UK Chancellor Rachel Reeves is launching a new "skills compact" with financial firms like Barclays and Lloyds to retrain thousands of workers for the AI revolution. The initiative commits employers to improving skills and keeping pace with technological changes, aiming to future-proof jobs and maintain the sector's competitiveness.
The UK Treasury, led by Chancellor Rachel Reeves, rejected a proposal to cut VAT on public EV charging from 20% to 5%. This decision came despite support from the Department for Transport and pressure from EV operators, who argue the disparity unfairly penalizes drivers without home charging. HMRC is appealing a tribunal ruling that favored the lower rate.
UK Chancellor Rachel Reeves announced a temporary VAT cut from 20% to 5% on family attractions, children's meals, and entertainment tickets during summer holidays to ease cost of living pressures. The measure, part of a 'Great British Summer Savings' campaign, aims to support families and the hospitality sector.
UK Chancellor announces 'Great British Summer Savings' including a VAT cut on summer attractions and free bus travel for children. Government focuses on targeted winter aid, deeming universal packages unaffordable.
Rolling coverage of the latest economic and financial newsAustralia hikes interest rates to 4.35% in blow to mortgage holdersThe Financial Times have a corking story this morning – UK chancellor Rachel Reeves had a “fierce row” with US Treasury secretary Scott Bessent in Washington last month, they say.The pair of finance ministers clashed over the Iran war on the sidelines of the IMF’s Spring Meeting, after Reeves said she was “not convinced” that “we are safer today than we were a few weeks ago”.Reeves responded angrily by telling Bessent she did not work for him and disliked how he had spoken to her.She also reiterated her argument about the Iran conflict lacking clear goals and not necessarily making the world safer.“This is a war that we did not start. It was a war that we did not want. I feel very frustrated and angry that the US went into this war without a clear exit plan, without a clear idea of what they were trying to achieve. And as a result the strait of Hormuz is now blocked.”The decrease reflected higher expected credit losses and other credit impairment charges (‘ECL‘) in 1Q26, an adverse impact from notable items and a rise in operating expenses.The macroeconomic outlook is facing heightened uncertainty, creating volatility in both economic forecasts and financial markets resulting in both tailwinds and headwinds.The Group is well-positioned to manage the impacts of these challenges through our high-quality revenue streams, conservative approach to credit risk and strong deposit franchise. Supporting our clients through this volatile period is a top priority.9am BST: UK car sales for April1.30pm BST: US trade report for March3pm BST: US service sector PMI Continue reading...
Keir Starmer has insisted the 'vast majority' of the parliamentary Labour party supports his leadership despite calls for his resignation over the Peter Mandelson ambassadorial appointment controversy. The Prime Minister told the Sunday Times he believes Labour can still win the next general election, while his former chief of staff Morgan McSweeney is expected to testify before the foreign affairs committee on Tuesday about the circumstances surrounding Mandelson's hiring.
The UK government has launched a £50m retail investment campaign featuring an animated CGI squirrel named Savvy to encourage the nation's cautious savers to move cash into financial markets. Backed by 20 City firms including Barclays, Aviva and Robinhood UK, the 3-5 year campaign targets seven million adults holding over £10,000 in cash savings, who the Investment Association say are losing out as cash erodes in real terms.
The UK government has launched a £50m retail investment campaign featuring an animated red squirrel named 'Savvy' to encourage the nation's cautious savers to move money from cash into stock market investments. The three-to-five-year campaign, backed by 20 City firms including Barclays, Aviva and Schroders, aims to target the seven million UK adults holding over £10,000 in cash savings, amid concerns that risk-averse behaviour is stymying UK economic growth.
The UK government has launched a £50m advertising campaign featuring an animated CGI squirrel named 'Savvy' to encourage the nation's cautious savers to move their money from cash into financial markets. Backed by 20 major City firms including Barclays, Aviva and Schroders, the three-to-five-year campaign targets the seven million UK adults holding over £10,000 in cash savings, who campaigners say are losing out due to inflation. The Investment Association warns that £10,000 in a cash ISA a decade ago would be worth £8,400 today versus £19,700 in a global equity fund.
