Latest news with #DavidMilliken
Zawya
20 hours ago
- Business
- Zawya
UK government department budgets to rise by 2.3% a year, Reeves says
British finance minister Rachel Reeves said the government's departmental budgets will grow by 2.3% a year in real terms, as she laid out her plans to divide up more than 2 trillion pounds ($2.7 trillion) of public spending. (Reporting by David Milliken and UK bureau, writing by Sarah Young, editing by Paul Sandle)
Zawya
a day ago
- Business
- Zawya
UK's Reeves says police spending power will grow by more than $2.7bln
British finance minister Rachel Reeves said that she would increase police spending power by more than 2 billion pounds ($2.70 billion) over the course of a spending review announced on Wednesday. "I am increasing police spending power by an average 2.3% per year in real terms over the spending review period," Reeves told lawmakers "That is more than 2 billion pounds." Reeves had earlier announced that the overall growth in departmental budgets would also be 2.3% in real terms. ($1 = 0.7413 pounds) (Reporting by David Milliken and Muvija M, writing by Alistair Smout, editing by Sarah Young)
Yahoo
29-04-2025
- Business
- Yahoo
UK sets out new laws to regulate crypto exchanges and dealers
By David Milliken LONDON (Reuters) -Britain plans to bring crypto exchanges and dealers under compulsory regulation for the first time under new draft laws announced by finance minister Rachel Reeves on Tuesday to regulate the crypto-asset industry. "Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter - cracking down on bad actors while supporting legitimate innovation," the finance ministry said in a statement following Reeves' announcement. "Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection, and operational resilience," it added. Around 12% of British adults own or have owned cryptocurrencies such as bitcoin or ethereum, up from 4% in 2021, the government said. Bank of England Governor Andrew Bailey has long warned of the risks to investors from bitcoin, which he does not view as a secure store of value like mainstream currencies. However, he has seen more of a case to regulate so-called stablecoins, a type of digital currency that seeks to keep a fixed value relative to U.S. dollars or other assets. The finance ministry said it aimed to finalise the new legislation for crypto assets by the end of the year. The rules build on initial proposals made in 2023. Some critics have said regulating the sector could give a false sense of security to the public about the risks posed by digital securities that can have little or no underlying value. However, Nick Price, financial services and crypto specialist at law firm Osborne Clarke, called it a "simple and straightforward piece of legislation" that would bring a great deal of certainty and stability and consumer protection. "Whether it promotes growth and competition remains to be seen," he said. "The move explicitly aligns the UK with the U.S. approach of 'crypto as securities' – and represents a divergence with the EU's more tailored approach to crypto under the MiCAR regime," Price added, referring to EU rules that came into force in December. Linklaters financial services lawyer Simon Treacy said the new rules defined the scope of the assets and activities that would be regulated, but a lot more detail was still to come as regulators developed rules for regulated firms. Reeves said she had discussed crypto regulation with U.S. Treasury Secretary Scott Bessent during a visit to Washington last week, and that the two countries planned to discuss this further in June. U.S. President Donald Trump has sought to embrace the industry and vowed to be a "crypto president", challenging other jurisdictions that want to build their own digital currency sectors while protecting consumers and safeguarding financial stability. Reeves also said she would set out broader plans for boosting the growth and competitiveness of Britain's financial services industry on July 15 in her annual Mansion House speech in the heart of London's finance district, the culmination of a consultation process which began in November 2024. "Financial services is one of the key growth-driving sectors in the UK for modern industrial strategy," Reeves said in a speech at the IFGS fintech conference in London. In last year's Mansion House speech, Reeves said British financial regulators had gone too far in squeezing out risk in the 15 years after the global financial crisis. Sign in to access your portfolio
Zawya
16-04-2025
- Business
- Zawya
UK house prices rose by most in over two years in February, official data shows
LONDON - British house prices rose at their fastest pace in more than two years in the 12 months to February, according to official data published on Wednesday. Average house prices rose by an annual 5.4% to 268,000 pounds ($355,556) in February, the fastest increase since December 2022 and up from a 4.8% increase in January, the Office for National Statistics said. The expiry at the end of March of temporary tax incentives for buyers of less expensive homes as well as for first-time buyers encouraged potential purchasers to move ahead more quickly with their plans in the months leading up to the change. Other, more forward-looking measures of the housing market showed a weakening of demand in March as buyers ran out of time to get the discount. Private-sector rents across Britain in March were 7.7% higher than in March last year at 1,332 pounds a month, slowing from February's 8.1% annual rise, the ONS said. ($1 = 0.7537 pounds) (Writing by William Schomberg; editing by David Milliken)
Yahoo
14-04-2025
- Business
- Yahoo
Britain sends Ukraine second part of $3 billion war loan
By David Milliken LONDON (Reuters) - Britain sent Ukraine 752 million pounds ($990 million) to buy air defences and artillery on Monday, part of a broader $50 billion international loan programme backed by frozen Russian assets, Britain's government said. "The world is changing before our eyes, reshaped by global instability, including Russian aggression in Ukraine," finance minister Rachel Reeves said. The Group of Seven advanced economies agreed an outline lending package in October 2024 - before the election of Donald Trump as president changed the United States' approach to the conflict - and Reeves and her Ukrainian counterpart Serhiy Marchenko finalised details of Britain's contribution in March. Pressured by the United States' increased reluctance to provide security in Europe, Britain's government announced in February that it would raise defence spending from about 2.3% of national income to 2.5% by 2027 and 3% some time after 2029. Monday's payment to Ukraine is the second of three instalments totalling 2.26 billion pounds. The first was on March 6 and the final part will be paid next year. Defence minister John Healey said Britain would give Ukraine 4.5 billion pounds of support this year and that the funds would be used to purchase air defences, artillery and spare parts for vehicles and other equipment. Other British aid includes help by its defence ministry to procure radar systems, anti-tank mines and hundreds of thousands of drones. On Sunday two Russian ballistic missiles hit the centre of the northern Ukrainian city of Sumy. Kyiv said the attack killed 34 people and wounded 117. Russia's defence ministry said it had targeted a gathering of Ukrainian commanding officers in the city. British Prime Minister Keir Starmer said he was appalled by the attack. Support in Britain for Ukraine's military operations remains high across the public and most major political parties.
