Latest news with #MansionHouseSpeech
Telegraph
6 days ago
- Business
- Telegraph
The Chancellor's pro-enterprise rhetoric is hollow
The annual Mansion House speech in the City of London is an opportunity for the Chancellor of the Exchequer to set the economic weather. On Tuesday, Rachel Reeves insisted that the sun was coming out when everyone else could see storm clouds gathering. Before the election last year, Ms Reeves made great efforts to woo bankers, entrepreneurs and investors with pledges of fiscal prudence and sensible stewardship as a pro-enterprise Labour Chancellor. But her first Budget wrecked that relationship almost overnight, loading taxes on to employers, hitting the inheritance planning of farmers and business owners, kowtowing to the unions and scaring off thousands of wealthy taxpayers, while boosting spending in the unproductive public sector. The Chancellor tried to make amends with a welter of announcements, including the relaxation of lending rules, the acceleration of new stock market listings and other ostensibly City-friendly amendments. She promised deregulation – even as Angela Rayner is bringing in a Bill loaded with new workers' rights. Her stated aim is to 'boost growth' and yet there are no signs of this happening. The annual inflation rate jumped to 3.6 per cent in June, raising the spectre of 'stagflation' and the likelihood that interest rates will have to stay higher for longer, killing any green shoots that might poke through. It was what was missing from the Chancellor's speech that was alarming. There was no promise to get on top of public spending or reform the two areas sucking the life out of the general economy: welfare and the NHS. The revolt by Labour MPs against benefit reform has effectively killed off any hopes of retrenching the budget. The expectation now is that Ms Reeves will have to bring in tax rises in the autumn, something she did not rule out, thereby ensuring a summer of speculation over what they might be. This is guaranteed to put a brake on investment while well-off investors and would-be entrepreneurs wait to see what is in store. The prospect of a wealth tax is looming ever larger. The Chancellor repeated her claim that 'Britain is open for business' and yet that is belied by the exodus of thousands of multi-millionaires. Until the tax burden is reduced, borrowing cut, spending curtailed and the state pared back, the Chancellor's bullish rhetoric will sound hollow.
Daily Mail
11-07-2025
- Business
- Daily Mail
Has the cash Isa been saved for good... or is a cut still coming? This is Money Podcast
The slashing of the cash Isa was considered a nailed on certainty in next week's Mansion House speech, but now it seems Rachel Reeves has had a change of heart. So, has the cash Isa allowance been saved for good, or is this just a victory for now - before the axe falls in the Budget? On this episode of the This is Money Podcast, Georgie Frost, Lee Boyce discuss what next for the cash Isa and whether there was any merit in plans to cut the allowance. Plus, why has Nvidia become the world's first $4trillion company, is it still worth investing in and have you got any chance of finding the next stock market superstar before it takes off? Should you combine your finances with your partner's and reveal all to them. And finally, it's the polarising question of our times: are you for or against Ring and other video doorbells? Listen to the This is Money podcast We publish the podcast every Friday on This is Money and at Apple Podcasts, Spotify, Amazon Music and more. Search for it at your favourite podcast platform. To download Apple Podcasts go to the App store. On Android devices, go to the Google Play store to download the podcast app of your choice. You can press play to listen to this week's full episode on the player above, and wherever you get your podcasts please subscribe and review us if you like the podcast. You can also listen to the latest episode, find the archive and join in the debate in reader comments on the This is Money podcast page.
Yahoo
15-02-2025
- Business
- Yahoo
A government serious about growth must deliver true Open Finance
Open banking has emerged as a remarkable success in the United Kingdom. Over 11 million people have now used it. In December alone there were more than 59 million requests sent over Open Banking rails every day. Our own research found that the UK's Open Banking fintech ecosystem is valued at over £4.4 billion, with firms raising more than £1 billion over the last three years. What does this look like? It looks like consumers seeing all their data in one place through apps like Moneyhub and Snoop. It looks like topping up your Monzo account in seconds through a handful of clicks, with no bank details needing to be shared. It looks like paying your taxes directly to HMRC without entering card details, securely and safely. It looks like boosting your chances of a personal loan through sharing more accurate data, and lenders supporting forbearance better if customers fall into financial distress. Open Banking has changed the game, and we hear politicians of all stripes singing its praises all the time, including the Chancellor in her Mansion House Speech. But the elephant in the room is that this success has come without them – politicians – doing much at all. We have three things to thank for our world-leading Open Banking sector: the UK's competition regulator, the European Union, and the ingenuity of British startups. It was the CMA that dragged the banks kicking and screaming into the digital age. It was Europe's Second Payments Directive that made consumer access to real-time financial data a right. And it was our Fintechs that seized these ingredients and filled in the gaps to deliver for the British public. These three factors were sufficient to kick off Open Banking, but have not fulfilled the opportunity of Open Finance, nor other datasets across the economy - it's time for our politicians to pay the issue more than lip service. Indeed, there is now more urgency because the policy vacuum is starting to bite: Investment in Open Banking Fintechs, the lifeblood of this insurgent sector, has dropped by 90% over the last two years from £835 million in 2022 to £93 million in 2024. The value of the sector has plateaued, and losses are mounting. Meanwhile, regulations so far have barely scratched the surface of truly empowering consumers to use their data - covering current accounts and little else. The only way that many users are able to access Open Finance, including their savings or investments data, is through fintechs like Moneyhub, who have built the plumbing themselves. They have done this either through private commercial relationships with providers or by enabling users to connect through a decades-old practice known as screen-scraping. Without Government action, these pipes are the only way that consumers can access their data. Fortunately, it looks like our politicians are waking up. The forthcoming Data Bill will revolutionise data rights, introducing new powers for ministers to pave the way for Open Banking-style connections across the economy, all rooted in consumer consent and the safety of regulation. On its own, however, the Data Bill only provides policymakers with the tools. They must use them - and in the case of Open Finance, this means new City Minister Emma Reynolds introducing new rules as soon as she can. Labour promised in their Manifesto to deliver Open Finance and this is now within sight. A £4 billion fintech sector stands ready to deliver even more innovation and value to consumers. If the Government is serious about growth, it should crack on with Open Finance as soon as the Data Bill passes. Luke Kosky is fintech policy lead at Startup Coalition
