Reeves’s Opening Remarks: Setting the Stage for National Renewal Rachel Reeves has announced her vision for a decade of “national renewal,” following the mandate for change that the UK electorate granted the Labour government. With the goal of putting “more pounds in people’s pockets” and raising living standards, Reeves emphasizes the need for an “invest, invest, invest” approach to drive […]
With the new UK government’s first Budget set for 30th October, UK Finance has explored the public finances they inherited and potential policy directions. The latest figures reveal borrowing is higher than expected, driven by increased spending on public services and benefits. This year’s borrowing is the third highest since 1983, and significant overspending in some departments points to difficult […]
Overview Since 31 July 2023, Consumer Duty has been effective for open products and services. The FCA granted an additional year for the application of the Duty to closed products and services, culminating on 31 July 2024. Industry Progress Firms across the industry have diligently reviewed their closed products, committing to ongoing evaluations. By the recent 31st July deadline, firms […]
As the UK nears the final phase of campaigning ahead of Thursday’s (July 4th) general election, a free trade agreement (FTA) with India is a key topic for both the incumbent Tories and the Opposition Labour. Efforts to finalize this pact, aimed at boosting the £38.1 billion bilateral trading partnership, have been ongoing. However, with India’s general election followed by […]
UK Economy Demonstrates Resilience in Q1 2024 The economic landscape of the United Kingdom exhibited notable strength during the initial quarter of 2024, surpassing expectations with a 0.6% increase in GDP. This achievement exceeded earlier projections and outpaced growth rates observed in both the United States and key eurozone nations. While sectors like manufacturing and services experienced significant expansion, challenges […]
The financial landscape in 2024 is undergoing significant transformations driven by economic shifts, technological advances, and geopolitical influences. The digital transformation is reshaping operations in traditional and neo banks, with AI trends, open banking, and cryptocurrencies playing pivotal roles. Looking back at the lessons from 2023, it’s evident that innovation is critical for financial organizations. Embedded finance, tokenization, and […]
Amidst global economic uncertainties, geopolitical tensions, and evolving market dynamics, the Financial Policy Committee (FPC) stands as a vigilant guardian of the UK’s financial stability. We delve into the FPC’s strategic responses to challenges, assessing global risk environments, financial market developments, and vulnerabilities in both household and corporate sectors. Exploring the resilience of the banking sector and the FPC’s key […]
In a recent House of Commons address, Chancellor Jeremy Hunt laid out the government’s financial blueprint for the upcoming year, impacting individual finances and allocating funds for crucial public services. Here’s a concise summary of the key points: Taxation and Income Adjustments: Main National Insurance rate drops from 12% to 10% from January 6, affecting 27 million individuals. Class […]
Rishi Sunak announced his third Budget as Chancellor of Exchequer to Parliament on Wednesday, 27th October 2021. It is a fiscal approach designed to prepare the UK for an “age of optimism” in the post-Covid-19 economy. The Office for Budget Responsibility confirmed that economic growth in 2021 had been revised up from 4% to 6.5%, with the economy set to […]