and fund public services. Only the Conservatives will unpick Labour’s damage and fix their mistakes."
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8 hours ago21:46 Katie Harris
Reeves gives speech
Chancellor Rachel Reeves delivers her annual Mansion House speech to the financial services sector.
(Image: Getty)
(Image: Getty)
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8 hours ago21:40 Katie Harris
Analysis: The one thing Reeves must do to reignite the economy
Rachel Reeves needs to do something to kick-start the economy and she needs to do it fast. The equivalent of rocket fuel would do the trick.
But Ms Reeves' solution, which she cautiously articulated in a speech to City Grandees tonight, was more akin to rubbing two sticks together to start a fire. She is tinkering around the edges when bold action is needed.
We’ve heard it all before….“rolling back the regulation” and “cutting red tape”. Yawn, yawn.
Ms Reeves claims her package of reforms will attract more investment to the UK, and among individual consumers, to help grow the economy. But it’s nowhere near enough.
And we have the spectre of tax rises looming on the not-to-distant horizon as well as he desperately scrambles to clear up the mess of Labour’s first 12 months in government.
As she contemplates her Autumn Budget, expected in around three months time, pressure will mount on the Chancellor cutting taxes, not hiking them, and embolden businesses to boost confidence and stave off unemployment. Otherwise it’ll be her job on the line.
8 hours ago21:30 Katie Harris
Tories blast Reeves over tax rises
Shadow Chancellor Sir Mel Stride said: "Rachel Reeves should have used her speech this evening to rule out massive tax rises on businesses and working people. The fact that she didn’t should send a shiver down the spine of taxpayers across the country.
"For months, major forecasters have warned that Labour’s botched tax hikes would damage economic growth, but now despite saying she would not have to come back for more it's clear this failing Chancellor is planning to do just that.
"Conservatives know we will only grow the economy by backing the makers, the people who work hard, create wealth and jobs, and fund public services. Only the Conservatives will unpick Labour’s damage and fix their mistakes."
The Chancellor attends the annual Mansion House dinner in the City of London (Image: Getty)
9 hours ago21:00 Katie Harris
Reeves says UK can't grow without 'fighting fit' finance sector
Chancellor Rachel Reeves has told City bosses that Britain cannot meet its growth ambitions without a "fighting fit and thriving" finance sector, as she urged regulators to resist "excessive caution".
Ms Reeves, delivering her annual Mansion House speech to the financial services sector, said changes were needed for the UK to stay competitive in a more uncertain global economy.
"Today, I have placed financial services at the heart of the Government's growth mission, recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving," she told the attendees.
She said the Government was delivering on its pledge, made at last year's Mansion House speech, to "regulate for growth and not just for risk".
The Treasury announced a package of reforms earlier today aimed at attracting more investment to the UK, and among individual consumers, to help grow the economy.
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11 hours ago19:14 Katie Harris
Tories respond to Labour voting against axing two-child benefit cap
Shadow Work and Pensions Secretary Helen Whately said: "On the same day that Labour voted against keeping the two-child benefit limit, statistics show there are 100,000 more people claiming benefits with no work requirements than when they won the election.
"Spending on benefits is spiralling, but after Starmer's latest welfare u-turn, it is clear that Labour cannot take the tough decisions needed. Instead they are making it worse by hammering businesses with more taxes and driving up unemployment.
"Under new leadership, the Conservatives will do the hard yards on the welfare reform that Britain needs. We back makers not takers. Labour isn't working."
11 hours ago19:06 Katie Harris
Labour won't commit to scrapping two-child benefit cap until funding is clear
The Government will not commit to lifting the two-child benefit cap until it is clear how it will be paid for, a minister has told the Commons.
Further calls to scrap the controversial policy were made by Labour backbenchers today during a Tory-led debate focused on retaining the cap.
Work and pensions minister Alison McGovern said the Child Poverty Task Force will look at "all the levers across incomes, costs, debt and local support that we can pull to prevent poverty, including social security reform".
Speaking during the opposition day debate, she added: "Our universal credit review is considering ways that the system can improve in order to stabilise family finances and provide routes into good work.
"And on the two-child limit, specifically, the consequences, as I've said in my speech, of the Conservative choices made over the past decade and a half are clear for all to see.
"We have rightly said many times we will not commit to any policy without knowing how we are going to pay for it."
12 hours ago18:00 Katie Harris
Reeves to say 'we must do more' in growth push
In her Mansion House speech, the Chancellor will say: "We have been bold in regulating for growth in financial services and I have been clear on the benefits that that will drive with a ripple effect across all sectors of our economy putting pounds in the pockets of working people.
"Through better deals on their mortgages, better returns on their savings, more jobs paying good wages across our country. As I look ahead it is clear that we must do more. In too many areas, regulation still acts as a boot on the neck of businesses choking off the enterprise and innovation that is the lifeblood of growth.
"Regulators in other sectors must take up the call I make this evening not to bend to the temptation of excessive caution but to boldly regulate for growth in the service of prosperity across our country."
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13 hours ago16:27 Katie Harris
Starmer wants fewer jobless migrants on benefits
Sir Keir Starmer wants to see fewer foreign nationals claiming benefits while unemployed in the UK, Downing Street said as data showing the immigration status of people claiming universal credit was published for the first time.
The number has risen by almost a fifth (17%) in a year, from 514,961 in May 2024 to 604,914 in May this year.
Asked whether the PM wants to see the number of foreign nationals claiming benefits while unemployed reduced, his official spokesman said: "Absolutely, we both want to see the overall numbers of immigration reduced and we've set out plans for that through the Immigration White Paper.
"Within that, we also want to see people making a contribution to the UK, and that's why in the White Paper we set out that we will be doubling the amount of time it takes to apply for settled status.
"That actually means that typically you can only access universal credit after you've lived here currently for five years, and we're doubling that to a starting point of 10 years, so that will obviously reduce those numbers."
14 hours ago15:39 Martyn Brown
Key points from Rachel Reeves’s Leeds reforms
The key measures for individuals:
– A new advertising campaign will highlight the benefits of investing to individual consumers.
Major banks and financial firms including including Barclays, Lloyds, Vanguard and Hargreaves Lansdown have agreed to take part in the campaign to help spread awareness.
– Banks will be able to offer a new type of help called “targeted support” from April next year.
This means they can alert customers about specific investment opportunities, in hopes it will encourage groups of people with cash sitting in low-return current accounts to move it into stocks and shares.
– Risk warnings on investment products will come under a review to ensure people can make accurate judgements about risk levels – potentially opening the door to some warnings being watered down.
– Long term asset funds will be allowed to be held in stocks and shares Isas next year.
Susannah Streeter, head of money and markets for Hargreaves Lansdown, said the change will “open up far more investment” because it means cash can go into private assets and infrastructure projects, which currently are not allowed to be in mainstream Isas.
– The Government will continue to consider reforms to Isas and savings to strike the right balance between cash savings and investment.
15 hours ago15:04 Jonathan Walker
Rachel Reeves urges savers to take a flutter on the stock market
Millions of savers will be encouraged to put their money into stocks and shares where they can earn better returns but also risk making a loss, under changes announced by Chancellor Rachel Reeves. But the Chancellor has ruled out cutting the amount people can put into a safer cash ISA – at least for now. Instead, she said she would keep potential changes under review.
Read the full story here
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15 hours ago14:27 Martyn Brown
Afghan leak latest
Meanwhile, in the Commons Defence Secretary John Healey said he was “deeply concerned about the lack of transparency” surrounding a massive data breach which resulted in hundreds of Afghan soldiers and their families being secretly relocated to the UK.
Details of a secret relocation scheme were reported for the first time today after the lifting of an “unprecedented” superinjunction.
A dataset containing the personal information of nearly 19,000 people who applied for the Afghan Relocations and Assistance Policy (Arap) was released “in error” in February 2022 by a defence official.
The breach resulted in the creation of a secret Afghan relocation scheme – the Afghanistan Response Route – in April 2024 but the existence of that scheme only became public today.
16 hours ago14:06 Jonathan Walker
Banks will encourage savers to get better returns on their savings
Banks will send investment opportunities to savers with cash sitting in low-interest accounts for the first time, and major financial institutions – including high street banks - are backing an advertising campaign that will highlight the opportunities of investing for consumers who are able to do so.
The measures are set to be announced by Rachel Reeves tonight.
18 hours ago12:14 Jonathan Walker
Drought warning issued
The West and East Midlands were put into drought status after the National Drought Group (NDG) met on Tuesday morning.
Since the group of officials and experts last met on June 5, the situation has deteriorated further, the Environment Agency said.
The NDG heard that without further substantial rain, some water companies may need to implement further drought measures.
These would be likely to include more temporary use bans (TUBs) – also known as hosepipe bans.
The Environment Agency said it expects and will ensure water companies follow their drought management plans as well as step up work to fix leaks.
The public are also being urged to use water wisely across England and comply with any local restrictions as the dry weather continues to impact water resources nationwide.
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18 hours ago11:36 Martyn Brown
FTSE 100 hits 9,000 for the first time
Britain’s blue chip share index surpassed the 9,000 level for the first time.
The FTSE 100 Index briefly rose above the record high, hitting 9,016.98 at one stage this morning.
18 hours ago11:32 Martyn Brown
ANALYSIS: Why tonight's Mansion house speech matters
Rachel Reeves is stuck between a rock and a very hard place.
On the one hand, the nation’s beancounter has virtually no money.
But the other hand is tied, meaning she isn't allowed or prepared to break her own iron-clad rules constraining how much she can borrow to fund public spending.
To solve that problem all fingers point to tax rises.
The Chancellor insists Labour promises not to increase income tax, national insurance and value added tax (VAT) remain in place.
But she hasn’t ruled out raiding wealth taxes.
And this could be a tricky problem for Reeves who is already under immense pressure with questions remaining about her long-term future in the role.
Targeting middle-earners is fraught with dangers and will do nothing to create what she wants more than anything else - economic growth.
Many in the City of London fear that she will attempt to fill a growing hole in her fiscal plans by increasing taxes on the financial services sector such as an increase in the bank levy - or on the wealthy.
Pensions could also be targeted.
Reeves’ failure to push through reforms to winter fuel payments and sickness and disability benefits has shaken confidence in the Treasury.
Her speech this evening is a pivotal moment in her Chancellorship.
18 hours ago11:30 Jonathan Walker
Top Tory ‘reconciled’ to not being leader
Sir James Cleverly said he had “reconciled” himself to not being voted Tory leader and would not “jump” into any future political moves.
The former foreign secretary had been a favourite to win the Conservative leadership but lost to Kemi Badenoch.
Asked what his plans for the future entailed, and whether they included a bid for London mayor or another run for the Tory leadership, he said: “I like being in government, I don’t like being in opposition, which is why I’m clear that I will play my part in helping to get Conservatives back into government, at every level of government.
“Exactly what I do next? I’ve forced a discipline on myself which is not to jump at something.
“I ran for leader. I didn’t get it. I reconciled myself to that and I promised myself that I would spend some time thinking about exactly what I would do next."
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19 hours ago11:14 Christian Calgie
Michael Gove 'feels an enormous amount of sympathy' for Reeves
Former Tory cabinet minister Michael Gove says: "I feel an enormous amount of sympathy for Rachel Reeves because precisely as you say she's hedged in at every point by the pre-election pledges that Labour made but more fundamentally by the parlous state of the public finances and the massive debt mountain we have."
19 hours ago11:10 Christian Calgie
Rachel Reeves claims she's 'fixed the public finances' despite tax hikes coming
Rachel Reeves has claimed she has "fixed the public finances and stabilised the economy" ahead of tonight's Mansion House speech, despite facing tax hikes of ￡20 billion later this year.
She added: "Now we need to double down on our global strengths to put the UK ahead in the global race for financial businesses - creating good skilled jobs in every part of the country and helping savers’ money go further through our Plan for Change.”
19 hours ago11:08 Jonathan Walker
ISA announcement could come today
Chancellor Rachel Reeves is expected to confirm she is abandoning plans to downgrade Cash ISAs today, following warnings from building society bosses and campaigners for the elderly. She may instead launch a publicity campaign encouraging more people to invest in stocks and shares but leaving the decision up to them.
Read more details here
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19 hours ago11:04 Jonathan Walker
Government encourages more risk taking in dash for growth
The Government has unveiled plans to reform the bank ring-fencing regime and slash red tape in a bid to reintroduce “informed risk-taking” into the UK’s financial system.
The measures form part of Chancellor Rachel Reeves’ “Leeds reforms” which she has set out in the West Yorkshire city on Tuesday.
The ring-fencing regime, which was brought in after the 2008 financial crisis to separate banks’ retail and investment banking activities, will be reformed, the Treasury said.
It also unveiled plans to cut layers of red tape including watering down the powers of the Financial Ombudsman Service, and speeding up changes to a senior managers regime to reduce costs for businesses.
19 hours ago10:40 Jonathan Walker
More than a million foreigners receive Universal Credit
More than 1.2 million foreigners are receiving Universal Credit, the Government revealed today. Figures published by the Department for Work and Pensions show 118,749 refugees are receiving the benefit and at least 770,379 EU citizens and family members.
Read the full story here
19 hours ago10:39 Jonathan Walker
Reeves slashes red tape to boost growth
Rachel Reeves has set out sweeping reforms to the UK’s finance industry in the hope of delivering much-needed economic growth.
The Chancellor hopes the drive to cut red tape and increase innovation, billed as the biggest changes in more than a decade, will turn around an economy which has shrunk in recent months.
Ms Reeves, who also hopes for increased taxes from a growing economy to help balance her books, said the reforms unveiled in Leeds would help with “reinvigorating the whole economy”.
The plans include measures to make it easier for first-time buyers to get on the housing ladder with increased levels of borrowing and efforts to support new financial technology – fintech – firms grow in the UK.
The Chancellor unveiled the 'Leeds reforms' in the West Yorkshire city (Image: Getty)
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21 hours ago08:40 Jonathan Walker
Inflation data tomorrow could hit mortgages
New inflation data is out tomorrow and it could be a headache for the Chancellor.
The current inflation rate is 3.4%, much higher than the target of 2%.
If inflation remains high, the Bank of England will be unlikely to reduce interest rates. That means that the interest paid on mortgages, currently high compared to the low rates people have become used to in recent decades, will also remain high.
22 hours ago08:19 Jonathan Walker
What the Chancellor will say today
Speaking in the City of London, the Chancellor is expected to welcome measures to make it easier for people to get a mortgage.
She will say: “I welcome the recent changes the (Bank of England) Financial Policy Committee has announced to the loan-to-income limit on mortgage lending, which the PRA (Prudential Regulation Authority) and FCA are implementing immediately.
“With an instant impact for consumers, such as Nationwide offering its Helping Hand mortgage to more first-time buyers – supporting an additional 10,000 each year.”
Ms Reeves is expected to add: “Today, I have placed financial services at the heart of the Government’s growth mission.
“Recognising that Britain cannot succeed and meet its growth ambitions without a financial services sector that is fighting fit and thriving.
“And I have been clear on the benefits that that will drive.
“With a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.”
22 hours ago08:17 Jonathan Walker
Rachel Reeves to unveil plan to make it easier to buy a home
First-time buyers are set to see an “instant impact” from the drive to kickstart economic growth, Chancellor Rachel Reeves is expected to say.
More mortgages will be available at more than 4.5 times a buyer’s income following recent Bank of England recommendations that some lenders can offer more high loan-to-income mortgages if they choose to.
This will create up to 36,000 additional mortgages for first-time buyers over the first year, the Government said.
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22 hours ago08:16 Jonathan Walker
Taxes won't rise for 'average' workers says Minister
Taxes will not be raised in the autumn budget for people earning an average salary, a minister has suggested.
It remains to be seen if this promise comes true, as the Chancellor is thought to be considering extending the freeze on income tax thresholds, which effectively puts up income tax for average workers.
Roads minister Lilian Greenwood was asked to clarify what Transport Secretary Heidi Alexander meant when she said on Sunday that the Government had committed not to hike taxes on those with “modest incomes”.
Asked what “modest” meant “in salary terms,” Ms Greenwood told Sky News: “I think it means people who earn kind of around average income.”
She added: “I can’t tell you exactly what the Transport Secretary had in her mind when she said that, but our promise when we came in was that we wouldn’t hit working people with increases in employee national insurance, in income tax or VAT, and we’ve absolutely stuck to those promises.”
Asked whether there was a wealth tax coming, Ms Greenwood said: “Well these are decisions for the Chancellor, but clearly we’ve always said that we think those who’ve got the broadest shoulders should bear the greatest burden.”
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