Government to axe payment systems regulator as quango purge begins
The body charged with overseeing the regulation of payments systems will be abolished, the government has announced. The Payment Systems Regulator (PSR) — which governs payment systems like Faster Payments and Mastercard — is set to be consolidated into the Financial Conduct Authority (FCA). It follows reports of complaints from businesses that the regulatory environment […]
Opposition parties take aim at Rachel Reeves over inflation rise
The chancellor, Rachel Reeves, has been a conspicuous presence in the headlines recently — and not just on account of her zealous commitment to economic growth, which Labour stresses at every given opportunity. A recent BBC News investigation found Reeves stopped working for the Bank of England nine months earlier than it stated on her […]
Rachel Reeves vows not to accept an ‘economy that has failed working people’
The chancellor has vowed not to accept an “economy that has failed working people” following unexpected growth of 0.1 per cent in the final quarter of 2024. The Office for National Statistics reported a 0.1 per cent rise in gross domestic product (GDP) during the fourth quarter, with a recovery for growth in services and […]
Rachel Reeves cannot escape Labour’s Brexit reckoning
What didn’t Rachel Reeves say in her growth speech yesterday? The widely trailed address surveyed the wide expanse of the government’s economic programme — from the “difficult” decisions taken in the autumn budget to the latest controversy surrounding a third Heathrow runway. The chancellor spoke unapologetically and, yes, optimistically about Britain’s growth prospects. “Everything I […]
Rachel Reeves vows ‘spades in the ground’ at Heathrow this parliament
Rachel Reeves has said she wants to see “spades in the ground” at Heathrow Airport in the next five years. The chancellor confirmed her and the government’s backing for a third runway at Heathrow in a major speech on Wednesday. “I am not satisfied with the position that we are in”, Reeves told reporters. “I […]
Sadiq Khan: Heathrow expansion could have ‘hugely damaging impact on our environment’
Sadiq Khan has said he remains opposed to the building of a third runway at Heathrow Airport. Labour’s Mayor of Greater London expressed concerns about the “severe impact” it would have on noise, air pollution and climate change targets. The comments came after chancellor Rachel Reeves confirmed in a major speech that she would be […]
Rachel Reeves backs ‘badly needed’ third Heathrow Airport runway
Rachel Reeves has announced her support for a third runway at Heathrow as she battles to get Britain’s economy back on track. “A third runway is badly needed”, she said. In a major speech, the chancellor also unveiled plans for nine new reservoirs, thousands of new homes in Cambridge and a “growth corridor” including road […]
‘We’ve got to move on’: Rachel Reeves rejects calls to negotiate UK-EU customs union
Ministers have rejected calls for the UK to move significantly closer to the EU in order to boost economic growth, insisting that Brexit has brought “opportunities” and some benefits for the British economy. Speaking to Bloomberg at the World Economic Forum in Davos, chancellor Rachel Reeves and business and trade secretary Jonathan Reynolds both suggested […]
Spending cuts would be ‘political suicide’ and turn voters to Reform, McDonnell warns Reeves
Early decisions taken by the Labour leadership “tied” the party’s hands “unnecessarily”, John McDonnell has said. The former shadow chancellor and frontbench colleague of the prime minister insisted the “strictures we placed upon ourself need to be re-examined.” Speaking to BBC Radio 4’s Today programme, McDonnell said that imposing cuts to create further fiscal headroom […]
Labour MPs accuse Rachel Reeves of preparing ‘austerity mark two’
Labour MPs have accused the chancellor, Rachel Reeves, of making a “political choice” to embark on a programme of spending cuts. The comments come as Reeves battles to meet her fiscal rules after a surge in borrowing costs, fuelling speculation of more cuts and/or tax rises. Market moves have seen Reeves’ £10 billion of fiscal […]
