Latest news with #U.K.Treasury
San Francisco Chronicle
15-07-2025
- Business
- San Francisco Chronicle
UK Treasury chief says she'll slash finacial services red tape to boost investment
LONDON (AP) — U.K. Treasury chief Rachel Reeves said Tuesday that she'll cut red tape for banks and finance firms so that 'informed risk-taking' can help kickstart Britain's sluggish economy. The government is trying to regain the economic initiative after rocky weeks of costly U-turns and figures showing the British economy contracted for two months running. Reeves announced plans to pare back some of the regulations introduced after the 2008 global financial crisis, which was triggered by risky lending. That includes reforms to 'ring-fencing' rules enacted to separate banks' retail and investment banking activities, and a review of the amount of capital banks must hold. She said it was the widest set of reforms of financial services in more than a decade. 'We are fundamentally reforming the regulatory system, freeing up firms to take risks and to drive growth,' Reeves said on a visit to Leeds in northern England. Reeves will outline the changes later at the annual Mansion House speech to finance bigwigs in London, the Treasury said. She plans to say that financial services are 'at the heart of the government's growth mission … with a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.' The Treasury said Reeves also will hail the 'instant impact' for prospective homebuyers of new Bank of England guidance allowing mortgage-lenders to loan more than 4.5 times a buyer's income. The center-left Labour Party won a landslide election victory in July 2024, but has struggled to deliver on its pledge to boost economic growth. Efforts to soothe markets and demonstrate fiscal prudence have proved unpopular with voters. A decision to end winter home heating subsidies for millions of retirees, announced soon after the election, was reversed last month. Earlier this month the government ditched planned cuts to welfare spending after an outcry from Labour lawmakers. The U-turns have reduced the Treasury's future income by several billion pounds, increasing the likelihood of tax increases in the fall. But the government has boxed itself in by ruling out hikes to sales tax or to income tax for employees. Questions swirled about Reeves' future earlier this month when she appeared in tears in the House of Commons during the weekly prime minister's questions session. The Treasury said Reeves was dealing with a 'personal matter.'
The Hill
15-07-2025
- Business
- The Hill
UK Treasury chief says she'll slash finacial services red tape to boost investment
LONDON (AP) — U.K. Treasury chief Rachel Reeves said Tuesday that she'll cut red tape for banks and finance firms so that 'informed risk-taking' can help kickstart Britain's sluggish economy. The government is trying to regain the economic initiative after rocky weeks of costly U-turns and figures showing the British economy contracted for two months running. Reeves announced plans to pare back some of the regulations introduced after the 2008 global financial crisis, which was triggered by risky lending. That includes reforms to 'ring-fencing' rules enacted to separate banks' retail and investment banking activities, and a review of the amount of capital banks must hold. She said it was the widest set of reforms of financial services in more than a decade. 'We are fundamentally reforming the regulatory system, freeing up firms to take risks and to drive growth,' Reeves said on a visit to Leeds in northern England. Reeves will outline the changes later at the annual Mansion House speech to finance bigwigs in London, the Treasury said. She plans to say that financial services are 'at the heart of the government's growth mission … with a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.' The Treasury said Reeves also will hail the 'instant impact' for prospective homebuyers of new Bank of England guidance allowing mortgage-lenders to loan more than 4.5 times a buyer's income. The center-left Labour Party won a landslide election victory in July 2024, but has struggled to deliver on its pledge to boost economic growth. Efforts to soothe markets and demonstrate fiscal prudence have proved unpopular with voters. A decision to end winter home heating subsidies for millions of retirees, announced soon after the election, was reversed last month. Earlier this month the government ditched planned cuts to welfare spending after an outcry from Labour lawmakers. The U-turns have reduced the Treasury's future income by several billion pounds, increasing the likelihood of tax increases in the fall. But the government has boxed itself in by ruling out hikes to sales tax or to income tax for employees. Questions swirled about Reeves' future earlier this month when she appeared in tears in the House of Commons during the weekly prime minister's questions session. The Treasury said Reeves was dealing with a 'personal matter.' The cost of government borrowing spiked at the sight of Reeves' tears, but settled down after Prime Minister Keir Starmer gave her his full backing.
Winnipeg Free Press
15-07-2025
- Business
- Winnipeg Free Press
UK Treasury chief says she'll slash finacial services red tape to boost investment
LONDON (AP) — U.K. Treasury chief Rachel Reeves said Tuesday that she'll cut red tape for banks and finance firms so that 'informed risk-taking' can help kickstart Britain's sluggish economy. The government is trying to regain the economic initiative after rocky weeks of costly U-turns and figures showing the British economy contracted for two months running. Reeves announced plans to pare back some of the regulations introduced after the 2008 global financial crisis, which was triggered by risky lending. That includes reforms to 'ring-fencing' rules enacted to separate banks' retail and investment banking activities, and a review of the amount of capital banks must hold. She said it was the widest set of reforms of financial services in more than a decade. 'We are fundamentally reforming the regulatory system, freeing up firms to take risks and to drive growth,' Reeves said on a visit to Leeds in northern England. Reeves will outline the changes later at the annual Mansion House speech to finance bigwigs in London, the Treasury said. She plans to say that financial services are 'at the heart of the government's growth mission … with a ripple effect that will drive investment in all sectors of our economy and put pounds in the pockets of working people.' The Treasury said Reeves also will hail the 'instant impact' for prospective homebuyers of new Bank of England guidance allowing mortgage-lenders to loan more than 4.5 times a buyer's income. Monday Mornings The latest local business news and a lookahead to the coming week. The center-left Labour Party won a landslide election victory in July 2024, but has struggled to deliver on its pledge to boost economic growth. Efforts to soothe markets and demonstrate fiscal prudence have proved unpopular with voters. A decision to end winter home heating subsidies for millions of retirees, announced soon after the election, was reversed last month. Earlier this month the government ditched planned cuts to welfare spending after an outcry from Labour lawmakers. The U-turns have reduced the Treasury's future income by several billion pounds, increasing the likelihood of tax increases in the fall. But the government has boxed itself in by ruling out hikes to sales tax or to income tax for employees. Questions swirled about Reeves' future earlier this month when she appeared in tears in the House of Commons during the weekly prime minister's questions session. The Treasury said Reeves was dealing with a 'personal matter.' The cost of government borrowing spiked at the sight of Reeves' tears, but settled down after Prime Minister Keir Starmer gave her his full backing.
Yahoo
21-06-2025
- Business
- Yahoo
King Charles net worth: How does the royal family earn its money?
(NewsNation) — The royal family is one of the wealthiest in the world, with many fascinated by their net worth and where their wealth comes from. Here's how much money the royal family has (and how they make it): The royal family's salary increased in 2025 with money from the U.K. Treasury, which was taxpayer-funded. In April, the Sovereign Grant fund was reportedly increased by over $58 million, which brought the family's income to nearly $172 million. Michelle Obama on being 'glad' she didn't have a son: 'He would've been a Barack Obama' The Sovereign Grant is mainly used for the required day-to-day expenses of the royal family, like staff salaries, maintaining their properties and travel expenses. The palace claims that much of the money from the fund will be put towards Buckingham Palace renovations, which should be completed in 2027. Most of the money the royal family has comes from inheritance, the Duchy of Lancaster and the Duchy of Cornwall. A 'duchy' is a country, domain, estate or territory that is ruled by a duke or a duchess. In the case of the Duchy of Lancaster and the Duchy of Cornwall, much of their contents are estates of land, or fiefs. The Duchy of Lancaster is solely for King Charles and is made up of over 45,000 acres of land and commercial real estate. It is valued at around $840 million. Taylor Swift, Olivia Rodrigo drama over Bluebird Cafe photos denied The Duchy of Cornwall is managed by the heir, Prince William. The fund (worth about $1.3 billion) is reinvested into surrounding communities. Before stepping back as working royals, Prince Harry and Meghan Markle had reportedly received 95% of their income from the Duchy of Cornwall, with the other 5% coming from the Sovereign Grant. Both the Duchy of Lancaster and the Duchy of Cornwall are exempt from paying capital gains tax. As reported by The Sunday Times, King Charles' net worth is expected to be a little over $860 million. This is almost double that of Queen Elizabeth, who had a net worth of around $442 million. A lot of his worth comes from the 53 years he spent as the manager of the Duchy of Cornwall. According to The Guardian, its income totaled nearly $790 million from 1952 to 2022. Before King Charles became the monarch, he reportedly received a salary of $16.5 million during the 2022 to 2023 fiscal year. Now, most of his money comes from the Duchy of Lancaster. In 1996, he reportedly had to give a huge chunk of money ($22.5 million to be exact) to Princess Diana following their divorce. The 2024 Integrated Annual Report for the Duchy of Cornwall showed that William's private income was around $30 million. After Queen Elizabeth died, the Prince of Wales became the manager of the Duchy of Cornwall since he is now heir to the throne. The duchy has over 128,000 acres of land across the southern part of England, including protected woodland, coastlines and commercial property assets and farms. The Duchy of Cornwall gives William access to its revenue, which is used to fund charitable, public and private events for him and his immediate family. Forbes reported in 2021 that the overall net worth of the family is over $28 billion. A lot of this wealth is in the family's properties, with $20 billion being managed by the Crown Estate, which is the statutory corporation for the family. All of BTS has returned as Suga is discharged from an alternative form of military service According to the Crown Estate's website, it generated over $1.4 billion for 'public finances' in 2024. Dan Labbad, CEO, said that same year, 'Today's record results are the product of years of commitment and investment into helping create the U.K.'s world-leading offshore wind sector, as well as the active management of our diverse and resilient portfolio.' 'Our track record and remit are also enabling us to invest and lay the foundations for future value creation that will benefit the country and its finances,' he finished. The royal family also has many heirlooms, which are known as the Crown Jewels. The collection dates back to the Restoration of the Monarchy in 1660. It includes: Imperial State Crown (worn by Queen Elizabeth during her 1953 Coronation) Cartier Halo tiara (worn by Kate Middleton on her wedding) Princess Diana's sapphire and diamond engagement ring The Crown Jewels also include the Koh-i-Noor diamond, which was received in 1849 by the East India Trading Company. It has long been a debate on whether it was given to or stolen for Queen Victoria. It weighs 105.6 carats. Most of Prince Harry and William's net worth comes from the nearly $10 million lump sum payments they each received after their mother, Princess Diana, died. Forbes claimed that they both started receiving annual dividends of around $470,000 once they turned 25 years old. Queen Camilla has a net worth of $4.6 million, according to Express. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
CNBC
10-06-2025
- Business
- CNBC
Where the axe might fall during the UK's spending review
The U.K. Treasury is poised to set out day-to-day spending and investment plans for all government departments on Wednesday, with markets and voters watching where budget cuts could fall. In its 'Spending Review,' the Labour government will set out how public money will be allocated over the next three to four years, ranging from spending on public services like schools and police to welfare budgets and investments in energy, infrastructure, science and tech projects that can drive economic growth. The review covers resource spending — the government's day-to-day running and administration costs — as well as capital expenditure, which goes toward improving infrastructure and public services such as new roads, hospitals and military equipment. Now, U.K. watchers are waiting to see where the axe falls when it comes to individual government department budgets, and which ones get a windfall or are constrained. The government has already committed to higher spending on defense, transport and health, but cuts are expected elsewhere. Departments overseeing policing, affordable housing, the environment and local government reportedly faced funding squeezes, making for awkward negotiations in recent weeks between U.K. Finance Minister Rachel Reeves and various government ministers as they looked for bigger budgets from the Treasury. The prime minister's official spokesperson on Monday said that negotiations over the spending review were finally over. "The spending review is settled — we will be focused on investing in Britain's renewal so that all working people are better off," he said. "The first job of the government was to stabilize the British economy and the public finances, and now we move into a new chapter to deliver the promise and change." The spending review will reveal a lot about British Prime Minister Keir Starmer's priorities and Reeves' spending choices, the independent Institute for Government think tank noted ahead of the announcement, flagging that disappointment was inevitable for some government departments. "The government will have no choice to but prioritise where the money goes at this spending review, meaning some departments will be left disappointed," it said in analysis last week. "Day-to-day spending is only set to increase by 1.2% per year in real terms, which implies a 1.3% cut on average for many areas after taking into account likely above-average settlements for health, childcare and defence." Investment spending will be much higher than in previous years but there will still not be enough public funding to meet the long list of department demands, the IfG warned, "especially as the government's ambitions to tackle NHS waiting lists, accelerate the decarbonisation of the grid, and support growth all require sufficient well-targeted public spending." The 2025 spending review is billed as a huge moment for the Labour government and a fine balancing act for Reeves. Governments often increase borrowing to fund public spending, but Reeves has vowed to get the U.K.'s public finances in order. She has committed to self-imposed "fiscal rules" that dictate that day-to-day spending must be met by tax revenues and that public debt is falling as a share of economic output by 2029-30. As such, Chancellor Reeves has left herself little room for maneuver unless she breaks her own restrictions, hikes taxes again or cuts spending further with economists "Everything about this [spending review] is political – does the chancellor want to lean into welfare cuts – probably not. We know that defence is being earmarked for more cash. We know that the chancellor will be sticking to her fiscal rules resolutely, although she could tweak them to accommodate more spending," Neil Wilson, U.K. Investor Strategist at Saxo Markets, noted Tuesday. "The easiest way to balance the books is tax hikes – it's no surprise that given some big spending cuts required we are also hearing concerns about potential changes to tax on investments in the autumn," he added. Some economists are skeptical that the government's spending and investment plans will drive the hoped-for growth, meaning that further tax rises will be needed to boost economic activity. "With weak business and consumer confidence compounded by global trade uncertainty, the U.K.'s economic fortunes seem unlikely to improve anytime soon," Andrew Hunter, senior economist at Moody's Analytics, said in a note ahead of the spending review. "As the government inches towards breaking its fiscal rules, further tax hikes at the next budget later this year look all-but inevitable."
