Rachel Reeves News

10.01 / 14:21

COST UPS cover UK gilt yields creep up to 2008 levels as Reeves heads to China

Chancellor Rachel Reeves was criticised for being «missing in action» as she flew to Beijing for meetings with Chinese government officials and businesses on Thursday (9 January), leaving Treasury secretary Darren Jones to face questions in parliament over surging borrowing costs and demands for spending cuts. Analysts split over Reeves' culpability in UK gilt chaos as US bonds follow suit Jones defended his boss to the Commons and told the House she would not break her promise to borrow money only for investment, or to cover day-to-day spending. Long-term yields on UK government d...

09.01 / 14:33

markets COST Treasury steps in to defend Reeves' borrowing amid gilt market selloff

The Treasury rejected claims that higher debt costs had limited Chancellor Rachel Reeves's headroom for borrowing, calling them «pure speculation». «UK debt is the second lowest in the G7 and only the OBR's forecast can accurately predict how much headroom the government has,» a Treasury spokesperson said, adding that «no one should be under any doubt that meeting the fiscal rules is non-negotiable and the government will have an iron grip on the public finances». The Treasury intervention came after yields on UK 30-Year gilts rose to the highest level since 1998 on Wednesday (8 Janua...

06.01 / 09:57

Tax concerns hit highest levels since 2017 as UK businesses forecast Budget linked price increases

In the largest poll of business sentiment since October's Budget, the British Chamber of Commerce's Quarterly Economic Survey found concerns about tax, including national insurance (NI), has spiked. In her maiden Budget, Chancellor Rachel Reeves increased NI by 1.2 percentage points and at the same time, lowered the threshold at which employers start paying the tax on each employee's salary from £9,100 a year to £5,000. Economic confidence among business leaders hits fourth lowest reading in a decade Labour forecasts that this change would generate around £25bn, accounting for mo...

20.12 / 15:55

markets Reuters Boost to Rachel Reeves as UK government borrowing hits three-year low in November

According to data from the Office for National Statistics, borrowing – measured as the difference between public sector spending and income – was £3.4bn less than 12 months ago. Figures came in slightly less than economists' expectations, who were polled by Reuters, leading to a boost for the chancellor Rachel Reeves with the new year on the horizon. Outlook 2025: The state of the UK's capital markets as we enter 2025 According to Jessica Barnaby, deputy director of public sector finances at the ONS, this reduction this was driven by central government tax receipts which «grew com...

19.12 / 15:03

markets security Trade Inside FCA admits insider trading will be allowed under PISCES framework

On Tuesday (17 December), the FCA announced it was launching consultation to help facilitate the implementation of the Private Intermittent Securities and Capital Exchange System (PISCES) framework in May 2025, a key ambition outlined in chancellor Rachel Reeves' November Mansion House speech. FCA launches consultation on private stock market in boost to PISCES framework «Next year we will ring the bell on a new private stock market that could transform how private companies access funds and grow. It will offer investors more access and a greater confidence to invest in private compa...

18.12 / 15:39

markets security Trade Inside FCA claims insider trading will be allowed under PISCES framework

13.12 / 18:19

Strategy Software economy pandemic Experts 2020 UK economy declines for second straight month

COVID-19 pandemic and a setback for new finance minister Rachel Reeves. Gross domestic product contracted by 0.1% month-on-month in October, as it did in September, the Office for National Statistics said. It was the first consecutive drop in monthly GDP, which is volatile and prone to revision, since March and April 2020, when Britain enforced its first COVID-19 lockdown. The ONS said there was «mixed» anecdotal evidence from companies that turnover had been affected by companies waiting for the budget statement, which imposed large tax rises on businesses.

09.12 / 10:57

UK business optimism lowest in almost two-years amid significant output decline

In November, the BDO Optimism index from the consultancy firm BDO dropped by 5.81 points, reaching 93.49 and hitting its lowest level since January 2023. The 5.81 fall marked the largest monthly drop recorded by the index since August 2021, with the decline likely reflecting businesses' reaction to the Autumn Budget introduced by UK Chancellor Rachel Reeves on 30 October. UK 'losing out' on growth due to excessive FCA regulation Among the measures presented by the chancellor at the time were a hike in employer National Insurance contributions and a higher National Living Wage. K...

06.12 / 12:45

markets performer Amati Global Investors dropped from AIM VCT mandate in favour of private markets specialist Maven

Amati AIM VCT commenced with a strategic review back in March after lacklustre performance which the trust attributed to «ongoing challenges in the AIM market» at the time. These headwinds continued to persist, according to an RNS noticed published by the VCT earlier this week (2 December), with the board now contending with a layer of Autumn Budget-related factors too. Amati AIM VCT faces strategic review as performance issues mount Chancellor Rachel Reeves set a 50% relief on «all circumstances on inheritance tax» for shares held on the Alternative Investment Market (AIM) and oth...

21.11 / 08:49

markets ISA reform 'under review' after absence in Budget and Mansion House

Although there was no mention of ISAs in Chancellor Rachel Reeves' first Budget last month, nor in her maiden Mansion House speech last week, Labour had promised to increase retail participation in capital markets in its campaign commitments. The only move related to ISAs, which was also confirmed in the Autumn Budget in October, was the scrapping of the Great British ISA, unveiled by former chancellor Jeremy Hunt earlier this year. Under the new Labour government, the Treasury said it would not go ahead with the GB ISA plans despite having sought industry feedback on the matter. ...

18.11 / 12:05

prevention FCA and FOS release call for input to modernise redress system

This comes after chancellor Rachel Reeves unveiled this move from the regulators in her Mansion House speech on Thursday evening (14 November). The call for input seeks views on how to prevent financial issues leading to a spike in complaints and creating «uncertainty for firms and their customers». Both the FCA and FOS have said they want the call for input to help ensure that consumers receive appropriate redress when things go wrong. FCA admits there could have been better handling of name and shame proposals FCA and FOS also want to ensure firms identify harm at an early sta...

15.11 / 11:11

economy Boeing Continental Trade consequences Relationships BoE's Andrew Bailey: We must rebuild UK-EU relations as global economy fragments

Speaking at the Mansion House Financial and Professional Services dinner on Thursday (15 November), the governor urged Chancellor Rachel Reeves to «welcome opportunities to rebuild» post-Brexit relations with the continent. «Now, as I have said many times, as a public official I take no position on Brexit per se. That is important. But I do have to point out consequences. The changing trading relationship with the EU has weighed on the level of potential supply,» he said. «The impact on trade seems to be more in goods than services, that is not particularly surprising to my mind. But...

14.11 / 11:35

COST economy community Bill show UK set to create new pension megafunds with aim of unlocking $100 billion for investment

British Treasury chief Rachel Reeves is set to announce plans later Thursday to merge dozens of pension funds with the aim of unlocking tens of billions of pounds for investment and boosting the U.K.’s sub-par economic growth

11.11 / 16:05

CEO Election Sky News reports Treasury expected to start looking for next FCA CEO – reports

A Treasury spokesperson told Sky News that «the current CEO of the Financial Conduct Authority has a term running until 30 September 2025». Treasury Committee elected in time for Autumn Budget scrutiny In addition to Rathi's expected departure from the FCA, Sam Woods' term as the Prudential Regulation Authority's CEO will also expire in June 2026, after serving two terms with the UK regulator. «The recruitment process for the next term will be outlined in due course,» the spokesperson said. News about Rathi's succession plans comes as Chancellor Rachel Reeves is set to introduce...

07.11 / 07:43

COST UPS Coronavirus pandemic shooting 2020 Bank of England is set to cut interest rates despite potential new inflation worries

The Bank of England is set to cut interest rates for the second time in three months as inflation has fallen to its lowest level in more than three years

02.11 / 02:23

markets COST UPS Aware Election voice Financial market worries over the UK budget appear to ease

Worries about this week’s tax-raising U.K. budget within financial markets appear to have eased with the interest rates charged on British debt steadying and the pound rising against most other currencies

01.11 / 09:37

COST UPS CEO economy NVIDIA country Higher taxes will make it harder for Britain to build 'the next Nvidia,' tech execs say

LONDON — British tech bosses and venture capitalists are questioning whether the country can deliver on its bid to become a global artificial intelligence hub after the government set out plans to increase taxes on businesses.

31.10 / 15:31

Sustainability IMF backs Rachel Reeves' 'sustainable' £40bn tax hikes

A spokesperson for the UN agency said: «We welcome the Budget's focus on boosting growth through a needed increase in public investment while addressing urgent pressures on public services. The IMF added that it „support[s] the envisaged reduction in the deficit over the medium term, including by sustainably raising revenue“. The agency added that the reforms to strengthen the fiscal framework include „shortening the horizon of fiscal rules, conducting regular spending reviews, moving to one fiscal event a year and enhancing the role of the OBR“. Autumn Budget 24: Government to r...

31.10 / 14:57

UPS FIVE Election BBC Department UK Treasury chief admits business tax rise could lead to lower than anticipated wages

U.K. Treasury chief Rachel Reeves has conceded that wages may rise by less than previously thought as a direct result of her budget decision to increase a tax that businesses pay for their employees

30.10 / 16:45

Autumn Budget 24: Non-dom status abolished from April 2025

Announced in the Autumn Budget today (30 October), Chancellor Rachel Reeves says she will remove the «outdated concept» of domicile from the tax system from April 2025. She says she will introduce a new, residence-based scheme with «internationally competitive arrangements» for those coming to the UK on a temporary basis. The move will remove the 50% discount on foreign income in 2025/26, apply inheritance tax, set the capital gains tax rebasing date at 5 April 2017, and extend the Temporary Repatriation Facility from two to three years. The Office for Budget Responsibility said th...

30.10 / 16:45

UPS Autumn Budget 24: Income tax threshold freeze to be lifted in 2028/29

In the first Labour Budget for 14 years, Chancellor Rachel Reeves says economic stability must be restored. But extending the income tax freeze would hurt working people, the chancellor said. Reeves, the UK's first female chancellor, has already confirmed that the National Living Wage will rise in April, with rates for over-21s set to go up to £12.21 an hour, an increase of 6.7%. In addition, the National Minimum Wage will rise for people aged between 18 and 20 years old from £8.60 to £10. Apprentices will get the biggest pay bump, with hourly pay increasing from £6.40 to £7.55. ...

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