UK Plans Revived Pensions Commission to Tackle a Savings Crisis
The proposal announced by the Department for Work and Pensions on Monday comes almost 20 years after the original panel of experts — set up by then-Prime Minister Tony Blair to investigate the private savings regime in Britain — issued its final statement.
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14 minutes ago
- Yahoo
Judicial system needs ‘shake-up' after trader convictions, says Sir David Davis
Conservative MP Sir David Davis has said the judicial system 'needs a shake-up' after describing the convictions of two former financial market traders as a 'major scandal'. Tom Hayes and Carlo Palombo were found guilty over benchmark interest rate rigging in 2015 and 2019 respectively, but had their convictions quashed at the Supreme Court on Wednesday. The former UBS trader and the ex-vice president of euro rates at Barclays bank were said to have manipulated the London Inter-Bank Offered Rate (Libor) and the Euro Interbank Offered Rate (Euribor). Speaking at a press conference following the Supreme Court judgment, Sir David described the two men as 'scapegoats for the sins that led to the financial crisis'. He said: 'The implications are far-reaching and of course have been devastating for those caught up in it. 'There were several other people convicted of rate rigging, dozens of others who were either prosecuted, acquitted or not prosecuted. Their lives were upended too. 'This scapegoating exercise happened as a result of collusion between the banks and government agencies, including the SFO (Serious Fraud Office) and FCA (Financial Conduct Authority) and we're not done with that. 'This scandal also highlights the need for urgent reform within our justice system on a range of issues – the handling of expert witnesses right through to the rigidity of the appeals system.' In an 82-page judgment, with which Supreme Court president Lord Reed, Lords Hodge and Lloyd-Jones and Lady Simler agreed, Lord Leggatt said judges' misdirection to the juries had led to the men's wrongful convictions. He said: 'The history of these two cases raises concerns about the effectiveness of the criminal appeal system in England and Wales in confronting legal error.' Sir David said the Supreme Court justices 'did not unpack' why the appeal system fell into error in these cases. He said: 'I think the judicial system needs a shake-up, and this is the latest demonstrator of it, and we will be returning to it in the future.' Mr Hayes said he believes the trials of the two men became caught up in the politics of the financial crisis, adding that there was a 'big desire from institutions and politicians, acting in their own interest largely', for traders to go to prison. Asked about his thoughts on what role juries play in cases like his and Mr Palombo's, he said it was a 'dangerous idea' for complicated fraud and financial cases to be heard only by a judge. The former trader added: 'The jury is the last defensive barrier that every citizen in this country has between them and a wrongful conviction. 'And are juries perfect? No, they're not. Do they make mistakes? Yes, they do. And you know, it's the best of a whole load of options, none of which is perfect.' Ben Rose, part of Mr Palombo's legal team, said Wednesday's Supreme Court judgment is 'likely to offer a route' by which others who have been convicted in similar circumstances 'can right the wrong that has been done to them'. He also said there was a 'fundamental error' in the way the case was prosecuted and that the role of the jury was 'overridden and usurped' by the judges. The lawyer added: 'That should not happen in a country that abides by the rule of law.'
Yahoo
14 minutes ago
- Yahoo
Record number of police officers sacked amid drop in force numbers
A record number of police officers were sacked from forces in England and Wales in the past year, new figures show. Latest Home Office data reveals 426 officers were dismissed or had their contracts terminated in the 12 months to March. This is up 17% year on year from the previous record of 365 and more than double the number fired at the start of the decade, when 164 officers were dismissed in 2019/20. The latest 12-month period also saw 4,806 officers voluntarily leaving policing: the second-highest number since records began in 2006 and down slightly from the peak of 5,151 in 2023/24. The figures come as ministers have sought to tighten rules on standards to improve confidence in policing, while they have also faced warnings from forces that funding falls short to keep its existing workforce. A total of 146,442 full-time equivalent (FTE) police officers were in post at the end of March 2025, down almost 1% from 147,745 at the same point last year, which was the highest in modern times. Last month, plans for an average 2.3% rise in police spending per year faced backlash from police leaders, who warned a projected £1.2 billion shortfall will continue to grow and leave forces facing further cuts. Acting national chairwoman of the Police Federation, Tiff Lynch, had said: 'We will lose 10,000 experienced officers a year to resignation by the end of this spending review period, driven out by poor pay and unacceptable working conditions.' Chairman of the National Police Chiefs' Council Gavin Stephens added that the amount 'falls far short' of what is needed to fund Government plans and to maintain the existing workforce. Ministers have committed to recruiting 13,000 more neighbourhood policing officers by 2029, with 3,000 extra recruits to be in post by April 2026. Reacting to the figures, the Conservatives said the falling police numbers were a 'devastating blow' to neighbourhoods dealing with rising crime and anti-social behaviour. The figures cover the last three months of the former Conservative government, and the first nine months of Labour in power. Shadow home secretary Chris Philp said: 'Labour has let down policing and has let down the public. 'We need police to catch criminals, respond to 999 calls, investigate crime and patrol our streets. 'Labour has massively increased our taxes, squandered the money, and now they're reducing police numbers. The public are less safe as a result of Labour's incompetence.' The Home Office has been contacted for comment.
Yahoo
14 minutes ago
- Yahoo
Chinese automakers gain ground in contracting European market, data shows
By Amir Orusov (Reuters) -Car registrations across Europe declined in June, with a 4.4% year-on-year drop to 1.25 million vehicles, data from Jato Dynamics showed on Wednesday. While overall demand softened, Chinese automakers continued to gain ground, taking a record market share and squeezing several established European brands, the research data showed. WHY IT'S IMPORTANT Chinese automakers are expanding in Europe, breaking into a market traditionally dominated by European and American brands supported by their cheaper pricing amid a shift towards electric vehicles. This has stoked trade tensions between Brussels and Beijing, including a row over EU tariffs on Chinese-made EVs, imposed to protect European producers. BY THE NUMBERS Chinese brands nearly doubled their combined share of the European market to 5.1% in the first half of 2025, just shy of Mercedes-Benz's 5.2%, the report said. Registrations of Chinese vehicles surged 91% since the start of the year. BYD, Jaecoo, Omoda, Leapmotor and Xpeng were the five names fuelling the surge, with BYD alone registering 70,500 units in the first six months of 2025, a 311% jump from a year ago. Stellantis saw the steepest market share decline among major automakers, to 15.3% from 16.7% a year earlier. The second biggest decline came from Tesla, to 1.6% in the half-year period versus 2.4% last year. Registrations of battery electric vehicles (BEV) surpassed one million for the first time in the first half, with a 25% rise to 1.19 million units — 17.4% of the market. KEY QUOTES "Persistently high prices, geopolitical and economic tensions with Europe's trading partners, and the postpandemic market reality are behind the decline," Felipe Munoz, global analyst at JATO Dynamics, said. "The updated Tesla Model Y has so far failed to provide the expected sales boost for the brand," Munoz said. "At the same time, competition from BYD and Volkswagen Group is making it harder for Tesla to maintain its leadership position."
