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.
UK Trade Secretary Peter Kyle is hosting a Chinese delegation to launch an initiative aimed at boosting UK services exports to China. British firms like Brompton Bikes and HSBC are participating, alongside Chinese companies JD.com and ICBC bank.
The UK government has retreated from plans to mandate pension funds to invest in UK assets after heavy opposition from providers. The Mansion House Accord, which saw 17 major providers voluntarily pledge 10% allocation to private markets, faced a proposed "backstop" power that would have made contributions enforceable. Following House of Lords resistance and provider warnings about fiduciary duty, the final legislation heavily dilutes these powers – they cannot be used before 2028 and will expire by 2032-2035, with a "saver's interest test" requiring regulator approval.
