
UK cuts stock market red tape in bid to aid Chancellor's growth plans
It comes ahead of Rachel Reeves' Mansion House speech to financial bosses, where she is expected to launch a series 'Leeds Reforms' aimed at the financial sector, focusing on a strategy of less onerous rules for firms rather than reduced risk.
Over the past year, Ms Reeves has called on regulators to slash red tape in order to help drive the Government's growth agenda, with hopes that accelerated growth can help support its spending plans.
The Financial Conduct Authority (FCA) has confirmed it will introduce a suite of measures to lower costs for UK businesses looking to secure investment.
Companies that are already listed on London's stock markets will not need to publish lengthy prospectuses in order to issue more shares and raise funds in most cases, the FCA said.
New rules will also halve the time it takes between initial documents being published and an IPO (initial public offering) to list on the London Stock Exchange.
It comes amid a dearth of new listings on the stock exchange, while a raft of firms have also opted to switch from London to rival international stock markets.
Finance firm Wise said last month that it plans to shift its primary stock listing to the US due to stronger investment opportunities across the Atlantic.
The FCA said companies will also now be able to issue corporate bonds to retail investors more easily, while a new public offer platform will help smaller growth companies raise cash.
Simon Walls, executive director of markets at the FCA, said: 'These bold shifts promote innovation, lower costs and enable a broader investor base for growing businesses. They are the latest in a programme of reforms shifting the balance from pre-emptive checks to market disclosures.
'Our capital markets are world-leading.
'They're our economic engine, and we want to keep them roaring in support of sustained growth and prosperity for the whole country.'
On Tuesday, the Chancellor will also reduce restrictions on lenders to allow some banks and building societies to offer more high loan-to-income mortgages to help more people buy a first home.
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Times
2 hours ago
- Times
How I plan to survive retirement without a state pension
Generally speaking, I'm not a huge fan of risky moves. I would rather wait an extra hour at the airport than stress over missing a flight, I find it hard to negotiate on price for fear of losing a deal completely and I refuse to get behind the wheel if I've had a single drink. With all these decisions, the anxiety caused by the potential loss outweighs any positive that the risk brings. Rushing through security to walk straight on to a flight may be exhilarating for some, but my heart rate would still be elevated when I landed at my destination. There is one area, however, where I'm simply going to have to take more risk: my pension pot. As a young (ish) saver, the safest thing to do is to assume that the entire responsibility of funding my retirement will fall to me. And that requires more risk. This week the work and pensions secretary, Liz Kendall, said she was 'formally announcing' the next government review of the state pension age. As the last review concluded in 2023 — and the government only has to review the age every six years — this was earlier than expected. It's looking likely that the age at which you get your state pension will rise sooner than planned. The state pension age is 66, increasing to 67 between 2026 and 2028. Another jump to 68 is pencilled in for 2046, but will probably be moved forward. To assume that the state pension age will stay at 68 by the time I get there (in about 38 years) would be foolish. In fact, to assume there will be any state pension at all is unwise. The state pension is a financial headache for the government. It costs about 5 per cent of GDP, up from about 3.5 per cent in the year 2000, according to the Office for Budget Responsibility (OBR), and is forecast to be 7.7 per cent by 2070. It's also getting harder to find the cash to fund it. People are living longer and having fewer babies — aka future taxpayers. The UK's old-age dependency ratio, the population aged 65 and over as a percentage of those of working-age (16 to 64), is set to increase from about 33 to 50 by the mid-2060s, according to the OBR. So my private pension is going to have to do the heavy lifting in my retirement — at least if I want to stop working before I'm 75. And the easiest and cheapest way to boost my pot is to increase my level of investment risk. • How to get a nation of savers investing 'It's important for younger savers to take risks with their pension — that just means investing in the stock market, not taking a punt on bitcoin. If you have 30 or 40 years until retirement, your pension should be heavily, if not exclusively, invested in shares,' said Laith Khalaf from the investment firm AJ Bell. 'The exception would be if you have a nervous disposition and can't bear to see a fall in the value of your savings. Even then, the fact that you are saving regularly into a pension means you get a smoother journey even with a relatively high content invested in the stock market.' Historically, the stock market has provided the best investment returns in the long run. If, 30 years ago, you had invested £1,000 in the Investment Association's global sector of funds that are invested entirely in stocks, you would have £8,150 today. The sector of funds that are 40 to 85 per cent invested in the stock market would have returned £5,657, while the 20 to 60 per cent stocks option would have returned £4,362. But most pensions are not invested in 100 per cent equities, even for workers who are just starting out. Most pension savers are automatically enrolled into workplace pensions and put into 'default' funds — a one-size-fits-all option that has to be appropriate for 20-year-olds and 50-year-olds. This means that many default funds will only have about 60 to 70 per cent of their pot invested in shares. The rest will be in assets such as cash or bonds, that are considered less volatile but are also unlikely to grow at the same rate. Effectively, these pots are simply the least worst fit for the workforce as a whole. • How to stop the taxman taking a big slice of your pension I confess that this is still how my pension savings are invested. James Coker from the wealth manager Quilter Cheviot said this was unlikely to be my best chance at building a hefty pension pot. He said: 'Moving your pots into an equity portfolio will serve you well over the long term. Someone in their thirties or forties is arguably decades away from retirement and stocks have the greatest inflation-adjusted growth potential. Stocks have to form the basis, if not all, of your portfolio.' With the ever-increasing likelihood that my income in retirement will be on my shoulders alone, it's time to make the move. The cheapest way for me to do this is to move my pension pots into a global tracker fund, a low-cost option that replicates the performance of global stock markets. It may feel risky, but the alternative — a pot that doesn't plug the hole left by a disappearing state pension — feels even riskier. • Top of the pension pots: the best place for your Sipp


Daily Record
3 hours ago
- Daily Record
Donald Trump 'loves standing on the soil of Scotland', Ian Murray reveals
The UK Government minister was the first person to greet the president in Scotland as he begins his visit to the country. Donald Trump has said he 'loves standing on the soil of Scotland' after landing in the country on Friday evening, according to the Scottish Secretary. Ian Murray told the PA news agency what the US President's first words were after disembarking from Air Force One in Prestwick. The UK Government minister was the first person to greet the president in Scotland as he begins his visit to the country. Speaking after meeting the American leader, Mr Murray told PA: 'The president came off the flight, and I said, 'Mr president, welcome to Scotland – the home country of your dear mother', and he said, 'It's great to be here, I always love standing on the soil of Scotland'. 'I said, 'I hope you're looking forward to a bit of downtime with some golf this weekend', and he said, 'Yes'. And I said, 'Well, we've whipped up a bit of a wind for you to make it a bit more competitive', and he went, 'I'm looking forward to it'.' Mr Murray said Mr Trump was given a warm reception as he got off his presidential plane. Hundreds gathered on the Mound overlooking Prestwick Airport for the president's arrival. A Trump flag was flown while a few spectators wore 'Make America Great Again' hats, although many of those attending were locals and aviation enthusiasts, including some who had travelled from England. Mr Murray said: 'Spotters hills, as it's called, where all the plane spotters come to Prestwick, was absolutely full. 'You could see that from the tarmac and as Air Force One came in, people were snapping away on their photographs. 'To see all that happening is quite a spectacle in itself. 'It's really good to have that kind of focus on Scotland.' Mr Trump will meet Prime Minister Sir Keir Starmer during his trip to discuss the UK-US trade deal as Britain hopes to be spared from the president's tariff regime. The Scottish Secretary said: 'Really, the purpose of this weekend, the purpose of greeting the president off the plane, the purpose of the Prime Minister's relationship with the president is to build that close relationship, to make sure that that old alliance is nurtured, and to do that for the benefit of the national interest, which is about jobs and growth here in the UK, and particularly Scotland.' Mr Trump will meet Scottish First Minister John Swinney during his trip as he opens a new golf course in Aberdeenshire. Before flying to Prestwick, Mr Trump said in Washington that he was 'looking forward' to meeting Mr Swinney, describing him as a 'good man' – the same phrase he used for the Prime Minister after landing in Scotland. Asked about the president's relationship with the UK, Mr Murray said: 'The Prime Minister has taken a very pragmatic approach to the relationship with the president of the United States, because it's in our national interest to do so, whether it be on defence, security, trade, cultural, historic ties. 'It's a historic alliance, and that alliance has to be nurtured and continue through to the future, because it's quite clear that our relationship with United States is good for jobs and growth here in Scotland and across the UK. 'The Prime Minister knows that, and knows that working very closely with the US is in our national interest.' Asked about protests, which are expected across the country, Mr Murray said people had a right to demonstrate, adding: 'Freedom of speech, freedom of assembly and freedom to protest is a key cornerstone of both countries, America and the UK, and the right to be able to protest if they so wish to so.'


Scottish Sun
3 hours ago
- Scottish Sun
Are you on the state pension cliff edge and is the triple lock safe? Experts reveal what YOU need to do
We explain what a huge state pension review could mean for you PENSION TENSION Are you on the state pension cliff edge and is the triple lock safe? Experts reveal what YOU need to do MILLIONS of Brits could work for longer after the government announced a review of the state pension age this week. Chancellor Rachel Reeves says a review is needed to keep the state pension system 'sustainable and affordable'. 5 A huge review into the state pension is going ahead as concerns grow over the affordability of the system Credit: Getty 5 The current State Pension costs the Treasury around £125 billion a year Credit: Getty The current State Pension costs the Treasury around £125 billion a year – and it's only going to go up as we all live longer. The triple lock promise, which guarantees that the state pension increases in line with inflation, wages or 2.5%, is expected to hit £15.5billion a year by 2030. Blathnaid Corless and Ruth Jackson-Kirby explains what is happening and what YOU should do now. What is happening? The state pension age - when you can start claiming - is currently 66. It is rising to 67 by 2028 and 68 by 2046. A new review means the rise could be accelerated and the state pension age could even rise to 69 or 70. The government reviews the state pension age every six years and the next review was due in 2029 - but will now come in 2027. Rachel Vahey, head of public policy at AJ Bell, said: "An increase to the state pension age from 66 to 67 is already slated to happen between 2026 and 2028. "But it's less clear what will happen after that. "There is also an increase to age 68 pencilled in for 2046, but a faster increase is definitely on the cards. "The first two reviews of the state pension age advocated bringing this forward, but successive governments have treated the issue like a hot potato." The government has also asked the Pensions Commission to tackle a savings crisis faced by retirees, including how much is saved via minimum auto-enrollment contributions and how to help self-employed people. Hargreaves Lansdown head of retirement Helen Morrissey, said: 'The concern is that many people are not saving enough and risk not having enough in retirement.' When will I get the state pension? The big question is whether the move to a state pension age of 68 will be brought forward. Any changes could mean people in their mid-50s being left facing a gap between when they planned to retire and when they can start claiming their state pension. For anyone under 55, it means that you will have to factor in working longer into your retirement plan. 5 Chancellor Rachel Reeves says a review is needed to keep the state pension system 'sustainable and affordable' Credit: AFP Former pensions minister and LCP partner Steve Webb said: 'The most likely change in the short to medium term is getting to 68 sooner, as this has been recommended by two previous reviews of state pension age.' A previous review, called the Cridland Review, recommended that the rise to 68 should be brought forward. Whatever happens the government must give at least 10 years notice of any increase to the state pension age. If the state pension age rises to 68 earlier than planned, people born in the early 1970s could lose out on £17,340, based on the state pension rising 2.5 per cent each year, according to AJ Bell. You can see when you will get the state pension as planned by using our Sun Club tool at 5 Anyone under 48 years old will almost certainly have a state pension age of 68 'We're relying on the pension... and now it's going to be pushed back and back' NICOLA Jones, 58, gave up her job as a mental health worker last year to become a full-time carer for her partner Tracy, 54, who has MS. The couple say they're very worried about potential changes to the state pension age, which they're hoping will ease the financial strain of living solely off benefits including Universal Credit and Carer's Allowance, which give them a joint monthly income of £1118.67. While Nicola will not be affected by the predicted changes, Tracy probably will. 'We're on the bread line as it is because I'm a full time carer and we have no savings. We keep hearing that people should be saving towards their pension, but we can't do that,' Nicola said. 'We're really struggling as it is, and we would rely on the pension coming in and just easing our life really and just making it less stressful, and now it's going to get pushed back and back - I mean, I've heard it could be going up to 70.' Is the triple lock safe? Raising the state pension age isn't the only way the government could cut its retirement bill - it could look at the triple lock. It has been a brilliant support to pensioners against inflation but at a huge cost to government finances. The government has ruled out axing the triple lock guarantee before the end of the current Parliament, which will be in July 2029 at the latest. Ms Morrisey said: 'Over the longer term we may well see the triple lock evolve - one option could be for it to move towards being a double lock instead.' Calum Cooper, head of Pensions Policy Innovation at Hymans Robertson, said: 'We estimate it should be replaced in the 2030s – it's a question of when, not if.' Another option could be looking at making it means tested - but this is unlikely, suggests Steve Webb. But he adds: 'Other changes could include increasing the number of years of contributions needed for a full pension'. At present you need 35 years to get the full state pension. 5 Is your pension about to be taxed? Another problem facing future pensioners is tax. You can earn up to £12,570 before you have to start paying income tax. That's your Personal Allowance. The full state pension is £11,973 a year – just £597 below that threshold. With the Personal Allowance frozen until at least 2028 millions of pensioners are heading towards paying tax on a state benefit. It's a looming political disaster that any government will want to avoid. What should you do now? The planned shake-up to rules shows that 'relying on the state pension alone for your retirement income is risky', says Rachel Vahey. 'If you're forced to wait a year or two to claim it, you'll either need to work longer or find tens of thousands of pounds extra from your pension and private savings to plug the gap,' she adds. If you're approaching retirement and concerned about your savings, she suggests downsizing your home to free up cash, or moving into another job, possibly part-time. 'The best way to give yourself freedom to retire on your own terms is to build up your private pension pot,' she says. Even if you're not yet approaching retirement, you should keep an eye on your pension savings so you know what you're on track to receive and can work out if you need to increase your contributions, Ms Morrisey added. 'Taking small steps like increasing your contribution to your private pension every time you get a pay increase or new role can make a big difference to what you end up with in retirement.' You should also make sure you haven't lost track of any old pensions from previous jobs, as you could be missing out on thousands of pounds. If you have lost track of a pension, you can use the government's pension tracing service to track it down, either by phone or at You can also use Gretel, a free online service that takes minutes to sign up. 'Once you've got a true idea of how much you have saved then you can make a plan to move towards the kind of retirement you want,' Ms Morrisey adds. For a single person looking for a 'moderate retirement' later in life, which would allow you to have a two-week holiday in Europe, a long weekend break in the UK, some eating out, as well as the ability to run a small car, you'll need to have a single annual income of £26,129, according to Hargreaves Lansdown. The State Pension isn't going to disappear or change overnight but pressure is building, and the current benefit is unsustainable. 'There's no doubt that making sure you have a good private pension is the best protection against future changes which make the state pension less generous,' concludes Webb.