Latest news with #CommonsTreasuryCommittee
Yahoo
21 hours ago
- Business
- Yahoo
NatWest apologises as banking app goes offline
NatWest has apologised after customers were left unable to use its mobile banking app in the UK, preventing some from accessing their bank accounts. More than 3,000 people have reported problems on outage-checking site Downdetector since the issues first emerged at 0910 GMT. The firm said on its service status website that its online banking service was still working normally - though this has been disputed by some customers. Card payments are unaffected. "We are aware that customers are experiencing difficulties accessing the NatWest mobile banking app this morning," a NatWest spokesperson told the BBC. "We're really sorry about this and working to fix it as quickly as possible." Customers have taken to social media to complain about the impact the IT failure is having on them. One person said they had to "put back my shopping because of it", while another said they were "waiting to go shopping" but couldn't transfer money to do so. NatWest has advised customers on social media that it has "no timeframe" for a fix, but said its team is "working hard" to resolve it. Customers are being advised to access their accounts in other ways if they can - such as through online banking. However, some people have reported problems with NatWest's online service too, with one sharing an error message which they said was displayed when they tried to make a payment. Others have expressed frustration with the bank's response, with one saying it was "disgraceful" there was no timeframe, while another called it "very poor service". "What I don't get is the bank closes loads of branches 'to save money' and forcing people to rely on the app and online banking... but clearly hasn't invested in a system that works properly," one angry customer said. This is the latest in a long line of banking outages. In May, a number of major banks disclosed that 1.2m people were affected by them in the UK in 2024. According to a report in March, nine major banks and building societies have had around 803 hours - the equivalent of 33 days - of tech outages since 2023. Inconvenient for customers, outages come at a cost to the banks, too. The Commons Treasury Committee found Barclays could face compensation payments of £12.5m over outages since 2023. Over the same period, Natwest has paid £348,000, HSBC has paid £232,697, and Lloyds has paid £160,000. Other banks have paid smaller sums. Banks to pay customers millions after month's worth of IT outages Cyber-attack threat keeps me awake at night, bank boss says Sign up for our Tech Decoded newsletter to follow the world's top tech stories and trends. Outside the UK? Sign up here.
Yahoo
3 days ago
- Business
- Yahoo
Reeves to rip up 'pro-London' Treasury rules as she announces £15billion for transport outside South-East
The Chancellor is set to rip up Treasury rules said to favour London and the South East as she announces billions of pounds of investment in public transport for other parts of the country. Announcing a £15.6billion investment package in a speech in Manchester on Wednesday, Rachel Reeves will argue that Britain 'cannot rely on a handful of places forging ahead of the rest of the country'. The move will champion a 'new economic model – driven by investment in all parts of the country', she said. The package includes funding to extend the metros in Tyne and Wear, Greater Manchester and the West Midlands, along with a renewed tram network in South Yorkshire and a new mass transit systems in West Yorkshire. She is also expected to confirm the spending review on June 11 will include changes to the rules in the Treasury's Green Book that determine whether projects receive funding. Green Book rules have been criticised by some for favouring investment in the South East, with Labour MP Jeevun Sandher, a member of the Commons Treasury Committee, saying in April it had a 'hardwired London bias'. Ms Reeves is expected to argue that changing them will ensure the Government 'gives every region a fair hearing when it comes to investments'. But it will also mean more money for areas of the North and Midlands, including the so-called 'Red Wall', where Labour MPs face an electoral challenge from Reform UK. However, ministers are reportedly set to sign off more than £1billion of public funding for the Lower Thames Crossing as part of next week's spending review. The sum will be used to help unlock private investment for the £10billion road tunnel that will link Kent and Essex, according to the Financial Times. But it is less than the £1.9billion National Highways, the body behind the project, initially wanted. Work on the tunnel is set to begin in the next 12 months. The investment announced by the Chancellor on Wednesday will include £2.4billion for the West Midlands to fund an extension of the region's metro from Birmingham city centre to the new sports quarter, and £2.1billion to start building West Yorkshire Mass Transit by 2028. Greater Manchester will receive £2.5billion for projects including new tram stops and an extension of the tram network to Stockport. A £1.5billion investment in South Yorkshire will include £530million to renew the region's trams, while the East Midlands will receive £2billion to design a new mass transit system between Derby and Nottingham. In the south, the West of England will get £800million, including £200million to develop mass transit links between Bristol, Bath, South Gloucestershire and north Somerset. The Chancellor insisted her self-imposed "fiscal rules" were "non-negotiable" because she would not risk the economic chaos that could be caused if the markets lost faith in her ability to control spending. She said the combination of tax hikes she has already unveiled and the changes to the way borrowing for investment is accounted for meant £300billion extra was available over the coming years. But she acknowledged this was not enough to meet the demands made by ministers. She said: "Not every department will get everything that they want next week and I have had to say no to things that I want to do too." But, she added: "That's not because of my fiscal rules. It is a result of 14 years of Conservative maltreatment of our public services, our public realm and of our economy." Writing in the Manchester Evening News, Prime Minister Sir Keir Starmer said the announcement was 'about pushing power out of Westminster and putting it back in the hands of communities who know what they need'. 'One thing is crystal clear,' he said. 'We will not get the renewal we need by focussing only on the South East and ignoring the huge potential of the rest of the nation. 'For too long, the mindset of previous governments has been to hoard power and potential behind the walls of Westminster. The result? Proud places across the country have been neglected and left behind.' Transport Secretary Heidi Alexander said the announcement 'marks a watershed moment on our journey to improving transport across the North and Midlands – opening up access to jobs, growing the economy and driving up quality of life'. Some projects being backed on Wednesday, such as the development of a mass transit network in West Yorkshire, formed part of Rishi Sunak's 'Network North' plan intended to compensate for the decision to scrap the HS2 line north of Birmingham.
ITV News
3 days ago
- Business
- ITV News
Reeves to announce £15bn for transport outside London ahead of spending review
Rachel Reeves is set to tear up Treasury rules as she announces billions of pounds of investment in public transport in the North and Midlands. The £15.6 billion package for mayoral authorities is expected to include funding to extend the metros in Tyne and Wear, Greater Manchester and the West Midlands, along with a renewed tram network in South Yorkshire and a new mass transit systems in West Yorkshire. Announcing the investment in a speech in Manchester on Wednesday, the Chancellor will argue that Britain 'cannot rely on a handful of places forging ahead of the rest of the country' and champion a 'new economic model – driven by investment in all parts of the country'. She is also expected to confirm that next week's spending review will include changes to the rules in the Treasury's Green Book that determine whether projects receive funding. Green Book rules have been criticised in some quarters for favouring investment in London and the South East, with Labour MP Jeevun Sandher, a member of the Commons Treasury Committee, saying in April it had a 'hardwired London bias'. Ms Reeves is expected to argue that changing the rules will ensure the Government 'gives every region a fair hearing when it comes to investments'. But it will also mean more money for areas of the North and Midlands, including the so-called 'Red Wall', where Labour MPs face an electoral challenge from Reform UK. The investment announced on Wednesday includes £2.4 billion for the West Midlands to fund an extension of the region's metro from Birmingham city centre to the new sports quarter, and £2.1 billion to start building West Yorkshire Mass Transit by 2028. Greater Manchester will receive £2.5 billion for projects including new tram stops in Bury, Manchester and Oldham and an extension of the tram network to Stockport. A £1.5 billion investment in South Yorkshire will include £530 million to renew the region's trams, while the East Midlands will receive £2 billion to design a new mass transit system between Derby and Nottingham. In the south, the West of England will receive £800 million, including £200 million to develop mass transit links between Bristol, Bath, South Gloucestershire and north Somerset. Writing in the Manchester Evening News, Prime Minister Sir Keir Starmer said the announcement was 'about pushing power out of Westminster and putting it back in the hands of communities who know what they need'. He said: 'One thing is crystal clear. We will not get the renewal we need by focussing only on the South East and ignoring the huge potential of the rest of the nation. 'For too long, the mindset of previous governments has been to hoard power and potential behind the walls of Westminster. The result? Proud places across the country have been neglected and left behind.' Transport Secretary Heidi Alexander said the announcement 'marks a watershed moment on our journey to improving transport across the North and Midlands – opening up access to jobs, growing the economy and driving up quality of life'. Some projects being backed on Wednesday, such as the development of a mass transit network in West Yorkshire, formed part of Rishi Sunak's 'Network North' plan intended to compensate for the decision to scrap the HS2 line north of coming to power in July, Labour launched a review of those projects, arguing they had not been fully funded. Wednesday's announcement is the first from the spending review due on June 11 that will set out the Government's day-to-day departmental budgets for the next three years and investment budgets for the next four. The review is expected to be a difficult one for the Government, with the Institute for Fiscal Studies saying the Chancellor faces 'unavoidably tough decisions' as the demands of NHS and defence spending raise the prospect of cuts in other departments.
Yahoo
3 days ago
- Business
- Yahoo
Reeves to announce £15bn for transport outside London ahead of spending review
Rachel Reeves is set to tear up Treasury rules as she announces billions of pounds of investment in public transport in the North and Midlands. The £15.6 billion package for mayoral authorities is expected to include funding to extend the metros in Tyne and Wear, Greater Manchester and the West Midlands, along with a renewed tram network in South Yorkshire and a new mass transit systems in West Yorkshire. Announcing the investment in a speech in Manchester on Wednesday, the Chancellor will argue that Britain 'cannot rely on a handful of places forging ahead of the rest of the country' and champion a 'new economic model – driven by investment in all parts of the country'. She is also expected to confirm that next week's spending review will include changes to the rules in the Treasury's Green Book that determine whether projects receive funding. Green Book rules have been criticised in some quarters for favouring investment in London and the South East, with Labour MP Jeevun Sandher, a member of the Commons Treasury Committee, saying in April it had a 'hardwired London bias'. Ms Reeves is expected to argue that changing the rules will ensure the Government 'gives every region a fair hearing when it comes to investments'. But it will also mean more money for areas of the North and Midlands, including the so-called 'Red Wall', where Labour MPs face an electoral challenge from Reform UK. The investment announced on Wednesday includes £2.4 billion for the West Midlands to fund an extension of the region's metro from Birmingham city centre to the new sports quarter, and £2.1 billion to start building West Yorkshire Mass Transit by 2028. Greater Manchester will receive £2.5 billion for projects including new tram stops in Bury, Manchester and Oldham and an extension of the tram network to Stockport. A £1.5 billion investment in South Yorkshire will include £530 million to renew the region's trams, while the East Midlands will receive £2 billion to design a new mass transit system between Derby and Nottingham. In the south, the West of England will receive £800 million, including £200 million to develop mass transit links between Bristol, Bath, South Gloucestershire and north Somerset. Writing in the Manchester Evening News, Prime Minister Sir Keir Starmer said the announcement was 'about pushing power out of Westminster and putting it back in the hands of communities who know what they need'. He said: 'One thing is crystal clear. We will not get the renewal we need by focussing only on the South East and ignoring the huge potential of the rest of the nation. 'For too long, the mindset of previous governments has been to hoard power and potential behind the walls of Westminster. The result? Proud places across the country have been neglected and left behind.' Transport Secretary Heidi Alexander said the announcement 'marks a watershed moment on our journey to improving transport across the North and Midlands – opening up access to jobs, growing the economy and driving up quality of life'. Some projects being backed on Wednesday, such as the development of a mass transit network in West Yorkshire, formed part of Rishi Sunak's 'Network North' plan intended to compensate for the decision to scrap the HS2 line north of Birmingham. After coming to power in July, Labour launched a review of those projects, arguing they had not been fully funded. Wednesday's announcement is the first from the spending review due on June 11 that will set out the Government's day-to-day departmental budgets for the next three years and investment budgets for the next four. The review is expected to be a difficult one for the Government, with the Institute for Fiscal Studies saying the Chancellor faces 'unavoidably tough decisions' as the demands of NHS and defence spending raise the prospect of cuts in other departments.
The Independent
02-04-2025
- Business
- The Independent
Starmer and UK economy braced for impact of Trump's tariffs
Sir Keir Starmer and British businesses are braced for the impact of Donald Trump's 'liberation day' tariffs, which have the potential to derail the Government's hopes for economic growth. The UK's FTSE 100 fell slightly on Wednesday in anticipation of Mr Trump's announcement due at 9pm, which is expected to slap import taxes on goods arriving in the US from around the world. The car industry has already learned its fate, with a 25% tariff on vehicles sent to the US – something which could cost an estimated 25,000 jobs in the UK. Intensive diplomatic efforts and negotiations on a UK-US economic deal are not expected to be enough to spare British exporters from Mr Trump's tariff plans. The Prime Minister has said he expects the UK will be hit and Chancellor Rachel Reeves warned Cabinet ministers there would be an economic impact from the tariffs. The imposition of tariffs will make British goods more expensive in the US, which is likely to reduce demand. Before Mr Trump's announcement, Sir Keir will face MPs at Prime Minister's Questions, while the Commons Treasury Committee will question the Chancellor. Economists at the Office for Budget Responsibility have warned that US tariffs could eliminate Ms Reeves's 'headroom' against her day-to-day spending plans, requiring her to make more cuts or hike taxes to meet the rules she has set herself. The tariffs could knock up to 1% off the size of the UK economy if there is a full-blown trade war with the UK retaliating to Mr Trump's measures. Meanwhile, analysis from the Institute for Public Policy Research (IPPR) suggested tariffs on car imports would put 25,000 UK jobs at risk and 'completely destabilise the UK car manufacturing industry'. Although a deal will not be reached before Mr Trump's announcement, UK negotiators are reported to be pursuing an agreement with the US focused on technology. Such a deal is said to include possible changes to the digital services tax – which imposes a 2% levy on the revenues of several major US tech companies – in exchange for a carve-out from the tariffs. Ministers have refused to deny that changes to the digital services tax are being considered. Easing access for US agricultural products to UK markets could also be on the table, although officials have insisted that food standards will not be lowered. Sentiment in the European financial markets was weak on Wednesday morning as investors awaited Mr Trump's announcements. In Germany, the Dax was falling about 1.2%, continuing a choppy week for the country's top index, and in France, the Cac 40 was down about 0.7%. The UK's FTSE 100 was on slightly stronger footing to its peers but still down around 0.5% in early trading. Cabinet minister Bridget Phillipson acknowledged it was 'going to be a difficult period'. The Education Secretary told Times Radio: 'Our teams are working at pace, have been working really hard in recent weeks, to put us in the best possible position to secure a deal. 'But I think we all recognise this is going to be a difficult period, but there won't be any knee-jerk reactions from this Government. 'We will reserve all our options in terms of the responses that are available to us, but our focus at the moment is on continuing those discussions and seeking to get a good deal, that's in the national interest.' Retaliatory tariffs from the UK are not expected immediately, as efforts focus on striking a deal with the White House. But European Commission chief Ursula von der Leyen signalled Brussels was prepared to respond, saying 'we have the power to push back'. Liberal Democrat foreign affairs spokesman Calum Miller said: 'Despite weeks of refusing to criticise Donald Trump's damaging behaviour, it's now increasingly apparent that the Government will not secure a carve-out for the UK ahead of Trump's global tariff war. 'Trump has shown himself to be an unreliable partner on the economy. No-one, not even the US's oldest allies, are safe from the economic harm reaped by this White House. 'We need to end this trade war as quickly as possible. That means working with our Canadian and European allies in a united front against Trump, including retaliatory tariffs where necessary – as well as negotiating a bespoke new customs union agreement with the EU to better protect British businesses.' But Conservative leader Kemi Badenoch has said the Government should not retaliate, telling LBC on Tuesday that a trade deal was the 'best way' to avoid tariffs and that retaliation would 'make everyone poorer'. It is unclear what Mr Trump will announce on Wednesday, but his administration views the application of VAT rate as discriminating against US goods and could respond with a 20% tariff on imports from the UK. White House press secretary Karoline Leavitt said the new tariffs would take effect immediately, telling reporters: 'April 2 2025 will go down as one of the most important days in modern American history.'
