Pat McFadden: I have not apologised to Rachel Reeves over ‘tax to pay benefits’ text June 8, 2026 Welfare secretary Pat McFadden has doubled down on his remarks unearthed in the Mandelson files that “every meeting [he has] is ‘who can we tax in order to pay benefits to others’”. The Cabinet minister was among numerous top officials to have his private messages released in documents relating to Lord Mandelson’s stint as the [...]
Rachel Reeves reforms ring-fencing in boost to Natwest and Lloyds May 18, 2026 Rachel Reeves has handed a major boost to the likes of Natwest and Lloyds with an overhaul of the ring-fencing regime in hopes to free up capital to be invested into the UK. The Treasury has unveiled a shakeup of the 15-year-old legislation, which requires major banks to separate their retail banking operations from their [...]
As it happened: Markets on high alert as Streeting calls on Starmer to resign May 14, 2026 Welcome back to the Morning Wire liveblog. The past few days of political drama have to come to a head today and UK assets are bracing for a showdown. All eyes were on the bond market after Wes Streeting resigned as health secretary and called for a leadership contest. Gilt yields see-sawed yesterday as Sir [...]
Ministers to be handed ‘statutory powers’ to steer regulator’s growth agenda May 13, 2026 Ministers will be handed new “statutory powers” to steer UK watchdog’s growth agenda and define what it means in different “regulatory contexts“. In the King’s Speech, the government revealed its Regulating for Growth Bill – a cross-sector piece of legislation designed to beef up the UK’s regulatory system’s fostering of growth. The government’s report takes [...]
‘Twenty years of caution’: Banking industry ramps up efforts to fix ‘anaemic’ UK growth May 11, 2026 The UK’s industry body for banking has stepped up its lobbying efforts for the government to improve “anaemic” growth figures and bolster the financial services sector. A new report published by UK Finance – the body representing around 300 firms that provide UK banking services – has issued a nine-point plan, which calls for “clear [...]
Barclays takes shot at tax speculation as UK growth forecast cut April 28, 2026 Barclays has taken a shot at the wave of tax speculation surrounding the industry as the bank trimmed its growth output for the year ahead. Fears the banking sector might be targeted for a cash grab have gathered pace following the war in Iran, amid concerns over mounting cost pressures. The Middle East conflict is [...]
Rachel Reeves plots ‘growth push’ as Labour set for bruising elections April 27, 2026 Rachel Reeves is plotting another “growth push” as the Labour party prepares itself for a potentially bruising defeat in the local elections. The Chancellor is set to unveil a new push for fiscal discipline, a closer relationship with the EU and planning reforms in a bid to ease the nerves of the party. The forthcoming [...]
Unemployment to peak at 5.8 per cent as jobs market faces ‘biggest hit’ since pandemic April 20, 2026 Britain is set to be “pushed to the brink of a technical recession” in the coming year as the economic fallout of the war in Iran dampens growth prospects and sends unemployment soaring. The latest Item Club report sees the UK economy flatlining in the second and third quarters as it digests the consequences of [...]
For FSCS sake: Meet the body that protects Britain’s savers in a financial crisis March 30, 2026 As echoes of 2008 percolate through the banking system, the body that serves to protect Britain in a financial crisis says it’s ready to weather any storm. A combination of fears around private credit, the “stretched” value of artificial intelligence firms and more recently, concerns around a global energy shock, have made top bankers sound [...]
Reeves and Miliband to call on G7 to follow UK’s energy lead March 29, 2026 Rachel Reeves is set to call on fellow G7 nations to follow the UK’s lead in the transition to renewable and nuclear power as the unfolding energy crisis ripples through global economies. The Chancellor is expected to urge G7 partners to commit to long-term energy security as she meets fellow finance ministers, energy ministers and [...]