Reeves to visit Cornish tin mine due to be revived
The Chancellor will also visit other Cornish businesses and will hail plans to cut red tape that aim to boost the region's pubs, clubs, restaurants and cafes by allowing more al fresco dining and longer opening hours.
'Despite having so much potential to grow, Cornwall has been neglected by successive governments, and its families and businesses have suffered as a result,' the Chancellor said.
'Like in every part of the UK, I am determined to unlock growth that creates jobs and puts more money in Cornish people's pockets.
'Our investment to revive Cornwall's proud tin mining industry and the thousands of jobs it will create for years to come is one way we are renewing the county.'
The reopening of the mine itself is expected to create more than 300 jobs and the Treasury estimates the mine could create 1,000 more as it fuels supply chains in the UK with needs for metal fabricators and electricians.
It would support the UK's domestic tin supply amid increased demand for use in solar panels, wind turbines, electric vehicles, semi-conductors and energy storage increases.
Don Turvey, chief executive of Cornish Metals, said: 'We are honoured to welcome the Chancellor to South Crofty and proud to showcase the significant progress we're making as we move toward production.
'The UK Government's £28.6 million investment via the National Wealth Fund is a powerful vote of confidence in our project and the future of Cornwall's mining industry.'
The Chancellor has also visited ship repair business A&P Falmouth and Harbour Lights fish and chip shop in Falmouth and will go to heat pump manufacturer Kensa in Truro.
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The Independent
an hour ago
- The Independent
Enjoy summer while you can – Rachel Reeves is already planning an autumn income tax rise
Not for the first time, nor the last, the cry goes up: who would be Rachel Reeves? Most inside the Westminster bubble are able to enjoy a summer break. But the chancellor and her Treasury colleagues face weeks of agonising as to what lies ahead. Come autumn, she must attend the Labour conference, make her set-piece speech and do rounds of interviews. There is the IMF gathering at which the world's other financiers opine and mark her homework to date. Then there is the Budget. What Reeves must confront is the knowledge that 'faster and further' economic growth is not yielding immediate dividends, if indeed it is happening at all; she will insist it is, but the figures say different. Meanwhile, the fiscal black hole she pointed to as not her fault is actually getting bigger and she can no longer seriously maintain this is entirely due to the Tories. Not after more than a year in office. A £25bn deficit could rise to near £50bn if the National Institute of Economic and Social Research is to be believed. Significantly, few apart from those in her own team have questioned this figure. Why? Because borrowing has climbed higher than expected and the promised kickstart has not materialised. Britain's economy is sluggish, inflation has not gone away and unemployment is a worry, and the fears are real even in sectors once relatively immune – in retail and hospitality, but also in graduate posts. When parents rise up because their sons and daughters cannot secure jobs, Reeves's headache will get a whole lot worse. A lethal combination of global economic uncertainty, investment decisions on hold, and the looming presence of AI, is having a severely detrimental effect. She has to plug the black hole, but how? In theory, there are three tools she can use, in any combination, but somehow Reeves must reach that £50bn number. In practice, one avenue is already closed; she cannot borrow any more. Neither, as she is Labour, can she slash public services; austerity was what a Tory predecessor did, it is not for her. So, there's only one remaining and that is to raise taxes. Reeves can increase a bit here and chip away there. That's all it will be: tinkering. It won't fill the divide. They all add up, but levies on the ill-health and wellbeing products of tobacco and alcohol (and get ready for the howls from beleaguered pub landlords) and gambling will not make anything like enough difference. She will steer clear of clobbering business; one hit was sufficient (National Insurance Contributions) and she cannot return for more, it would blow apart her growth agenda and send a terrible signal to potential international investors. A wealth tax, advocated by the left, may well be ruled out for the same reason. As will a windfall tax on banking profits that would antagonise a City that Labour went to great lengths to woo. No, it's down to VAT, employees' national insurance, and income tax. Labour has said it will never raise taxes on 'working people' but that is what these are. Reeves herself has said she won't but, realistically, does she have a choice? VAT is regressive; the rate does not increase the wealthier you are. That leaves employees' national insurance and income tax. National insurance is capped so in that sense it is also regressive. The fairest option and the most attractive in terms of how much it will raise, is income tax. It is simply understood, easily collected and applies right across the wealth spectrum; there are few ifs and buts with income tax. It is harder to avoid. But if ever there was a tax on working people, it is this one – billed as such on every payslip. In a strange way, that might make it more appealing. Any other duty is divisive, a section of society can claim with justification they have been singled out, they will be worse off than others. Income tax is definably progressive. But it is also the most direct, the biggest, state charge on a workers' earnings. Making it bigger leaves Reeves and the government open to charges of rank betrayal, of going back on a pledge often and loudly made. It's Labour punishing the workers, the working-class, its bedrock support. Light the touch paper and run. What is likely, therefore, is the almightiest of political spin operations as this unpalatable step – the one they said they would never take, that is guaranteed to inflame their supporters, that will inspire their opponents – is explained. It may be billed as a one-off, aimed at saving public services, not to be repeated, the solution to a national emergency. We will start to know for sure when the holiday season ends, the machine gears up again and the softening up begins for what is coming. Some may be lying on the beach on their towels; if Reeves is at home, with her head inside a towel, no one should be surprised.
Times
7 hours ago
- Times
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NS&I is now being taken to task over its customer service record, handling of bereavement claims and tracing lost accounts. The first Premium Bonds draw was in 1957 and it can be difficult to track down savers who bought bonds a long time ago. The BBC Radio 2 presenter Vernon Kay told listeners on Tuesday that he had been unable to trace NS&I savings bought for him as baby. He said: 'When I was born in 1974 I think my uncle Richard gave my mum, and I've still got it, a little gift certificate of £5 worth of bonds. 'But the serial number, I don't know how, and I've tried to log on and see if I've won anything, but the serial number doesn't pop up because it's so old.' As a branch of the government, the bank is not regulated by the Financial Conduct Authority (FCA), the City watchdog, like other banks and building societies, so it is not subject to its consumer duty rules that require financial firms to treat customers fairly. 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It added: 'We recognise that dealing with bereavement can be challenging and are committed to making our services as easy to use as possible, especially during difficult events such as the death of a loved one.' NS&I said it aimed to comply with all appropriate FCA requirements such as consumer said: 'We understand that managing a loved one's finances during grief can be particularly challenging. We're committed to supporting customers through these difficult times with care and sensitivity, and we continue to look for ways to make the process as straightforward as possible. 'We are sorry that in these instances, Mr Eve was not satisfied with the level of service they received from NS&I.' The bank said that it had not had a formal complaint in writing after Eve made one over the phone on May 6. Have you had problems with NS&I? Let us know in the comments below
Reuters
8 hours ago
- Reuters
Bessent leads broad search for Fed chair that includes Bullard, Sumerlin
WASHINGTON, Aug 8 (Reuters) - U.S. Treasury Secretary Scott Bessent is leading a search for a successor to Federal Reserve Chair Jerome Powell, with an expanded list that includes a longtime economic consultant and a past regional Fed president, a source familiar with the process told Rueters on Friday. The list includes St. Louis Fed President James Bullard and Marc Sumerlin, a former economic adviser to President George W. Bush, the source said, confirming an earlier report by the Wall Street Journal that said there were now about 10 contenders for the spot. President Donald Trump last week said he had narrowed the list to four. National Economic Council director Kevin Hassett and former Fed governor Kevin Warsh remain under consideration, along with current Fed governor Christopher Waller, the source told Reuters. Trump has pressured Powell all year to cut interest rates, building on his past comments critical of the Fed chief that emerged during his first term as president shortly after he elevated Powell to the Fed chair role. Powell's term ends in May. Critics have said the president should let Fed chair Powell complete his term without interference. Hassett, Warsh and Waller have all signaled support for lower rates, which Trump had indicated would be a requirement for the job. Bullard, who left the St. Louis Fed last year to be dean of Purdue University's business school, was Waller's boss before Trump plucked the regional Fed's research director from under Bullard to serve on the Fed Board. As recently as May he said he thought the Fed would probably be able to cut rates by September. The recent monetary policy views of Sumerlin were not immediately clear. It was also not clear what a broader list of candidates would mean for the timing of an appointment. The president moved quickly to name an ally to the Fed Board this week after Fed Governor Adriana Kugler, a Biden appointee who did not support rate cuts, unexpectedly resigned as of the end of this week. Council of Economic Advisers Stephen Miran will serve out the remaining months of Kugler's term, which ends on January 31. Trump has indicated a search continues for someone who could fill the Fed Board role for a 14-year term beginning February 1.
